Proof of Work -> atmospheric carbon

[John Levine]

>>You know those crackpot ideas that keep showing up in snake oil crypto?
>>Well, e-postage is snake oil antispam.
>
>While I think this statement may be true for POW coinage, because for a bot
>net it "grows on trees", for money that traces back to the international
>monetary exchange system, it may not be completely true.

It's close enough to completely true.  Stealing postage via bots is
only one of multiple fatal problems.

I wrote this white paper in 2004; some of the details could stand a
little update but the conclusions are as clear as ever:

http://www.taugh.com/epostage.pdf

R's,
John

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