needs in OpenPGP to use it for a bitcoin replacement.

Jerome Baum jerome at
Wed May 25 21:06:54 CEST 2011

On Wed, May 25, 2011 at 20:52, Jbar <jeanjacquesbrucker at> wrote:

> Le mercredi 25 mai 2011 19:30:15, Jerome Baum a écrit :
> > On Wed, May 25, 2011 at 19:21, Jean-Jacques Brucker <
> >
> > jeanjacquesbrucker at> wrote:
> > >  Hi, i am working on a replacement for bitcoin using OpenPGP.
> >
> > Why?

> But bitcoin has also technicals defects, the two most important are :
>  - a amount of bitcoin is only stored by only one peer at a time t, which
> mean that bitcoins  may easily disapper and that is what already occurs (I
> did personally lost a few amount of btc, and i had see in the forum that I
> am not alone).

Not sure I see this point. If you loose access to your private key, you
always loose your digital money. That's a fact of life, and the reason we do

>  - Transaction are very very slow (I don't have try to pay taxes to the
> people "with the biggest" CPU power), and this is not a surprise why so :
> first
> the proof of work, second  there is in fact a third-party  for bitcoins :
> it is the entire network.

The proof of work is an essential economic measure in the bitcoin network.
How would your proposed system work without a proof of work? Why would
anyone join in?

On the third-party, there needs to be a third-party for a digital currency
to operate. Otherwise I can use one coin multiple times. If that third-party
is the whole network (i.e. "the public"), then that's as good as it gets --
no single point of failure or entity w/ too much power.

I think the whole bitcoin story is questionable enough. I'm not saying
bitcoin can't be successful, but you should be wary and make a careful
decision. Everyone has different opinions about it. Adding "yet another
system" on top of that won't help.

Jerome Baum

tel +49-1578-8434336
email jerome at
PGP: A0E4 B2D4 94E6 20EE 85BA E45B 63E4 2BD8 C58C 753A
PGP: 2C23 EBFF DF1A 840D 2351 F5F5 F25B A03F 2152 36DA
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