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RE: Why I am Very Disappointed by the Upcoming V8 Removal of the Magnitude Component of the Gridcoin Staking Weight
Every currency only works because of trust.
Perhaps FIAT currencies where you trust a bank to exchange cash for the real monetary value of the notes, but in crypto trust does not enter the equation.
Sure it does.
What will happen if people do not trust Bitcoin anymore? Well they won't buy it anymore en people owning will be selling. No demand and plenty supply means the price will drop en the coin will be worthless.
The only difference between fiat currency and crypto currency is that fiat currency is centralized government controlled whereas crypto is decentralized en controlled by the community. They are both based on trust.
That's nonsense. Why are shops using bitcoin and not some minor altcoin? Even when looking at it as an asset you're wrong. Trust is one of the major aspects.
Cryptocurrency is not trustless. Blockchain is trustless. Cryptocurrency working depends on lots of trust, from the dev(s) down.