You’re right, “systems built on trust, norms, and institutions inherently function better than the type of no-need-for-trusted-parties systems blockchain envisions.”
Which is why I’m building something that requires trust, norms and communities of individuals who come together to help one another. But I’m still building it on blockchain because what we need is payments to move directly between policyholders and claimants without a 3rd party ever holding someone else’s money. That 3rd party issue is really expensive for my policyholders and they would rather payments move directly between themselves and the claimants. I hope you understand that this is simply what people want. If you are open to this idea please read more about it here:
This is how community finance is supposed to work, it is supposed to require the participants to trust one another. I hope you agree.
Thank you for what you wrote.