[EM] A secure distributed election scheme based on Bitcoin's Proof-of-Work protocol

[Jameson Quinn]

2011/6/18 Mike Frank <michael.patrick.frank at gmail.com>

> Bitcoin has experienced up-and-down fluctuations in value by more than 40%
> quite regularly.  It dropped by more than 50% just last week.


Sorry, when I say "40% drop", I don't mean day-to-day or hour-to-hour
fluctuations. The 50% drop was off a peak that lasted at most 3 days; I'm
talking about coming to a place where people accepting bitcoin as everyday
payment see that their holdings are worth less than when they got them.

>
> I therefore find Bitcoin's security guarantees to be quite convincing...
>
> I agree, though again, I don't believe bitcoin are a worth what they go for
today. I would happily nakedly short bitcoin up to 10% of my net worth
today, on a 2 year option period, if I could do so conveniently and without
risk of getting called prematurely. I understand that by capping my downside
at 10x that's not technically a fair bet, but since my utility for
bankruptcy is more than 10x worse my utility for losing 10%, I think it is
fair in utility terms.
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