Decentralization is what allows Bitcoin to substitute an army of computers for an army of accountants, investigators, and lawyers.
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@mwilcox Quite not. Centralization of the computers without the decentralization of "human blockchain" checking each others' work = Mt. Gox.
@mwilcox Visa, Wall St., etc. all traditionally work on the labor-intensive "human blockchain" model of cross-checking bureaucrats.
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@mwilcox In other words, trusted third parties are security holes: http://szabo.best.vwh.net/ttps.html -
@NickSzabo4 would you say that a (highly decentralised) PoS network would require those things? -
@mwilcox Proof-of-anything still requires great messaging redundancy (would need full broadcast from every node for provable security). - 1 more reply
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