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This Is Why Bitcoin Is Broken

Stashed in: Bitcoin

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They had me at Winkleveii.  Toward the end, under "Implications".

(Two-thirds need to be honest, not half.)


We're the first to discover that the Bitcoin protocol is not incentive-compatible. The protocol can be gamed by people with selfish interests. And once the system veers away from the happy mode where everyone is honest, there is no force that opposes the growth of really large pools that command control of the currency.

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