del

[myself]

del

[JohnDoe]

Miners would just keep sending money to themselves to generate a bunch of new coins.

[Gavin Andresen]

They won't lose any money to fees, because they won't broadcast their transactions-to-self, they'll just include them in blocks that they create.


So, evil miner does:

Gets some myselfcoins.
Creates transactions that pays themselves the myselfcoins, and pays BIG fees.
Does NOT broadcast those transactions.
... eventually mines a block that contains those transactions (they're a miner, they can put whatever transactions they like in their blocks).

Then does that again and again, re-using the same coins, getting richer and richer from the FEES+10%

[JohnDoe]

Also how would the currency even start if there's no money and people to trade with at the beginning?

[JohnDoe]

What do you mean premium reward? I thought you said there would be no block rewards.