Ben Gilbert: belief

Transcript context

…If this system were to exist, all these transactions—thousands of them, millions of them, billions of them—would be going out into the network. How do you keep track of which ones are the valid, correct, unique, scarce ones? The way that Satoshi proposes you do this is you have a distributed system of the ledger. Everybody can see the entire chain of transactions of every transaction that has ever happened within the system. David, I think that's a really interesting concept and a little counterintuitive where he's basically saying, well, in a third party system where you have a Mint or The Federal Reserve, you send that information to them and they keep track of it. That's the only way to make sure that money is not getting double-spent. He's saying, what if he flipped out on his head—he, they, she, whoever it is—and saying, well, what if everybody has a copy of the ledger and everybody just has the complete transaction history of every single bitcoin right there on their computer? That's my proposed solution. If you're doing that, then he proposes that people who would choose to—who are part of the network—could grab these transactions that are being broadcast out and could generate computational proof of which ones came first, which ones were the right ones. If somebody's trying to send a bitcoin multiple times, which ones of those happen first, and are the correct transactions that should be added to this ledger.…

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