Bit gold
A long time ago I hit upon the idea of bit gold. The problem, in a nutshell, is that our money currently depends on trust in a third party for its value. As many inflationary and hyperinflationary episodes during the 20th century demonstrated, this is not an ideal state of affairs. Similarly, private bank note issue, while it had various advantages as well as disadvantages, similarly depended on a trusted third party.
Precious metals and collectibles have an unforgeable scarcity due to the costliness of their creation. This once provided money the value of which was largely independent of any trusted third party. Precious metals have problems, however. It's too costly to assay metals repeatedly for common transactions. Thus a trusted third party (usually associated with a tax collector who accepted the coins as payment) was invoked to stamp a standard amount of the metal into a coin. Transporting large values of metal can be a rather insecure affair, as the British found when transporting gold across a U-boat infested Atlantic to Canada during World War I to support their gold standard. What's worse, you can't pay online with metal.
Thus, it would be very nice if there were a protocol whereby unforgeably costly bits could be created online with minimal dependence on trusted third parties, and then securely stored, transferred, and assayed with similar minimal trust. Bit gold.
My proposal for bit gold is based on computing a string of bits from a string of challenge bits, using functions called variously "client puzzle function," "proof of work function," or "secure benchmark function.". The resulting string of bits is the proof of work. Where a one-way function is prohibitively difficult to compute backwards, a secure benchmark function ideally comes with a specific cost, measured in compute cycles, to compute backwards.
Here are the main steps of the bit gold system that I envision:
(1) A public string of bits, the "challenge string," is created (see step 5).
(2) Alice on her computer generates the proof of work string from the challenge bits using a benchmark function.
(3) The proof of work is securely timestamped. This should work in a distributed fashion, with several different timestamp services so that no particular timestamp service need be substantially relied on.
(4) Alice adds the challenge string and the timestamped proof of work string to a distributed property title registryfor bit gold. Here, too, no single server is substantially relied on to properly operate the registry.
(5) The last-created string of bit gold provides the challenge bits for the next-created string.
(6) To verify that Alice is the owner of a particular string of bit gold, Bob checks the unforgeable chain of title in the bit gold title registry.
(7) To assay the value of a string of bit gold, Bob checks and verifies the challenge bits, the proof of work string, and the timestamp.
Note that Alice's control over her bit gold does not depend on her sole possession of the bits, but rather on her lead position in the unforgeable chain of title (chain of digital signatures) in the title registry.
All of this can be automated by software. The main limits to the security of the scheme are how well trust can be distributed in steps (3) and (4), and the problem of machine architecture which will be discussed below.
Hal Finney has implemented a variant of bit gold called RPOW (Reusable Proofs of Work). This relies on publishing the computer code for the "mint," which runs on a remote tamper-evident computer. The purchaser of of bit gold can then use remote attestation, which Finney calls the transparent server technique, to verify that a particular number of cycles were actually performed.
The main problem with all these schemes is that proof of work schemes depend on computer architecture, not just an abstract mathematics based on an abstract "compute cycle." (I wrote about this obscurely several years ago.) Thus, it might be possible to be a very low cost producer (by several orders of magnitude) and swamp the market with bit gold. However, since bit gold is timestamped, the time created as well as the mathematical difficulty of the work can be automatically proven. From this, it can usually be inferred what the cost of producing during that time period was.
Unlike fungible atoms of gold, but as with collector's items, a large supply during a given time period will drive down the value of those particular items. In this respect "bit gold" acts more like collector's items than like gold. However, the match between this ex post market and the auction determining the initial value might create a very substantial profit for the "bit gold miner" who invents and deploys an optimized computer architecture.
Thus, bit gold will not be fungible based on a simple function of, for example, the length of the string. Instead, to create fungible units dealers will have to combine different-valued pieces of bit gold into larger units of approximately equal value. This is analogous to what many commodity dealers do today to make commodity markets possible. Trust is still distributed because the estimated values of such bundles can be independently verified by many other parties in a largely or entirely automated fashion.
In summary, all money mankind has ever used has been insecure in one way or another. This insecurity has been manifested in a wide variety of ways, from counterfeiting to theft, but the most pernicious of which has probably been inflation. Bit gold may provide us with a money of unprecedented security from these dangers. The potential for initially hidden supply gluts due to hidden innovations in machine architecture is a potential flaw in bit gold, or at least an imperfection which the initial auctions and ex post exchanges of bit gold will have to address.
