Ben laurie bitcoin wiki
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Both comments and pings are currently closed. Looks like good fodder for Financial Cryptography — http: Comment by Chris Swan — 3 Jul 6: Comment by Dave Birch — 3 Jul 9: Comment by Ben — 3 Jul Comment by Dave Birch — 3 Jul It is used not only to achieve consensus on checkpoints in the block chain, but also to decide all of the other technical details of bitcoin: However, the properties of this mechanism are such they cannot be used to achieve real-time consensus on a large volume of transactions.
It involves developers of bitcoin software, miners, and end users. It involves debates on mailing lists and message boards. It involves network effects that discourage people from starting their own bitcoin fork.
It involves people trusting certain developers and installing new releases. Both mechanisms complement each other.
Consensus between people is less vulnerable to attack, but it cannot be automated. Consensus between computers based on proof-of-work might be vulnerable to an attacker with a large amount of CPU power, but it can be automated. Check these out http: Comment by Michele — 3 Jul What the attacker can do is block my attempts to spend my bitcoins by ignoring my transactions. Now if profit is irrelevant, then yes — a big bank or rogue state initiative could pay the millions to some ASIC company to build the hardware necessary, operate it and cause some temporary grief to Bitcoin.
So instead of the proof of work being based on the block chain hashing you propose the proof of work being the existing of a node. Of course, the result is spinning up multiple nodes. If I can run , nodes which is trivial versus your 1 node I would earn , times more than you. I have every confidence that your assessment of Bitcoin is correct, Ben, however I cannot resist pointing out that the Royal Mint is an anachronism dating back to the days when coins had intrinsic worth.
I find very few people understand how our current money system works, which makes me somewhat cynical of attempts to replace it.