[Cryptography] Our leader opines on cryptocurrencies
hughejp at me.com
Thu Jul 25 12:18:11 EDT 2019
> On Jul 23, 2019, at 7:54 AM, jamesd at echeque.com wrote:
>>> Assume the processing is shardable with mutually trusting shards that do not suffer byzantine failure.
>> If there is mutual trust
> No mutual trust between peers. The shards that trust each other live within a single rack owned by a single peer. Trust does not extend outside that rack.
> The sharding is to enable peers to be big enough.
OK, so there is no mutual trust between the [big enough] peers, but will the number of peer be enough to prevent collusion among the peers?
Imagine, Visa and MasterCard. They each process [insert large number] of transactions. Maybe they decide to look for mistakes each other makes. Who checks the checkers? How will they get access to the [insert large number] of transactions? Where is their payoff for doing that work? One of the best features of Bitcoin is the immunity of collusion that does not include 1/2 the miners.
If the governments gets involved in checking the peers (make no mistake, they will), we are back to regulated banking?
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