Why is Bitcoin not an air coin created by Satoshi Nakamoto out of thin air?

 

Bitcoin

In recent years, the hot bitcoin has not been the brainchild of Satoshi Nakamoto in 2008, saying that I wanted to create a system that no one can control, and then invented it.

In the following, we will describe the complex motivations of Satoshi Nakamoto’s creation of Bitcoin from three aspects: theoretical basis, technical preparation, and background.

1. The theoretical basis for achieving Bitcoin

It is Hayek, a well-known British economist born in Austria, who laid the theoretical foundation for Bitcoin.

Hayek published his last book on economics in 1976, “Denationalization of Currency.” In the book, Hayek made a suggestion: abolish the central bank system, allow private issuance of currency, and compete freely. This competitive process will find the best currency.

Bitcoin

2. Achieve the technical preparation of Bitcoin

Students who have written the thesis all know that the reference part should be marked in the last part of the thesis, indicating that this is the scientific research results cited in others’ papers. Satoshi Nakamoto cited a total of 7 references in Bitcoin’s paper, and the first paper cited was Dai Wei’s B Qian.

Dai Wei, mentioned by Satoshi Nakamoto, is a member of cryptopunk. Since Dai Wei proposed the B money, dozens of digital currencies have been born in the cryptopunk. However, all digital currencies have failed to solve a problem-how to realize the initial issuance of digital currencies. The sixth paper, Adam Baiko’s Hash Cash cited in the Bitcoin paper, inspired Satoshi Nakamoto.

Hash cash was originally a method used to solve the problem of spam proliferation. Since the birth of the Internet and webmail, the problem of spam has been troubling people. Satoshi Nakamoto was inspired by this and created a currency issuance mechanism for Bitcoin.

3. The background of the achievements of Bitcoin

In September 2008, starting with the collapse of Lehman Brothers among the four major US investment banks, the financial crisis broke out in the United States and spread to the world. In order to deal with the crisis, the United States has adopted measures such as quantitative easing, and has continuously issued more dollars to stimulate the economy, and rescued large financial institutions that were caught in the crisis because of their own faults.

It was during this time that Satoshi Nakamoto created Bitcoin. Bitcoin has no centralized issuance organization, and the total amount of issuance is fixed at 21 million. It will never be over-issued, which is especially in line with the demands of the people at that time. So some people say that the reason why Satoshi Nakamoto invented bitcoin is actually to protest the inflation caused by the U.S. over-issuing banknotes. In fact, this is really a little groundless, and it is not groundless.

What do you think about Satoshi Nakamoto’s concealment soon after he created Bitcoin? Welcome to leave a message in the message area.

Comments

Leave a Reply