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Key deliveries from Satoshi Nakamoto Extract from Bitcoin Beginnings



Here are key passages from the book extract allegedly written by Satoshi Nakamoto, the unknown person or people who created Bitcoin. Bloomberg News was unable to independently verify its authenticity, though the amount of detail is unusual in it. Text is taken literally without correcting for syntax or grammar.

  • The principles for Bitcoin came from the Cypherpunks, a community I naturally considered fourteen years old, a place where anonymity was as fundamental as breathing, where for real freedom of speech to exist in an open society, one had to be able to express yourself completely and anonymously.
    (I'll take a moment to explain something, I know that some of you read this or hear about it for the first time, maybe you do not know, so I should say it publicly, though it's now assumed but never publicly released, I will make it official.)
    Satoshi Nakamoto is not a real name. In particular, no legal name.
    It is primarily the essence of thought and reason.
  • In April 2009, Mike Hearn was first asked by e-mail about the project. For all intents and purposes, Mike seemed to me someone who knew what he was talking about but was eager to learn new things. His curiosity awoke me as someone who was curious and asked me if Bitcoin would be based on a "global chain" or many others that today would call most "blockchain". I pointed out that everything was part of a global chain blocks that form part of this chain.
    I do not think anyone knows that, but the word Blockchain only came into play after the fact. Prebitcoin, it was referred to as the time chain. This is because it was not about the blocks at the beginning, but about the time, more specifically about the exact time intervals in which the blocks were released.
  • Bitcoin can replace centralized networks in a number of ways. That's why some established operators feared Bitcoin, not because of the Wow factor, but because of its network advantages. In terms of speed and safety, Bitcoin was superior. This was the first time a distributed network of nodes validated a fixed record (the blockchain), which in this case was a form of currency. Even if one of these nodes came down, the chain would continue as before.
  • Regarding Moore's Law, I really believed that computers would be equipped with hardware that would be 1
    00 times faster than it was ten years ago when I write this. I was wrong.
    In fact, the hardware was not progressing as fast as I expected, and it really did me a disservice. I then learned not to speculate about the future. Because you usually get it wrong.
  • People may forget that fact now, but in the first year, it was really mostly me who was the only and active participant in the network. I've retained it, used it, made changes to the code, fixed bugs, and promoted its use. Initially, most people installed Bitcoin only once and never used it again to bypass its purpose. The only person who really chugged and stayed the first year was Hal Finney.
  • What did not come out (at the time), which I found strange, was the question of whether Satoshi Nakamoto was just one, or a group of us. Here I will stop. But the truth is not expected of men. Because the truth is too specific to give away, it takes a long answer, which will be contained in the book.
    But I will say that, consider the difference for a moment; whether I had help or part of that help with creation, and then I separated that from the person who followed, which was largely very consistent.
  • Questions keep popping up about me or about how Bitcoin was designed. Questions about the choice of encryption, the block size, the offer, the programming language of choice. I start with the most obvious question and then try to answer the others on these pages.
    For starters, perhaps many wonder what the reason for the fixed supply is. Why 21 million? The truth is, it was a well-founded guess. The math worked or as close as I wanted. However, before settling on 21 million, I had thought of making 100 BTC as a reward and 42 – the answer to life, the universe, and everything else. But I feared that others would regard my reference to Hitchhiker's Guide to the Galaxy as jokes, and at the expense of not being taken seriously, I changed the value to 21 million.
  • I know, it's easy to imagine that Bitcoin came from nowhere, but in reality that was not the case. It came from the many failed attempts of many groups, and the only reason was that it was in the right place at the right time. And although I have not typed it right at the beginning of a financial crisis – who could predict that (curious the answer – wait for the rest), it served as an impetus and I think it was not for it, the adoption would not have gone like this ,
  • To this day, I still think about how good a person Hal [Finney] was and how it would not have been for him, Bitcoin would not have been so successful. When I did not have any support, Hal was the only one who believed in what I was trying to do. If someone should get a credit for Bitcoin and its initial success, it is him. Unfortunately, Hal died of a debilitating disease in August 2014, ALS. But until the end Hal held up the fight and was as happy as one could be despite the odds. He was aware of his own mortality and accepted the time he had left as a virtue.
  • This famous quote from him, which is often told when he explains how he was interested in cryptography, emphasizes the similar beliefs that we all share. The reason that united us all.
    "It seemed so obvious to us, where we face the problems of losing privacy, creeping computerization, massive databases, more centralization – and Chaum offers a completely different direction to go, power in the hands of individuals Instead of governments and corporations, the computer can be used as a tool to liberate and protect people rather than control them. "- Finney, Cypherpunk's 1992 Mailing List
  • And so this magical story is in the history of it What was once completes.

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