How can I connect this to the ((((sister lovers))))
I can connect it to (((them))): they distribute shit like "it's just like the tulip craze and beanie babies" in the MSM (not talking about OP's post here) because of that trustless, immutable third entry in the accounting paradigm being very "problematic" for (((their))) usury goals.
For people who don't know what single/double/triple entry accounting even is:
- Single entry accounting - you (and the other guy) enter money you receive in your book. This is super easy to mess with and commit fraud with.
- Double entry accounting - you (and the other guy) enter money you receive and spend (credits and debits) into your book. This is somewhat more difficult to mess with as you'd have to alter both the sent and received records and make sure they all match.
Crypto is triple-entry accounting because not only do you have sent and received entries, you have an immutable record of all transactions sent and received maintained by "the network" rather than any one entity. It's both technologically and financially difficult to attack this third entry by any entity. This means that it's essentially impossible to "cook the books". This aspect of crypto alone is valuable without even considering the deflationary and scarcity aspects of crypto coins like Bitcoin.
Okay, I enjoy being right but I enjoy being schooled even more. I only knock what I can't see and don't know, and you just armed me further. Mother of god.
I'm pretty sure it's still just double entry. The point of double entry isn't how many times you write it down, it's that credits = debits, meaning take = give. "Double entry" is a bit of a misnomer since I can do double entry with a single entry like this: "INSERT INTO journal (account_1_id, account_2_id, amount) VALUES (...);" where amount is a signed number. The point is that there is a take and a give. In Bitcoin I might have 2 inputs and 5 outputs. That's not 7 entry or n-entry because double entry doesn't refer to the number of accounts or the number of entries. It's a huge misnomer like everything else in bookkeeping.
I'll add that it can't be triple entry based on your description since what your wallet records doesn't matter one bit. The blockchain is the sole source of truth, so that would be single entry by your analysis.
It's "triple" entry because the entity doing the recording is different, but if you want to get pedantic about the definitions it all sort of devolves. In the paradigms of normal single and double entry accounting it matters who records it. In crypto it doesn't really because it's all done by the trustless network ledger, but describing it as "triple entry" is an easy way to get at the heart of why a trustless ledger is valuable in terms of normal single/double entry accounting.
Double entry accounting is as old as the sun. The whole point is that you rob Peter to pay Paul. Peter gets an entry. Paul gets an entry. Credit Peter. Debit Paul. Those are your two entries. That's the "double" of it, the take and the give. It doesn't matter who records it. It's a zero sum game, and that's the point. It's why Revenue is a credit account (increasing with credit), because we take from Revenue to pay Cash or Accounts Receivable. If you prefer arithmetic over bookkeeping convention, you might say that Revenue normally has a negative balance. It might seem weird to keep robbing your Revenue to pay your Cash, but if you didn't then that income money would just appear magically. In double entry accounting it must always come from somewhere. There must always be a Peter to rob whenever Paul gets paid.
I've seen blog posts claiming crypto is triple entry, or some new paradigm too. Complete rubbish they are.
Then call it what it actually is - third party verification/confirmation.
(post is archived)