Post
Topic
Board Development & Technical Discussion
Re: Are off-chain transactions necessary to keep Bitcoin unbroken?
by
nameface
on 16/08/2013, 04:38:43 UTC
I mean imagine if in 1970s someone had said...
I bet some jackass was saying that  Grin
If Mtgox (clients) have a combined sum of 1,000,000 BTC and you transfer 1 BTC from your account to another MtGox account holder then MtGox clients still have a combined sum of 1,000,000 BTC.  There is no need to EVER record a block chain tx.
Ok I'm putting it together. If they take in 1k BTC in the form of 1k centralized clientside transactions, then they can add a single 1k BTC transaction to the blockchain, and all of the transaction data is owned by the third party, and does not appear on the blockchain. I think that's a terrible application of Bitcoin tbh.
Disclaimer:  hopefully that made sense.  I broke open a bottle of port, LBV 2005 so while the above made sense I can't guarantee it will make sense to anyone else.
“To alcohol! The cause of... and solution to... all of life's problems”
― Matt Groening