December 15, 2017, 01:13:00 am

Author Topic: Never Before Seen Letters Between Satoshi and Mike Hearn  (Read 206 times)

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Offline MicroGuy

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Never Before Seen Letters Between Satoshi and Mike Hearn
« on: August 11, 2017, 08:48:14 pm »
The letters below are from 2009. They consist mainly of Mike Hearn asking questions followed by Satoshi's replies.

Here are the letters:
https://pastebin.com/Na5FwkQ4
https://pastebin.com/cKZPC1rF
https://pastebin.com/wA9Jn100
https://pastebin.com/JF3USKFT
https://pastebin.com/syrmi3ET

From the first letter:

"The existing Visa credit card network processes about 15 million Internet purchases per day worldwide.  Bitcoin can already scale much larger than that with existing hardware for a fraction of the cost.  It never really hits a scale ceiling.  If you're interested, I can go over the ways it would cope with extreme size.
 
By Moore's Law, we can expect hardware speed to be 10 times faster in 5 years and 100 times faster in 10.  Even if Bitcoin grows at crazy adoption rates, I think computer speeds will stay ahead of the number of transactions.
 
I don't anticipate that fees will be needed anytime soon, but if it becomes too burdensome to run a node, it is possible to run a node that only processes transactions that include a transaction fee.  The owner of the node would decide the minimum fee they'll accept.  Right now, such a node would get nothing, because nobody includes a fee, but if enough nodes did that, then users would get faster acceptance if they include a fee, or slower if they don't.  The fee the market would settle on should be minimal.  If a node requires a higher fee, that node would be passing up all transactions with lower fees.  It could do more volume and probably make more money by processing as many paying transactions as it can.  The transition is not controlled by some human in charge of the system though, just individuals reacting on their own to market forces." ~ Satoshi

This is also a good one. It gets into scaling and using client-only mode. https://pastebin.com/wA9Jn100

These writings can assist us tremendously as we continue building Goldcoin with the trustless spirit and intention of The original design.


Source: https://bitcointalk.org/index.php?topic=2080206.0
"The heart of any cryptocurrency can be found in the spirit of its community."

Offline MicroGuy

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Re: Never Before Seen Letters Between Satoshi and Mike Hearn
« Reply #1 on: August 11, 2017, 09:22:33 pm »
As Bitcoin devolves into a complex mess of overlapping systems, GoldCoin shall remain a shining example of trustless simplicity.
"The heart of any cryptocurrency can be found in the spirit of its community."

Offline akumaburn

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Re: Never Before Seen Letters Between Satoshi and Mike Hearn
« Reply #2 on: August 15, 2017, 08:05:15 pm »
Good to know.
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