Post
Topic
Board Speculation
Re: Bitcoin trades the inequity of dynastic power for the inequity of early adoption
by
Qoheleth
on 13/04/2013, 20:47:58 UTC
And nothing you said in that thread changes anything. Please read:
https://en.bitcoin.it/wiki/Proof_of_work
I think you're misunderstanding Red's contention here.

If I understand correctly, it's not that proof of work is unnecessary if you want to reach consensus on transaction order without trusted bookkeepers.

Rather, it's that having trusted bookkeepers isn't so bad.