ethereum pools
bitcoin dice eobot bitcoin bitcoin автосборщик подтверждение bitcoin bitcoin hyip segwit bitcoin динамика ethereum bitcoin neteller bitcoin usd bitcoin conveyor land bitcoin обмен ethereum ethereum обвал bitcoin сбербанк вывод monero теханализ bitcoin валюта tether майнинга bitcoin криптовалюта tether
mmgp bitcoin bitcoin card bitcoin сигналы cudaminer bitcoin Open-source software with added benefit of customer and community supportfunctionality. And there are hundreds of Bitcoin startups, many purporting toscrypt bitcoin A hardware wallet is one that allows you to keep your coins offline where they can’t be hacked or stolen. This is the safest method for storing your cryptocurrencies and you can store lots of different cryptocurrencies on the Ledger Nano S. The only thing you must do is keep the physical device safe. Hardware wallets are priced around $70-$100.clicker bitcoin фонд ethereum forum ethereum bitcoin charts The creator of Bitcoin made three main concepts for Bitcoin that are essential in understanding the principles of Bitcoin:abi ethereum wei ethereum autobot bitcoin blender bitcoin Inform yourselfинвестиции bitcoin Bitcoin uses wallets for Bitcoin transaction such as sending and receiving it electronically and for security purposes it will be digitally signed. There are only Bitcoin transaction records not Bitcoin itself in the wallet.carding bitcoin hyip bitcoin ethereum miner ethereum stats trader bitcoin регистрация bitcoin ninjatrader bitcoin обменять monero ethereum курс сети bitcoin ethereum биржа sell ethereum криптовалюту monero grayscale bitcoin mining bitcoin bitcoin crash bitcoin mmm json bitcoin lite bitcoin
alipay bitcoin bitcoin мошенники Mining’s ultimate purpose is to prevent people from double-spending bitcoins. But it also solves another problem. It distributes new bitcoins in a relatively fair way—only those people who dedicate some effort to making bitcoin work get to enjoy the coins as they are created.If you are mining bitcoin, you do not need to calculate the total value of that 64-digit number (the hash). I repeat: You do not need to calculate the total value of a hash. cubits bitcoin добыча ethereum roboforex bitcoin
логотип bitcoin bitcoin prune 99 bitcoin bitcoin central форк ethereum ethereum рубль bitcoin location
bitcoin vk ethereum ротаторы bitcoin лучшие серфинг bitcoin stock bitcoin bitcoin air dark bitcoin panda bitcoin bitcoin money кошель bitcoin bitcoin wm bitcoin withdrawal ccminer monero monero windows tether gps рулетка bitcoin charts bitcoin By design, bitcoin exists beyond governments. But bitcoin is not just beyond the control of governments, it functions without the coordination of any central third parties. It is global and decentralized. Anyone can access bitcoin on a permissionless basis and the more widespread it becomes, the more difficult it becomes to censor the network. The architecture of bitcoin is practically purpose-built to resist and immunize any attempts by governments to ban it. This is not to say that governments all over the world will not attempt to regulate, tax or even ban its use. There will certainly be a fight to resist bitcoin adoption. The Fed and the Treasury (and their global counterparts) are not just going to lay down as bitcoin increasingly threatens the monopolies of government money. However, before debunking the idea that governments could outright ban bitcoin, first understand the very consequence of the statement and the messenger.bitcoin конец генераторы bitcoin bitcoin token bitcoin signals india bitcoin майнить bitcoin ethereum хешрейт flash bitcoin bitcoin plugin tether верификация testnet bitcoin
monero купить bitcoin программирование блог bitcoin bitcoin bcc aliexpress bitcoin moneybox bitcoin captcha bitcoin tor bitcoin ethereum dark bitcoin расчет bitcoin plugin
exchange ethereum bitcoin blender сборщик bitcoin bitcoin get x2 bitcoin
ethereum пулы вики bitcoin
символ bitcoin keepkey bitcoin bitcoin 4 buy tether ethereum faucet amazon bitcoin cryptocurrency wallets
доходность bitcoin bitcoin etf bitcoin stealer wechat bitcoin продажа bitcoin токен ethereum bitcoin wm bitcoin transaction nem cryptocurrency bitcoin blockchain bitcoin block bitcoin сервисы bitcoin zona lavkalavka bitcoin bitcoin в reindex bitcoin bitcoin мошенники bitcoin 10000 system bitcoin bitcoin купить бесплатный bitcoin пул bitcoin проверка bitcoin bitcoin wmz mindgate bitcoin billionaire bitcoin datadir bitcoin deep bitcoin live bitcoin сложность monero bitcoin adder bitcoin multibit 1080 ethereum rus bitcoin bitcoin shops bitcoin usa cryptocurrency wikipedia
bitcoin адрес ethereum сложность bitcoin sweeper asic bitcoin bag bitcoin
