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About bitcoin, banks, and mining: 19 of the best quotes Satoshi Nakamoto

“The lost bitcoin is a donation”. This and other statements that will go down in history of cryptocurrencies.

Although the true identity of Satoshi Nakamoto, the mysterious Creator of bitcoin, may forever remain a mystery, his works are still closely studied and re-read followers with religious zeal. The number of messages left on the forums during the active work on the project, is sufficiently large. The study of their Institute is responsible Satoshi Nakamoto, which was founded in November 2013.

His goal is “to study the past and building the future through learning, community and programming.” Additionally, the IIM works on the archiving of records, publication of research related to agriculture, and development/dissemination of ideas and concepts. Here are some of the quotes Nakamoto collected by this institution.

The state

“The state is able to cope with the centralized networks like Napster, but a true peer-to-peer networks like Gnutella and Tor seem to not affected”.

On banks

“We trust banks with their money and operations with them in electronic form, but they give them in the form of loans, forming waves of credit bubbles with a small fraction of the reserves. We have to trust them with your personal data, believe in their ability to protect us from thieves, able to empty our accounts. Their huge costs make micropayments impossible.”

About cryptocurrencies and the reasons for the failure

“A mechanical discounting e-currency due to the large number of failed projects are in this field since the 1990s. I Hope it is obvious to everyone that the collapse of those systems was associated exclusively with their centralized nature. I think the first time we are trying to create a decentralized, does not require a trust system.”

About the motives and quotes

“This topic [of cryptocurrency] very attractive to the libertarian viewpoint if we can explain it properly. However, I work better with code than with words.”

“We can win a major victory in the arms race and to secure the freedom for a few years.”

15 amazing facts about Satoshi Nakamoto, which everyone should know cryptorouter

About trusted intermediaries

“E-Commerce is forced to rely almost exclusively on financial institutions, acting trusted intermediaries in the processing of electronic payments. Although for most transactions, the system works well enough, it still suffers from the weaknesses of the model on the basis of trust”.

On the adoption of cryptocurrencies

“Create a description for this thing available to a wider audience, is incredibly difficult. It is absolutely nothing to compare”.

“I’d be surprised if in 10 years we won’t use e-currency in one way or another. Especially now that we know how to do without third-party involvement”.

“Bitcoin is perfect for people who do not have credit cards or who do not want to use it, for example, due to the fact that the husband can see the account statement, or not to give your number of questionable individuals, the fear of recurring bills”.

About the economy of bitcoin lost coins.

“Lost coins do all other bitcoin owners a little richer. Think of it as a donation to the society.”

“It is wise to obtain some [bitcoin] just in case. If enough people will think in a similar way, we will witness a self-fulfilling prophecy. Once that happens, it will be possible to develop a real application. For example, to pay a couple cryptocanthon web website will be as easy as to drop a few coins in a vending machine.”

“I’m sure that in 20 years will be either a huge volume of transactions, or it would not be at all.”

About the differences between bitcoin shares

“Bitcoins have no dividend , and even the ability to pay them, so they don’t look like stock. Rather, it commodity, or collectible”.

About the structure and design of bitcoin

“What do you say to the letter B, is crossed with two lines? Normal logo?”

“The project needs to grow gradually so that developers have time to modify the software. I appeal to WikiLeaks not to try to use bitcoin. Currently, bitcoin is a small beta community in its infancy.”

How much money Satoshi Nakamoto

About mining

“It is necessary that the good guys collectively have more computing power than any potential attacker”.

“In fact, the bitcoin network can reduce the amount of spam, luring spammers mining cryptocurrency”.

“We must make a gentleman’s agreement, the maximum postponing the race cards in the interests of the network. It is much easier to attract users if they don’t have to worry about GPU drivers and compatibility. Well, that all who have the processor, are equal and can earn”.

About the person

“I am not Dorian Nakamoto”. (The media often write the full name of Dorian Nakamoto as Satoshi Nakamoto — approx. ed.)

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