Wednesday, November 30, 2016

Bitcoin Core is a smart move

The BitCoin core group discusses individual validation for transactions, rather than rely on miners:  Although BitCoin is the best we have, it still does not have local validation, miners do the job. Hence here is a residual unpriced agglomeration of  miners.  So, have each individual act as a miner, prove for itself, over the shortest path, that the counterparty really has 'sewn up' block entry.  Note, this is not necessarily 'price' fraud prevention, it is 'gain from bunching' prevention, and boils down to a longer more accurate look by the miners who have the singleton request queue.  

Here is the idea from the Core:: 

Unlike other wallets, Bitcoin Core does enforce the rules—so if the miners and banks change the rules for their non-verifying users, those users will be unable to pay full validation Bitcoin Core users like you.
As long as there are many non-verifying users who want to be able to pay Bitcoin Core users, miners and others know they can’t effectively change Bitcoin’s rules.
But what if not enough non-verifying users care about paying Bitcoin Core users? Then it becomes easy for miners and banks to take control of Bitcoin, likely bringing to an end this 7 year experiment in decentralized currency.
If you think Bitcoin should remain decentralized, the best thing you can do is validate every payment you receive using your own personal full node such as Bitcoin Core.
We don’t know how many full validation users and business are needed, but it’s possible that for each person or business who validates their own transactions, Bitcoin can remain decentralized even if there are ten or a hundred other non-verifying users. If this is the case, your small contribution can have a large impact towards keeping Bitcoin decentralized.

Now, validation of a Bitcoin, if needed, happens locally to the trading pit , but it is going to be thousands to possibly ten thousand transactions per second. 

Our goal is to  validate the Smart Card once, upon entering the pit environment, then protecting that smart card  thread as validated and verifiable.

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