On the crypto topic that everyone loves to hate, Bitcoin, the expected
attack has begun.
http://financialcryptography.com/mt/archives/001363.html
Philipp Guering and I wrote a paper that explains how this will fall out.
http://iang.org/papers/BitcoinBreachesGreshamsLaw.pdf
Although in the big picture, this is more about finance not
cryptography, there is an engaging question - can cryptography be used
to control this sort of issue? It didn't work for Bitcoin, but more
judicious uses of crypto can do a lot better, and has done with other
designs. The challenge is to get the balance right.
iang
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