Re: "Failure to Understand Bitcoin Could Cost Investors Billions" (Bitcoin's flaws)
Bitcoin Killer Altcoin
The Bitcoin killer will thus have at least the following features.
It would not even need to an Altcoin because it just a different mutation of the original Bitcoin when you get down to the core. There is already a digital currency that does all this, but you won't hear about it outside the bitcoin bubble unfortunately. The Bitcoin killer will thus have at least the following features.
- provably cpu-only mining with botnet resistance (current proof-of-stake can't redistribute new coins to masses & I posit it isn't secure)
- built-in anonymity (to minimize non-anonymous users)
- small, reasonable perpetual debasement
- zero transaction fees (with economic transaction spam resistance)
- economically limited pool sizes
- oblivious shares
- selfish-mining fix
- mini block-chain design
- faster 1-confirmation block chain, e.g. 1 minute instead of Bitcoin's 10 min delay, if the orphan rate can be contained
I studied Timekoin and concluded that the order of selection of the peers is not secure. It is the same entropy issue that I mentioned upthread for PoS. If you have a better whitepaper now than when I researched it Spring 2013, I will read to see if it deals with that question of randomized ordering in a way that satisfies my concerns?