Proof of Work -> atmospheric carbon

[John Levine]

>Can't we just convert actual money in a bank account into bitbux --
>cheaply and without a carbon tax?  Please?

If only.  People have been saying for at least a decade that all we
have to do to solve the spam problem is to charge a small fee for
every message sent.  Unfortunately, there's a variety of reasons
that's never going to work.  One of the larger reasons is that despite
a lot of smart people working on micropayments, we have nothing
approaching a system that will work for billions of tranactions per
day, where 90% of the purported payments are bogus, along with the
lack of any interface to the real world financial system that would
scale and withstand the predictable attacks.

My white paper could use a little updating, but the basic conclusions
remain sound:

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

R's,
John

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