The Perfect Bitcoin

[FutureSeeker2021]

What if satoshi nakamoto looks at Bitcoin today. What would he or she change? Why? The making of a perfect Bitcoin?

I need to clarify. This is a hypothetical query. Please put your satoshi hat on. Tell me what you think satoshi would change and why?

[1714519397]

1714519397

[Baofeng]

First of all that's Dorian Nakamoto. We really don't know what he/she/they looks like.

Second, I don't think that Satoshi will change anything on his invention, let me quote him

If you don't believe me or don't get it, I don't have time to try to convince you, sorry.

[FutureSeeker2021]

First of all that's Dorian Nakamoto. We really don't know what he/she/they looks like.

Second, I don't think that Satoshi will change anything on his invention, let me quote him

If you don't believe me or don't get it, I don't have time to try to convince you, sorry.

I am aware of who Dorian Nakamoto is. I enjoy GIFs sorry What i am asking is hypothetically. I want you to be Satoshi theoretically . What would you change to make the Perfect Bitcoin? This is a thought experiment. sorry if it was not clear. Going to edit post .

[Oceat]

The fact that it has been 10 years already and we have no single clue who he/they were is a sign that they wouldn't be seen nowadays. And I don't think they will still going to show in another coming years like 20 years or so. They choose to stay hidden after all of this that happen to crypto community.

I don't know why you want Bitcoin to change so much but let's just accept what Satoshi offered by his knowledge that we are using today.

[FutureSeeker2021]

No one knows who Satoshi really is and I think Nakamoto is now satisfied with the extent of bitcoin he has created. Also, there is no perfect in this world and even Satoshi will add or change something in the features of bitcoin, it will not become perfect. The security, anonymity, gas fee of bitcoin,...etc will always have a problem because there are no perfect things in this world. The gas fee sometimes is too high, the anonymity can be leaked and your bitcoin wallet can be hack if there is lack of security. Don't expect a perfect bitcoin.

I enjoy your perspective. If you could re-write Bitcoin. How would you define the perfect Bitcoin. This is thought experiment . I know what Satoshi  has said. I am curious.Be  Satoshi for a couple minutes if you have the time? 

[FutureSeeker2021]

The fact that it has been 10 years already and we have no single clue who he/they were is a sign that they wouldn't be seen nowadays. And I don't think they will still going to show in another coming years like 20 years or so. They choose to stay hidden after all of this that happen to crypto community.

I don't know why you want Bitcoin to change so much but let's just accept what Satoshi offered by his knowledge that we are using today.

call it curiosity.My query is your thoughts on the Perfect Bitcoin. I am certain Satoshi would have some alterations . Would have some tweek or adjustment . Being the first has its downfalls. You become the example of what to do and what not to. Be  Satoshi for a bit if you can spare the time. Ask yourself what is the Perfect Bitcoin?

[GreatArkansas]

Bitcoin is created the way it is. It is open-source so everyone can contribute to Bitcoin, even you are Satoshi or not.
For me, Bitcoin is already perfect me.
Speaking of the scalability that most people talking about, which is the problem of Bitcoin now. There is already a lightning network built on top of the Bitcoin network, so no need to change Bitcoin at all.

[Kemarit]

Bitcoin is created the way it is. It is open-source so everyone can contribute to Bitcoin, even you are Satoshi or not.
For me, Bitcoin is already perfect me.
Speaking of the scalability that most people talking about, which is the problem of Bitcoin now. There is already a lightning network built on top of the Bitcoin network, so no need to change Bitcoin at all.

Yeah, probably scalability will be one area that Satoshi are going to improved because he didn't see that his invention will grow so big like this. But the good thing is that there are devs who contributed to the bitcoin core so I would say that we are in good hands.

LN is one solution to help mitigate the problems of scalability, although that yet wildly adopted, but for sure Satoshi will go and focus if he want's a "perfect bitcoin".

[Saltius]

Forget scalability since fungibility definately has priority。

I doubt he would feel pity that bitcoin growing too fast that the fungibility update might never have a chance to be applied on bitcoin in the future.

[mk4]

What would he or she change? Why? The making of a perfect Bitcoin?

Nothing. Because Satoshi created a currency to be ran by the community, not solely by him. He/she/they definitely knows that what Bitcoin should be is what consensus thinks it should be.

[FutureSeeker2021]

Bitcoin is created the way it is. It is open-source so everyone can contribute to Bitcoin, even you are Satoshi or not.
For me, Bitcoin is already perfect me.
Speaking of the scalability that most people talking about, which is the problem of Bitcoin now. There is already a lightning network built on top of the Bitcoin network, so no need to change Bitcoin at all.

Bravo. Very well put. Thank you for your reply and insight.

Bitcoin is created the way it is. It is open-source so everyone can contribute to Bitcoin, even you are Satoshi or not.
For me, Bitcoin is already perfect me.
Speaking of the scalability that most people talking about, which is the problem of Bitcoin now. There is already a lightning network built on top of the Bitcoin network, so no need to change Bitcoin at all.

Yeah, probably scalability will be one area that Satoshi are going to improved because he didn't see that his invention will grow so big like this. But the good thing is that there are devs who contributed to the bitcoin core so I would say that we are in good hands.

LN is one solution to help mitigate the problems of scalability, although that yet wildly adopted, but for sure Satoshi will go and focus if he want's a "perfect bitcoin".

That is really good concept. Think about a Craftsman that builds a Wooden chair. I am sure their first chair built was not even close to as stable as the 100th. Seeing what Bitcoin has become. Wonder if his vision has changed

Forget scalability since fungibility definately has priority。

I doubt he would feel pity that bitcoin growing too fast that the fungibility update might never have a chance to be applied on bitcoin in the future.

