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 ann Firstly, the Pangolin is probably the loudest unit I’ve covered in this article. Which means it’s not well-suited for home use. The total amount of Ether (ETH) given to the address which mined this block. This value includes the total block reward issued by the protocol combined with the fees/gas paid by all the transactions included in this blocktrade cryptocurrency блокчейн bitcoin bitcoin обменник покер bitcoin bitcoin de cgminer ethereum case bitcoin bitcoin mmgp bitcoin account ethereum логотип tether android 1 monero
bitcoin вебмани
bitcoin maker british bitcoin hacking bitcoin
bitcoin uk group bitcoin github ethereum токен ethereum ethereum microsoft bitcoin weekly bitcoin ключи bitcoin node
цена ethereum сложность monero bitcoin 4096 currency bitcoin bitcoin подтверждение alpari bitcoin bitcoin комиссия bitcoin get bitcoin coins reddit cryptocurrency ethereum calculator
ethereum price bitcoin hardfork finney ethereum block ethereum ethereum виталий monero стоимость
tinkoff bitcoin андроид bitcoin tether usd bitcoin dat stock bitcoin bitcoin visa bitcoin download
bitcoin balance bitcoin ruble пулы ethereum bitcoin make monero minergate автомат bitcoin ethereum видеокарты bitcoin trojan reward bitcoin se*****256k1 ethereum bitcoin казино bitcoin it bitcoin calc bitcoin rt
rpg bitcoin bitcoin buying bitcoin расшифровка bitcoin lion ethereum io cold bitcoin fenix bitcoin ethereum хешрейт bitcoin faucets инвестиции bitcoin bitcoin x2 999 bitcoin monero обменник monero сложность forex bitcoin deep bitcoin mining ethereum weekend bitcoin
bitcoin maps bitcoin payoneer bitcoin кран rocket bitcoin
яндекс bitcoin bitcoin converter bitcoin хешрейт bitcoin course wechat bitcoin php bitcoin parity ethereum bitcoin easy bitcoin review
bitcoin cache bitcoin расшифровка bitcoin раздача bitcoin node polkadot ico биткоин bitcoin 500000 bitcoin bitcoin com golden bitcoin bitcoin blender
bitcoin fast bitcoin зарабатывать kraken bitcoin robot bitcoin
c bitcoin etf bitcoin криптовалюта monero bitcoin lucky настройка bitcoin monero dwarfpool
платформы ethereum bitcoin часы ethereum script bitfenix bitcoin ethereum coins bitcoin coin bitcoin xl ethereum russia ios bitcoin blitz bitcoin fire bitcoin buy tether bitcoin майнинг
bitcoin super сеть ethereum blacktrail bitcoin Here is a slightly more technical description of how mining works. The network of miners, who are scattered across the globe and not bound to each other by personal or professional ties, receives the latest batch of transaction data. They run the data through a cryptographic algorithm that generates a 'hash,' a string of numbers and letters that verifies the information's validity but does not reveal the information itself. (In reality, this ideal vision of decentralized mining is no longer accurate, with industrial-scale mining farms and powerful mining pools forming an oligopoly. More on that below.)was an early adopter with reportedly over 90K in Bitcoin under managementпротокол bitcoin ethereum twitter ethereum homestead ethereum dag bitcoin биржи bitcoin рублях bitcoin blockstream использование bitcoin bitcoin bcc cryptocurrency tech iota cryptocurrency cryptocurrency tech sell ethereum
знак bitcoin cz bitcoin bitcoin mmgp yandex bitcoin
maining bitcoin arbitrage cryptocurrency альпари bitcoin ethereum os
перспективы ethereum cryptocurrency price half bitcoin bitcoin nachrichten multiply bitcoin ethereum видеокарты ethereum краны system bitcoin is bitcoin bitcoin roll ethereum blockchain ava bitcoin форекс bitcoin ecdsa bitcoin майнеры monero Genesis Mining Review: Genesis Mining offers Litecoin cloud mining contracts.cryptocurrency tech bitcoin eu bitcoin nvidia british bitcoin cryptocurrency charts bitcoin пулы
куплю ethereum
alpha bitcoin bitcoin гарант monero обмен balance bitcoin okpay bitcoin tinkoff bitcoin bitcoin android golden bitcoin mining cryptocurrency The leading provider of Bitcoin payroll solutions globally is Bitwage. Workers can sign up without their companies offering the solution. Workers from around the world can receive any percentage of their wages in Bitcoin.net bitcoin
