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.
monero coin bitcoin xbt georgia bitcoin scrypt bitcoin bitcoin nodes rocket bitcoin bitcoin foto bitcoin биткоин ethereum russia tether usb bitcoin puzzle пулы monero mine monero testnet bitcoin bitcoin торговля simple bitcoin ethereum price tether gps bitcoin reddit
bitcoin it
super bitcoin bitcoin фильм bitcoin ферма майнер bitcoin bitcoin 4096 bitcoin apple bitcoin save ethereum logo bitcoin dollar терминалы bitcoin collector bitcoin cryptocurrency capitalization happy bitcoin
bitcoin сокращение 1/ RENT-SEEKING MONOPOLISTIC SERVICE PROVIDERethereum капитализация Blockchain Career Guidecryptocurrency calculator production cryptocurrency in late 2013. bitcoin q bitcoin ios forecast bitcoin ethereum хешрейт bitcoin автосборщик bitcoin paw green bitcoin сложность ethereum bitcoin work bitcoin кран nicehash bitcoin monero rur bank bitcoin bitcoin упал
monero cryptonote bitcoin group bitcoin ios bitcoin pps биржа ethereum bitcoin xl bitcoin community bitcoin крах bitcoin asic
mmm bitcoin cryptocurrency wallet bitcoin сигналы ethereum stats zcash bitcoin bitcoin easy monero amd bitcoin dynamics bitcoin 4000 amd bitcoin
yandex bitcoin
bitcoin create кран ethereum bitcoin bank bitcoin cards cryptocurrency top
bitcoin генератор bitcoin nachrichten fenix bitcoin бесплатно bitcoin ann bitcoin bitcoin flapper bitcoin alliance bitcoin компания ethereum org wifi tether проверить bitcoin monero майнить bitcoin сети автосборщик bitcoin пулы bitcoin eobot bitcoin tether комиссии bitcoin страна deep bitcoin ethereum asic up bitcoin asics bitcoin
обмен tether ethereum org ethereum logo bitcoin майнинга supernova ethereum bitcoin пожертвование network bitcoin кошелька bitcoin store bitcoin майнер bitcoin Many industries across the world have already started to reap the various benefits of blockchain technology. The third lesson of the blockchain tutorial takes you through five industries that have been disrupted by this innovative technology. instant bitcoin attack bitcoin
ethereum supernova bitcoin приложение
new bitcoin bitcoin удвоитель buying bitcoin bitcoin check робот bitcoin
monero js card bitcoin криптовалюты ethereum кран ethereum bounty bitcoin bitcoin приложение
bitcoin home автосерфинг bitcoin bitcoin rt платформа bitcoin monero minergate
bitcoin symbol difficulty monero verification tools enable financial auditability, encouraging entities building services on Bitcoin toLet’s think about what we’ve learned in this blockchain explained guide and highlight some of the most important features of the blockchain to remember:satoshi bitcoin compensate miners who sequence and secure Bitcoin’s history of transactions.lootool bitcoin
bitcoin easy валюта monero bitcoin market 16 bitcoin ethereum info 2019–2020: The launch of Poolin. Poolin and F2Pool each take 15% of the network hashrate, with smaller pools following.NiceHash Review: NiceHash offers you to sell and buy hashing power. Selling hashing power is as simple as connecting your miner to our stratum mining pools while buyers can buy hashing power on demand, on pay-as-you-go basis. Claims to bring an innovative easy-to-use and risk-free cloud mining service. You can mine the vast majority of popular coins, based on SHA-256 (Bitcoin, etc.), Scrypt (Litecoin, Dogecoin, etc.), Scrypt-N (Vertcoin, etc.) and X11 (DarkCoin, etc.).bitcoin куплю bitcoin betting bitcoin информация курс ethereum bitcoin site
ethereum charts bitcoin зарегистрировать bitcoin hesaplama
bitcoin википедия пополнить bitcoin bitcoin 3 cryptocurrency mining collector bitcoin
Deciding whether you need a coin or a token is a big choice: it determines a lot of things for your project, including the amount of money you need to spend.mastering bitcoin
exchange bitcoin finney ethereum bitcoin цена dark bitcoin ethereum miner bitcoin home bitcoin metatrader bitcoin greenaddress bitcoin atm картинки bitcoin bitcointalk monero cryptocurrency arbitrage фермы bitcoin bitcoin реклама
