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by zupreme 1955 days ago
I think you are missing the trust-factor inherent in Bitcoin and related cryptocurrencies. If you pay me 1 coin, I trust that you have the coin to spend because of collective verifications from other nodes in the network which confirm the same.

Similarly once you spend that coin with me, others may trust that I now have that coin to spend because of the same collective verification structure.

Offline transactions eliminate such trust capabilities due to the lack of transaction and balance verification.

1 comments

while you work on restoring ubiquitous internet

the rest of us in the wasteland still have something better than a bottlecap based economy

you described something that temporarily puts it on equal footing with checks, but presented a higher standard exclusively for bitcoin to meet

Offline double-spend is still an unsolved problem. What prevents a rogue actor from making duplicates of the tokens and transact with it multiple times a day before the transactions are tallied with a blockchain? And fyi, it’s much harder to duplicate bottlenecks than your bitcoin wallet at the moment. Edit: bottlecaps not bottlenecks lol