Before his disappearance, the enigmatic founder of Bitcoin (BTC) was very active on the forums. Some of his messages have become famous, and they still ring true today. In this article, we have collected the TOP 5 (prophetic) quotes from Satoshi Nakamoto.
Satoshi Nakamoto’s mythical quotes
“The Times 03/Jan/2009 Chancellor on the brink of second bailout for banks”. From a front page article in the London Times about the UK government’s inability to revive the economy after 2008, this sentence has become especially symbolic after it was included in the first mined block in the history of Bitcoin.
Before going further in this article, it is important to set the context in order to fully understand the quotes that will be presented to you later. On January 3, 2009, A certain Satoshi Nakamoto officially launches Bitcoinwhich he describes as “a new open source peer-to-peer e-money system”.
In the first moments of Bitcoin’s life, Satoshi Nakamoto was particularly active. On the BitcoinTalk forum, he communicated, exchanged and debated a lot with the community that was starting to form around Bitcoin. Then, on April 26, 2011, he published a final message before finally disappearing, without giving any further signs of life.
Through more than 500 publications, Satoshi Nakamoto has given us many citations. Did he imagine that years later Bitcoin would become the giant we know today? Hard to say. However, one thing is certain: Nakamoto had a very prophetic vision for the future of his creation. Let’s take a look at the 5 most legendary quotes from the enigmatic founder of Bitcoin.
👉 Who is Satoshi Nakamoto, the creator of Bitcoin (BTC)?
The most famous quote
“Two you either don’t believe it or you don’t get it, I don’t have time to try to convince you, I’m sorry. »
In other words, in French: “If you don’t believe it or don’t understand it, I don’t have time to try to convince you, I’m sorry.” This quote is definitely the most famous, so heavy with meaning. Satoshi Nakamoto was especially busy with the development of Bitcoin and had no time to promote it.
Did he need it? Not particularly. Did he mean he was running out of time because he knew his end was near? We will never know. Still, today, this is the bet many media in our ecosystem have taken: Spend our time on democratizing Bitcoin and explaining how it works to as many people as possible.
Regarding mining rewards
“In a few decades when the reward becomes too small, the transaction fee will be the main compensation for it [mining] nodes. I’m sure there will be very little or no volume in 20 years. »
This can be translated as follows: “In a few decades, when the reward is too low, transaction fees will be the main compensation for nodes [de minage]. I am sure that in 20 years there will be very high volume of transactions or no volume at all “.
As you surely know, The evolution of mining rewards has been set since the creation of Bitcoin. These are halved every 210,000 blocks (about every 4 years): this is called the halving.
Of course, Satoshi Nakamoto was aware that Bitcoin would need to reach a sufficient level of usage for the model to work. Therefore, the network fees would compensate for the reduction in mining rewards. This is how, according to him, around 2030, either Bitcoin is used massively or it will disappear.
Regarding mining activity
“At first, most users would run network nodes, but as the network grew beyond a certain point, it would be left more and more to specialists with specialized hardware server farms. »
This quote is taken from an email sent by Satoshi Nakamoto on November 3, 2008. He responds to a community member expressing doubts about Bitcoin’s scalability. Specifically, this mediator was afraid it becomes too expensive for miners to store the history of every network transaction, if it was to be used by millions of people.
At that time, remember that the Bitcoin network was not yet officially launched. However, the creator’s clarity about the future of mining is surprising. Indeed, understand: “At first most users will use network nodes, but as the network goes beyond a certain point, it will be left more to specialists with hardware server farms. In other words, Nakamoto expected Bitcoin mining to become an industrial activity in its own right.
Regarding central banks
“The fundamental problem with a common currency is all the trust required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of violations of that trust. »
In other words, in French: “The fundamental problem with conventional currencies is the trust they require to operate. You have to trust the central bank not to devalue the currency, but the history of fiat currencies is full of violations of that trust.”
There is no denying that Satoshi Nakamoto questioned central banks and the trust that citizens must place in them. This is also one of the main motivations for the creation of bitcoin, a peer-to-peer digital currency that is independent, immutable and stateless.
This passage is even more important today. Whether after the Covid crisis or more recently after bank failures, the central banks of the United States and Europe are printing money at maximum speed to save the economy.
“It might make sense to get some just in case he succeeds. If many people think the same way, that becomes a self-fulfilling prophecy. »
This quote is taken from a discussion between Satoshi Nakamoto and a member of Bitcoin Talk, expressing her fear that people realize that bitcoin can be used as a currency.
To this, Nakamoto will respond that he would be surprised not to see people using electronic currencies in ten yearswhether for reward points, donations, video games or even micropayments on adult sites.
He will end his message by explaining that he could “be wise to receive [du bitcoin] in case the phenomenon spreads. If enough people think the same way, it becomes a self-fulfilling prophecy.” Hope this user has heard this valuable advice.
As you may have noticed, some of Satoshi Nakamoto’s quotes were prophetic. Of course, there are many others, which I invite you to consult through the Bitcoin Talk forum. And you, what’s your favorite quote? Tell us in the comments of this article.
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