Who gave you permission?

First Published: e-Forex Magazine 63 / CryptoCurrencies / January, 2016

Scroll down to the conclusion of Satoshi Nakamoto’s original white paper (Bitcoin, A Peer-to-Peer Electronic Cash System; look for it at at www.bitcoin.org), and you find this sentence: “We have proposed a system for electronic transactions without relying on trust.” Read the whole thing, and you detect a preoccupation with the untrustworthiness and/or unreliability of just about any person or entity acting on a stand-alone basis within the financial system. The elusive Mr Nakamoto presupposes, in effect, that just about anything can go wrong. Trust can’t be trusted. By this logic, the late Sam Goldwyn was correct when he famously said: “A verbal contract isn’t worth the paper it’s written on.” Satoshi Nakamoto might have added: “Neither is a written contract.” The solution for Nakamoto is distribution so widespread that it doesn’t matter whether any single individual (or group of individuals) is not trustworthy (the paper does discuss the...continued

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