29 Mar '14, 6pm

@oleganza fyi - I used one of your tweets to motivate this piece

This is a great piece, probably the best explanation I have seen showing how the underlying protocol works. I will definitely be stealing this analogy when I talk to people about Bitcoin. To answer your question: no, you can’t write a transaction such that whoever spends the UTXO must impose the same condition on their transaction output (but you might be able to in future). Bitcoin scripting currently doesn’t allow any reference to anything except the data contained in the script. You can’t reference any other data about the transaction itself or any other transaction. There are some discussions in the development community about how to add smarter functions into scripting which will allow these sort of smart contracts/transactions. The problem is that adding these functions while maintaining security, backwards and forwards compatibility is very difficult. We will see al...

Full article: http://gendal.wordpress.com/2014/03/29/welcome-to-bitcoin...

Tweets

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Bitcoin

Bitcoin

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Bitcoin used to buy luxury Bali villa.

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