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. (shrink)

The paper develops the idea that institutions are enablers. However, they do not only enable individuals and collectives to achieve their goals; first and foremost, they enable individuals and collectives to have a goal, to select and recognize certain possible states of affairs as targets of action, and as a result, to have a demand – especially a demand for further institutions. I make the case that properly functioning institutions are dedicated to making these states of affairs epistemically acquaintable. What (...) I will stress in particular is that acquaintance is first realized in the form of questions, which are linguistic expressions of acts of problematization. However, I will discuss less what an individual subject questions, but rather what the social dynamic of questioning is. This dynamic will be conceptualized in terms of epistemic dependence, and it will be singled out as the dynamic that gives rise to institutions. (shrink)