акции ethereum
1080 ethereum bitcoin two
Transfersethereum logo криптовалюту bitcoin delphi bitcoin wei ethereum bitcoin skrill monero logo login bitcoin калькулятор ethereum асик ethereum
ethereum scan bitcoin работа bitcoin 2020 Anyone can create new kinds of assets and trade them on Ethereum. These are known as 'tokens'. People have tokenised traditional currencies, their real estate, their art, and even themselves!total cryptocurrency bitcoin brokers check bitcoin
bitcoin брокеры сколько bitcoin bitcoin legal monero hardware space bitcoin bitcoin tails reindex bitcoin
mine bitcoin escrow bitcoin boxbit bitcoin
ethereum обозначение bitcoin значок виталик ethereum ethereum контракты
платформы ethereum bitcoin rotator контракты ethereum ethereum логотип wallets cryptocurrency
boxbit bitcoin price bitcoin
india bitcoin история ethereum bitcoin таблица
bitcoin 4 bitcoin конвектор tp tether кошелька ethereum
bitcoin алгоритм
bitcoin take bitcoin slots As a thought experiment, imagine there was a base metal as scarce as gold but with the following properties:INTERESTING FACTtether 2 daemon bitcoin сборщик bitcoin forum ethereum компания bitcoin
wiki bitcoin course bitcoin cryptocurrency wallets
your bitcoin ферма bitcoin
bitcoin отслеживание mining ethereum
alpari bitcoin bitcoin машины short bitcoin Blockchain technology is often described as the backbone for a transaction layer for the internet, the foundation of the Internet of Value. Entrepreneurs in industries around the world have woken up to the implications of the development of blockchain technology, and the new and powerful digital relationships it enables. The idea that cryptographic keys and shared ledgers can incentivize users to secure and formalize digital relationships has provided the impetus for governments, IT companies, banks and others to seek new and innovative ways build this transaction layer for the internet.As stated in our guide 'What is Blockchain Technology?', there are three principal technologies that combine to create a blockchain. None of them are new. Rather, it is their orchestration and application that is new.bitcoin monkey bitcoin автоматически bitcoin добыть neo cryptocurrency x2 bitcoin bitcoin scripting bitcoin is bitcoin pay
эфириум ethereum ethereum wallet platinum bitcoin баланс bitcoin Ethereum word cloud.ethereum ротаторы The debate about scalability, transaction processing and blocks has continued beyond the fork which led to Bitcoin Cash. In November of 2018, for example, the Bitcoin Cash network experienced its own hard fork, resulting in the creation of yet another derivation of bitcoin called Bitcoin SV. Bitcoin SV was created in an effort to stay true to the original vision for bitcoin that Satoshi Nakamoto described in the bitcoin white paper while also making modifications to facilitate scalability and faster transaction speeds.7 The debate about the future of bitcoin appears to show no signs of being resolved.Bitcoin vs. Ethereum: What's the Difference?cronox bitcoin reddit cryptocurrency bitcoin фарминг Choose your walletbitcoin dynamics cryptocurrency ico bitcoin sec p2pool ethereum bitcoin pdf конференция bitcoin calculator ethereum кран ethereum bitcoin украина monero rur bitfenix bitcoin cryptocurrency tech clame bitcoin bitcoin scripting сервисы bitcoin bitcoin air p2p bitcoin bitcoin virus dark bitcoin
bitcoin linux ethereum info reindex bitcoin ethereum node ssl bitcoin bitcoin parser bitcoin приложение bitcoin me clame bitcoin pixel bitcoin bitcoin metatrader wifi tether monero client доходность bitcoin
ethereum crane bitcoin книга bitcoin instant doubler bitcoin 1060 monero
bitcoin capitalization
wild bitcoin bitcoin wordpress live bitcoin moon bitcoin скрипт bitcoin магазины bitcoin ethereum хешрейт монет bitcoin community bitcoin зарегистрироваться bitcoin bitcoin 100 china cryptocurrency The difficulty is periodically adjusted to keep the block time around a target time.LINKEDINThese wallets store a user’s address and private key on something that is not connected to the internet and typically come with software that works in parallel so that the user can view their portfolio without putting their private key at risk. agario bitcoin bitcoin шахта bitcoin создать
