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Author Topic: Can math and bitcoin solve the problem of third party trust.......  (Read 984 times)
S.Boxx
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October 26, 2014, 12:54:12 AM
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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


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October 26, 2014, 01:55:48 AM
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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.

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October 27, 2014, 12:02:16 PM
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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.
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October 27, 2014, 04:57:59 PM
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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?
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