> You just wrote that trust is thanks to judicial system and that's what GP countered based on personal experience.
I think both jollybean and I are drawing a distinction between traditional societies where high trust primarily exists within smaller communities, and industrial societies where trust operates at scale. I don't disagree with jollybean regarding how trust operates within smaller traditional communities.
My point was that at the level of industrial societies with millions of people doing business with each other, high trust is maintained largely because of the existence and functioning of the judicial system, not due to some unique personality characteristic of the individuals living in that society. Smart contracts can serve a similar functional purpose in societies where ordinary people do not have access to a functioning judicial system.
> And the opposite is true too, if cheating is not penalized if it was due to a maliciously crafted smart contract (because smart contact would be king) then I sure am going to trust everyone and everything much less.
Certainly trust would work differently in an economic system that is mediated primarily by smart contracts. Do not forget, though, that you currently have the advantage of living in a society which has a functioning and accessible judicial system. Your level of trust is already very high. People who live in societies that don't have the same advantages are starting at a lower trust threshold.
Using imperfect smart contracts to mediate commercial transactions might be a step down for you. For other people, waiting for a perfect system does nothing but stop them from improving things right now.
I think both jollybean and I are drawing a distinction between traditional societies where high trust primarily exists within smaller communities, and industrial societies where trust operates at scale. I don't disagree with jollybean regarding how trust operates within smaller traditional communities.
My point was that at the level of industrial societies with millions of people doing business with each other, high trust is maintained largely because of the existence and functioning of the judicial system, not due to some unique personality characteristic of the individuals living in that society. Smart contracts can serve a similar functional purpose in societies where ordinary people do not have access to a functioning judicial system.
> And the opposite is true too, if cheating is not penalized if it was due to a maliciously crafted smart contract (because smart contact would be king) then I sure am going to trust everyone and everything much less.
Certainly trust would work differently in an economic system that is mediated primarily by smart contracts. Do not forget, though, that you currently have the advantage of living in a society which has a functioning and accessible judicial system. Your level of trust is already very high. People who live in societies that don't have the same advantages are starting at a lower trust threshold.
Using imperfect smart contracts to mediate commercial transactions might be a step down for you. For other people, waiting for a perfect system does nothing but stop them from improving things right now.