Well you've picked up on very difficult bit of semantics, and one that is probably worth its own discussion entirely.
The code is verifiable by a skilled engineer (in good faith) -- so there is a catch. Any body that produces a smart contract requires the trust of those who take part. Alternatively, it requires trust in one's own expert engineer to verify the content and functioning of a smart contract.
Where Ethereum is trustless is in the execution of the contract once verified. There is then no course for non-delivery if the code is designed this way.
So, it's trustless at one level, and requires trust at another. When I say it's semantics it's just this last point.
Personally I don't see the problems other see with that, because I don't see blockhain tech and tokens replacing everything all in one go, including the need for governing bodies and law. I don't see it as a choice between one or the other. For what it's worth, I'm closer to a socialist than the usual libertarian ranks that flock to these things. I think the world would benefit from the efficiency it could bring about, once the kinks are worked through.
The code is verifiable by a skilled engineer (in good faith) -- so there is a catch. Any body that produces a smart contract requires the trust of those who take part. Alternatively, it requires trust in one's own expert engineer to verify the content and functioning of a smart contract.
Where Ethereum is trustless is in the execution of the contract once verified. There is then no course for non-delivery if the code is designed this way.
So, it's trustless at one level, and requires trust at another. When I say it's semantics it's just this last point.
Personally I don't see the problems other see with that, because I don't see blockhain tech and tokens replacing everything all in one go, including the need for governing bodies and law. I don't see it as a choice between one or the other. For what it's worth, I'm closer to a socialist than the usual libertarian ranks that flock to these things. I think the world would benefit from the efficiency it could bring about, once the kinks are worked through.