On Aug 31, 2015 3:01 PM, "Justus Ranvier via bitcoin-dev" < bitcoin-dev@lists.linuxfoundation.org> wrote: > You keep using the word "decentralized" without explaining (and most > likely, understanding) what it means.
I believe he explained very well what he meant by decentralized, please stop suggesting he doesn't understand his own thoughts: it is extremely irritating. > You say: > > > a system without the trust of third parties to process electronic payments > > What does it mean to use a decentralized network instead of a trusted > third party to process electronic payments? What undesirable actions can > a trusted third party perform that a decentralized network can not perform? For starters, a third party (or a recuded group of miners controlling the majority of the hashrate) can censor transactions. It doesn't matter how benevolent that party is: it can be forced to do it by the laws of its jurisdiction. If you don't care about this, I suggest you start a new system without expensive proof of work, you can replace it with block signing (it can still be multisig). It is already coded, just fork the alpha or the blocksigning branch in elementsProject (github).
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