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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 375.93-1.8%Nov 14 4:00 PM EST
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To: TobagoJack who wrote (137050)12/10/2017 2:52:34 AM
From: Elroy Jetson  Read Replies (1) of 217791
 
The problem is it's not oen node with "a super computer" it's everyone's computer participating in Bitcoin - and transactions will always have to compete for computer time with "mining" so transaction costs will remain high no matter how fast everyone's computer gets.

The extremely inefficient transaction problem can be solved by banks like Coinbank or Mt Gox, but only by transferring ownership of your "coins" to Coinbank or Mt Gox and letting them keep ledgers of who now owns what - which is not reflected in the blockchains.

But this introduces the problem of trusting a bank - and depositors in Mt Gox lost nearly everything they had on deposit and no one really knows where it went. So you really get a choice of one or the other, an alleged currency which you can conveniently use for payment by relying on uninsured and unregulated banks or an alleged currency where transactions are very slow and very costly but your ownership is written into the currency.

But we now know this "currency" can contain embedded malware placed by those who are fairly sophisticated - a currency which can alter your data or even make your currency cease to exist. At a point in the future, this will all seem so obvious a child could have pointed out the flaws.
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