The Prof G Pod with Scott Galloway No Mercy / No Malice: Trustless
Jun 22, 2022
Explore the intriguing dynamics of trust in the ever-evolving world of cryptocurrency. Discover the tension between the promise of a 'trustless' system and the actual reliance on trust among users. The conversation highlights real-world examples that reveal how human behavior influences decisions in this volatile market. Additionally, the discussion critiques misleading practices in the industry while emphasizing that true financial security hinges on building genuine trust. It's a thoughtful look at what the future holds for blockchain and beyond.
AI Snips
Chapters
Transcript
Episode notes
Crypto's Trust Problem
- Crypto, despite promising trustlessness, hasn't eliminated the need for trust.
- It has merely shifted trust from traditional institutions to new crypto platforms.
OpenSea NFT Theft
- OpenSea, an NFT marketplace, froze transactions after $2.2 million worth of NFTs were stolen.
- This action demonstrates that even crypto platforms rely on trust-based solutions.
Coinbase and Sanctions
- Coinbase, initially claiming immunity to sanctions, blocked 25,000 Russian accounts.
- This highlights crypto's compliance with traditional financial regulations and reliance on trust.