The Quotable Satoshi
(₿ ᴥ ₿)
“If you don’t believe it or don’t get it, I don’t have the time to try to convince you, sorry.”— Satoshi Nakamoto
“If you don’t believe it or don’t get it, I don’t have the time to try to convince you, sorry.”— Satoshi Nakamoto
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“I’m sure that in 20 years, (Bitcoin’s) transaction volume will either be very large, or there will be none at all.”— Satoshi Nakamoto
“I’m sure that in 20 years there will either be very large transaction volume or no volume.”— Satoshi Nakamoto
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“The root problem with conventional fiat currency is that for it to work, it must have (people’s) trust. The central bank must be trusted not to debase the currency, but the history of fiat currencies is a history full of breaches of that trust.”— Satoshi Nakamoto
“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.”— Satoshi Nakamoto
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“January 3, 2009, The Times: Chancellor on brink of second bailout for banks.”— Satoshi Nakamoto
“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”— Satoshi Nakamoto
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“The nature of Bitcoin dictates that once version 0.1 is released, its core design is set in stone for the rest of its lifetime.”— Satoshi Nakamoto
“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.”— Satoshi Nakamoto
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“I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no (centralized) trusted third party (needed).”— Satoshi Nakamoto
“I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.”— Satoshi Nakamoto
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“Being open source means anyone can independently review the code. If (Bitcoin) were closed source, nobody could verify its security. I believe a program of this type must be open source.”— Satoshi Nakamoto
“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.”— Satoshi Nakamoto
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“It (Bitcoin) is a global distributed database; new (transaction) data can only be added to this global distributed database with the consent of the majority.”— Satoshi Nakamoto
“It is a global distributed database, with additions to the database by consent of the majority.”— Satoshi Nakamoto
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“Lost bitcoins only make everyone else’s bitcoins worth more; (if someone loses bitcoins,) think of it as a gift to everyone else.”— Satoshi Nakamoto
“Lost coins only make everyone else’s coins worth slightly more. Think of it as a donation to everyone.”— Satoshi Nakamoto
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“It might make sense just to get some bitcoins, in case it catches on one day. If enough people think the same way, that becomes a self-fulfilling prophecy.”— Satoshi Nakamoto
“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.”— Satoshi Nakamoto
(₿ ᴥ ₿)
“I’ve developed a new, open-source, peer-to-peer electronic cash system (I named it) Bitcoin. It is completely decentralized, with no (centralized) server or trusted third party, because everything (that keeps it running) is based on cryptographic proof instead of (trust in a third party).”— Satoshi Nakamoto
“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.”— Satoshi Nakamoto
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“(We) have to trust the banking (system) to hold our money and transfer it electronically, but banks (operate) with barely a fraction in reserve, lending out all of their reserves, which leads to credit crises. As for privacy and account security, we have no choice but to entrust (them) to the banks. The massive overhead banks charge makes small payments impossible.”— Satoshi Nakamoto
“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.”— Satoshi Nakamoto
(₿ ᴥ ₿)
“If we can explain it (Bitcoin) in the right way, it will be very attractive to libertarians. But I’m better at writing code than writing words.”— Satoshi Nakamoto
“It’s very attractive to the libertarian viewpoint if we can explain it properly. I’m better with code than with words though.”— Satoshi Nakamoto
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“If you (happen to) need to heat your home, then the heat produced by your computer (mining bitcoin) isn’t wasted (electricity) either.”— Satoshi Nakamoto
“The heat from your computer is not wasted if you need to heat your home.”— Satoshi Nakamoto
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“Governments are good at shutting down centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor can operate freely (beyond the reach of government).”— Satoshi Nakamoto
“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.”— Satoshi Nakamoto
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“Bitcoin would be very convenient for people who don’t have a credit card or don’t want to use the ones they have.”— Satoshi Nakamoto
“Bitcoin would be convenient for people who don’t have a credit card or don’t want to use the cards they have.”— Satoshi Nakamoto
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“To protect your privacy as much as possible, it’s best to use each bitcoin address only once.”— Satoshi Nakamoto
“For greater privacy, it’s best to use bitcoin addresses only once.”— Satoshi Nakamoto
