Milly Bitcoin [ARCHIVE] on Nostr: 📅 Original date posted:2015-08-31 📝 Original message:> Bitcoin is a ...

📅 Original date posted:2015-08-31
📝 Original message:> Bitcoin is a decentralized currency which allows any person the
> ability to transact in a way that does not require specific trust in
> any particular party.

Bitcoin is only a partial solution to the Byzantine general problem.
Users do need to trust that things such as mining and development
systems work as intended. Once the user trusts those systems only then
is the state of the ledger trustless. Just because the state of ledger
is decentralized due to mining that does not automatically mean
everything associated with Bitcoin is "decentralized." (Some people
actually claim reddit is decentralized because users can vote. That
would mean the US government is also decentralized since there are
elections but i don't think most people would agree with that definition.)

Centralized and decentralized system are not intrinsically good or bad.
Each one has it use cases just like a hammer and a screw driver.
Claiming otherwise is treating Bitcoin a as religion rather than a
technology.

Russ