IS BITCOIN A TRIPLE ENTRY SYSTEM?
On 13/06/11 12:56 PM, James A. Donald wrote:
> On 2011-06-12 8:57 AM, Ian G wrote:
> > I wrote a paper about John Levine's observation of low knowledge, way
> > back in 2000, called "Financial Cryptography in 7 Layers." The sort of
> > unstated thesis of this paper was that in order to understand this area
> > you had to become very multi-discipline, you had to understand up to 7
> > general areas. And that made it very hard, because most of the digital
> > cash startups lacked some of the disciplines.
>
> One of the layers you mention is accounting.
Yes, so back to crypto, or at least financial cryptography.
The accounting layer in a money system implemented in financial cryptography is responsible for reliably holding and reporting the numbers for every transaction and producing an overall balance sheet of an issue.
It is in this that BitCoin may have its greatest impact -- it may have shown the first successful widescale test of triple entry .
Triple entry is a simple idea, albeit revolutionary to accounting. A triple entry transaction is a 3 party one, in which Alice pays Bob and Ivan intermediates. Each holds the transaction, making for triple copies.
To make a transaction, Alice signs over a payment instruction to Bob with her public-key-based signature . Ivan the issuer then packages the payment request into a receipt, and that receipt becomes the transaction.
This transaction is digitally signed by multiple parties, including at least one independent party . It then becomes a powerful evidence of the transaction .
The final receipt *is the entry*. Then, the *collection of signed receipts* becomes the accounts, in accounting terms. Which collection replaces ones system of double entry bookkeeping, because the single digitally signed receipt is a better evidence than the two entries that make up the transaction, and the collection of signed receipts is a better record than the entire chart of accounts .
A slight diversion to classical bookkeeping, as replacing double entry bookkeeping is a revolutionary idea. Double entry has been the bedrock of corporate accounting for around 500 years, since documentation by a Venetian Friar named Luca Pacioli. The reason is important, very important, and may resonate with cryptographers, so let's digress to there.
Double entry achieves the remarkable trick of separating out mishaps from frauds. The problem with single entry (what people do when making lists of numbers and adding them up) is that the person can leave off a number, and no-one is the wiser . We can't show the person as either a bad bookkeeper or as a fraudulent bookkeeper. This achilles heel of primitive accounting meant that the bookkeeping limited the business to the size with which it could maintain honest bookkeepers.
Where, honest bookkeepers equals family members. All others, typically, stole the boss's money. (Family members did too, but at least for the good of the family.) So until the 1400s, most all businesses were either crown-owned, in which case the monarch lopped off the head of any doubtful bookkeeper, *or* were family businesses.
The widespread adoption of double-entry through the Italian trading ports led to the growth of business beyond the limits of family. Double entry therefore was the keystone to the enterprise, it was what created the explosion of trading power of the city states in now-Italy .
Back to triple entry. The digitally signed receipt dominates the two entries of double entry because it is exportable, independently verifiable, and far easier for computers to work with. Double entry requires a single site to verify presence and preserve resiliance, the signed receipt does not.
There is only one area where a signed receipt falls short of complete evidence and that is when a digital piece of evidence can be lost. For this reason, all three of Alice, Bob and Ivan keep hold of a copy. All three combined have the incentive to preserve it; the three will police each other.
Back to BitCoin. BitCoin achieves the issuer part by creating a distributed and published database over clients that conspire to record the transactions reliably. The idea of publishing the repository to make it honest was initially explored in Todd Boyle's netledger design.
We each independently converged on the concept of triple entry. I believe that is because it is the optimal way to make digital value work on the net; even when Nakomoto set such hard requirements as no centralised issuer, he still seems to have ended up at the same point: Alice, Bob and something I'll call Ivan-Borg holding single, replicated copies of the cryptographically sealed transaction.
With that foundation, we can trade.
> Recall that in 2005
> November, it became widely known that toxic assets were toxic.
In 2005, the SEC looked at my triple entry implementation, and....
> From late in 2005 to late in 2007, it was widely known that major
> financial institutions were walking dead, and yet strangely they
> continued to walk, though this took increasingly creative changes of the
> rules.
...indeed, there was a palpable sense at the time that the financial system was out of control. They were looking at this thing with worried eyes.
It's an open question as to whether triple entry in any of its variants (Todd Boyle's, mine or Satoshi's designs) would have changed things for the financial crisis of 2007. I think the answer is; it was way too late to effect it. But, it wouldn't have hurt, and with other things added in , the sum would have changed things, assuming widespread implementation.
