Bitcoin P2P e-cash paper

[John Levine]

> As long as honest nodes control the most CPU power on the network,
> they can generate the longest chain and outpace any attackers.

But they don't.  Bad guys routinely control zombie farms of 100,000
machines or more.  People I know who run a blacklist of spam sending
zombies tell me they often see a million new zombies a day.

This is the same reason that hashcash can't work on today's Internet
-- the good guys have vastly less computational firepower than the bad
guys.

I also have my doubts about other issues, but this one is the killer.

R's,
John


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