Did you know that Satoshi Nakamoto made his first #Bitcoin post on a Tuesday? Check out some of his insightful Tuesday posts found on BitcoinTalk.Org
• Tuesday 11/11/2008
"Announcing the first release of Bitcoin, a new electronic cash system that uses a peer-to-peer network to prevent double-spending. It's completely decentralized with no server or central authority."
• Tuesday 18/11/2008
"The design supports a tremendous variety of possible transaction types that I designed years ago. Escrow transactions, bonded contracts, third party arbitration, multi-party signature, etc. If Bitcoin catches on in a big way, these are things we'll want to explore in the future, but they all had to be designed at the beginning to make sure they would be possible later."
• Tuesday 25/11/2008
"UTXO security: Let's consider a malicious node that wants to conduct fraud. It generates a large number of keypairs and outputs some value to them. Later, when there are only a few of these UTXOs left, the node broadcasts transactions spending them to its own addresses. The network will eventually reject it as spam, but the attacker can just send it again and hope to get lucky. We can mitigate this by having nodes broadcast UTXOs before the actual transaction that spends them. The network can track these UTXOs separately and reject any transactions that spend them before they are properly broadcast."
• Tuesday 09/12/2008
"The block is 50 coins. I made it that high to encourage early adoption. I want to encourage miners to be sure they have the latest version because they will have a big advantage mining with it. New version updates are announced on the mailing list, which is archived here:
• Tuesday 16/12/2008
"The existing Visa credit card network processes about 15 million Internet purchases per day worldwide. Bitcoin can already scale much larger than that with existing hardware for a fraction of the cost. It never really hits a scale ceiling. If you're interested, I can go over the ways it would cope with extreme size."
• Tuesday 23/12/2008
"Bitcoin can already be used to buy a decent cup of coffee or a plane ticket. As the network grows beyond a certain point, it will be more appealing to customers to choose zero-confirmation transactions for small amounts, instead of waiting for confirmations."
• Tuesday 30/12/2008
"Bitcoin is not centrally controlled, so it cannot be inflated. If there were ever too much money created with Bitcoin, it would be worth less, but it couldn't be inflated, and the total value in circulation would be capped."
• Tuesday 06/01/2009
"The public can see that someone is sending an amount to someone else, but without information linking the transaction to anyone. This is similar to the level of information released by stock exchanges, where the time and size of individual trades, the "tape", is made public, but without telling who the parties were."
• Tuesday 13/01/2009
"The current system where every user is a network node is not the intended configuration for large scale. That would be like every Usenet user runs their own NNTP server. The design supports lightweight clients that are not network nodes. The likely scenario is that lightweight clients will be used by most users and that full network nodes will become a more specialized service. Users can still have full control of their bitcoins, but they don't need to worry about the whole blockchain being on their hard drive."
Did you know that Satoshi Nakamoto…
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