Satoshi Nakamoto archive
On transaction fees instead of inflation: Bitcoin P2P e-cash paper, November 10, 2008
By Satoshi Nakamoto. . Post to the cryptography mailing list
Full text
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
--------------------------------------------------------------------- The Cryptography Mailing List Unsubscribe by sending "unsubscribe cryptography" to majordomo at metzdowd.com