There's No Good Reason to Trust Blockchain Technology
1. yes there is a trust flow when you join a network:<p>* you need to trust the paper behind the consensus mechanism<p>* you need to trust the people who have implemented the client, and trust them to maintain it<p>* you need to trust the TLS connection you use when you download the client. Meaning the whole CA system<p>* you need to trust your own machine, when running the client<p>* you need to trust the first peers you connect to when you join the network<p>* after you&#x27;re connected to enough peers, you can usually feel safer. But you&#x27;ll still have some out-of-band comparison to do between your chain and other people&#x27;s chains.<p>2. supply-chain with blockchain = scam to me. I&#x27;d be interested in hearing about a real use-case, but when you&#x27;re trying to bridge the gap between reality and the blockchain, then it usually doesn&#x27;t work well.<p>3. Here is my mental model of consensus and why it can be useful: we have protocols that work well when everyone is honest. They mostly break when malicious peers start appearing. Consensus is the cryptography field of study that attempts to solve this issue. You need a good chunk of people to be honest when you run such a protocol in a &quot;public&quot; setting. We recently discovered, with bitcoin, that financial incentives work well. So now we have:<p>* financial incentives can help us make public consensus protocols work<p>* research brought us good consensus mechanisms that we can use in more private settings<p>The technology works well when you think of banking. Many banks want to cooperate in the way they exchange money between them, but they don&#x27;t necessarily trust each other, or their security. So they form a protocol using a consensus mechanism.<p>Now, a cryptocurrency is exactly the same thing, but in a way where anyone can connect directly to the backbone of these banks&#x27; infrastructure. You will necessarily have plenty of issues stemming from that: what if you lose your money, get it stolen, what if the exchange you use get hacked, etc. But the benefits are still pretty awesome: you are not going through a bank, you are directly connected to the system.<p>Just my 2 cents.