Quote from: Augusto Croppo on January 25, 2014, 06:34:44 PM

Quote from: NanoAkron on January 25, 2014, 05:29:41 PM

Do you recognise that your solution is completely counter to the trustless distributed nature of bitcoin?

Mike's solutions in no way affect the "trustless distributed nature of bitcoin" because this is laughable nonsense.

There is no such thing as "trustless distributed nature of bitcoin".

Bitcoin is a software which allows users to form a P2P network where they register transactions in a distributed ledger. There is no "nature" being distributed. There is a ledger being distributed. No, it is not "trustless". Unconditional trust is still required to form the P2P network. Each client have to trust each other in order to work. Transmission of the unit of account (a.k.a. BTC or XBT) requires consent by the user signature (private-key). In other words, by using the Bitcoin software a person trust that a bunch of random people using the same software is going to validate his/her transaction.

Bro, do you even ... solve the Byzantine Generals problem?

Quote from: Satoshi

What is needed is an electronic payment system based on cryptographic proof instead of trust,
allowing any two willing parties to transact directly with each other without the need for a trusted
third party.