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

[jamesd at echeque.com]

On 18/02/2018 13:35, Phillip Hallam-Baker wrote:
>     Basically the bad guys have more computers than the good guys ! (some of
>     which they have stolen, but spam is lucrative enough that they can
>     afford to buy them anyway -- so all you will ever do is to freeze out
>     low profit-margin spam).

There is a huge amount of low profit-margin spam.

However a better system would be pay to send, be paid to receive.  Then 
people would honeypot the spammers.

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.