> Why should anybody trust you as central authority?
You don't have to.
Regarding reasons to trust me - I build in public (https://twitter.com/TheBuilderJR). All transactions are published on the "central chain". The story of how CC came to be seems reasonable
> How is this different from an Ponzi scheme?
There is no cashing out. All transactions are transparent as opposed to opaque.
> What prevents you from just making up accounts and printing coins for yourself and your friends?
You are trusting me the same way you trust Gmail. Itβs a tradeoff between trust and efficiency that I think should exist in between banks and crypto.
However, since all transactions are published + there is no off ramp, I have very little incentive to tank the coin. Also, the more people who use it means more donations for me!
> What happens if your datacenter catches fire?
What happens if GCP's data centers catches fire?
> What happens if hackers get write access to your database?
What happens if GCP's databases get hacked?
> How do you 'encrypt' and email address, do you mean salt and hash?
Poor word choice. Perhaps obfuscation is a better word. I've updated the whitepaper accordingly.
- Why should anybody trust you as central authority?
- How is this different from an Ponzi scheme?
- What prevents you from just making up accounts and printing coins for yourself and your friends?
- What happens if your datacenter catches fire?
- What happens if hackers get write access to your database?
- How do you 'encrypt' and email address, do you mean salt and hash?