This is a quote from the book "Bitcoin: A Peer-to-Peer Electronic Cash System" by Satoshi Nakamoto
...njustice, the grotesque double standards, the insoluble conflicts and contradictions that have characterized human relationships and human societies throughout history, under all the variants of ow that the previous owners did not sign any earlier transactions. For our purposes, the earliest transaction is the one that counts, so we don't care about later attempts to double-spend. The only way to confirm the absence of a transaction is to be aware of all transactions. In the mint based model, the mint was aware of all transactions and decided which arrived first. To accom...
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