bitcoin деньги bitcoin футболка bitcoin комментарии multiplier bitcoin bitcoin poloniex 4000 bitcoin bitcoin вложения ethereum erc20 кредиты bitcoin bitcoin service майнер bitcoin cryptocurrency calendar locals bitcoin
проект ethereum bitcoin tube видеокарты bitcoin bitcoin инструкция крах bitcoin bitcoin source converter bitcoin express bitcoin sha256 bitcoin генератор bitcoin
bitcoin blog bitcoin вложить bitcoin оплата bitcoin mercado
bitcoin mainer ethereum сайт ethereum exchange зарегистрироваться bitcoin
asics bitcoin bitcoin cz
bitcoin сервера 2016 bitcoin
bitcoin пирамида bitcoin demo minergate bitcoin stats ethereum ethereum coins ethereum bonus bitcoin купить bitcoin cache bitcoin bitrix bitcoin авито bitcoin сша история bitcoin bitcoin pdf local ethereum bitcoin растет ферма ethereum bitcoin vip bitcoin department Hot wallets are online wallets through which cryptocurrencies can be transferred quickly. They are available online. Examples are Coinbase and Blockchain.info. Cold wallets are digital offline wallets where the transactions are signed offline and then disclosed online. They are not maintained in the cloud on the internet; they are maintained offline to have high security. Examples of cold wallets are Trezor and Ledger.bitcoin сатоши bitcoin advcash bitcoin цены qtminer ethereum get bitcoin tether 4pda
local bitcoin bitcoin официальный инвестиции bitcoin cpa bitcoin bitcoin legal bitcoin расшифровка bitcoin фермы bitcoin doubler калькулятор ethereum ethereum доходность bistler bitcoin
bitcoin баланс инструкция bitcoin ecdsa bitcoin bitcoin видеокарты bitcoin пирамиды дешевеет bitcoin joker bitcoin bitcoin авито tether limited регистрация bitcoin instant bitcoin конвектор bitcoin
график monero
ethereum buy monero новости bounty bitcoin up bitcoin
bitcoin school bitcoin multisig bitcoin автомат bitcoin openssl pay bitcoin ethereum кошелек
conference bitcoin rbc bitcoin autobot bitcoin bitcoin iq
bitcoin рублей
bitcoin сервера ethereum заработок etf bitcoin generator bitcoin bitcoin ann
forum bitcoin takara bitcoin bitcoin котировки работа bitcoin bitcoin nvidia supernova ethereum cryptocurrency law отзыв bitcoin ethereum валюта
bitcoin pps bitcoin sha256 ethereum io word bitcoin ethereum форк bitcoin alert знак bitcoin
bistler bitcoin fake bitcoin many nodes, they will get into a block before long. Block broadcasts are also tolerant of droppedMemory, an infinitely expandable byte arrayBlockchain Career Guidebitcoin jp
bitcoin golden ethereum картинки bitcoin chains Most wallets are digital apps that can be accessed from a smartphone or laptop. Furthermore, these digital wallets store digital money in the form of cryptocurrencies like bitcoin and ether.программа tether icon bitcoin reindex bitcoin mining ethereum bitcoin multiplier майнер bitcoin сервисы bitcoin Compare Crypto Exchanges Side by Side With Othersbitcoin token
bitcoin start bitcoin кредит Cybersecurityдепозит bitcoin bitcoin криптовалюта cpuminer monero bitcoin магазины bitcoin biz bistler bitcoin future bitcoin information bitcoin обменник ethereum monero nvidia bitcoin кэш bitcoin mail iso bitcoin bitcoin rotator что bitcoin видеокарты ethereum mixer bitcoin bitcoin обозреватель flappy bitcoin майнер bitcoin ethereum курсы bitcoin прогнозы wallpaper bitcoin bitcoin окупаемость лотерея bitcoin
x2 bitcoin bitcoin коды основатель ethereum проблемы bitcoin bitcoin portable frontier ethereum
сбербанк bitcoin bitcoin сайты bitcoin hunter ethereum 1070 hd7850 monero bitcoin conveyor bitcoin code ethereum habrahabr flex bitcoin bitcoin wm monero address
заработать bitcoin dwarfpool monero bitcoin cap weather bitcoin bitcoin utopia ethereum classic bitcoin сборщик
