What Satoshi Nakamoto didn’t Think and didn’t Say…

Satoshi Nakamoto said in his Bitcoin debut note that a peer-to-peer cash system could solve the problem of bank bubble lending, which means solving the problem of credit lending by banks. The bubble-free financial system is built on the practice of cryptocurrencies, with Bitcoin’s peer-to-peer technology, cross-chain technology, stablecoin technology, and the Ether platform all being important elements. The bubble-free financial system is a single-tier system that conforms to the principles of the Internet, and the Ether platform demonstrates the prototype of a bubble-free system. The bubble-free financial system is built on the practice of cryptocurrencies, and Bitcoin’s peer-to-peer technology, cross-chain technology, stablecoin technology and the Ether platform are all important elements. The bubble-free financial system is a single-tier system that conforms to the principles of the Internet, and the Ether platform demonstrates the prototype of a bubble-free system.

In the early days, Bitcoin forums were communities of interest, and they fell apart when Satoshi Nakamoto left. The conditions for a group to stay active are to have a good group owner and active members, the posts should be informative enough, and there should be discussions. Cryptocurrency communities have not surpassed Satoshi Nakamoto’s level so far, and the gap with Web2 is widening.

The Bitcoin system designed by Satoshi Nakamoto is an automatic system, everything depends on automatic adjustment, without human intervention and management. The name of the Bitcoin white paper in August 2008 was “A Cash System Without a Third Party”, and it was officially published in January 2009 with a “Peer-to-Peer Cash System”. There is no need for a third party, which means that there is no need for a central bank, no banks, and no modern financial system.

Why is Bitcoin a centralized ledger? This point seems to be at odds with the market view. In fact, the bitcoin ledger, which is distributed and stored on different nodes, is all the same after an hour-long confirmation period. How does not being a centralized ledger ensure mathematical completeness? Let’s take a look at the Bitcoin ledger. It is a collection of unused tokens, also known as the balance ledger. All issued bitcoins have algorithms that are well calculated, and a pair with the ledger balance will tell you if the ledger is even or not. In fact, there is no need to reconcile at all, no matter how it is used, the data is recorded in a ledger, which is equivalent to the internal transactions of a bank book, and the total number is unchanged. If such a ledger is not centralized, what is?

Satoshi Nakamoto developed a system by himself and disappeared two years later. The Bitcoin system has no overhead no owner and has been running automatically, what is the mystery? The first point is that there is a demand in the market, and it is obvious that central banks are over-issuing money. The second point is that the market opportunity, not only he saw, another master Nick Szabo also saw, but a year later Szabo thought to program. The third point is that the relevant ideas and technologies were largely finalized in 2005. Finally, Satoshi Nakamoto’s epiphany came in 2007, prompted by the financial turmoil. The fourth point is that the network hardware and software technology is available.