[cryptography] Nirvana

ianG iang at iang.org
Sat Sep 24 06:03:26 EDT 2011


On 24/09/11 11:46 AM, James A. Donald wrote:
>>> Also, what if we had real cryptographic money, with anonymity?  In
>>> other words: the payments system cannot be the trusted third party
>>> for everything.
>
> On 2011-09-24 4:08 AM, John Levine wrote:
>> Then malware would steal the crypto wallets.  See Bitcoin.

Yes.  This is one reason why my system was built out of psuedonyms, with 
blinding as an added feature [0]. At the ultimate accounting, massive 
theft could be dealt with.  With expense.  I think I had to close out an 
account only once tho.

> Yet Bitcoin, nonetheless, works.

How's BitCoin doing?

I saw two issues, being the lack of a substantial grounding in 
contractual valuation (design issue), and the rather dodgy hackability 
of the software (implementation issue).  In the event, these two 
conspired to cause volatility that makes the big markets look like a 
calm sea...  Fun to watch and play, not recommended to invest :P



iang



[0]  Actually, DigiCash used the same design, they just hid it coz the 
cypherpunks didn't like it :)



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