A short conversational video (Buzz Fisher and Sean of Fear) exploring the meaning and role of trust. They define trust as confidence that others or things will not cause harm, emphasize trust as the foundation ("cement") of relationships and economic transactions, and introduce two key types: "trust by default" (unverifiable trust—e.g., trusting food, pilots, surgeons) and "trust by choice" (verifiable/assessed trust—e.g., interviewing babysitters, checking bills, vetting hires).
Chapters
Hey, Buzz.
Oh, that's my line. Hey everyone, it's Buzz Fisher and this.
Is Sean of Fear.
How are you guys?
And happy, happy Thursday.
And welcome to the Virtual Pub. Well done there, Sean. So today we have something really interesting. It's a subject I think from both sides in some ways. It's about don't trust and verify. So that's the title of this episode. Now we don't trust because it's 365 by 24. It is everywhere. It's the most underpinning quality in our lives, most important thing. But I will ask a question for my buddy here, Sean. What does trust mean to you?
Well, trust, I think it's all about confidence in the other, whether it's a person or a thing. The confident that there will no bad impact on me. You know, when I trust a bus driver, it means that I go on the bus and I trust that he will take me to wherever I need. When I trust a doctor, that will heal me. So, so I pick a doctor and I trust that he will do everything that will take care of me. When I trust my buddies, when I trust my employer, we put trust in people and in things. For example, I trust my car. It will take me to the outback. If it can't do that, if I can't trust it, I will not drive there. So trust is all about confidence.
Correct. So let's give it a bit more of a business context. Why is it important?
It's important because that's the base of relationship and it allow people to live and work together. Without trust, you can't really formalize a society. That's the cement in the relationship and that allows communities to, to flourish and grow. Trust was there. Correct.
I would look at from a trust. So when you have good trust, then the economics of transaction is much quicker. When you have distrust or suspicion, then think about it from a business context, their ability to transact economically is reduced. So trust plays a major factor. He's gone for a little walk. Trust plays a major factor in everything that we do. Sean's talking about confidence and a great deal. But from a business context, it's king now. Glad that you made it back. So the next question is what I mean, you keep on talking about these two types. What are they?
So from what I see, trust, we have what I divided into two types. One is trust by default. And trust by default means that you put trust in things or people that you cannot really verify, that you can't really assess. For example, when you buy a coffee In a coffee shop, you trust that the coffee is not poisoned, that the food is good. When you go to a doctor, you trust they know what they do. You can't really ask a surgeon, can you tell me how you're going to do the surgery, what tools you're going to use, what are the materials that you're going to use, what are you going to inject, how it's comprised, what is comprised of. You don't. So you can't ask, you can't question a pilot. Can you fly the plane? You just bought into the plane and you trust that the whole system function and work. If you didn't trust it, you wouldn't on board the plane. Correct. And the other type is the trust by choice. This is where you can assess, judge and set the process with visibility based decision. So you have the visibility and you check, for example, when you do shopping, you look at the bill to see if there's any mistakes. So you trust the shopping center that they're not doing mistakes. But you still verify. Before you go to hotels or Airbnbs, you interview people. You don't just let people come into your company. You go through an interview process. This is what you trust. But you can still choose, for example, a babysitter you interview and you bring her in, but you check her background, you talk with references. This is where you have a choice, correct?
Correct. It's interesting because a few weeks ago I wrote an article, why reviews, like when you review a book or review a hotel or accommodation or reviews become so significant for people to make choices. But now hackers and miscreants are actually taking advantage because they're actually making.
