Best Quotes by Satoshi Nakamoto
Most people want to know: “Who is Satoshi Nakamoto ?”. Whether it is an individual or a group of individuals seems to be irrelevant. The code is open source and can be verified by any skilled person. We should be thankful for this great technology that has the potential to change our current world. That is why I want to present you my favourite quotes by Satoshi Nakamoto, if you read between the lines, you can find out more than you think.
Governments are good at cutting off the heads of a centrally controlled
networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own.
The fact that new coins are produced means the money supply increases by a planned amount, but this does not necessarily result in inflation.
Wikileaks has kicked the hornest’s nest, and the swarm is headed towards us.
Lost coins only make everyone else’s coins worth slightly more. Think of it as a donation to everyone.
I’m sure that in 20 years there will either be very large transaction volume or no volume.
Sorry to be a wet blanket. Writing a description for this thing for general audiences is bloody hard. There’s nothing to relate it to.
It’s more typical of a precious metal.Instead of the supply changing to keep the value the same, the supply is predetermined and the value changes. As the number of users grows, the value per coin increases.
I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.
We can win a major battle in the arms race and gain a new territory of freedom for several years.
If the supply of money increases at the same rate that the number of people using it increases, prices remain stable. 10. If it does not increase as fast as demand, there will be deflation and early holders of money will see its value increase. 1
Receivers of transactions will normally need to hold transactions for perhaps an hour or more to allow time for this kind of possibility to be resolved.
I would be surprised if 10 years from now we’re not using electronic currency in some way, now that we know a way to do it that won’t inevitably get dumbed down when the trusted third party gets cold feet.
With e-currency based on cryptographic proof, without the need to trust a third party middleman, money can be secure and transactions effortless.
It might make sense just to get some in case it catches on. If enough people think the same way, that becomes a self fulfilling prophecy. Once it gets bootstrapped, there are so many applications if you could effortlessly pay a few cents to a website as easily as dropping coins in a vending machine.
Chancellor on brink of second bailout for banks.
In a few decades when the reward gets too small, the transaction fee will become the main compensation for nodes.
Even if a bad guy does overpower the network, it’s not like he’s instantly rich. All he can accomplish is to take back money he himself spent, like bouncing a check. To exploit it, he would have to buy something from a merchant, wait till it ships, then overpower the network and try to take his money back. I don’t think he could make as much money trying to pull a carding scheme like that as he could by generating bitcoins. With a zombie farm that big, he could generate more bitcoins than everyone else combined.
Instantant non-repudiability is not a feature, but it’s still much faster than existing systems. Paper cheques can bounce up to a week or two later. Creditcard transactions can be contested up to 60 to 180 days later. Bitcoin transactions can be sufficiently irreversible in an hour or two.
It could get started in a narrow niche like reward points, donation tokens, currency for a game or micropayments for adult sites.
The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.
It’s very attractive to the libertarian viewpoint if we can explain it properly. I’m better with code than with words though.
The proof-of-work chain is a solution to the Byzantine Generals’ Problem.
The only way for everyone to stay on the same page is to believe that the longest chain is always the valid one,no matter what.
A lot of people automatically dismiss e-currency as a lost cause because of all the companies that failed since the 1990’s. I hope it’s obvious it was only the centrally controlled nature of those systems that doomed them. I think this is the first time we’re trying a decentralized, non-trust-based system.
[…]there is nobody to act as central bank or federal reserve to adjust the money supply as the population of users grows.
If you don't believe me or don't get it, I don't have time to try to convince you, sorry.
Genesis Block; https://en.bitcoin.it/wiki/Genesis_block ↩
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