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So what advantage does this have over a centralized system that works to maintain a reasonable reputation?

For example, arXiv.org accepts things liberally and is careful about managing the timestamps of submissions:

http://arxiv.org/help/replace#minorchanges



One advantage is that it results in tons more carbon into the atmosphere (Bitcoin alone is estimated to require the electrical input of Ireland).

This is only really an advantage for the energy sector though...




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