But (a) the list of needed innovations is not trivial, and all are opposed by the financial institutions for the obvious reason.
Also, (b) it has to be said that at the bottom of the financial crisis is securitization, which changes everything about finance . And I do mean everything. Without understanding the role that securitization plays, talking about triple entry or toxic assets or ratings agencies or bad behaviour or poor people or whatever is pretty much doomed to irrelevance.
Which is how they like it!
> Today in 2011, there is still no audit that acknowledges that toxic
> assets were and are toxic.
This one winds all the way to ...
> While doubtless a good monetary system should embrace all these aspects
> of knowledge, our existing monetary system does not.
bitcoin mt4 bitcoin торговля foto bitcoin all bitcoin майнить ethereum bitcoin автоматически coinmarketcap bitcoin ethereum mist вики bitcoin
карты bitcoin
вход bitcoin monero pools reddit ethereum bitcoin monkey captcha bitcoin хайпы bitcoin bitcoin donate токены ethereum bitcoin bazar create bitcoin кошелек bitcoin bitcoin microsoft monero pro
demo bitcoin
bitcoin count криптовалюта tether bitcoin coins обзор bitcoin
крах bitcoin topfan bitcoin market bitcoin sha256 bitcoin bitcoin bubble bitcoin 2048 график bitcoin
deep bitcoin monero transaction заработок ethereum алгоритм ethereum bitcoin goldmine monero xeon криптовалют ethereum monero раздача bitcoin bitcoin laundering win bitcoin bitcoin обменять These benefits make Litecoin a great alternative for sending and receiving funds. So, now that you can answer the question 'what is Litecoin?', let’s find out how the technology works!Like all powerful tools, it’s important for those interested in using Bitcoin to spend some time engaging in the due diligence of education. Similar to a bicycle, once you know how to use Bitcoin, it will feel very easy and comfortable. But also like a bicycle, one could spend years learning the physics that enable it to operate. Such deep knowledge is not necessary to the actual rider, and in the same way one can enjoy the world of Bitcoin with little more than a healthy curiosity and a bit of practice.bitcoin монеты
теханализ bitcoin plus bitcoin bitcoin краны ethereum bitcoin joker bitcoin asics bitcoin
bitcoin steam bitcoin microsoft bitcoin data bitcoin cnbc pay bitcoin bitcoin япония wifi tether bitcoin презентация bitcoin сборщик etherium bitcoin фото bitcoin брокеры bitcoin бонусы bitcoin masternode bitcoin bitcoin это
bitcoin usb bitcoin tm bitcoin jp bitcoin работа ethereum client bitcoin майнер цена ethereum
avatrade bitcoin bitcoin q
bitcoin miner bitcoin auto ethereum vk
bitcoin mail
cryptocurrency trade bitcoin multibit bitcoin kazanma bitcoin fast maps bitcoin что bitcoin bitcoin png testnet ethereum monero client блокчейн ethereum monero pro теханализ bitcoin добыча ethereum abi ethereum bitcoin рублях dorks bitcoin bitcoin pizza ethereum прибыльность bitcoin minecraft maining bitcoin обмен tether bitcoin genesis bitcoin changer bitcoin frog monero биржи cryptocurrency nem котировки bitcoin paypal bitcoin bitcoin python bitcoin машины форумы bitcoin bitcoin ваучер ava bitcoin ethereum описание bitcoin окупаемость bitcoin сигналы ann bitcoin importprivkey bitcoin
bitcoin golden card bitcoin bitcoin список bitcoin скрипт iota cryptocurrency fx bitcoin addnode bitcoin ethereum plasma
bitcoin кран
bitcoin xl buying bitcoin криптовалюту monero bitcoin script криптовалюту monero china bitcoin pplns monero bitcoin эфир Now consider an example of a forex trade using bitcoin. First, you open a forex trading account with a broker who accepts bitcoins. These include AvaTrade,1 eToro, and LiteForex.2 You then transfer 2 bitcoins from your digital wallet to the forex broker’s digital wallet.описание bitcoin bitcoin lottery
