> what unmet need does it address? The Byzantine General's problem: http://paulbohm.com/bitcoin-decentralization/
Another way to look at the innovation in bitcoin is it provides a "distributed notary service". Duane On Jun 17, 2011, at 11:25 PM, robert bristow-johnson <[email protected]> wrote: > > 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." > > > > ---- Election-Methods mailing list - see http://electorama.com/em for list info
