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Those rasps still have a single point of failure: their operator. Bitcoin is decentralized, resilient, trustless, and actually managed to see some adoption. If
by blfr 12y ago
Those rasps still have a single point of failure: their operator. Bitcoin is decentralized, resilient, trustless, and actually managed to see some adoption. If anyone can do better, they should.
- danbruc 12y agoWhat about for example Mt. Gox? Until you can use Bitcoin without ever having to go through an exchange you still have these kinds of trust in the chain. And even then there is still the risk of a mining pool achieving more than fifty percent of the hash rate and you have to trust them that they will not abuse this power or voluntarily split up.
- grubles 12y agoYou can use Bitcoin without an exchange. Have you ever heard of the #bitcoin-otc IRC channel? It is a peer-to-peer marketplace.[0] [0]http://bitcoin-otc.com/ http://bitcoin-otc.com/
- danbruc 12y agoYou still have to trust the other party.
- wongarsu 12y agoYou can meet the other party in person (e.g. https://localbitcoins.com/ https://localbitcoins.com/). That should reduce the amount of trust needed to a minimum.
- danbruc 12y agoDoesn't that actually increase the amount of trust required? What if the other party »convinces« you using a gun to hand over the money without giving the Bitcoins to you?
- haneefmubarak 12y agoThen perhaps you also ought to have a friend and some weapons to guarantee your personal safety too. Alternatively, meet up in a relatively safe, public, conspicuous area where that is unlikely to happen.
- danbruc 12y agoI will just keep trusing my bank.
- grubles 12y agoYou don't, however, have to trust a central entity with your government ID, utility bill, etc.