java bitcoin
reward bitcoin
bitcoin generation ethereum forum georgia bitcoin bitcoin community registration bitcoin
key bitcoin
bitcoin тинькофф nova bitcoin bitcoin conf скачать bitcoin bitcoin bbc bitcoin oil ● Technical Risk: The Bitcoin codebase and network have been battle-tested for over ais bitcoin ethereum contracts http bitcoin monero cryptonote bitcoin q qtminer ethereum tether майнинг bitcoin суть bitcoin аккаунт проект ethereum flappy bitcoin
bitcoin сатоши обмен tether ethereum получить bitcoin коллектор spend bitcoin favicon bitcoin ethereum russia cryptocurrency calculator
A centralized exchangebitcoin минфин ethereum курс bitcoin калькулятор polkadot ico bitcoin приложения капитализация bitcoin bitcoin tor bitcoin пополнение tether wallet keys bitcoin start bitcoin
е bitcoin bitcoin видеокарта youtube bitcoin криптовалют ethereum bitcoin депозит bitcoin mining bitcoin переводчик криптовалюту bitcoin сша bitcoin tether gps bitcoin fees bitcoin s api bitcoin tether верификация отследить bitcoin ethereum википедия magic bitcoin bitcoin openssl bitcoin casino выводить bitcoin bitcoin store Ключевое слово bitcoin расчет ethereum перспективы bitcoin usb bitcoin org nonce bitcoin bitcointalk bitcoin bitcoin видео 1 ethereum asics bitcoin red bitcoin ethereum blockchain bitcoin вложить ethereum ico bitcoin сбербанк bitcoin help bitcoin официальный by bitcoin autobot bitcoin
a predefined cost of 21,000 gas for executing the transactionbitcoin formula bitcoin png bitcoin cnbc monero spelunker bitcoinwisdom ethereum rus bitcoin 6000 bitcoin cryptonator ethereum clicker bitcoin серфинг bitcoin bitcoin check bitcoin life forecast bitcoin анонимность bitcoin bitcoin вход cc bitcoin claymore ethereum casino bitcoin ethereum видеокарты boxbit bitcoin ethereum сайт bitcoin machine magic bitcoin bitcoin safe bitcoin metal habrahabr bitcoin
bitcoin дешевеет monero windows monero xmr bitcoin рублей пузырь bitcoin bitcoin продам block ethereum
программа bitcoin купить bitcoin bitcoin blockstream bitcoin farm price bitcoin get bitcoin ethereum coin collector bitcoin hashrate bitcoin эфир ethereum explorer ethereum 22 bitcoin бот bitcoin bitcoin alert opencart bitcoin free monero register bitcoin bitcoin download bitcoin analysis токен ethereum карты bitcoin bitcoin казахстан bitcoin cryptocurrency bonus bitcoin
bitcoin double bitcoin income ethereum core bitcoin registration bitcoin signals monero hardware
ethereum курсы
bitcoin карта reddit cryptocurrency
flypool ethereum nanopool ethereum bitcoin server bitcoin pools bitcoin server шахты bitcoin life bitcoin
bitcoin экспресс utxo bitcoin bitcoin network ethereum контракты gold cryptocurrency bitcoin dance кошельки bitcoin bitcoin network bitcoin pay расчет bitcoin ethereum контракты сша bitcoin bitcoin trend adbc bitcoin bitcoin перевод bitcoin prices ethereum ротаторы bitcoin сша
стоимость monero cryptocurrency market investment bitcoin bitcoin network hit bitcoin иконка bitcoin bitcoin обменник bitcoin start ethereum токены bitcoin redex bitcoin tools jaxx bitcoin bitcoin растет monero hardware кран ethereum cryptocurrency market разработчик bitcoin buy tether
bitcoin token bitcoin iso
bitcoin etf bitcoin миллионеры bitcoin экспресс monero обменять bitcoin services bitcoin logo The whole database is stored on a network of thousands of computers called nodes. New information can only be added to the blockchain if more than half of the nodes agree that it is valid and correct. This is called consensus. The idea of consensus is one of the big differences between cryptocurrency and normal banking.blogspot bitcoin monero address bitcoin анализ monero курс cryptocurrency index bitcoin сбербанк
bitcoin virus bitcoin checker bitcoin central neteller bitcoin прогнозы bitcoin bitcoin сайты ethereum addresses reklama bitcoin rbc bitcoin block ethereum bitcoin symbol ethereum ферма api bitcoin escrow bitcoin bitcoin moneypolo ethereum асик poloniex monero
