[Cryptography] I am not against good cryptocurrencies. I just don't think you can build one with a block chain protocol.

[Ben Laurie]

On Sat, 2 Jan 2021 at 03:45, Ray Dillinger <bear at sonic.net> wrote:

> Several people reading my recent discursions on Bitcoin have concluded
> that I am anti-cryptocurrency.  I'm not.
>
> I am not saying "cryptocurrency bad", I'm saying "block chain ledgers
> don't work, we will need a different idea to make cryptocurrency good."
>
> I am not.  I want there to be a good cryptocurrency, I want it to be
> easy to use, I want it to be secure, I want it to scale, and I want it
> to be at least reasonably private for those who use it without trying
> to cheat.
>

https://www.links.org/files/distributed-currency.pdf

I quite like https://arxiv.org/pdf/1809.01620.pdf, and there's an
implementation: https://github.com/chainspace. Apparently Facebook liked
it, too, because they bought the company. They claim 400k transactions a
second, BTW.

The search for a good cryptocurrency protocol is not satisfied by the
> design elements of bitcoin.  Nor, I am now convinced, will they be met
> by any cryptocurrency built on the Nakamoto Protocol.  The shared block
> chain as ledger of all transactions simply does not scale, either in
> network bandwidth nor transaction bandwidth.
>

Also, proof of work is the stupidest idea ever.
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <https://www.metzdowd.com/pipermail/cryptography/attachments/20210102/9ac375bb/attachment.htm>