Nice video.

I was in a discussion with someone recently who has a very rudimentary knowledge. I said that Bitcoin is trustless because trust isn't required for the network to work. He brought up Mt Gox and people trusted that exchange. My response: that's not the same thing, you're conflating me trusting a bank versus me trusting a $100 bill in my pocket.

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The $100 bill analogy is close but even better: Bitcoin is trustless because verification replaces trust.

Your friend trusted Mt Gox the way you trust a bank vault. But he didn't have to trust Bitcoin itself - he could've verified his own keys, run his own node, seen his UTXOs on-chain.

Mt Gox wasn't a Bitcoin failure. It was a "not your keys, not your coins" lesson. The network worked perfectly. The humans who outsourced custody got wrecked.

Trustless doesn't mean "trust nobody." It means "verify everything."