ninjatrader bitcoin bitcoin advcash ethereum transactions фонд ethereum monero client reddit bitcoin java bitcoin bitcoin оборот roulette bitcoin If you have low-end hardware devices, you should avoid pools that have higher thresholds for making payments. Your lower computational output will be less, leading to lower earnings, and you may need to wait longer to hit the threshold to get paid. The same applies to the payment frequency of the mining pool.connect bitcoin At a high level, Ethereum is composed of several key pieces:Public Key: Think of this as the username to your bank account — this is used to send/receive coins in your wallet.After people realized the barter system didn’t work very well, the currency went through a few iterations: In 110 B.C., an official currency was minted; in A.D. 1250, gold-plated florins were introduced and used across Europe; and from 1600 to 1900, the paper currency gained widespread popularity and ended up being used around the world. This is how modern currency as we know it came into existence.Both bitcoin and litecoin have a finite number of coins in circulation. Bitcoin has 21 million coins available, while litecoin has 84 million available – four times more than bitcoin.neo bitcoin миллионер bitcoin ethereum transaction 1. Crypto Mining Is Resource-Intensivebitcoin laundering Start buildingпокупка ethereum bitcoin api bitcoin darkcoin trinity bitcoin bitcoin оплата bitcoin price monero minergate обмен monero bitcoin dance bitcoin bitrix exchange ethereum wikipedia bitcoin
bitcoin converter
bitcoin hunter bitcoin hash bitcoin тинькофф ethereum chart презентация bitcoin bitcoin взлом bitcoin plus500 monero кран miner monero bitcoin investing get bitcoin
bitcoin hacking
dash cryptocurrency bitcoin king money bitcoin bitcoin stealer pirates bitcoin bitcoin xt rpc bitcoin bitcoin trojan стоимость monero bitcointalk ethereum block ethereum tx bitcoin bitcoin office часы bitcoin
coin ethereum bitcoin банк exchange cryptocurrency bitcoin sha256 алгоритм ethereum краны monero bitcoin reserve bitcoin valet s bitcoin bitcoin sberbank bitcoin instant monero майнить Specifically talking about Litecoin, let's dive in and look at what it is, how it's different than other currencies, and the most important question of all: how to invest in Litecoin. Before you get started with Litecoin, you need a digital wallet. We recommend using Coinbase, which we will discuss a bit more below.бутерин ethereum xmr monero ethereum валюта monero pools технология bitcoin ethereum homestead avto bitcoin bitcoin exchange vps bitcoin bitcoin генераторы bitcoin 999 bitcoin usb ninjatrader bitcoin bitcoin nvidia ethereum заработок cryptocurrency news доходность bitcoin цены bitcoin
Backgroundферма ethereum майнер monero 60 bitcoin bitcoin center куплю ethereum ethereum 1070 котировки ethereum bitcoin москва machine bitcoin box bitcoin
best cryptocurrency
ecdsa bitcoin invest bitcoin биржи bitcoin
bitcoin alliance mac bitcoin r bitcoin криптовалют ethereum
keystore ethereum
1080 ethereum ethereum news часы bitcoin battle bitcoin bitcoin store top bitcoin bitcoin map ethereum конвертер bitcoin wm ethereum claymore monero address bitcoin nvidia ethereum пул bitcoin step Like Bitcoin, the main Ethereum network is a public, permissionless network – ie anyone can download or write some software to connect to the network and start creating transactions and smart contracts, validating them, and mining blocks without needing to log in or sign up with any other organisation.bitcoin sha256 'What is the historical background behind the phenomenon?'bitcoin blockstream topfan bitcoin bitcoin fake bitcoin смесители bitcoin окупаемость bitcoin index bitcoin school monero pool кран bitcoin
брокеры bitcoin bitcoin конец bitcoin torrent bitcoin atm bitcoin surf bitcoin статистика hacking bitcoin cryptocurrency ico bitcoin форк bitcoin wm ethereum homestead pow bitcoin
математика bitcoin field bitcoin калькулятор ethereum bitcoin расчет
bitcoin compare играть bitcoin
ethereum contract alliance bitcoin ethereum blockchain bitcoin кликер bitcoin гарант криптовалюта tether bitcoin car bitcoin china http bitcoin bitcoin бесплатно торговать bitcoin bitcoin сервера jaxx monero ethereum регистрация habrahabr bitcoin tokens ethereum bitcoin dollar ethereum twitter bitcoin ruble
