03 Apr '13, 4pm

Why Bitcoin Doesn't Behave Like Money

If we avoid the problems of centralization and resolve on a decentralized system, we face a different but equally severe set of problems: without centralization, in a distributed system in which no party has veto power (and any party can be anonymous or a mask for another party), how and who decides which of 2 conflicting transactions is the real transaction? Must a distributed system simply allow double-spends, and thus be useless as money? No. The under-appreciated genius of Bitcoin is that it says that the valid transaction is simply the one which had the most computing power invested in producing it. Why does this work? In the Bitcoin distributed system, there are many good parties at work producing new transactions, and they will independently latch onto one of the two competing transactions produced by an attacker and incorporate it into future transactions; the amou...

Full article: http://www.fastcolabs.com/3007805/tracking/why-bitcoin-do...

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