Peer-to-peer is a process of sending from one individual to another. The node network is a separate network to the main bitcoin exchange system. You'll notice that I'm not talking about publishing your public key on a website. We can take this further as well in being able to pay people through more complex methods that I had not detailed in the past. An example would be using a HMac rather than a simple hash which incorporates a joint secret between the two parties concatenating with some other information such as an invoice number or order number. Such information could even be sent over email or other means.
Bitcoin does not need a trusted third-party, not because it removes trust, and not because of the misapplied notion of not needing banks.
In the past, government was looking at becoming too intrusive. The methodology being sought from those such as core and worth those seeking anonymous coins will lead to a reaction from government. 99% of people in the population support cracking down on crime. The end will be a lack of civil liberties if we do not respond with a system that provides protection for individuals.
If you look at a site such as the following:
"Key Escrow", http://www.cyber-rights.org/crypto/crypto_news.htm
And I'm not sure if this is available for you could look on the way back machine as I'm sure it will still be there, you will start to notice a history where we were enacting a battle for/against Key escrow. The Zcash world is one where we will end up with our rights subjected to arbitrary government control and yet they do not understand this yet.
In many cases, banks would outsource many of the duties of a trusted third-party. PwC for instance set itself up to act as a trusted third-party and other organisations have done the same. A trusted third-party is not just a middleman processing transactions. Bitcoin miners are in effect middleman. They do their role effectively and for low-cost. This does not remove the fact that they are a middleman. In a Coaesan analysis of transactional costs, you will start to see that there is no such thing as zero cost transactions even with bitcoin. All systems have friction.
If you read the privacy section of the bitcoin White Paper, you will start to see the problem with a trusted third-party. It is not the removal of trust and it is not about middlemen. The model is one of the trusted third-party sharing information about identities in a high risk environment. The trusted third-party and the counterparty such as a bank hold all information including personally identifiable information concerning every single transaction. This makes a security risk and increases fragility in the system. Individual trusted third parties that are compromised lead to a complete collapse of all integrated systems.
CSW
Feb 7, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1581091672002500?thread_ts=1581091672.002500&cid=C5131HKFX
Bitcoin does not need a trusted third-party, not because it removes trust, and not because of the misapplied notion of not needing banks.
In the past, government was looking at becoming too intrusive. The methodology being sought from those such as core and worth those seeking anonymous coins will lead to a reaction from government. 99% of people in the population support cracking down on crime. The end will be a lack of civil liberties if we do not respond with a system that provides protection for individuals.
If you look at a site such as the following:
"Key Escrow", http://www.cyber-rights.org/crypto/crypto_news.htm
And I'm not sure if this is available for you could look on the way back machine as I'm sure it will still be there, you will start to notice a history where we were enacting a battle for/against Key escrow. The Zcash world is one where we will end up with our rights subjected to arbitrary government control and yet they do not understand this yet.
In many cases, banks would outsource many of the duties of a trusted third-party. PwC for instance set itself up to act as a trusted third-party and other organisations have done the same. A trusted third-party is not just a middleman processing transactions. Bitcoin miners are in effect middleman. They do their role effectively and for low-cost. This does not remove the fact that they are a middleman. In a Coaesan analysis of transactional costs, you will start to see that there is no such thing as zero cost transactions even with bitcoin. All systems have friction.
If you read the privacy section of the bitcoin White Paper, you will start to see the problem with a trusted third-party. It is not the removal of trust and it is not about middlemen. The model is one of the trusted third-party sharing information about identities in a high risk environment. The trusted third-party and the counterparty such as a bank hold all information including personally identifiable information concerning every single transaction. This makes a security risk and increases fragility in the system. Individual trusted third parties that are compromised lead to a complete collapse of all integrated systems.
CSW
Feb 7, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1581091672002500?thread_ts=1581091672.002500&cid=C5131HKFX
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