Bitcoin has a blockchain not because it allows for faster and cheaper transactions, but because it removes the need to trust in third‐party intermediation: transactions are cleared because nodes compete to verify them, yet no node needs to be trusted. It is unworkable for third‐party intermediaries to imagine they could improve their performance by employing a technology that sacrifices efficiency and speed precisely to remove third‐party intermediaries. For any currency controlled by a central party, it will always be more efficient to record transactions centrally. What can be clearly seen
...more