keystore ethereum
bitcoin laundering ethereum russia ethereum news bitcoin weekend википедия ethereum bitcoin vip bitcoin airbit bitcoin farm ethereum twitter bitcoin paypal clicker bitcoin bitcoin блокчейн bitcoin banks ethereum mine bitcoin plugin bitcoin free
bitcoin зарегистрировать bitcoin investing xpub bitcoin
bubble bitcoin dark bitcoin china cryptocurrency bitcoin гарант ethereum telegram запросы bitcoin bitcoin legal форк bitcoin
tcc bitcoin bitcoin etherium
bitcoin explorer exchange cryptocurrency отзыв bitcoin bitcoin c ethereum blockchain bitcoin foto 2016 bitcoin tether валюта bitcoin china википедия ethereum bitcoin блоки opencart bitcoin bitcoin nvidia ethereum miners альпари bitcoin
bitcoin rpg ethereum chaindata оплатить bitcoin bitcoin значок реклама bitcoin
erc20 ethereum ethereum logo
autobot bitcoin бесплатные bitcoin bitcoin капча bitcoin earning bitcoin mempool
bitcoin отзывы капитализация ethereum пример bitcoin стоимость monero bitcoin код bitcoin gadget
bitcoin бесплатно tether bitcointalk zebra bitcoin bitcoin roulette p2p bitcoin 1070 ethereum alpha bitcoin bitcoin валюта kurs bitcoin cubits bitcoin фермы bitcoin
mooning bitcoin
grayscale bitcoin bitcoin xl spots cryptocurrency bitcoin fork bitcoin теория
mine ethereum
bitcoin gadget wired tether
bitcoin code bitcoin hesaplama bitcoin today ccminer monero tether майнинг bitcoin монеты bank cryptocurrency
bitcoin q habrahabr bitcoin ethereum 1070 ethereum телеграмм bitcoin evolution будущее ethereum bitcoin матрица проекты bitcoin bitcoin frog reddit bitcoin bitcoin автомат bitcoin обналичить bitcoin matrix dogecoin bitcoin иконка bitcoin hyip bitcoin видео bitcoin bitcoin play bitcoin ann ethereum twitter bitcoin xapo
qtminer ethereum robot bitcoin bitcoin metatrader bitcoin alliance bitcoin steam bitcoin legal top bitcoin
mine ethereum bitcoin life zebra bitcoin миллионер bitcoin 600 bitcoin bitcoin ocean tera bitcoin bitcoin converter polkadot cadaver bitcoin metal криптовалюту monero использование bitcoin андроид bitcoin bitcoin ann ethereum картинки лотереи bitcoin приват24 bitcoin calc bitcoin mine ethereum bitcoin nodes bitcoin мерчант bitcoin вложения bitcoin markets ethereum gas bounty bitcoin ethereum pow bitcoin investment ethereum добыча ethereum programming продам bitcoin ethereum логотип запросы bitcoin mine monero bitcoin satoshi bitcoin 0 blocks bitcoin
love bitcoin bitcoin jp network bitcoin
ethereum solidity advcash bitcoin bitcoin it oil bitcoin in bitcoin 2048 bitcoin bitcoin сайты chaindata ethereum биржа monero to bitcoin ethereum install lurkmore bitcoin bitcoin grant ethereum пул bitcoin conveyor ico bitcoin bitcoin suisse dark bitcoin tp tether ethereum доллар clame bitcoin кошель bitcoin bitcoin развод ethereum pos bitcoin accelerator carding bitcoin bitcoin space
bitcoin save прогноз ethereum bitcoin парад
инвестиции bitcoin bitcoin flapper trader bitcoin
киа bitcoin laundering bitcoin
ecdsa bitcoin bitcoin 4096 token ethereum кошелька bitcoin фермы bitcoin bitcoin fire
bitcoin bloomberg bitcoin maps bitcoin hosting bitcoin wmx bitcoin nedir
отзыв bitcoin сети bitcoin minergate ethereum хардфорк bitcoin bitcoin 0 ethereum fork оборудование bitcoin
bitcoin gpu bitcoin talk bitcoin cgminer обновление ethereum se*****256k1 bitcoin ethereum монета bitcoin виджет bitcoin parser кошель bitcoin bitcoin котировка bitcoin dark bitcoin foundation bitcoin лотереи block bitcoin monero rub cryptocurrency faucet продам ethereum bitcoin life bitcoin qt london bitcoin p2p bitcoin bitcoin япония cryptonight monero wallet cryptocurrency bitcoin win
bitcoin украина bitcoin wordpress 2x bitcoin bitcoin 2010 bitcoin analysis tether верификация china cryptocurrency обменник tether автомат bitcoin bitcoin jp bitcoin вконтакте get bitcoin chaindata ethereum hd bitcoin land bitcoin billionaire bitcoin зарегистрироваться bitcoin продам ethereum bitcoin easy explorer ethereum ethereum coingecko Here I will look at some of the features and facts of Bitcoin and Ethereum.scrypt bitcoin
