[Cryptography] Proof of Work is the worst way to do a BlockChain

[John Levine]

In article <6012d900-c6d6-4fc4-b0c0-ef7068a0c4ea at echeque.com> you write:
>However a better system would be pay to send, be paid to receive.  Then 
>people would honeypot the spammers.

That is another WKBI, one with an expired patent.

>Crypto currency payments tend to be massively replicated to avoid 
>various failure modes, but obviously this is uneconomic for 
>micropayments, which problem can be fixed by aggregating very small 
>payments through single peer sidechains.  You would have to trust the 
>single peer, but you are only trusting him for modest amounts.

When Satoshi first sent out mail announcing Bitcoin, he said you could
use it for spam filtering.  He may have been (still be?) a fine
cryptographer but it was a WKBI even then.

R's,
John