FTX Lesson: Crypto Needs the Press, the Press Needs Crypto

FTX Lesson: Crypto Needs the Press, the Press Needs Crypto


“Trust, but verify” was a term – lifted, ironically, from a Russian proverb – made popular by former U.S. President Ronald Reagan during his negotiations with the Soviet Union over nuclear disarmament. In the late 1990s, cryptographer Adam Back and entrepreneur Austin Hill, who later co-founded Blockstream, paraphrased the line to rewrite it as “Don’t Trust. Verify.” The negative wording was stronger for a reason, based on the notion that reliance on a third party with the capacity to censor, change or control information is dangerous.

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