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Title: Can math and bitcoin solve the problem of third party trust....... Post by: S.Boxx on October 26, 2014, 12:54:12 AM Can math and bitcoin solve the problem of trusting a third party to run an honest bitcoin-dollar exchange?
This is a Compare & contrast on how math does it for Bitcoin & how the pros do it for stocks vs. "MtGox" type exchange. http://szabo.best.vwh.net/ttps.html For Bitcoin/fiat exchange one needs traditional segregation of duties. e.g. 4 peers: broker/exchange/clearinghouse/custodian. ~ Nick Szabo Some segregation of duties is far better than none, but more is better & Nakamoto consensus allows much more to be much cheaper. ~ Nick Szabo Title: Re: Can math and bitcoin solve the problem of third party trust....... Post by: hua_hui on October 26, 2014, 01:55:48 AM Quote Can math and bitcoin solve the problem of trusting a third party to run an honest bitcoin-dollar exchange? Answer is yes. One step is only needed to trust a third party called decentralized exchange.Title: Re: Can math and bitcoin solve the problem of third party trust....... Post by: Ionchamp on October 27, 2014, 12:02:16 PM Quote Can math and bitcoin solve the problem of trusting a third party to run an honest bitcoin-dollar exchange? Answer is yes. One step is only needed to trust a third party called decentralized exchange.Cool.. Thank you for the clarification sir. Title: Re: Can math and bitcoin solve the problem of third party trust....... Post by: amaclin on October 27, 2014, 04:57:59 PM Quote Can math and bitcoin solve the problem of trusting a third party to run an honest bitcoin-dollar exchange? The right question is: ... and what will be the cost of this solution? |