How time flies. Following my admittedly somewhat rambling posts on Bitcoin, I decided to write a proper paper about the problem. So, here’s a preprint of “Decentralised Currencies Are Probably Impossible (But Let’s At Least Make Them Efficient)”. It’s short! Enjoy.
I may submit this to a conference, I haven’t decided yet. Suggestions of where are welcome.
By the way, Bitcoin fanboys: I see I have been taken to task for my heretic views on the Bitcoin forums. Since those have cunningly been closed to anyone who does not already have some kind of track record of conforming to the standards of the forums (presumably meaning “don’t diss Bitcoin”) I am unable to respond to comments there, but I would like to note, for the record, that I have not deleted a single non-spam comment on my Bitcoin posts, contrary to claims I see there.