Trust and reliance in the cognitive institutions of cryptocurrency
Dados Bibliográficos
| ID | 6442610 |
|---|---|
| Autores | Enrico Petracca (0000-0001-7572-8117), Shaun Gallagher (0000-0002-3147-9929) |
| Ano | 2024 |
| Volume | 24 |
| Fascículo | 1 |
| Páginas | 125-144 |
| Data de publicação | 2024-04-15 |
| Peer Reviewed | Sim |
| Open Access | Sim |
| Tipo | ARTICLE |
| Periódico | Mind & Society (JOURNAL) |
| Identificadores do periódico | ISSN: 1593-7879 • E-ISSN: 1860-1839 |
| Editora | Springer Science+Business Media (PUBLISHER • DE) |
| DOI | 10.1007/s11299-024-00302-z |
| OpenAlex | W4394838050 |
| Idioma | EN |
| Referências citadas | 29 |
The stated aim of cryptocurrencies is to free the monetary system from the need to trust financial intermediaries, by relying on incentive design and technology. Many descriptive studies, however, have questioned cryptocurrencies’ delivery on the promise of trustlessness. This paper promotes a normative analysis of trust in cryptocurrencies by discussing (i) whether trust is in principle eliminable, and (ii) whether trustlessness is in itself a desirable goal. These issues are closely related, we argue, to the further issue of what kind of institutions cryptocurrencies represent. We discuss the cognitive functions played by cryptocurrencies through the lens of the “extended mind” hypothesis in the philosophy of mind and hence conceive of cryptocurrencies as mind-extending institutions. As the models of institutional mind extension differ in the fiduciary bond they assume exists between individuals and institutional resources, we compare the reliance-based model of “scaffolding institutions” with the trust-based model of “cognitive institutions,” showing that the ineliminability and desirability of trust lead to seeing cryptocurrencies as instances of the latter. In the end, our discussion suggests that trust is a necessary component of cryptocurrencies’ cognitive functions and its promotion helps to perform such cognitive functions more effectively and sustainably
Business · Cognition · Computer security · Cryptocurrency · Epistemology · Philosophy of science · Psychiatry · Complex Systems and Time Series Analysis · Computer Science · Embodied and Extended Cognition · Evolutionary Game Theory and Cooperation · Philosophy · Psychology
Supersizing the Mind
Economics and Institutions
The socially extended mind
Can social interaction constitute social cognition?
Challenges to the Hypothesis of Extended Cognition
The Extended Mind
Trust and Antitrust
Extended Mind
Trust as the glue of cognitive institutions
Blockchain technology and trust relationships in trade finance
What is bitcoin
How Implicit Assumptions on the Nature of Trust Shape the Understanding of the Blockchain Technology
Blockchain as a confidence machine
Money and the emergence of knowledge in society
Shared Mental Models
Money is a Social Relation
On Bitcoin
The Social Life of Bitcoin
| Velocidade de citação | historical |
|---|---|
| Altamente citado | Não |