Published on October 30th, 2015 | by Donald McIntyre0
Summary Of Nick Szabo’s Presentation At Bitcoin Investor 2015
Nick provides key principles and direction to the ecosystem IMHO.
This is my summary:
1. Apply computer science to minimize the need for trust between strangers.
2. Strict enforcement of property and contracts by protocol eliminating enforcement by violence like FBI, cops, army, etc.
3. When a system creates trusted 3rd parties (stranger) to manage it they become security holes (vulnerability, central point of failure, hackers, identity, privacy, risk, cost, etc.)
4. In a world with mass markets and billions of participants trust minimized protocols to enable interaction between strangers are the best solution rather than central trusted entities.
5. The philosophy is trust minimization to reduce risk, cost and make systems global (cross borders)
6. Bitcoin protocol is the solution, but is basic, Ethereum is the solution to smart contracts.
7. Bitcoin best applications are for global payments and as a reserve currency.
Here is the video (I recommend you watch it several times!):