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Satoshi Nakamoto
https://www.metzdowd.com/pipermail/cryptography/2008-November/014842.html
satoshi at vistomail.com
Sun Nov 9 21:14:30 EST 2008
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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
James A. Donald
https://www.metzdowd.com/pipermail/cryptography/2008-November/014837.html
jamesd at echeque.com
Sun Nov 9 05:05:05 EST 2008
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Satoshi Nakamoto wrote:
This does not work - your proposal involves
complications I do not think you have thought through.
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.
This is not an intolerable flaw - predictable inflation
is less objectionable than inflation that gets jiggered
around from time to time to transfer wealth from one
voting block to another.