Quote from: Akka on August 15, 2013, 07:25:03 PM

Explanation. TX From Bitcoin Addresses that are not registered (Verified ID Wallet) are blocked. Only registered Addresses can be used. --> Central Point of Authority Neccesary.

Hmm. So if this central authority requires 100% uptime to unblock transactions, then load-sharing across the network becomes a moot effort.

If transactions not certified by the central authority were blocked, then what would be the purpose of using proof of work and mining to defend against double spending? Just make that same central authority play double-spend referee. They already require 100% uptime to verify identities.

And what would be the value of distributing the ledger publicly? If the Central Authority disagrees with what your copy of the ledger says, then only their copy matters since they veto any transaction they choose. So that bitcoin aspect also becomes dead weight.

You are left with "central authority maintains central ledger and must remain online to authorize every transaction, checking the identity of all parties involved". This is indistinguishable from an older and well known payment system called "a Bank".