Re: Fwd: [Cryptography] [ANNOUNCE] HashCash Digital Cash

On 25/06/2017 12:44 PM, grarpamp wrote:

---------- Forwarded message ---------- From: Ashish Gulhati Date: Wed, Jun 21, 2017 at 2:06 AM Subject: [Cryptography] [ANNOUNCE] HashCash Digital Cash To: cryptography@metzdowd.com

An untraceable, permissionless digital cash system based on blind signatures.

Screenshots, FAQ, and executables for some platforms are at:

http://www.hashcash.com/

The problem is that you have to trust the issuer to not defect, and to not be forced to defect by the cops. It is completely centralized, which means the state can apply pressure - the cops come and seize the issuers reserves, or seize the issuer himself and his computer. This is the problem that decentralized currencies like bitcoin seek to avoid. Unfortunately, decentralization raises transaction costs, which are becoming extremely burdensome on bitcoin, resulting in spontaneous recentralization.