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to print money. Deflation in bitcoin is not caused by a collapse in demand, but by a predictably constrained supply. In practice, it has become evident that the hoarding instinct caused by a deflationary currency can be overcome by discounting from vendors, until the discount overcomes the hoarding instinct of the buyer. Since the seller is also motivated to hoard, the discount becomes the equilibrium price at which the two hoarding instincts are matched. With discounts of 30% on the bitcoin price, most bitcoin retailers are not experiencing dif‐ ficulty overcoming the hoarding instinct and generating revenue. It remains to be seen whether the deflationary aspect of the currency is really a problem when it is not driven by rapid economic retraction. De-centralized Consensus In the previous chapter we looked at the blockchain, the global public ledger (list) of all transactions, which everyone in the bitcoin network accepts as the authoritative record of ownership. But how can everyone in the network agree on a single universal “truth” about who owns what, without having to trust anyone? All traditional payment systems depend on a trust model that has a central authority providing a clearinghouse service, basically verifying and clearing all transactions. Bitcoin has no central authority, yet somehow every node has a complete copy of a public ledger that it can trust as the authoritative record. The blockchain is not created by a central authority, but is assembled inde‐ pendently by every node in the network. Somehow, every node in the network, acting on information transmitted across insecure network connections can arrive at the same conclusion and assemble a copy of the same public ledger as everyone else. This chapter examines the process by which the bitcoin network achieves global consensus without central authority. Satoshi Nakamoto’s main invention is the decentralized mechanism for emergent con‐ sensus. Emergent, because consensus is not achieved explicitly — there is no election or fixed moment when consensus occurs. Instead, consensus is an emergent artifact of the asynchronous interaction of thousands of independent nodes, all following simple rules. All the properties of bitcoin, including currency, transactions, payments, and the secu‐ rity model that does not depend on central authority or trust, derive from this invention. Bitcoin’s de-centralized consensus emerges from the interplay of four processes that occur independently on nodes across the network: • Independent verification of each transaction, by every full node, based on a com‐ prehensive list of criteria • Independent aggregation of those transactions into new blocks by mining nodes, coupled with demonstrated computation through a Proof-of-Work algorithm De-centralized Consensus | 181PDF Image | Mastering Bitcoin
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