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It's necessary to have a framework that makes taking the correct action more rewarding or less punitive than taking incorrect action. We mostly rely on governm
by biff 14y ago
It's necessary to have a framework that makes taking the correct action more rewarding or less punitive than taking incorrect action.
We mostly rely on government to handle this. It's not perfect and it works in some folks' interests more than others, but I feel comfortable saying that it does increase the cost of most socially undesirable activities beyond their worth to most people most of the time.
Is it possible to come up with similar protection for Bitcoin without such an authority? I think you have to find a way to introduce risk for people handling Bitcoins they don't own, where they've got an amount of their own Bitcoins held as a security that could be forfeit if they fail to meet obligations.
But then, who holds the security? Who determines if it's forfeit? This doesn't have the feel to me of a situation that can be handled without human interaction, but I would definitely be intrigued if somebody figured it out.