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@@ -188,13 +188,14 @@ transactions are recorded for eternity, which can enable
identification of users. In theory, this concern has been addressed
with the Zerocoin extension to the protocol~\cite{miers2013zerocoin}.
-These protocols dispense with the need for a central, trusted
-authority, while providing a useful measure of pseudonymity.
+The key contribution of blockchain-based protocols is that
+they dispense with the need for a central, trusted
+authority.
Yet, there are several major irredeemable problems inherent in their designs:
\begin{itemize}
\item The computational puzzles solved by Bitcoin nodes with the purpose
- of securing the block chain consume a considerable amount of energy.
+ of securing the blockchain consume a considerable amount of energy.
So Bitcoin is an environmentally irresponsible design.
\item Bitcoin transactions have pseduononymous recipients, making taxation
hard to systematically enforce.