Satoshi Nakamoto's correspondence with the first BTC supporter was published online
The recently published correspondence provided an insight into the early days of bitcoin (BTC) and the views of its founder Satoshi Nakamoto.
In their emails, Nakamoto and one of his first associates, Marty Malmi, discussed the potential of cryptocurrency in comparison with the traditional financial system.
The correspondence, published on February 2nd, consists of 120 pages. In it, among other things, Nakamoto boldly declares "the existence of only one global network." He compares the potential of bitcoin transactions with the existing Visa payment network, which in May 2009 processed about 15 million online purchases worldwide every day.
Nakamoto argued that with the existing hardware at that time, bitcoin could already scale much more than Visa, and with significantly lower costs. He expressed confidence in the scalability of bitcoin, noting that the asset will not reach the ceiling.
He justified his statement by Moore's law, assuming that the speed of the equipment would increase tenfold in five years, and a hundred times in 10 years. Even with the rapid adoption of BTC, Nakamoto believed that the speed of computers would exceed the growth in the number of transactions.
Responding to concerns about potential transaction fees, Nakamoto said that they may no longer be necessary in the near future. However, he proposed a mechanism by which nodes could process transactions with a commission, allowing the market to determine the minimum acceptable fee itself. This decentralized approach would allow each node operator to independently make decisions about commissions, which would ultimately create a dynamic market based on supply and demand.
Nakamoto emphasized an important aspect of bitcoin — its security grows along with the size of the network and the value it protects. While acknowledging the existence of vulnerabilities in the formative stage of the network, he stressed that the potential value that can be stolen will always be less than the effort required to steal it.
In addition, the e-mail correspondence with Malmi shows how subtly Satoshi understands all the nuances of anonymity and the risks of false information when using bitcoin. Satoshi suggested reducing the role of privacy, warning that using bitcoin addresses instead of IP addresses cannot automatically ensure complete anonymity.
In his emails, Satoshi also foresaw the emergence of blockchain forensics, warning of a potential negative reaction in cases where users are not informed in advance of the need to take precautions against disclosing "anonymous" information during the verification of transaction history.
In addition, reflecting on the intersection of technology and the concept of sustainable development, Satoshi took into account the impact of bitcoin on the environment, recognizing the contradiction between economic freedom and environmental conservation, especially given the nature of such an algorithm as proof of work (PoW).
Despite criticizing the asset's energy consumption, Satoshi argued that bitcoin would be more energy efficient than traditional banking systems. The creator of the asset believed that even if BTC consumed a significant amount of energy, its network would still be less wasteful compared to the resource-intensive traditional banking that bitcoin seeks to replace. As proof, Satoshi referred to the fact that the cost of maintaining the bitcoin network will be an order of magnitude lower than the billions of dollars spent on banking fees and infrastructure.
Source: https://happycoin.club/v-seti-opublikovali-perepisku-satoshi-nakamoto-s-pervym-storonnikom-btc/
