Words From Satoshi: Episode 2

in bitcoin •  3 months ago

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What better way to begin your week than with a journey to the roots of Bitcoin and the birth of cryptocurrency. It’s time for Words from Satoshi: Episode 2.

Let’s get into it.


This “Words from Satoshi” series is pretty self-explanatory, I want to pick a quote from Satoshi and display them for you all. If nothing else, I just want to simply introduce more people to his perspective and motivations for creating a peer-to-peer electronic cash system that doesn’t rely on a trusted third party.
Today’s quote is:

“I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.”

This was Satoshi’s first post regarding Bitcoin.
This was him bringing to light a new idea, a solution to the Byzantine Generals Problem and how it can be applied to an electronic cash system through the use of hashes and cryptography.

If you’re not sure what this Byzantine Generals Problem is, or how an ancient empire’s general could have anything to do with a thing like Bitcoin, I found a great article that relates this philosophical problem in an understandable way and also provides additional videos for a deeper understanding.
If you want to understand how consensus is achieved for these blockchain-based cryptocurrencies, understanding this problem first is a must.

Getting back to today’s Words from Satoshi, I can’t help but feel almost a sense of nostalgia.

Even though I was in no way connected or involved with the creation of Bitcoin, I love the fact that these first communications occurred electronically, so others could witness and take part in what would turn out to be the type of new technology that has the ability to turn the tables on how entire financial systems have run for centuries.

I get a sense of nostalgia because I feel like I can empathize with this being his first time exposing his ideas to the world, or at least to the few people who were active in that P2P foundation forum. This was the very start of Satoshi and those who helped make Bitcoin a reality. This should be a proudly historic moment for all of us who have become a bit obsessed with sharing this new world of cryptocurrency to everyone.

I’ll be speaking more in depth about this in Wednesday’s video of Crypto Tips Unplugged so don’t miss it!

Additional Reading/Links:

Conversations about Bitcoin in the very beginning

Satoshi’s Bitcoin proposal was met with skepticism

Great explanation of Byzantine Generals Problem

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Satoshi's invention of Bitcoin is truly mind boggling .

Personally I think he wanted to end central banking, illuminati and free masonery's power and enslavement of people. He did a HUGE step of doing just that, the day the Bitcoin protocol was released to the humanity in January 2009.

Satoshi was anonymous, probably out of the fear of legal problems, imprisonment or death by "the powers that should not be".. it is interesting to see how 9 years later people are building new blockchains, without this fear. Like Daniel Larimer, who now (together with others) invented EOS, the best blockchain in the history so fare.

Steem on!



I still think its risky for any crypto project to have someone "at the head" or listed as the CEO. Decentralization will always be key.

@heiditravels You have received a 100% upvote from @introbot because this post did not use any bidbots and you have not used bidbots in the last 30 days!

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You've got a good way with words. Hope all is well and I will keep watching your informative content!

It's amazing to go back and read Satoshi's original post today, can't imagine how it's going to be in another decade when crypto is even more prominent and we go back and read his stuff.