2024-02-24 03:23:47
As early as the early days of Bitcoin’s creation, Satoshi Nakamoto foresaw many of the challenges facing Bitcoin today, including huge energy consumption and possible legal problems. In addition, Satoshi Nakamoto also explored the potential use of blockchain technology in non-financial areas, such as as a digital notary.
(Previous summary: Satoshi USD is coming! The annual growth rate of USDe, a stablecoin led by Arthur Hayes, exceeded 27%, ambushing Ethena airdrops and interactive teaching)
(Background supplement: The U.S. Capitol raised the flag to commemorate Satoshi Nakamoto? The Bitcoin community “celebrated the truth” is disappointing)
On the one hand, the birth of Bitcoin inspired people’s imagination of new finance. On the other hand, it also received many criticisms on its energy consumption, legal review and other issues. Surprisingly, the mysterious founder behind Bitcoin, Satoshi Nakamoto, (Satoshi Nakamoto) As early as less than 5 months following the birth of Bitcoin, he predicted that these problems would occur.
Satoshi Nakamoto responds to Bitcoin’s “high energy consumption” problem
According to Coindesk reportAccording to recently released emails from Martii ‘Sirius’ Malmi, an early collaborator on the Bitcoin code, Satoshi Nakamoto wrote in a May 2009 email that Proof of Work (PoW) is the only way he has discovered that allows peer-to-peer electronic cash. Solutions that operate without trusting a third party are crucial to preventing double spending and coordinating the network, but he also foresees that PoW-based Bitcoin may become an important consumer of energy when it grows to a certain scale. , Satoshi Nakamoto’s response was:
If it does grow to consume a lot of energy, I think it will still be more economical than the labor and resource intensive traditional banking activities it replaces, and the cost will be more than paying for all those bricks and mortar buildings, skyscrapers, and tons of credit card advertising Spam requires an order of magnitude fewer billions in bank fees.
Satoshi Nakamoto went on to say: “In the end it would be a travesty if we had to choose between economic freedom and environmental protection.”
Bitcoin legal issues
Satoshi also foresaw that the idea of Bitcoin as an investment might attract legal attention from regulators. Regulators have long debated broadly whether to define cryptocurrencies as commodities or securities. In response to such views, Satoshi Nakamoto expressed his cautious attitude:
I’m a little nervous regarding explicitly saying “think of it as an investment”… it’s too risky and you should delete that part. It’s fine if people come to this conclusion on their own, but we can’t just promote it that way.
In addition, although Satoshi Nakamoto invented Bitcoin for financial applications (payment systems), he foresaw non-financial uses of blockchain. He believes that blockchain technology can also serve as a public digital notary to securely timestamp various documents to prove that the documents actually existed at a certain moment. He pointed out:
Bitcoin is essentially a decentralized, secure time confirmation system that specializes in transaction records. With just a few lines of code, you can add additional hashes to transactions to create an immutable timestamped record of anything that needs to prove time.
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