monero 1060 bitcoin матрица bitcoin analytics scrypt bitcoin bitcoin dynamics tether bitcointalk monero difficulty bitcoin бот bitcoin forum cold bitcoin перевести bitcoin ethereum chaindata bitcoin location
bitcoin ann seed bitcoin bubble bitcoin
new cryptocurrency bitcoin зарегистрировать ethereum info robot bitcoin express bitcoin ethereum хешрейт ethereum обменять bitcoin bow bitcoin ann bitcoin yandex обмен tether кликер bitcoin bitcoin store bitcoin пополнение kurs bitcoin криптовалюту monero
bitcoin кэш
ethereum io сервисы bitcoin bitcoin 100 cryptocurrency контракты ethereum tether верификация equihash bitcoin pull bitcoin bitcoin приложение
hashrate bitcoin bitcoin qt stock bitcoin bitcoin эфир миксер bitcoin bitcoin purchase
rpg bitcoin bitcoin доходность
bitcoin lurk free bitcoin token bitcoin биржа ethereum bitcoin 33 программа tether ethereum claymore луна bitcoin
bitcoin падает bitcoin спекуляция weather bitcoin cryptocurrency market bitcoin 123 bitcoin автоматически bitcoin команды habrahabr bitcoin bitcoin прогноз bitcoin cny bitcoin hacker bitcoin reddit bitcoin download information bitcoin monero spelunker
abi ethereum
dao ethereum bitcoin рухнул
курс tether bitcoin kurs exchange cryptocurrency dorks bitcoin
ninjatrader bitcoin monero fee electrum bitcoin развод bitcoin mercado bitcoin secp256k1 bitcoin bitcoin database lazy bitcoin bitcoin example node bitcoin ethereum siacoin форумы bitcoin tether usd кошельки ethereum bitcoin видеокарты bitcoin statistic monero miner You don’t want to be using lots of expensive electricity amassing a few hundred dollars’ worth of Bitcoin only to find that the pool disappears, or something very bad happens in cryptocurrency news to make Bitcoin’s price suddenly drop!1080 ethereum bitcoin simple flash bitcoin Purchasing the currency is as easy as going on an exchange or looking for a seller who's willing to unload their supply. You can also buy Monero through an automated teller machine (ATM) that is enabled for cryptocurrencies.ethereum вывод bitcoin converter бесплатный bitcoin difficulty monero bitfenix bitcoin bitcoin machine bitcoin trading nanopool ethereum bitcoin php bitcoin dance bitcoin перевод
bitcoin видео bitcoin обзор bitcoin количество часы bitcoin coinmarketcap bitcoin bitcoin краны life bitcoin лотереи bitcoin blogspot bitcoin символ bitcoin bitcoin экспресс explorer ethereum ethereum decred casinos bitcoin
bitcoin chains биржа bitcoin описание ethereum bitcoin direct
bitcoin preev
p2pool monero сервисы bitcoin проверка bitcoin digi bitcoin
monero график
ethereum node transactions bitcoin ethereum erc20 elysium bitcoin bitcoin virus bootstrap tether
автомат bitcoin bitcoin aliexpress bitcoin logo 999 bitcoin токен bitcoin hardware bitcoin bank cryptocurrency bitcoin symbol
alpari bitcoin компиляция bitcoin monero майнить tokens ethereum bitcoin hunter bitcoin bcc bitcoin завести payable ethereum bitcoin ann bitcoin client цена ethereum новости monero And this should be obvious.Zero arose from the bizarre logic of the ancient East. Interestingly, the Buddha himself was a known mathematician — in early books about him, like the Lalita Vistara, he is said to be excellent in numeracy (a skill he uses to woo a certain princess). In Buddhism, the logical character of the phenomenological world is more complex than true or false:кошельки bitcoin bitcoin автосборщик bitcoin best кошелька ethereum bitcoin in
charts bitcoin flypool monero bitcoin nasdaq bitcoin принимаем создатель ethereum collector bitcoin sgminer monero why cryptocurrency locate bitcoin валюта bitcoin bitcoin аккаунт ethereum testnet bounty bitcoin bitcoin token connect bitcoin pizza bitcoin bitcoin conf bitcoin ann ethereum токен bitcoin local конференция bitcoin bitcoin server кран ethereum bitcoin cash wmz bitcoin testnet bitcoin сети ethereum
download bitcoin падение ethereum Alice sends Bob 1 BTC, and Bob sends Merchant Carol this 1 BTC for some goods.Sean Williamsneo bitcoin bitcoin cz bitcoin аналоги billionaire bitcoin rx470 monero bitcoin ebay перевод tether dogecoin bitcoin best bitcoin cryptocurrency faucet flypool monero
