Bitcoin is a peer to peer token system that acts as cash. It utilises a distributed evidence trail to solve fraud and allows traceability.
Each bitcoin is held by the controller (who is usually the owner but could be a 3rd party, such as an exchange).
A "bitcoin" is a collection of digital tokens. These are held by an entity and are not distributed.
The ledger records a change in control
Bitcoin are not maintained on the ledger, that is a transaction log.
Bitcoin is *not* a distributed cryptocurrency.
It is a standard peer to peer token cash system that uses a distributed ledger as an evidence log.
The system is designed to be private, NOT anonymous.
CSW
Jan 30, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1580364854003400
https://t.me/CSW_Slack/2302
Each bitcoin is held by the controller (who is usually the owner but could be a 3rd party, such as an exchange).
A "bitcoin" is a collection of digital tokens. These are held by an entity and are not distributed.
The ledger records a change in control
Bitcoin are not maintained on the ledger, that is a transaction log.
Bitcoin is *not* a distributed cryptocurrency.
It is a standard peer to peer token cash system that uses a distributed ledger as an evidence log.
The system is designed to be private, NOT anonymous.
CSW
Jan 30, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1580364854003400
https://t.me/CSW_Slack/2302
Telegram
CSW - Slack Channel
CSW
Jan 30, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1580364854003400
https://t.me/CSW_Slack/2302
Jan 30, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1580364854003400
https://t.me/CSW_Slack/2302
_Reputed, responsible and established fiduciary body all parties accept from an agreement, transaction or deal._
https://thelawdictionary.org/trusted-third-party/
CSW
Feb 6, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1581177681098000
https://t.me/CSW_Slack/2307
https://thelawdictionary.org/trusted-third-party/
CSW
Feb 6, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1581177681098000
https://t.me/CSW_Slack/2307
_To solve this, we proposed a peer-to-peer network using proof-of-work to record a public history of transactions that quickly becomes computationally impractical for an attacker to change if honest nodes control a majority of CPU power._
You will note that I am very specific in the Whitepaper. In the sentence above, I have stated that a public history of transactions is created that is computationally impractical for an attacker to change. This is an important aspect that people overlook. I have not stated that bitcoin cannot be changed. If the honest nodes are acting to enforce the system, they can always seek to make the necessary alterations that they are required to do. Miners acting within the law can change the system. Those changes will be recorded. This leaves an audit trail available for all people to inspect and act on if necessary.
It is not impractical for the honest nodes to seek to change the public history while leaving a record of the change. Honest nodes will act to stop people who have been found to be money launderers, drug dealers, dealers and illicit material including stolen art or property or child porn.
When you read that comment in the conclusion to the Whitepaper what you need to consider is the nature of both the statement and its alternative. I have clearly stated that it is computationally impractical for an attacker to seek to change the bitcoin network. To do this they will leave evidence and come under the law.
What is missed in this statement is that I have not said at any point that it is impractical for an honest node working in conjunction with the other nodes to make a change to the bitcoin blockchain or code. By nature, miners are able to vote on the implementation of changes. If they seek to vote to act against the law they will face the consequences the law and this will include confiscation and civil loss. Bitcoin is not a cryptographic solution, it is not the desired anti-government thing that was wished for by cyberpunks, it is the product of my mind and I believe in law.
CSW
sep 26, 2019
https://metanet-icu.slack.com/archives/c5131hkfx/p1569516387039500?thread_ts=1569516387.039500&cid=c5131hkfx
https://t.me/CSW_Slack/2311
You will note that I am very specific in the Whitepaper. In the sentence above, I have stated that a public history of transactions is created that is computationally impractical for an attacker to change. This is an important aspect that people overlook. I have not stated that bitcoin cannot be changed. If the honest nodes are acting to enforce the system, they can always seek to make the necessary alterations that they are required to do. Miners acting within the law can change the system. Those changes will be recorded. This leaves an audit trail available for all people to inspect and act on if necessary.
It is not impractical for the honest nodes to seek to change the public history while leaving a record of the change. Honest nodes will act to stop people who have been found to be money launderers, drug dealers, dealers and illicit material including stolen art or property or child porn.
When you read that comment in the conclusion to the Whitepaper what you need to consider is the nature of both the statement and its alternative. I have clearly stated that it is computationally impractical for an attacker to seek to change the bitcoin network. To do this they will leave evidence and come under the law.
What is missed in this statement is that I have not said at any point that it is impractical for an honest node working in conjunction with the other nodes to make a change to the bitcoin blockchain or code. By nature, miners are able to vote on the implementation of changes. If they seek to vote to act against the law they will face the consequences the law and this will include confiscation and civil loss. Bitcoin is not a cryptographic solution, it is not the desired anti-government thing that was wished for by cyberpunks, it is the product of my mind and I believe in law.
CSW
sep 26, 2019
https://metanet-icu.slack.com/archives/c5131hkfx/p1569516387039500?thread_ts=1569516387.039500&cid=c5131hkfx
https://t.me/CSW_Slack/2311
Telegram
CSW - Slack Channel
CSW
Sep 26, 2019
https://metanet-icu.slack.com/archives/C5131HKFX/p1569516387039500?thread_ts=1569516387.039500&cid=C5131HKFX
https://t.me/CSW_Slack/2311
Sep 26, 2019
https://metanet-icu.slack.com/archives/C5131HKFX/p1569516387039500?thread_ts=1569516387.039500&cid=C5131HKFX
https://t.me/CSW_Slack/2311