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"social cost" sounds like another way of saying "real-world trust".


Yes. The point of blockchains is to be able to trade value without middlemen. You still have to verify that what you're buying is legitimate.


> You still have to verify that what you're buying is legitimate

That it is challenging to evaluate the legitimacy of a seller with a potentially obfuscated identity living who-knows-where is the reason middlemen are inevitable. Even with blockchains.




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