Top 21 Satoshi Nakamoto Quotes

Top 21 Satoshi Nakamoto Quotes

Satoshi Nakamoto's Top Quotes On Bitcoin

Satoshi Nakamoto, mysterious creator of Bitcoin. Check out what Satoshi said about Bitcoin and spread the gospel. 

'Satoshi Nakamoto' gifted us with the most important technology of the 21st century. 

More importantly, if you are looking for some of the things Satoshi said about #Bitcoin, you will find the most important quotes right here. 

The Genesis of Bitcoin
Unveiling Bitcoin: Satoshi Nakamoto's Gift to The World
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  1. "I’ve been working on bitcoin’s design since 2007. At some point I became convinced there was a way to do this without any trust required at all and couldn’t resist to keep thinking about it."
  2. "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks."
  3. "I’ve developed a new open source P2P e-cash system called Bitcoin. It’s completely decentralized, with no central server or trusted parties, because everything is based on crypto proof instead of trust."

The focus was on creating a system that is trustless. In a nutshell you have to imagine that with the architecture of Bitcoin, Satoshi was able to digitize trust. This may sound like no biggie, it is revolutionary though, it was not possible before Bitcoin.

  1. "If you don’t believe it or don’t get it, I don’t have the time to try to convince you, sorry."

  2. "With e-currency based on cryptographic proof, without the need to trust a third party middleman, money can be secure and transactions effortless."
  3. "Lost coins only make everyone else’s coins worth slightly more. Think of it as a donation to everyone." 
  4. "In a few decades when the reward gets too small, the transaction fee will become the main compensation for [mining] nodes. I’m sure that in 20 years there will either be very large transaction volume or no volume."

  5. "The root problem with conventional currency is all the trust that’s 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."
  6. "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."
  7. "The nature of Bitcoin is such that once version 0.1 was released, the core design was set in stone for the rest of its lifetime."
  8. "Being open source means anyone can independently review the code. If it was closed source, nobody could verify the security. I think it’s essential for a program of this nature to be open source."

  9. "Bitcoin would be convenient for people who don’t have a credit card or don’t want to use the cards they have, either don’t want the spouse to see it on the bill or don’t trust giving their number to “porn guys”, or afraid of recurring billing."
  10. "Sigh… why delete a wallet instead of moving it aside and keeping the old copy just in case? You should never delete a wallet!"
  11. "When someone tries to buy all the world’s supply of a scarce asset, the more they buy the higher the price goes. At some point, it gets too expensive for them to buy any more. It’s great for the people who owned it beforehand because they get to sell it to the corner at crazy high prices."
  12. "It might make sense just to get some in case it catches on. If enough people think the same way, that becomes a self fulfilling prophecy."
  13. "It is a global distributed database, with additions to the database by consent of the majority."
  14. "It’s very attractive to the libertarian viewpoint if we can explain it properly. I’m better with code than with words though."
  15. "The heat from your computer is not wasted if you need to heat your home."
  16. "Governments are good at cutting off the heads of a centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own."
  17. "For greater privacy, it’s best to use bitcoin addresses only once."
  18. "The result is a distributed system with no single point of failure. Users hold the crypto keys to their own money and transact directly with each other, with the help of the P2P network to check for double-spending."

Enjoy the reflections of Satoshi Nakamoto on the decentralized marvel he created. He highlights the transformative potential of this e-currency (don't call it Crypto), emphasizes the elimination of trust through cryptographic proof and it's ungovernable properties.

Thank you for reading.

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