Satoshi Nakamoto Quotes @QuotesNakamoto
Quotes from Satoshi Nakamoto, creator of Bitcoin. Follow for more. Created by @lifemathmoney teachyourselfcrypto.com On the blockchain Joined May 2022-
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To make it safer, the exchange site could act as an escrow for the bitcoin side of the payment. The seller puts the bitcoin payment in escrow, and the buyer sends the conventional payment directly to the seller. The exchange service doesn't handle any real world money.
We should have a gentleman's agreement to postpone the GPU arms race as long as we can for the good of the network. It's much easer to get new users up to speed if they don't have to worry about GPU... It's nice how anyone with just a CPU can compete fairly equally right now.
Even in the unlikely event that a split happened twice in a row, both sides of the second split would contain the full set of transactions anyway.
In later years, when new coin generation is a small percentage of the existing supply, market price will dictate the cost of production more than the other way around.
Announcing the first release of Bitcoin, a new electronic cash system that uses a peer-to-peer network to prevent double-spending. It's completely decentralized with no server or central authority.
The heat from your computer is not wasted if you need to heat your home. Bitcoin generation should end up where it's cheapest. Maybe that will be in cold climates where there's electric heat, where it would be essentially free.
The random seed is very thorough. On Windows, it uses all the performance monitor data that measures every bit of disk performance, network card metrics, cpu time, paging etc. since your computer started. Linux has a built-in entropy collector.
Generating coins successfully requires constant connectivity, so that you can start working on the next block when someone gets the current block before you.
The price of any commodity tends to gravitate toward the production cost. If the price is below cost, then production slows down. If the price is above cost, profit can be made by generating and selling more.
Any user, upon receiving the proof-of-work chain, can see what the majority of the network has approved.
The design supports a tremendous variety of possible transaction types that I designed years ago. Escrow transactions, bonded contracts, third party arbitration, multi-party signature, etc. If Bitcoin catches on in a big way, these are things we'll want to explore in the future
If the identities of the people using the bitcoin addresses are not known and each address is used only once, then this information only reveals that some unknown person transferred some amount to someone else.
Receivers of transactions will normally need to hold transactions for perhaps an hour or more to allow time for [possibility of a chain fork] to be resolved. They can still re-spend the coins immediately, but they should wait before taking an action such as shipping goods.
The attacker isn't adding blocks to the end. He has to go back and redo the block his transaction is in and all the blocks after it, as well as any new blocks the network keeps adding to the end while he's doing that. He's rewriting history.
Since 2007. At some point I became convinced there was a way to do this without any trust required at all and couldn't resist to keep thinking about it. Much more of the work was designing than coding.
In the mint based model, the mint was aware of all transactions and decided which arrived first. To accomplish this without a trusted party, transactions must be publicly announced, and we need a system for participants to agree on a single history of the order [of arrival].
The requirement is that the good guys collectively have more CPU power than any single attacker.
A rational market price for something that is expected to increase in value will already reflect the present value of the expected future increases. In your head, you do a probability estimate balancing the odds that it keeps increasing.
We propose a solution to the double-spending problem using a peer-to-peer network.
With e-currency based on cryptographic proof, without the need to trust a third party middleman, money can be secure and transactions effortless.
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