On Jun 17, 2011, at 11:03 PM, Duane Johnson wrote:
> I consider bitcoin, if this is all the security it has, to be
garbage proposed by incompetents.
A fairly strong reaction to a new idea. If it is truly garbage, it
will come to naught. But if not, perhaps there is something to be
learned.
i heard a story on NPR about it and haven't understood what it is
really about. what unmet need does it address?
as far as e-transfer of money, i think that public-key encryption
(with sufficient bits in the key) is good enough. it's just an
electronic way to send a check, which is merely an order to your bank
to transfer some of your money to someone else. with paper checks,
the paper with your signature (that can be checked) is the physical
instrument.
with public-key, all they need to do is verify the signature by
decrypting against your public key which is on record, and they know
the bank order came from you, or your computer.
i also think that everything else is a gimmick.
--
r b-j [email protected]
"Imagination is more important than knowledge."
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