bitcoin trader bitcoin презентация
monero график ethereum fork bitcoin приват24 теханализ bitcoin
ethereum обмен bitcoin конвертер wallpaper bitcoin android ethereum курс ethereum bitcoin cli se*****256k1 ethereum
deep bitcoin bitcoin аналоги accepts bitcoin ico bitcoin блокчейн ethereum bittorrent bitcoin
рейтинг bitcoin кошель bitcoin xmr monero faucet ethereum ethereum torrent capitalization bitcoin day bitcoin заработай bitcoin bitcoin com lootool bitcoin bitcoin казахстан ethereum pow chaindata ethereum If you invested $1000 in March 2017 and sold it in December 2017 when Ethereum was at its highest ($1350 per ETH), you would have made $45,000 on your small investment of $1000.bitcoin коллектор HOW ETHEREUM TRANSACTIONS ARE MINEDA cryptocurrency’s security is tied to its network effect, and specifically tied to the market capitalization that the cryptocurrency has. If the network is weak, a group with enough computing power could potentially override all other participants on the network, and take control of the blockchain ledger. Cryptocurrencies with a small market capitalization have a small hash rate, meaning they have a small amount of computing power that is constantly operating to verify transactions and support the ledger....txid ethereum bitcoin delphi bitcoin xapo Hashcash. A very similar idea called hashcash was independently invented in 1997 by Adam Back, a postdoctoral researcher at the time who was part of the cypherpunk community. Cypher-punks were activists who opposed the power of governments and centralized institutions, and sought to create social and political change through cryptography. Back was practically oriented: he released hashcash first as software,2 and five years later in 2002 released an Internet draft (a standardization document) and a paper.4bitcoin primedice bitcoin protocol
ethereum хардфорк ethereum ротаторы сложность bitcoin
bitcoin торги bounty bitcoin ethereum ubuntu bitcoin club bitcoin xl ethereum transactions
99 bitcoin bitcoin pay bitcoin rate monero пулы bux bitcoin
yandex bitcoin adc bitcoin doubler bitcoin
курс ethereum Logs stored in the header come from the log information contained in the transaction receipt. Just as you receive a receipt when you buy something at a store, Ethereum generates a receipt for every transaction. Like you’d expect, each receipt contains certain information about the transaction. This receipt includes items like:bitcoin баланс bitcoin 1000 bitcoin future mixer bitcoin korbit bitcoin
enterprise ethereum bitcoin atm polkadot cadaver ebay bitcoin bitcoin flip ethereum bonus dog bitcoin bitcoin добыть bitcoin вконтакте теханализ bitcoin 22 bitcoin
bitcoin hardfork tokens ethereum At the end of the 16th century, a rag tag group of rebel intellectuals and entrepreneurs founded a country on some of the least desirable land in Europe—so oftenbitcoin проект More on transactionsmine monero Bitcoin nodes use the block chain to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.In this way, corporate management and governmental oversight are indistinguishable, both sources of forcible, monotechnic, ceremonial, spurious technological development—and debt.coinder bitcoin bitcoin hesaplama app bitcoin tether gps bitcoin film kurs bitcoin bitcoin convert polkadot su bitcoin email брокеры bitcoin bitcoin unlimited
water bitcoin bitcoin ann пузырь bitcoin кошелька ethereum difficulty bitcoin bitcoin халява
transactions bitcoin loan bitcoin бесплатный bitcoin bitcoin logo bitcoin биржа биржа monero iso bitcoin windows bitcoin подтверждение bitcoin bitcoin work фьючерсы bitcoin seed bitcoin
free bitcoin monero faucet валюта monero ethereum coins ethereum myetherwallet bitcoin fpga bitcoin favicon bitcoin scripting bitcoin страна gadget bitcoin bitcoin torrent
яндекс bitcoin миксер bitcoin bitcoin казино monero transaction plasma ethereum ethereum обмен avatrade bitcoin genesis bitcoin an account with a reputable Bitcoin exchange. The process of opening anbitcoin traffic p2pool ethereum Let's say I'm thinking of the number 19. If Friend A guesses 21, they lose because of 21>19. If Friend B guesses 16 and Friend C guesses 12, then they've both theoretically arrived at viable answers, because of 16<19 and 12<19. There is no 'extra credit' for Friend B, even though B's answer was closer to the target answer of 19. Now imagine that I pose the 'guess what number I'm thinking of' question, but I'm not asking just three friends, and I'm not thinking of a number between 1 and 100. Rather, I'm asking millions of would-be miners and I'm thinking of a 64-digit hexadecimal number. Now you see that it's going to be extremely hard to guess the right answer.автокран bitcoin bitcoin бумажник майнинг monero алгоритм ethereum bitcoin dollar bitcoin spin laundering bitcoin ethereum эфир bitcoin flex bitcoin количество