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“I’ve been working on designing Bitcoin since 2007. At some point, I became convinced that there was a way to do electronic payments with no (centralized) trusted party at all, and ever since, I couldn’t stop thinking about (perfecting) that idea.”— Satoshi Nakamoto
“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.”— Satoshi Nakamoto
(₿ ᴥ ₿)
“When someone tries to buy up all of the world’s supply of a scarce asset, the more they buy, the higher the price goes.”— Satoshi Nakamoto
“When someone tries to buy all the world’s supply of a scarce asset, the more they buy the higher the price goes.”— Satoshi Nakamoto
(₿ ᴥ ₿)
“Bitcoins have no dividend or potential future dividend, so they’re not like a stock. More like a collectible or commodity.”— Satoshi Nakamoto
“Bitcoins have no dividend or potential future dividend, therefore not like a stock. More like a collectible or commodity.”— Satoshi Nakamoto
(₿ ᴥ ₿)
“As the number of users grows, there is nobody who can act as (something like) a central bank or the Federal Reserve to adjust the (bitcoin) money supply.”— Satoshi Nakamoto
“There is nobody to act as central bank or federal reserve to adjust the money supply as the population of users grows. ”— Satoshi Nakamoto
(₿ ᴥ ₿)
“How about the B with two lines through it, that is, ₿, as the symbol for Bitcoin?”— Satoshi Nakamoto
“How does everyone feel about the B symbol with the two lines through the outside? Can we live with that as our logo?”— Satoshi Nakamoto
(₿ ᴥ ₿)
“Since the 1990s, every company that tried electronic currency has failed, so many people automatically assume e-currency is a bad idea. Obviously, all of those (failed) e-currency systems were centrally controlled, and that is the only reason they failed. I think this (Bitcoin) is the first time we’re trying a decentralized, non-trust-based approach (to electronic currency).”— Satoshi Nakamoto
“A lot of people automatically dismiss e-currency as a lost cause because of all the companies that failed since the 1990?s. I hope it’s obvious it was only the centrally controlled nature of those systems that doomed them. I think this is the first time we’re trying a decentralized, non-trust-based system.”— Satoshi Nakamoto
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“It would have been better for (Bitcoin) to get attention in any other context. (But not now:) WikiLeaks has kicked the hornet’s nest, and the swarm is headed towards us.”— Satoshi Nakamoto
“It would have been nice to get this attention in any other context. WikiLeaks has kicked the hornet’s nest, and the swarm is headed towards us.”— Satoshi Nakamoto
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“Even if Bitcoin grows huge one day, there will still be at most 21 million bitcoins for the world’s 6.8 billion people. But don’t worry, there are another 6 decimal places (by default) that aren’t shown; Bitcoin supports 8 decimal places in total. (You see) 1.00 bitcoin displayed, but it’s actually 1.00000000 bitcoin.”— Satoshi Nakamoto
“Eventually at most only 21 million coins for 6.8 billion people in the world if it really gets huge. But don’t worry, there are another 6 decimal places that aren’t shown, for a total of 8 decimal places internally. It shows 1.00 but internally it’s 1.00000000.”— Satoshi Nakamoto
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“Why delete a (Bitcoin) wallet instead of moving it aside and keeping the old copy just in case? You should never delete a (Bitcoin) wallet.”— Satoshi Nakamoto
“why delete a wallet instead of moving it aside and keeping the old copy just in case? You should never delete a wallet.”— Satoshi Nakamoto
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“In a few decades, when the (per-block) bitcoin reward gets smaller and smaller, transaction fees will become the main source of income for (mining) nodes.”— Satoshi Nakamoto
“In a few decades when the reward gets too small, the transaction fee will become the main compensation for nodes.”— Satoshi Nakamoto
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“I anticipate (Bitcoin) nodes will never exceed 100,000, probably fewer. It (the node count) will reach an equilibrium where it’s not worth it for more people to run a node. The rest will be millions of lightweight clients.”— Satoshi Nakamoto
“I anticipate there will never be more than 100K nodes, probably less. It will reach an equilibrium where it’s not worth it for more nodes to join in. The rest will be lightweight clients, which could be millions.”— Satoshi Nakamoto
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“(We) must always consider the longest (Bitcoin) chain the valid one; this is strictly necessary.”— Satoshi Nakamoto
“It is strictly necessary that the longest chain is always considered the valid one.”— Satoshi Nakamoto
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“A block header with no (Bitcoin) transaction data is about 80 bytes. Bitcoin blocks are generated every 10 minutes, so the total size per year is: 80 bytes * 6 * 24 * 365 = 4.2MB. As of 2008, mainstream computers typically sell with 2GB of RAM; by Moore’s Law, (computer memory) grows by 1.2GB per year, so even keeping block headers in memory, storage will not be a problem.”— Satoshi Nakamoto
“A block header with no transactions would be about 80 bytes. If we suppose blocks are generated every 10 minutes, 80 bytes * 6 * 24 * 365 = 4.2MB per year. With computer systems typically selling with 2GB of RAM as of 2008, and Moore’s Law predicting current growth of 1.2GB per year, storage should not be a problem even if the block headers must be kept in memory.”— Satoshi Nakamoto