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If Satoshi had thought that a selected set of entities was an adequate replacement for the central entity for control over the money system, he would never have

If Satoshi had thought that a selected set of entities was an adequate replacement for the central entity for control over the money system, he would never have invented Bitcoin. The driving force behind Bitcoin was that it doesn't matter how many entities you have. Every participant needs to be treated as an equal party. Blockchains with "master nodes" are completely missing the wood for the trees. It really is a shame that we've got so many people trying to do smart contracts "on the blockchain," when everything that they're attempting to offer was previously possible before Bitcoin because their solutions ultimately require a central entity or selected set of entities to work.

Retric 8y ago
Bitcoin was more about reducing transaction costs by sacrificing the ability to undo transactions than anything else. That failed, but the world had plenty of currency’s Bitcoin was supposed to be an alternative and cheaper banking system.
pishpash 8y ago
Satoshi isn't God and designed for one extremal case for his experiment. The whole spectrum from decentralization to centralization is valuable to someone.
- sparkie 8y ago
  I just wonder how many people have heard of say, Secure Multi-Party Computation, before they come to the conclusion that they need to print their own money. Yao pioneered many interesting concepts which have basically been swept under the rug because nobody is interested in something that isn't "blockchain." All blockchains are valuable to someone - the creator. They're cash cows. They start with the premise that they need a blockchain (so they can print money), and work backwards - what can we apply the blockchain to in order to convince people to buy our token. How many cycles of pump and dumps we can go through before people realize that it isn't going to work. If everyone can and does print their own tokens, what are your tokens going to be worth?

Retric 8y ago

Bitcoin was more about reducing transaction costs by sacrificing the ability to undo transactions than anything else. That failed, but the world had plenty of currency’s Bitcoin was supposed to be an alternative and cheaper banking system.

pishpash 8y ago

Satoshi isn't God and designed for one extremal case for his experiment. The whole spectrum from decentralization to centralization is valuable to someone.

sparkie 8y ago
I just wonder how many people have heard of say, Secure Multi-Party Computation, before they come to the conclusion that they need to print their own money. Yao pioneered many interesting concepts which have basically been swept under the rug because nobody is interested in something that isn't "blockchain." All blockchains are valuable to someone - the creator. They're cash cows. They start with the premise that they need a blockchain (so they can print money), and work backwards - what can we apply the blockchain to in order to convince people to buy our token. How many cycles of pump and dumps we can go through before people realize that it isn't going to work. If everyone can and does print their own tokens, what are your tokens going to be worth?