So how do we know that someone at the back of the bitcoin (or similar) system doesn't have a simpler algorithm for his/her own use. Who is that someone? Can s/he be fired?I would have some sympathy with the system if the combined computing power was put to some practical use - for example on scientific research (though NOT SETI ...RPS maybe its time this Tread move to Bar Sport (where I won't see it).
There is no "someone". The entire thing is open source and P2P. The creator of bitcoin did "pre-mine" quite a few coins
Quote from: wizdum on Mar 17, 2014, 06:23 amThere is no "someone". The entire thing is open source and P2P. The creator of bitcoin did "pre-mine" quite a few coinsYes, quite a few. About a million or so. How much is that worth now?
As I said earlier, I see no chance that bitcoin will ever work as a general currency in its current form because it is unaccountable and untraceable - every transaction relies on trust. Dark wallet is a step in the right direction, but only a step.
Actually, Bitcoin is perfectly traceable and perfectly accountable. Every transaction is on a public ledger