Fwd: [Cryptography] [ANNOUNCE] HashCash Digital Cash

[James A. Donald]

On 25/06/2017 12:44 PM, grarpamp wrote:
> ---------- Forwarded message ----------
> From: Ashish Gulhati <crypto at ashish.neomailbox.com>
> Date: Wed, Jun 21, 2017 at 2:06 AM
> Subject: [Cryptography] [ANNOUNCE] HashCash Digital Cash
> To: cryptography at 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.