> Similarly reduced, proof-of-work systems work like this:
>
> 1. The list of valid transactions determines who has coin.
> 2. <complexity>
> 3. People with computers decide which transactions are valid.
> You don't need to know any more detail about proof-of-work systems to be instantly suspicious.
Hm, I think this misquote says all there is to say about the reasoning in this blog.
> You don't need to know any more detail about proof-of-work systems to be instantly suspicious.
Hm, I think this misquote says all there is to say about the reasoning in this blog.