What does "global mental design" mean? I didn't mean to imply that he may have spent several years coding...designing a good system often involves a lot more than actual coding. I suspect the creation process was several years in the making even if the actual coding was relatively quick.
I was trying to rephrase what I red some time ago. I don't remember well. It has to be here somewhere in this forum history anyway. But Satoshi has written a lot of stuff. Searching would be time consuming as I don't even recall any keyword he used. As for the developpement history, I think I also red that Satoshi showed up on the cypherpunk list, back when Wei Dai made his proposal. Then Satoshi disappeared until 2009 I think. A full resarch on the historical documents could be appreciated. It could almost deserve a bounty. |
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I believe Satoshi was working on this idea for quite a while...looking at the code, I don't think this was something he threw together in a couple months. I think he may have been working on it for several years and took great pains to ensure it was sufficiently evolved such that it wouldn't simply die shortly after its release.
Not several years. I think he wrote somewhere on this forum that the actual coding was quite fast compared to the global mental design of the thing. |
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It is not really a "problem", rather an "issue" IMO.
Anyway, it is indeed an issue that still has to be solved. It has been discussed here several times.
There are several solutions, and I think you described one of them correctly.
I personnaly think that a credit system would be fine. Basically some banks would still exist in the conventionnal meaning (hopefully more anonymous though), except that accounts would be labelled in bitcoins. Of course, an advantage is that withdrawing all your funds would take a few minutes, and not days as it is currently the case in the current banking system.
With such a traditionnal centralised accounting system, transactions would be instantaneous.
A good stuff would be a combination of this with David Chaum's blind signature, so that everything stays anonymous.
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Yeah this service is great, but it would be even greater if the cards were physical and reloadable. There is a guy who provides such a service but unfortunately it doesn't work very well out of USA. |
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A p2p distributed exchange client is an idea that is much easier said than done.>
Please explain the difficulty and the problems to be overcome to enable this .
Well, amongst the difficulies I see, there is the problem for automatisation of paiements for currencies that are not purely digitals. Basically I'm talking about interfacing the current banking systems. A peer-to-peer exchange system would be feasible I guess if all currencies were bitcoin-like. But they are not. We have to deal with the obsolete currencies. And it's tricky. There is the Ripple project. But as far as I know, there is currently no real functionnal implementation yet. |
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grondilu, please stay out of the banking system. If exchange is the issue, I think what we need more is a p2p distributed exchange client.
A p2p distributed exchange client is an idea that is much easier said than done. Some people like the current banking system. You might regret it, but it's a fact. I won't try too hard to convince them that bitcoin is a better currency. Plus, if we trully believe in free market and economic freedom, then we must see the current financial system just as an other system. If a marchand accepts only national currencies, I can't force him to accept bitcoins. That's why we need a compatibility layer that allows me to convert my bitcoins into national currencies whenever I need to to buy stuffs from people who don't like bitcoins. It doesn't defeat the purpose of bitcoins, since I can express my preference towards bitcoins by NOT storing any national currencies in a bank account for more than a few minutes time. |
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A lot of bitcoin newbies don't understand what is the CPU used for in the bitcoin network. They think bitcoins value is backed by electric energy. It is not.
CPU is used to implement what Satoshi called a "peer-to-peer distributed timestamp server".
In any paiement system, there has to be a way to prove that some transaction occured before an other one. There has to be some time measurement device.
A simple clock is an efficient time measurement device. But it is not trustworthy. Anyone can modify it and set it to 3:50AM instead of 4:00AM for instance.
A decentralised time measurement device must not just MEASURE time, it must PROVE it.
CPU power in bitcoin is used to provide proof-of-work, but the real purpose is to provide proof-of-time.
Bitcoin is not as accurate as a clock. Not even remotely. But it is much more trustworthy.
In a nutshell, when a newbie asks "What is all this computing power used for?", we should answer: "To provide proof of time".
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Who said anything about regulations. we just do it !
each member holds silver at home to back project, so the bit coins issued are bomb proof.
 That's a funny one. What exactly relates the hypothetically stored silver to the cryptocurrency? I think you haven't thought this through. |
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If tulips could be sent via internet, if they could be divided like billions of times, if I could store them safely on my hard drive, etc... then I would totally use them as money. |
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There is no rule regarding transactions fees, except for offer and demand.
I would swear I saw rules regarding tx fee's someplace, possibly even talking about values, kinda BTC 0,01 per KB(or Kb, not sure) of tx size if i'm not mistaken. But don't go by my word, just a newbie here.  There is indeed a 'getMinFee' function in the source code but it's easy to modify. I'm not an expert of this subject either but I'm pretty sure everyone is free to accept or decline any fee anyway. |
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Well, he also wrote: i prefer paypal at the moment  He's not exactly a huge bitcoin enthousiast. :-/ |
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"Transactions can be free, but you can also pay a small Priority fee."
Better now?
I would rather to say that transactions fees are determined in a free market way or something. There is no rule regarding transactions fees, except for offer and demand. |
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In far future maybe will construct quantum computer. Is known Shor's algorithm solving RSA and discrete logarithms,elliptic curves. Not solves systems based on multivariate equations, lattices or error correcting codes.
It is possible use algorithm resisted to quantum attack?
Isn't that in the FAQ? If it isn't, please guys, add it. My answer: Satoshi never pretended to have found the ultimate tecnology for money in the next ten thousand years. Bitcoin is secure with current technology and scientific knowledge. To me this is good enough. |
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1,000,000 or more: ArtForz
Who's this guy I keep hearing about? Does he hang around here sometimes? |
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I actually also think that at some point in the future, we will be in a post-scarcity society, where everyone will work on a pure volontary basis (work based on desire, not need), and where everything will basically be free.
But I also think such a society will be reached smoothly, not via some kind of communist revolution.
Basically free market will gradually price things for their true value, which will slowly tend to zero. We won't go from a money-based society to a moneyless society in a discontinuous manner. It will be a slow process regulated by market forces. Prices will gradually fall as things get more and more easy to obtain.
You think we are currently already in this post-scarcity society. I don't. But I think it's not up to me or you to decide. Only free market can tell.
In other words, I changed my mind and I think a moneyless society IS possible. But we are so far from it that first we have to try a sound money, and then eventually price of stuffs will decrease if that is what economic reality wants. Because with a sound money, what you call a moneyless society is a society where prices of all goods and services are zero. There's no reason for going to non-zero to zero discontinuously.
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and including Satoshi Nakamoto's take on the current global system of payments posted in a respected blog a couple of years back:
“The root problem with conventional currency is all the trust that's required to make it work,” Nakamoto wrote in a February 2009 blog on P2P Foundation. “The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.”
It is indeed one of the best quote from Satoshi. I personnaly think you should have quoted it more extensively. In particular, I whish you had quoted this part: 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.
It would have been fun to think about banksters reading this. |
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He may be referring to interaction with exchanges, not so much Bitcoin itself. Though this is not made entirely clear in the article, particularly since he used the misnomer 'Bitcoin account'.
Honnestly I do think a bitcoin address can correctly be called "bitcoin account", although it is a bit misleading. But really, a bitcoin address is technically precisely this: an account in the block chain. |
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WTF dude? I'm in here since this was like an uber-secret masonic club with a handful of members.
I was kidding. Anyway, you were asking questions any newbie could ask, so... |
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Ok. Who is the owner of this website? How things are going? Someone HAS to know him.
Who purchased bitcoin.org?
The real question is: who are YOU who asks such questions? If you work for police or governments, it would be pointless to attack Satoshi himself. His work has essentially been done and it is publicly available now. |
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