bitcoin лохотрон
bitcoin poloniex
график bitcoin cpa bitcoin decred cryptocurrency ethereum клиент alipay bitcoin bitcoin calculator котировка bitcoin java bitcoin bitcointalk monero lite bitcoin
bitcoin рулетка bitcoin maps bitcoin dark ethereum org bitcoin forbes bitcoin explorer
bitcoin algorithm кран monero bitcoin регистрации gold cryptocurrency cgminer bitcoin cryptocurrency mining bitcoin ann кран ethereum bitcoin freebie ethereum debian ethereum настройка ecdsa bitcoin bitcoin formula bitcoin stellar компьютер bitcoin miningpoolhub ethereum ethereum decred conference bitcoin bitcoin earn
раздача bitcoin bitcoin shop dollar bitcoin etoro bitcoin bitcoin пицца bitcoin block preev bitcoin apk tether bitcoin lite qr bitcoin bitcoin кран bitcoin 99 sell bitcoin lealana bitcoin
kong bitcoin dat bitcoin The proof-of-work problem that miners have to solve involves taking a hash of the contents of the block that they are working on—all of the transactions, some meta-data (like a timestamp), and the reference to the previous block—plus a random number called a nonce.masternode bitcoin Easy to verifyethereum пулы bitcoin yandex bitcoin payza история bitcoin математика bitcoin all cryptocurrency ethereum dao bitcoin основы ethereum twitter conference bitcoin создать bitcoin ethereum форум monero hashrate новые bitcoin bitcoin matrix new cryptocurrency satoshi bitcoin cgminer monero ethereum addresses monero обмен
ethereum mine lealana bitcoin by bitcoin ethereum online платформа bitcoin by bitcoin mastering bitcoin сборщик bitcoin bitcoin установка dat bitcoin bitcoin луна bitcoin pools ethereum майнеры bitcoin играть пополнить bitcoin trader bitcoin arbitrage cryptocurrency 1 ethereum ethereum асик
фото bitcoin торрент bitcoin bitcoin генераторы bear bitcoin ava bitcoin bitcoin транзакция trinity bitcoin xmr monero alien bitcoin цена ethereum
total cryptocurrency demo bitcoin bitcoin project инструкция bitcoin multiply bitcoin суть bitcoin bitcoin игры bitcoin fortune client ethereum bitcoin wm криптовалюта tether зарабатывать ethereum erc20 ethereum flappy bitcoin bitcoin generate bitcoin server
bitcoin вирус british bitcoin bitcoin что bitcoin puzzle bitcoin brokers bitcoin python bitfenix bitcoin блог bitcoin bitcoin fast bitcoin lite bitcoin checker bitcoin cny bitcoin hack ethereum crane форк ethereum Prosобмен monero bitcoin usb
эмиссия bitcoin monero gui bitcoin фарм bitcoin отзывы bitcoin карта bitcoin code monero fr water bitcoin
bitcoin компания 100 bitcoin ethereum developer bitcoin advertising explorer ethereum
0 bitcoin bitcoin red blogspot bitcoin bitcoin google ethereum cgminer bitcoin bitcoin change добыча bitcoin A bitcoin holds a simple data ledger file called a blockchain. Each blockchain is unique to each user and the user's personal bitcoin wallet.компиляция bitcoin bitcoin mainer миксер bitcoin
cms bitcoin график bitcoin home bitcoin bitcoin инвестирование bitcoin выиграть kinolix bitcoin сайты bitcoin робот bitcoin ethereum хардфорк free bitcoin
bitcoin xapo ethereum статистика халява bitcoin solidity ethereum
bitcoin vizit bitcoin автосерфинг bitcoin hashrate
bitcoin теханализ the ethereum bitcoin client bitcoin сбербанк bitcoin swiss bitcoin blockstream weekend bitcoin wirex bitcoin cryptocurrency index tether clockworkmod icons bitcoin claim bitcoin cryptocurrency reddit анонимность bitcoin ethereum аналитика ethereum прогнозы ethereum cpu пирамида bitcoin usb bitcoin конференция bitcoin javascript bitcoin bitcoin betting solo bitcoin ethereum chaindata 6000 bitcoin nicehash bitcoin
bitcoin knots bitcoin hardfork майнер ethereum monero logo polkadot stingray minergate bitcoin ethereum падает bitcoin hesaplama описание ethereum why cryptocurrency connect bitcoin bitcoin 10 bitcoin rbc
