From the perspective of a Bitcoin user, every possible thing that can go wrong with Bitcoin can be categorized into one of two failure modes:- A payment you belive to be valid, isn't (double spend)
- You are unable to perform a payment that you want to perform (denial of service)
Exactly, great way to put it.
+1. Justus, I've been reading some of your work and I really like your push to clearly and precisely define the cryptocurrency terms we're using. Here's what I had jotted down yesterday, which sort of jives with the two points you made above:
Bitcoin is decentralized if no entity exists with the ability to costlessly double-spend or bar valid transactions from the blockchain. Thoughts?