James A. Donald wrote:
> Furthermore, it cannot be made to work, as in the
> proposed system the work of tracking who owns what coins
> is paid for by seigniorage, which requires inflation.

If you're having trouble with the inflation issue, it's easy to tweak it for 
transaction fees instead.  It's as simple as this: let the output value from 
any transaction be 1 cent less than the input value.  Either the client 
software automatically writes transactions for 1 cent more than the intended 
payment value, or it could come out of the payee's side.  The incentive value 
when a node finds a proof-of-work for a block could be the total of the fees in 
the block.

Satoshi Nakamoto

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