[Cryptography] Cryptocurrency Exchange without a trusted third party (Ron Garret

[Ron Garret]

On Jan 15, 2017, at 12:49 PM, Dominik Zynis <dz at ioresources.com> wrote:

> >It is worth noting, BTW, that the bitcoin block chain is *not* what provides security against theft.  
> 
> Some consider inflation created by a TTP (i.e., a central bank) a form of theft.

Sure, but that is obviously not what I was referring to.

As an aside, the underlying situation with respect to inflation is actually exactly the same for both bitcoin and fiat currencies.  Bitcoin could inflate if a majority of the mining pool agreed to a change in the protocol.  Likewise, inflation in fiat currencies can be halted by government decree.  The presence or absence of inflation is simply a policy decision.  It is completely orthogonal to the technology used to implement and enforce that decision.

rg

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