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Comment by apw

Bitcoin is far more than "just" a solution to the Byzantine Generals problem.

Inside every Bitcoin transaction is a small program that contains no loops. If that program when executed returns true, the transaction is valid.

The simplest, most boring kind of transaction--but the one that most people assume "is Bitcoin"--is a transfer from address P to address Q. Where things get more interesting is in using those little programs in more creative ways; e.g., k-of-n escrow, attestation of ownership, etc.

A whole generation of kids is going to grow up soon routinely using small Bitcoin escrows to hedge everyday scenarios. They won't quite able to believe that their parents operated in a world based on centralized authority subject to rent-seeking corruption.

parent apw 13 years ago

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