1/ Another xmpl of segregation of duties: a stock trade is handled by 4 separate organizations: broker, exchange, clearinghouse, custodian.
Bitcoin requires collusion of chip power to defeat. Much older & more widely used protocols to require conspiracy: http://szabo.best.vwh.net/separationofduties.html …
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2/ Compare & contrast how math does it for Bitcoin & how the pros do it for stocks vs. Mt. Gox et. al. http://szabo.best.vwh.net/ttps.html
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@bitcoin3000 For Bitcoin/fiat exchange one needs traditional segregation of duties. e.g. 4 peers broker/exchange/clearinghouse/custodian.Thanks. Twitter will use this to make your timeline better. UndoUndo
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@bitcoin3000@NickSzabo4 usd is inherently TTP IOU tracked by humans. Bitcoin<->Physical Gold exchange can be decentralized, but not online.Thanks. Twitter will use this to make your timeline better. UndoUndo
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@NickSzabo4 it's unfortunate that the sha chip market is not as efficient as it could be.Thanks. Twitter will use this to make your timeline better. UndoUndo
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