[abdullahkhalids]

Vitalik just replied to this a few days ago https://twitter.com/VitalikButerin/status/156607316409372672...

> Because it's not a circular argument, it's a spiral argument. People with coins at time T secure the transactions at time T+1.

> Spiral arguments and circular arguments sometimes look similar to untrained observers, but they are fundamentally different.

[nthacker]

This is obviously worse because future transactions depend on people with coins in the past