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"Trusted backbone transaction processors" that don't use megawatts of power to do this work have existed for some time as "banks".
by ntr-- 5y ago
"Trusted backbone transaction processors" that don't use megawatts of power to do this work have existed for some time as "banks".
- nivexous 5y agoNo. In this design users don't trust miners. Users trust Bitcoin. This is important. Banks can censor. Banks can go down. Banks can be forced to confiscate your money by a single court. But if one miner were to act up, other miners around the globe could keep them in check, and apps and users could switch around as desired. It's an incentivized complete system that you can't reduce this way.
- deleted 5y ago[deleted]