Satoshi Nakamoto’s close associate Martii ‘Sirius’ Malmi has made public his complete email correspondence with the founder of Bitcoin. Prompted by an ongoing legal dispute in the U.K., these new emails represent a significant addition to our understanding of the enigmatic creator of Bitcoin. Let’s delve into the key revelations from these exchanges.
DISCOVERY #1: INSIGHTS INTO BITCOIN’S SCALING STRATEGY
When discussing the future scalability of Bitcoin, Satoshi speculated that the network could potentially support up to 100,000 nodes. He delved into detailed calculations regarding the economic implications of bandwidth costs for nodes (miners) in transmitting transactions throughout the network. Additionally, he explored the idea of users bearing fees and hinted at these fees being determined by market forces based on the network’s processing capabilities. While these insights present intriguing analyses, they may not have materialized fully in subsequent development efforts, contrasting some initial visions Satoshi had for Bitcoin’s growth.
DISCOVERY #2: EFFICIENCY IN ENERGY USAGE
Despite not witnessing the substantial increase in Bitcoin mining using untapped resources, Satoshi understood the efficiency of the network. Addressing early criticisms of Bitcoin’s alleged energy wastage, Satoshi highlighted the valuable role of cryptocurrencies like Bitcoin in contrast to the environmental costs of traditional currencies. His elaboration on this topic offers a more vivid perspective on Bitcoin’s operational dynamics.
DISCOVERY #3: BLOCKCHAIN AS A TIME-STAMPING TOOL
In another email discourse, Satoshi sheds light on Bitcoin’s potential beyond a mere monetary system. He suggests viewing the blockchain as a decentralized time-stamping server, drawing parallels with real-world applications like using blockchain technology for certifying disputed elections, as seen in Guatemala. This broader perspective adds depth to the multifaceted utility of blockchain technology.
DISCOVERY #4: COMPARISON WITH DIGICASH
Satoshi intricately contrasts Bitcoin with DigiCash, a failed electronic money concept by David Chaum, underscoring the impact of privacy features on user adoption. Unlike DigiCash’s online dependency, Bitcoin’s design allows for decentralized usage. Moreover, Satoshi clarifies Bitcoin’s finite supply cap, distinguishing it from other digital currency models.
DISCOVERY #5: ETHICAL CONCERNS IN PROMOTING BITCOIN
Satoshi expressed apprehension about the legal implications of promoting Bitcoin, specifically avoiding categorizing it as an investment to mitigate potential regulatory risks. This hesitation sheds light on Satoshi’s cautious approach to positioning Bitcoin in the broader financial landscape, highlighting his foresight into regulatory challenges.
DISCOVERY #6: SATOSHI’S REST AND REFLECTION
By July 2009, Satoshi voiced his need for a break from the intensive Bitcoin project, citing exhaustion. His acknowledgement of Hal’s absence from the collaborative work underscores the demanding nature of pioneering a groundbreaking technology. This period of reprieve reflects the human aspect behind the creation of Bitcoin, showcasing the toll it took on its enigmatic creator.
This unique exploration into Satoshi’s email exchanges provides a fresh perspective on Bitcoin’s early development and the visionary insights of its elusive founder. of 18 months at that point developing Bitcoin.
A curious note as well, he asks Malmi if he had any ideas for applications people can actually use Bitcoin for.
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<h3>EMAIL #7: Bitcoin, A Way to Get Free Money</h3><p>Satoshi discussing how <a target="_blank" href="https://twitter.com/hashtag/Bitcoin?src=hashtag_click" rel="noopener">#Bitcoin</a> might gain adoption. Of note is his emphasis that Bitcoin was easy to obtain given that you could mine it on a computer. He also goes to postulate how the nature of a market trading for Bitcoin would evolve, discussing how skeptical people might be of its value, stating he was confident the increasing mining difficulty would prove its scarcity to people. </p><p>Very different from how we think about BTC today in terms of acquiring it, but demonstrating a prescience of how people would mentally value it in the future. </p><figure>
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<h3>EMAIL #8: A Mysterious Bitcoin Donor Emerges</h3><p>In June 2010, someone offered to donate $2,000 to Satoshi for his <a target="_blank" href="https://twitter.com/hashtag/Bitcoin?src=hashtag_click" rel="noopener">#Bitcoin</a> work. Notably, he had the donor send it to Martti's address. He also communicated care that the donor's privacy was respected.</p><figure>
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<h3>EMAIL #9: Satoshi Was a Fan of Free Transactions </h3><p>Already known, but Satoshi was pretty adamant that early users consider <a target="_blank" href="https://twitter.com/hashtag/Bitcoin?src=hashtag_click" rel="noopener">#Bitcoin</a> "free." Here he is discussing removing transaction fees from the UX of an early software. </p><p>It's interesting that his reasoning was to obscure this feature from users, but simultaneously acknowledged its necessity in the far future. </p><figure>
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<h3>EMAIL #10: Satoshi Was Dedicated to His Bitcoin Work</h3><p>Satoshi worked on <a target="_blank" href="https://twitter.com/hashtag/Bitcoin?src=hashtag_click" rel="noopener">#Bitcoin</a> on Christmas day. There are some interesting implications here to consider regarding his personal life. </p><figure>
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<h3>EMAIL #11: Bitcoin, A Web Currency for Currency Trading?</h3><p>Satoshi saw <a target="_blank" href="https://twitter.com/hashtag/Bitcoin?src=hashtag_click" rel="noopener">#Bitcoin</a> taking hold as a way to trade other internet currencies like Liberty Reserve. He also goes on to discuss the potential for markets selling gift cards for bitcoin, which wound up becoming and is to this day a significant market for bitcoin. </p><p><em><strong>Note: </strong>Liberty Reserve was later shut down by the US.</em></p><figure>
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<h3>EMAIL #12: Satoshi's First Disappearance </h3><p>Satoshi had a mysterious leave of absence from <a target="_blank" href="https://twitter.com/hashtag/Bitcoin?src=hashtag_click" rel="noopener">#Bitcoin</a> in 2010. Here he is talking about it with Martti, though it's notably also short on details.</p><figure>
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<h3>EMAIL #13: Satoshi Realized Bitcoin Wasn't Anonymous</h3><p>It was Satoshi who removed the language that Bitcoin was "anonymous" from He worried it made Bitcoin sound "shady." This echoes his later sentiments around Wikileaks announcing their acceptance of bitcoin for donations. </p><figure>
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<h3>EMAIL #14: Satoshi Gives Praise to His Protege</h3><p>Worth noting given the historical revisionism around this, Satoshi thought very highly of Gavin Andresen. Here he is praising Gavin and referring to someone else as a "goofball."</p><figure>
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<h3>EMAIL #15: Satoshi Says Sayonara </h3><p>We finally have a copy of the email Satoshi sent other developers before taking his name off the project website. As they've said, Satoshi doesn't mention his intention to step back from the project at all.</p><figure>
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<p>Overall no substantial new information is brought to light, but the emails do give a new angle to Satoshi's interactions with others involved in the project before his departure. </p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>