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3rd party trust and central point of failure. I don't agree that we've seen Bitcoin be controlled by a single entity or that anyone has power to modify it again
by PKop 4y ago
3rd party trust and central point of failure. I don't agree that we've seen Bitcoin be controlled by a single entity or that anyone has power to modify it against the will of market. I would argue the things you don't see a need for are necessary, if not sufficient, to have a sufficiently decentralized ledger. Network effect might be the other ingredient.
- RC_ITR 4y ago> I don't agree that we've seen Bitcoin be controlled by a single entity or that anyone has power to modify it against the will of market. I can say the same things of Visa? If the point is that economic incentives are what keep miners honest, what do you think keeps Visa honest? (I'll tell you as soon as they start doing things that don't follow the rules, their market cap will plummet)
- marcus_holmes 4y agoWe've had solutions to trust problems for centuries, and they work well. Central point of failure argument seems moot - there are simple architectures to solve this for databases.