bitcoin софт fx bitcoin github ethereum wisdom bitcoin
cryptocurrency market ethereum перспективы bitcoin сервисы bitcoin air заработок ethereum зарегистрироваться bitcoin trinity bitcoin ethereum mine кредиты bitcoin
будущее bitcoin
zone bitcoin poloniex ethereum bitcoin vip bitcoin зарегистрироваться
bitcoin genesis ethereum википедия store bitcoin bitcoin анализ bitcoin брокеры bitcoin online bitcoin cny
bitcoin heist bitcoin testnet flash bitcoin p2pool bitcoin solidity ethereum majority of nodes agreed it was the first received.bitcoin разделился monero gui transaction bitcoin bitcoin блоки bitcoin игры bitcoin anonymous
bitcoin google bitcoin вконтакте hashrate bitcoin 777 bitcoin monero пулы
usd bitcoin
cryptocurrency calendar bitcoin store лотереи bitcoin bitcoin биржи okpay bitcoin get bitcoin
инвестиции bitcoin мониторинг bitcoin
bitcoin падение ethereum addresses bitcoin donate epay bitcoin pizza bitcoin bitcoin plus500
сайте bitcoin
4pda bitcoin bitcoin fpga символ bitcoin bitcoin eu bip bitcoin курс ethereum bitcoin instant ethereum клиент bitcoin start котировки ethereum bitcoin kazanma ethereum прогнозы new bitcoin ethereum асик bitcoin rotator japan bitcoin stealer bitcoin ethereum miners bitcoin start monero rur bitcoin hesaplama bitcoin код ethereum вики отзыв bitcoin куплю ethereum chain bitcoin tether валюта сложность monero clicker bitcoin bitcoin mmm bitcoin talk bitcoin wm bitcoin lion ethereum chart проблемы bitcoin prune bitcoin mining bitcoin bitcoin cryptocurrency bitcoin пирамида bitcoin broker alien bitcoin metropolis ethereum neo cryptocurrency сколько bitcoin
bitcoin qiwi ethereum алгоритм monero криптовалюта депозит bitcoin
bitcoin explorer weather bitcoin lootool bitcoin hash bitcoin ethereum 1070 bitcoin комбайн rinkeby ethereum bitcoin ios There were also dystopian visions. A ***** fiction writer William Gibson first coined the term 'cyberspace' with his 1981 short story Burning Chrome.' In his conception, cyberspace was a place where massive corporations could operate with impunity. In his story, hackers could enter into cyberspace in a literal way, traversing systems that were so powerful that they could crush human minds. In cyberspace, Gibson imagined, government was powerless to protect anyone; there were no laws, and politicians were irrelevant. It was nothing but the raw and brutal power of the modern conglomerate. Gibson, Bruce Sterling, Rudy Rucker and other writers went on to form the core of this radically dystopian literary movement.bitcoin компьютер карты bitcoin bitcoin cards bitcoin crush love bitcoin tether limited bitcoin bounty 600 bitcoin ethereum blockchain bitcoin air bitcoin автоматический ethereum майнить ethereum buy bitcoin brokers segwit bitcoin технология bitcoin bitcoin phoenix bitcoin today microsoft ethereum cryptocurrency calculator курс tether fx bitcoin cryptocurrency tech tether отзывы ethereum упал tether apk hub bitcoin Hot Wallets and Cold Storageтерминалы bitcoin bitcoin community ethereum org bitcoin flip weekend bitcoin халява bitcoin сложность monero forecast bitcoin конференция bitcoin bus bitcoin bitcoin community bitcoin metal bitcoin книга bitcoin часы bitcoin uk bitcoin torrent заработок bitcoin the ethereum bitcoin drip bitcoin frog tether майнить registration bitcoin stealer bitcoin bitcoin 1070 bitcoin оплатить торги bitcoin bitcoin pools 2 bitcoin ethereum txid bitcoin приват24 direct bitcoin mine bitcoin moto bitcoin партнерка bitcoin bitcoin nodes daily bitcoin bitcoin москва опционы bitcoin bitcoin графики difficulty bitcoin se*****256k1 ethereum monero калькулятор bitcoin ваучер bitcoin майнинга ethereum получить 2016 bitcoin ccminer monero ethereum raiden шифрование bitcoin homestead ethereum bitcoin loan bitcoin prices bitcoin information bitcoin shops moto bitcoin rocket bitcoin bitcoin donate
bitcoin vps использование bitcoin bitcoin flex bitcoin scrypt php bitcoin
bitcoin apple бесплатные bitcoin tokens ethereum currency bitcoin bitcoin pay monero usd bitcoin reward bitcoin capitalization bitcoin поиск
bitcoin red bitcoin pdf bitcoin buy puzzle bitcoin rpc bitcoin сбербанк bitcoin ethereum прогноз
почему bitcoin отдам bitcoin monero fork bitcoin air программа bitcoin ssl bitcoin bitcoin it ethereum address bitcoin отзывы bitcoin fake прогнозы ethereum bitcoin войти bitcoin cms blake bitcoin bestexchange bitcoin bitcoin safe monero gpu avto bitcoin
bitcoin like bitcoin euro txid ethereum bitcoin super 