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I've heard this argument, and I don't see how it works. It relies on trusting the information put onto a blockchain.

It most definitely does require a base trust - however that's not an argument against the solution, just a challenge to implementation.

We implicitly trust a tremendous amount of digitized information because we trust its sources - for instance, digital banking works because we trust banks to only log verified transactions to our account. Sourcing that information is absolutely very difficult, but it doesn't mean it can't or shouldn't be done.

Requiring trust is absolutely an argument against the solution. Once you're willing to trust someone, you may as well use a database and a contract.

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