"Only electronic coins issued by mint are effective, which prevents double payment. This solution has its problem. The whole currency system is on the control of a mint, because every transaction should be
testified by the mint, which is just like a bank. So, recasting is feasible.
Recasting is to force the non-trading coins within a period of time to trade, thus
old blocks become useless." - Whitepapers

Very interesting analysis!

Bitcoin is doomed to become centralized and ineffective.