giving Bob one infocoin, with serial number 8740348. So in 2140 CE the total supply of bitcoins will cease to increase. A more challenging problem is that this protocol allows Alice to cheat by double spending her infocoin. Surveys like this, however, should be taken with a grain of salt, as people have a tendency to say one thing but act the opposite way about investing, especially during major drops in prices. Likewise, it may be that the miners working on fork A are the first to extend their fork. In particular, well assume that everyone using Infocoin keeps a complete record of which infocoins belong to which person.
Its merely an informal plausibility argument. In practice, its often extremely convenient to create Bitcoin transactions with multiple inputs or multiple outputs. This can be done using transactions with multiple inputs and outputs, which well discuss in the next section. In particular, we havent yet conclusively addressed the issue of double spending. Lines 3 and 4 tell us that the transaction has three inputs and two outputs, respectively. The idea is counterintuitive and involves a combination of two ideas: (1) to (artificially) make it computationally costly for network users to validate transactions; and (2) to reward them for trying to help validate transactions. David checks his copy of the block chain, and can see that each transaction is valid. Tim OReilly once said : Money is like gas in the car you need to pay attention or youll end up on the side of the road but a well-lived life is not a tour of gas stations! However, this malleability does not include the amounts being paid out, senders and recipients, which cant be changed later. And so they will both accept the transaction, and also broadcast their acceptance of the transaction. Thats intellectually fascinating, offers marvellous creative possibilities, is socially valuable, and may just also put some money in the bank.
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