Even though Bitcoin proponents might have good reasons to distrust the banks, their preference for the leading cryptocurrency is still based on the distrust of human institutions, Harari claims.
The famous intellectual claims that this is an"alarming development" given that money is supposed to create trust between strangers. He hopes that humanity finds a way to build trustworthy human institutions in lieu of adopting technologies of distrust. The philosopher further added that humans control the world precisely because they learned to trust one another. He warned that algorithms could start controlling the world if humans put all their trust in them.
"Farmers grow food. Shoemakers make shoes. What is the function of the financial system? Finance creates trust," Harari says. He adds that various financial systems are supposed to create trust between strangers who can cooperate on shared projects. "Originally, there was very little trust in institutions like banks and governments, so money was minted from gold. Since gold was scarce, this limited the amount of money and limited economic cooperation," he noted.
Grayscale CEO Steps Down, Binance Issues Important Update on Token Listing Strategy, Litecoin Whales Waking Up: Crypto News Digest by U.Today Grayscale CEO Steps Down, Binance Issues Important Update on Token Listing Strategy, Litecoin Whales Waking Up: Crypto News Digest by U.TodayGrayscale CEO Steps Down, Binance Issues Important Update on Token Listing Strategy, Litecoin Whales Waking Up: Crypto News Digest by U.Today
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