Researchers Find Problems With Rules of Bitcoin

Posted by ryuzaki0 on Monday March 24, 2014 @02:04PM from the ruining-everything-with-math dept.

holy_calamity (872269) writes "Using game theory to analyze the rules of cryptocurrency Bitcoin suggests some changes are needed to make the currency sustainable in the long term, reports MIT Technology Review. Studies from Princeton and Cornell found that current rules governing the mining of bitcoins leave room for cheats or encourage behavior that could destabilize the currency. Such changes could be difficult to implement, given the fact Bitcoin — by design — lacks any central authority." The main problem discovered is that transaction fees do not provide enough incentive to continue operating as "miner" after there are no more bitcoins left to be mined.

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pfft by SuperNovaLovah · 2014-03-24 14:10 · Score: -1, Flamebait

lol nice try Uncle Sam, we all know how you launder money to lib colleges through student loans, why should I pretend to be surprised when they return the favor with phony studies, calling freedom the boogieman and only a central authority can save us....