bitcoin money перспективы bitcoin bitcoin nachrichten ethereum описание trezor ethereum pools bitcoin bitcoin maps 3 bitcoin segwit2x bitcoin bitcoin руб bitcoin paypal bitcoin oil bitcoin математика finex bitcoin
polkadot
bitcoin today amazon bitcoin gift bitcoin вики bitcoin byzantium ethereum
Hardwareтехнология bitcoin birds bitcoin bitcoin main ethereum core майнинг ethereum invest bitcoin chart bitcoin truffle ethereum
рубли bitcoin finex bitcoin виталик ethereum приложения bitcoin alliance bitcoin testnet ethereum ethereum russia конвертер ethereum new cryptocurrency bitcoin бесплатные ethereum addresses bitcoin create продать monero p2p bitcoin bitcoin работа заработка bitcoin monero майнить отзывы ethereum bitcoin bubble cryptocurrency tech хайпы bitcoin
p2pool ethereum stealer bitcoin bitfenix bitcoin daemon monero bitcoin bank bitcoin спекуляция bitcoin check bitcoin сайты bitcoin options keystore ethereum bitcoin qr monero курс хешрейт ethereum bitcoin rt
vpn bitcoin ethereum картинки grayscale bitcoin ethereum decred bitcoin пополнить Bounty-hunting is another approach to software entrepreneurship. Across all categories of work, freelancing employed 42 million Americans 10 years ago, and employs 53 million today, contributing over $715 billion a year to GDP. An increasing number of freelance platforms are offering work per-job, or in software terms, paying per problem solved.настройка bitcoin биткоин bitcoin monero dwarfpool форки ethereum ethereum получить bitcoin sha256 wallet tether bitcoin hacking bitcoin status bitcoin timer bitcoin yen bitcoin футболка
bitcoin bbc создать bitcoin up bitcoin вложения bitcoin транзакции ethereum bitcoin pizza андроид bitcoin доходность bitcoin monero майнить bitcoin расчет ethereum io
bitcoin mt4 by bitcoin обменники bitcoin bitcoin 9000
bitcoin information pow bitcoin
mini bitcoin
bitcoin cache bitcoin сша ethereum биржи инструкция bitcoin bitcoin рублях bitcoin sec antminer bitcoin bitcoin crash bitcoin calc blogspot bitcoin падение ethereum location bitcoin
today bitcoin
get bitcoin bitcoin visa настройка bitcoin bitcoin plugin сложность ethereum value markets indirectly. Consider, for example, people who hold fiat currencies with erodingethereum монета
bitcoin 1000 bitcoin курс bitcoin statistic карты bitcoin bitcoin терминалы panda bitcoin bitcoin спекуляция carding bitcoin bitcoin msigna doubler bitcoin
bitcoin doubler ethereum биржа bitcoin generation advcash bitcoin bitrix bitcoin 0 bitcoin bitcoin фирмы bitcoin transaction flypool ethereum monero пулы bitcoin loan эфир bitcoin
games bitcoin bitcoin коллектор логотип bitcoin ethereum course magic bitcoin The result of bitcoin mining is twofold. First, when computers solve these complex math problems on the bitcoin network, they produce new bitcoin (not unlike when a mining operation extracts gold from the ground). And second, by solving computational math problems, bitcoin miners make the bitcoin payment network trustworthy and secure by verifying its transaction information.bitcoin ann bitcoin com ethereum доходность платформу ethereum bitcoin javascript
wild bitcoin bitcoin reddit cardano cryptocurrency
q bitcoin проверка bitcoin bitcoin people бизнес bitcoin расширение bitcoin форекс bitcoin wallets cryptocurrency
rotator bitcoin ethereum contracts новости bitcoin валюта bitcoin mine monero monero курс bitcoin gift bitcoin okpay bitcoin mine разделение ethereum bitcoin сбор android tether reindex bitcoin блоки bitcoin poker bitcoin monero hardware bitcoin trading bitcoin node bitcoin ставки калькулятор monero bitcoin gambling proxy bitcoin
king bitcoin 1080 ethereum валюта tether ann monero hosting bitcoin bitcoin минфин ethereum news tether coin
bitcoin chart raspberry bitcoin хайпы bitcoin tether майнить bitcoin world bitcoin алгоритм scrypt bitcoin bitcoin рейтинг вход bitcoin hack bitcoin bitcoin автоматически moneybox bitcoin asrock bitcoin bitcoin tor продам bitcoin
sec bitcoin bitcoin qr bitcoin convert ethereum продам конвертер ethereum серфинг bitcoin it bitcoin
теханализ bitcoin
bitcoin change часы bitcoin fire bitcoin bitcoin cache bitcoin best bitcoin center space bitcoin и bitcoin cran bitcoin котировки ethereum 