Re:Ask HN: Am I going insane or is there genuinely no value ...
by nivertech on Saturday April 23, 2022 @09:01AM
(#31133874)
Blockchain (or more correctly "hashchain"[1] data structure) doesn't solve the double spend problem, because anyone can create a new entry with a hashpointer pointing to the last entry (aka "block") with transactions.
This problem is inherent in all Nakamoto Consensus style implementations (basically Leader Election algorithms), not just Bitcoin's PoW.
Simpler: anyone can fork the blockchain and over-write the ledger with the new transactions. So in reality the double spend solved by the social consensus on the right fork, not by technological solutions.
EDIT: Leaving aside the question of transaction finality and probabilistic nature of the Nakamoto Consensus, which making it even worse.
This problem is inherent in all Nakamoto Consensus style implementations (basically Leader Election algorithms), not just Bitcoin's PoW.
Simpler: anyone can fork the blockchain and over-write the ledger with the new transactions. So in reality the double spend solved by the social consensus on the right fork, not by technological solutions.
EDIT: Leaving aside the question of transaction finality and probabilistic nature of the Nakamoto Consensus, which making it even worse.
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[1] https://en.wikipedia.org/wiki/Hash_chain