On Wed, Sep 16, 2015 at 9:47 PM, Ben Harris <[email protected]> wrote: > > At the end of the day, don't these all just build upon a different > definition of trust? > > In the centralised architecture you trust that none of the authorities are > compromised. > In Bitcoin you trust that no one has spent the money to get to 51%. > In PoS are we trusting that no one has purchased a majority stake? > In transparency methods, we trust that no more than N-1 verifiers are > colluding. > There is a big difference in the incentives created.
In a multiple notary system the notaries have a major incentive to reject collusion attempts, it is the end of their business. BitCoin on the other hand creates a multi-million dollar incentive to defraud the system with absolutely no accountability for the parties making the attempt.
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