[Cryptography] Fun and games with international transaction settlement (was Re: IBM looking at adopting bitcoin technology for major currencies)

[Ryan Carboni]

>
> It really doesn't. 51% (more properly, 34%) attacks show that it doesn't.
>
> If it were done properly, i.e. with verifiable append only logs run by a
> known set of entities, then it would. It would also be many orders of
> magnitude cheaper. Stupidly cheap, in fact, instead of eye-wateringly
> expensive.
>
> I do wish people would stop perpetuating this canard.



2 things: How will the NSA be able to acquire bitcoins using it's massive
ASIC black budget?
2. Also, how will people be able to acquire bitcoins in the first place?

Proof of stake is a great idea, problem is, how do you distribute it?
Initially it's not going to be worth anything, and hoarders will
destabilize the currency.

Economics is more important than cryptography in designing a currency,
although both are required for viability.
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