[cryptography] Nirvana

[ianG]

On 24/09/11 11:46 AM, James A. Donald wrote:
>>> Also, what if we had real cryptographic money, with anonymity?  In
>>> other words: the payments system cannot be the trusted third party
>>> for everything.
>
> On 2011-09-24 4:08 AM, John Levine wrote:
>> Then malware would steal the crypto wallets.  See Bitcoin.

Yes.  This is one reason why my system was built out of psuedonyms, with  
blinding as an added feature [0]. At the ultimate accounting, massive  
theft could be dealt with.  With expense.  I think I had to close out an  
account only once tho.

> Yet Bitcoin, nonetheless, works.

How's BitCoin doing?

I saw two issues, being the lack of a substantial grounding in contractual 
valuation (design issue), and the rather dodgy hackability of the software 
(implementation issue).  In the event, these two conspired to cause 
volatility that makes the big markets look like a calm sea...  Fun to watch 
and play, not recommended to invest :P



iang



[0]  Actually, DigiCash used the same design, they just hid it coz the  
cypherpunks didn't like it :)
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