Love your insight. Thank you for sharing this.

[moderator's note: consecutive posts merged]

[clippers]

Personally, the challenge that Bitcoin currently faces is actually derived from Ethereum. If Satoshi Nakamoto was a real person rather than a robot that traveled from the future. He may not have thought that there are countless public chains appearing on the market now, such as ETH and BSC, whose functionality has far exceeded the BTC chain. If I were Satoshi Nakamoto, it might be a better solution to study a method to connect various public chains together in a decentralized way.

[FutureSeeker2021]

What would he or she change? Why? The making of a perfect Bitcoin?

Nothing. Because Satoshi created a currency to be ran by the community, not solely by him. He/she/they definitely knows that what Bitcoin should be is what consensus thinks it should be.

Brilliant.I forget this concept. Indeed was intended to be governed by decentralized consensus. Growing up in the centralized world it is hard to break the concept of decentralized community driven. Thank you for reminding me of this important fact.

Personally, the challenge that Bitcoin currently faces is actually derived from Ethereum. If Satoshi Nakamoto was a real person rather than a robot that traveled from the future. He may not have thought that there are countless public chains appearing on the market now, such as ETH and BSC, whose functionality has far exceeded the BTC chain. If I were Satoshi Nakamoto, it might be a better solution to study a method to connect various public chains together in a decentralized way.

Very good point. Thank you for sharing this concept with me.

[moderator's note: consecutive posts merged]

[kaggie]

What if satoshi nakamoto looks at Bitcoin today. What would he or she change? Why? The making of a perfect Bitcoin?

I need to clarify. This is a hypothetical query. Please put your satoshi hat on. Tell me what you think satoshi would change and why?

A self adjusting block size based on the number of transactions (with payment) could have been better. Satoshi knew about the energy usage and limited block size, and yet still kept these in. These will prevent bitcoin from being established as a daily 'currency', despite having incredible computing power behind it. They push it towards a unit of large value though with slower growth, so that may have been the point.

The mining reward stopping in 2140 may kill off bitcoin at that time. I would change the mining reward to continue forever, although decreasing at a different rate after 2140.

It was the first and had yet to be established as a viable method, so there would be improvements to be made.

[Darker45]

What if satoshi nakamoto looks at Bitcoin today. What would he or she change? Why? The making of a perfect Bitcoin?

We'll never know. What I'm kinda sure of is that Satoshi seemed a reasonable person/people who enjoyed discussing ideas with others. He/She/They would probably openly take suggestions and even criticisms from credible individuals and objectively respond to it. So if there is anything Satoshi would change about Bitcoin today, I'm more than sure it is always for the improvement of the creation and the end-users. Anyway, I don't think there'd ever be a state of a fully perfect Bitcoin. Everything keeps on rolling. Developments are always happening one after another.  

[TangentC]

My Perfect Bitcoin
Proof of Stake with a 30 second block speed
~37 billion coins
All Transactions at a fixed rate
All Transactions Processed Sequentially
An extremely low interest rate 5% or lower 
All Transaction fees destroyed to offset new coins created.
No smart contracts feature to avoid blockchain bloat
 

[mk4]

My Perfect Bitcoin
Proof of Stake with a 30 second block speed
~37 billion coins
All Transactions at a fixed rate
All Transactions Processed Sequentially
An extremely low interest rate 5% or lower 
All Transaction fees destroyed to offset new coins created.
No smart contracts feature to avoid blockchain bloat
 

What you want for Bitcoin simply has so many flaws that I don't even know where to start. Even the proof of stake part itself is exceptionally bad for Bitcoin; imagine how much power exchanges would have over the network if Bitcoin was PoS.

[iamsheikhadil]

I'm sure if he's alive and a person, he wouldn't change much of what's actually going on, except would be proud and glad of what he has done and how his project became one of the most successful project of the world in his history. If he is aware of this movement, I'm sure in night he sleeps at peace knowing how much power he has brought back to the hand of people snatching it away from the government and evil who took it from us!

[TangentC]

My Perfect Bitcoin
Proof of Stake with a 30 second block speed
~37 billion coins
All Transactions at a fixed rate
All Transactions Processed Sequentially
An extremely low interest rate 5% or lower  
All Transaction fees destroyed to offset new coins created.
No smart contracts feature to avoid blockchain bloat
 

What you want for Bitcoin simply has so many flaws that I don't even know where to start. Even the proof of stake part itself is exceptionally bad for Bitcoin; imagine how much power exchanges would have over the network if Bitcoin was PoS.

Users can move their coins between exchanges, just as many bitcoiners have said miners can move between pools.
Note only 4 pool control over 51% of bitcoin hashrate, a little collusion and the ultimate double spend occurs.

No worries , Bitcoin Devs will never improve bitcoin , because it would hurt their profit margins from forcing users offchain.
https://www.trustnodes.com/2017/10/26/blockstreams-business-plan-revealed-profit-transaction-fees

The OP's question was asked as a hypothetical.

[DapanasFruit]

Bitcoin is quite revolutionary but just like any man-made invention there is nothing that is really perfect especially in the light of the present circumstances we are in. I am more focusing on the energy requirement for mining Bitcoin which is we know can be so huge that many people are questioning its viability and contribution to environmental degradation. I know that compared to other industries, Bitcoin is not actually that bad but then again it can be better if a different technology can be utilized by Bitcoin in mining so that power requirement can be lessened dramatically.