Bitcoin P2P e-cash paper

November 13, 2008 From : Hal Finney

I am somewhat less worried about motivation. I'd be satisfied if the system can meet the following criteria:

1. No single node operator, or small collection of node operators which controls only a small fraction of overall network resources, can effectively cheat, if other players are honest.

2. The long tail of node operators is sufficiently large that no small collection of nodes can control more than a small fraction of overall resources. (Here, the "tail" refers to a ranking based on amount of resources controlled by each operator.)

3. The bitcoin system turns out to be socially useful and valuable, so that node operators feel that they are making a beneficial contribution to the world by their efforts (similar to the various "@Home" compute projects where people volunteer their compute resources for good causes).

In this case it seems to me that simple altruism can suffice to keep the network running properly.

Hal Finney

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