30 Mar '15, 1pm

Bitcoin

Bitcoin

(This isn’t quite the same as Bitcoin, because as the single node, I’m acting similar to a banker. If we really wanted to imitate Bitcoin perfectly, many inmates throughout the prison would be keeping track of these transactions and then synchronizing them together, just like nodes in the Bitcoin network. When Dave paid John 25 MAK for a workout, every inmate in the yard would take out their notebook and jot down the transaction. Later, when John pays Tim 2 MAK for a haircut, all the other inmates in the salon would take out their notebooks and each record the transaction. Then at the end of the day, all the inmates would meet together and enter all the transactions into the main ledger. It’s sort of like the Island of Yap, where the residents used enormous stone coins that were too heavy to move —when money changed hands, everyone in the village simply spread the word of ...

Full article: http://motherboard.vice.com/read/bitcoin-for-prison

Tweets

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Bitcoin

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