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Author Topic: Central mint server  (Read 813 times)
mnemonix
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June 19, 2011, 09:48:48 AM
 #1

Hi,

is it true, that there is a dedicated mint server which keeps track of all transactions in order to prevent double spending?

Then, isn't it also true, that some government could knock out the entire p2p-based network by just shutting down this mint server?

Best regards,
mnemonix

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natman3400
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June 19, 2011, 09:54:11 AM
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This is not true. "minting" Bitcoins, or as we like to call it, mining, is a shared responsibility of all nodes on the network.

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willphase
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June 19, 2011, 09:55:10 AM
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No this is not true. Transactions are verified by the p2p network.

I recommend you read the wiki or read the bitcoin paper. It's all explained there.

Will

mnemonix
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June 19, 2011, 09:58:21 AM
 #4

This is not true. "minting" Bitcoins, or as we like to call it, mining, is a shared responsibility of all nodes on the network.

Ups, I think I got Satoshi's paper wrong ...

Quote
The problem of course is the payee can't verify that one of the owners did not double-spend
the coin. A common solution is to introduce a trusted central authority, or mint, that checks every
transaction for double spending. After each transaction, the coin must be returned to the mint to
issue a new coin, and only coins issued directly from the mint are trusted not to be double-spent.

He was explaining common solutions but later he wrote:
Quote
To accomplish this without a trusted party, transactions must be
publicly announced [1], and we need a system for participants to agree on a single history of the
order in which they were received. The payee needs proof that at the time of each transaction, the
majority of nodes agreed it was the first received.

Thx for pointing me in the right direction.

Best regards,
mnemonix
bitcoin.monger
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June 20, 2011, 05:19:56 AM
 #5

Well, this is the fundamental difference between PayPal and Bitcoin. Satoshi is NOT minting the money  Smiley
SomeoneWeird
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June 20, 2011, 05:31:02 AM
 #6

Well, this is the fundamental difference between PayPal and Bitcoin. Satoshi is NOT minting the money  Smiley

Neither are paypal...
bitcoin.monger
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June 20, 2011, 12:07:17 PM
 #7

Right. I was joking  Smiley
...however: Satoshi DOES NOT control your funds, while PayPal DOES.
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