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