Bitcoin P2P e-cash paper

Source - Nakamoto Institute

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>James A. Donald wrote:

> Furthermore, it cannot be made to work, as in the proposed system the work of tracking who owns what coins is paid for by seigniorage, which requires inflation.


If you’re having trouble with the inflation issue, it’s easy to tweak it for transaction fees instead. It’s as simple as this: let the output value from any transaction be 1 cent less than the input value. Either the client software automatically writes transactions for 1 cent more than the intended payment value, or it could come out of the payee’s side. The incentive value when a node finds a proof-of-work for a block could be the total of the fees in the block.

Satoshi Nakamoto


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