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Author Topic: Best quote from Satoshi  (Read 6863 times)
grondilu
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March 29, 2011, 04:53:15 PM
 #1


Quote from: 'satoshi'
The root problem with conventional currency is all the trust thats 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. We have to trust them with our privacy, trust them
not to let identity thieves drain our accounts. Their massive overhead costs make
micropayments impossible.
A generation ago, multi-user time-sharing computer systems had a similar problem.
Before strong encryption, users had to rely on password protection to secure their
files, placing trust in the system administrator to keep their information private.
Privacy could always be overridden by the admin based on his judgment call weighing the
principle of privacy against other concerns, or at the behest of his superiors. Then
strong encryption became available to the masses, and trust was no longer required.
Data could be secured in a way that was physically impossible for others to access, no
matter for what reason, no matter how good the excuse, no matter what.
Its time we had the same thing for money. With e-currency based on cryptographic
proof, without the need to trust a third party middleman, money can be secure and
transactions effortless.

I am amazed how Satoshi managed to sum up his idea so well in only three paragraphs.
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eMansipater
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March 29, 2011, 05:05:42 PM
 #2

That is an excellent description of what bitcoin is and isn't.

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April 01, 2014, 05:46:28 AM
 #3

This quote shows also that he's probably not that young since he knows about the time sharing computers in the nineties. And indeed a great quote. Clearly showing the trust deficiency in the current money system.

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April 01, 2014, 05:58:26 AM
 #4

Brilliant, thank you for sharing!

"It is dangerous to be right in matters where established men are wrong."          Gambling Addiction Help Guide                                
-Voltaire, 1752
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April 01, 2014, 06:03:51 AM
 #5

This quote shows also that he's probably not that young since he knows about the time sharing computers in the nineties. And indeed a great quote. Clearly showing the trust deficiency in the current money system.

He's not that young, and he's been writing about economic theory for quite some time.  You can see his blog here:  http://unenumerated.blogspot.com Wink

In 1993, he also described how to maintain a pseudonomous identity online, which is seemingly working pretty well for him to date:  http://cypherpunks.venona.com/date/1993/10/msg00759.html
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April 01, 2014, 08:23:50 AM
 #6

On the Origins of Money

Quote
Many kinds of wealth transfers -- one-way and mutual, voluntary and coerced -- face transaction costs. In voluntary trades both parties gain; a truly free gift is usually an act of kin altruism. These transactions create value for one or both parties as much as the physical act of making something.

First key insight into why bitcoin will have value purely as transacting medium.

Quote
To be useful as a general-purpose store of wealth and means of wealth transfer, a collectible had to be embedded in at least one institution with a closed-loop cycle, so that the cost of discovering and/or manufacturing the object was amortized over multiple transactions. Furthermore, a collectible was not just any kind of beautiful decorative object. It had to have certain functional properties, such as the security of being wearable on the person, compactness for hiding or burial, and unforgeable costliness. That costliness must have been verifiable by the recipient of the transfer -- using many of the same skills that collectors use to appraise collectibles today.

Second key insight into why a verifiable proof of work will give rise to store of value.

Monetary Freedom - a basic human right
The ultimate outcome of central banking must be that everybody goes broke borrowing fiat money that has no value.
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April 01, 2014, 09:38:06 AM
 #7

Brilliant.

Satoshi had the ideas very clear, and clearly knew what he was talking about,
All my respects go to Satoshi.

We should never let Bitcoin be subject to any modification that goes against the spirit of Satoshi, and to what be believes in, he created a great currency for us, and at the very least we should be great full for that gift, the very least we can do is protect Bitcoin against its aggressors.

 
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April 01, 2014, 07:21:55 PM
 #8

On the Origins of Money
Quote
To be useful as a general-purpose store of wealth and means of wealth transfer, a collectible had to be embedded in at least one institution with a closed-loop cycle, so that the cost of discovering and/or manufacturing the object was amortized over multiple transactions. Furthermore, a collectible was not just any kind of beautiful decorative object. It had to have certain functional properties, such as the security of being wearable on the person, compactness for hiding or burial, and unforgeable costliness. That costliness must have been verifiable by the recipient of the transfer -- using many of the same skills that collectors use to appraise collectibles today.

Second key insight into why a verifiable proof of work will give rise to store of value.

Satoshi also used the term "collectible" to describe bitcoin in 2010 - a term Szabo used in your quote. 

"Bitcoins have no dividend or potential future dividend, therefore not like a stock. (They’re) more like a collectible or commodity." - Satoshi
OROBTC
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April 01, 2014, 07:26:25 PM
 #9

...

OP, thanks for posting this.   Excellent ideas "that guy" had.

EDIT: Newb Jr. Member OROBTC apppreciates it!

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April 01, 2014, 07:53:11 PM
 #10

Satoshi is a wise man.

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drrussellshane
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April 01, 2014, 09:09:27 PM
 #11

Satoshi is a wise man.

"Satoshi" means "wise" in Japanese.

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April 01, 2014, 09:13:42 PM
 #12

This quote shows also that he's probably not that young since he knows about the time sharing computers in the nineties. And indeed a great quote. Clearly showing the trust deficiency in the current money system.
In nineties computers were much like they are now. Satoshi probably used computers in 1970-ties. Perfectly aligns with that autistic genius Satoshi Nakamoto living in California.

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April 01, 2014, 09:24:06 PM
 #13

my favourite:

Quote
we can win a major battle in the arms race and gain a new territory of freedom for several years.

https://www.youtube.com/watch?v=cRAYT2gaAqw

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April 02, 2014, 02:43:38 PM
 #14

Only several years ? I'm not sure if it is optimistic.
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April 02, 2014, 03:50:41 PM
 #15

This quote shows also that he's probably not that young since he knows about the time sharing computers in the nineties. And indeed a great quote. Clearly showing the trust deficiency in the current money system.
I recall the term time sharing being widely used especially in the 1960's and early 1970's.

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April 02, 2014, 04:02:08 PM
 #16

Brilliant.

Satoshi had the ideas very clear, and clearly knew what he was talking about,
All my respects go to Satoshi.

We should never let Bitcoin be subject to any modification that goes against the spirit of Satoshi, and to what be believes in, he created a great currency for us, and at the very least we should be great full for that gift, the very least we can do is protect Bitcoin against its aggressors.
Great post, Sergio. I could not agree more if my life depended on it.

"It is dangerous to be right in matters where established men are wrong."          Gambling Addiction Help Guide                                
-Voltaire, 1752
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April 02, 2014, 04:21:22 PM
 #17

"any block can be mined.  just set the input hash to the same as the output hash since there are no output transactions, and u can create blocks out of thin air"

i am here.
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April 02, 2014, 04:38:10 PM
 #18

History will show whether miners can be trusted to keep a virtual currency going.
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April 02, 2014, 05:12:49 PM
 #19

This quote shows also that he's probably not that young since he knows about the time sharing computers in the nineties. And indeed a great quote. Clearly showing the trust deficiency in the current money system.

He's not that young, and he's been writing about economic theory for quite some time.  You can see his blog here:  http://unenumerated.blogspot.com Wink

In 1993, he also described how to maintain a pseudonomous identity online, which is seemingly working pretty well for him to date:  http://cypherpunks.venona.com/date/1993/10/msg00759.html

you think sbazo is satosh

"It's so funny in the culture how, something that seems marginal and ridiculous
is more or less true, it's just ahead of its time." -- Richard Linklater
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