Challenged Satoshi's honest-majority security assumption in the original whitepaper thread
11 entries / 1 thread
John Levine answers that people have said for a decade a small fee per message would solve spam, but no micropayment system scales to billions of mostly bogus transactions a day.
Doubters called it unscalable in 2008. A famed hacker failed to break the code. A judge, a dictionary, and a Nobel nominator weighed in. What others said about Satoshi, read as one record.
John Levine dismisses Bitcoin's security assumption — botnet operators control 100,000+ machine zombie farms, and hashcash failed for the same reason: bad guys outweigh good guys computationally.