Post
Topic
Board Development & Technical Discussion
Re: BTC violates GAAP, result a mess.
by
aaaxn
on 01/06/2013, 10:48:11 UTC
Not duplicate, I called it mirror-inverted.
Payer and receiver have an account.
Both are changed by the payment differently. Right?

More about GAAP here:
http://en.wikipedia.org/wiki/Double-entry_bookkeeping_system
http://en.wikipedia.org/wiki/Generally_accepted_accounting_principles
http://en.wikipedia.org/wiki/International_Financial_Reporting_Standards
etc..
You can have only one and always derive other from it. Storing it twice is a waste.

Quote
Using timestamps in distributed network?

Yes. Same as in the present blocks. Where is the problem?
Bitcoin timestamps have +- 2h accuracy ;]
You cannot rely on it. Also person making payment have now way of knowing when his transaction will be included in block so can't calculate account balance after tx. There can be multiple payments to same account submitted simultaneously.

Quote
Foreign currency account without any way to link them to real world accounts?
Yes. With a link to "normal" banks, of course. Would be just a nice additional feature.
There is no way blockchain can check validity of such 'links' so it is totally useless. You can as good write such links in your notebook or post it on website.