Title: What are the wise decisions made by Satoshi? Post by: edwinhere on March 10, 2014, 03:47:56 AM I am trying to list the wise decisions made by Satoshi. Can you help me list some more?
Title: Re: What are the wise decisions made by Satoshi? Post by: Swordsoffreedom on March 10, 2014, 03:55:11 AM I am trying to list the wise the decisions made by Satoshi. Can you help me list some more?
Title: Re: What are the wise decisions made by Satoshi? Post by: DeathAndTaxes on March 10, 2014, 03:55:49 AM He used hashing function to protect the pubkey (we send funds to an address which is the pubkeyhash) providing a measure of security in the event ECDSA is compromised by crypto analysis or quantum computing (as long as the address is no re-used).
He designed the system such that SPV nodes were capable even though the need didn't exist until five years after the whitepaper. He used the block reward (subsidy) to solve three problems simultaneously, providing a fair initial distribution of money, subsidizing the cost of the network security, ensuring that those with hashpower are economically incentivized to "do the right thing"). Title: Re: What are the wise decisions made by Satoshi? Post by: edwinhere on March 10, 2014, 04:08:04 AM He taught Gavin Andresen about smart contracts, although they aren't popular yet.
Title: Re: What are the wise decisions made by Satoshi? Post by: stsbrad on March 10, 2014, 04:12:05 AM I am trying to list the wise the decisions made by Satoshi. Can you help me list some more?
I'm trying to figure out why you aren't posting from your main. Just curious. Title: Re: What are the wise decisions made by Satoshi? Post by: Bit_Happy on March 10, 2014, 04:14:47 AM He used hashing function to protect the pubkey (we send funds to an address which is the pubkeyhash) providing a measure of security in the event ECDSA is compromised by crypto analysis or quantum computing (as long as the address is no re-used). He designed the system such that SPV nodes were capable even though the need didn't exist until five years after the whitepaper. He used the block reward (subsidy) to solve three problems simultaneously, providing a fair initial distribution of money, subsidizing the cost of the network security, ensuring that those with hashpower are economically incentivized to "do the right thing"). What is an SPV client? Simplfied Payment Verification: A Bitcoin implementation that does not verify everything, but instead relies on either connecting to a trusted node, or puts its faith in high difficulty as a proxy for proof of validity. BitCoinJ is an implementation of this mode. http://bitcoin.stackexchange.com/questions/4649/what-is-an-spv-client Title: Re: What are the wise decisions made by Satoshi? Post by: StarfishPrime on March 10, 2014, 04:24:18 AM Satoshi recognized that replace-by-fee was a very bad idea (except where the inputs and outputs were unchanged).
Additionally, he understood that each node accepting the tx it sees first is a key concept in the distributed consensus mechanism: Quote December 09, 2010, 11:58:54 PM: ... There would need to be some changes on the Bitcoin Miner side also, to make the possibility to accept a double-spend into the transaction pool, but only strictly if the inputs and outputs match and the transaction fee is higher. Currently, double-spends are never accepted into the transaction pool, so every node bears witness to which transaction it saw first by working to put it into a block. ... (emphasis mine) Title: Re: What are the wise decisions made by Satoshi? Post by: killinitsoftly on March 10, 2014, 04:54:48 AM To take his BTC and store it and then disappear.
While he may use it one day, it allowed BTC to blossom into what it is today. If one person owns 5% of the coin (which he will once all 21 million are mined), the currency would never take off. Bravo for recognizing this. Title: Re: What are the wise decisions made by Satoshi? Post by: ning on March 10, 2014, 07:00:56 AM This article might be relevant:
Satoshi’s Genius: Unexpected Ways in which Bitcoin Dodged Some Cryptographic Bullets (http://bitcoinmagazine.com/7781/satoshis-genius-unexpected-ways-in-which-bitcoin-dodged-some-cryptographic-bullet/) |