polkadot su bitcoin capital raiden ethereum bitcoin кошелек 999 bitcoin форк ethereum криптовалюта monero bitcoin coingecko polkadot cadaver bitcoin bear bitcoin maps Homestead: Launched 14 March 2016 – some protocol changes, more stability.ethereum charts bitcoin virus fast bitcoin
вклады bitcoin iso bitcoin bitcoin tx bitcoin монеты bitcoin school
bitcoin usd бумажник bitcoin bitcoin hosting кран bitcoin korbit bitcoin
bitcoin capital stellar cryptocurrency конвертер ethereum bitcoin bloomberg суть bitcoin legal bitcoin fasterclick bitcoin Gain expertise in core Blockchain conceptsVIEW COURSEBlockchain Certification Training Courseскачать bitcoin bitcoin windows ethereum serpent bitcoin автоматически обзор bitcoin
coindesk bitcoin bitcoin сервера calculator bitcoin
love bitcoin bitcoin bloomberg bitcointalk monero ethereum перспективы flex bitcoin надежность bitcoin bitcoin scripting андроид bitcoin кран ethereum sportsbook bitcoin bitcoin atm tether download bitcoin gift создать bitcoin tether курс machine bitcoin калькулятор bitcoin счет bitcoin bitcoin kurs This process continues in perpetuity, expanding on the blockchain contents and providing a public record that can be trusted. In addition to being updated continuously, the chain and its blocks are distributed across the network to many machines. This ensures that the latest version of this decentralized ledger exists virtually everywhere, making it almost impossible to forge.As the Web proliferated, hacker subcultures collided on message-boards and forums. All of them found they had a core set of common attitudes and behaviors including:flypool ethereum bitcoin roulette blender bitcoin
copay bitcoin запрет bitcoin фарм bitcoin bitcoin начало
bitcoin мониторинг blake bitcoin monero биржи bitcoin заработок bitcoin анализ cran bitcoin bitcoin money token ethereum bitcoin сигналы график bitcoin bitcoin eobot bitcoin community monero алгоритм bitcoin boom
bitcoin currency For many, investing in Ethereum has proven to be a great decision. Back in March 2017, the price of one Ether was $30. The price as of March 2018 is $750. In that one-year period, the value of ETH went up 25 times, or 2500%. So, if you had invested $1000 into Ethereum back in March 2017, right now you would have about $25,000 in ETH.explorer ethereum ферма bitcoin bitcoin hesaplama bitcoin email ann ethereum
time bitcoin etoro bitcoin chain bitcoin bitcoin testnet инструкция bitcoin bitcoin hourly 2016 bitcoin currency bitcoin bitcoin обменник динамика ethereum xmr monero wisdom bitcoin ethereum shares ethereum покупка bitcoin keys ethereum alliance
mmm bitcoin заработать monero ethereum erc20 ethereum platform ico monero bitcoin script carding bitcoin 22 bitcoin майнинг bitcoin billionaire bitcoin bitcoin картинки bitcoin кошелек
ethereum coins bitcoin пополнить карты bitcoin ethereum addresses bitcoin map cryptocurrency logo
blue bitcoin bitcoin кошелька bitcoin список bitcoin sphere What is Cryptocurrency Mining?bitcoin zebra bitcoin ixbt gas ethereum bitcoin анимация теханализ bitcoin bitcoin check bitcoin блок bitcoin puzzle bitcoin кэш
today bitcoin bitcoin com neo bitcoin bitcoin видеокарта
bitcoin delphi bitcoin electrum boom bitcoin Bitcoin is almost three times more expensive but also the most well-known cryptocurrency in the world.bitcoin hype java bitcoin qtminer ethereum bitcoin счет логотип bitcoin nicehash monero bitcoin конец rx580 monero flappy bitcoin
ethereum доллар bitcoin комиссия пулы bitcoin удвоить bitcoin bitcoin roll bitcoin metal bitcoin удвоить miner monero lazy bitcoin bitcoin email
bitcoin торги bitcoin machines Generally, Bitcoin holds up fairly well in the above categories when compared against fiat currencies. So what are the challenges facing Bitcoin as a currency?nubits cryptocurrency bitcoin оборот bitcoin betting bitcoin blog
подтверждение bitcoin bitcoin yandex казахстан bitcoin sportsbook bitcoin magic bitcoin claymore monero gps tether bitcoin символ продам bitcoin qr bitcoin
bitcoin future bitcoin monkey
bitcoin server bitcoin withdraw bank bitcoin btc bitcoin redex bitcoin алгоритм monero
