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If you assume that 9447ffe1633c73206d9e775762fae7c5e6f3a926ba83f862c2774491d53a3a4b has infinity coins (which it effectively does)

Then you can verify double spends

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You can only verify double spends if the integrity of the chain is intact. Since its not a decentralized database, and your service can "go down" at any time and "pop up" with amended transaction history, its just the illusion of transparency.

If you know that, and your users know that, why not just keep transactions private like PayPal.

In the same way that the bitcoin ledger is decentralized because nodes keep copies, you can similarly have people keep copies of this central chain.

It's no different than when the NYT changes their article. People have screenshots and can show the discrepancies.

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