Wednesday , May 12 2021

Bitcoin: The True Vision of Satoshi Nakamoto | CryptoNews

There are many people who are already running projects currently called "crypto-crashes" that bifurcated Bitcoin to reinvent the idea of ​​digital money, based on a prophetic interpretation of the words spoken by Satoshi Nakamoto in any of his communications. In "Satoshi was the first one who wanted big blocks" up "Satoshi never wanted the blocks to be filled", Nakamoto's words today have more meanings than I thought possible.

Particularly the interpretation that strikes me most is the one that was used last year by a group of people to extract Bitcoin in their own project and that only a few days ago was used to bifurcate it for itself: "Satoshi's vision". This view – which appears to be clear, unique and coming from the same person who expressed his proposal in a technical document – now seems the result of a free and multiple interpretation of what different people understand from the original document published by Satoshi Nakamoto, the white paper. of Bitcoin.

Such interpretations surprise me then, in my opinion, in Satoshi Nakamoto's first and official contact with the world through the words written in his white book, this person or group of people describes perfectly and briefly his project and his vision of "electronic money between pairs "(Bitcoin).

The summary of the white paper reads What is Bitcoin: "A purely peer-to-peer version of electronic money would allow online payments to be sent directly from one party to another without having to go through a financial institution"

Then, his introduction clarifies what many obscure:

"Internet commerce has come to rely almost exclusively on financial institutions that act as trusted third parties to process electronic payments. Although the system works very well for most transactions, it still suffers from the inherent weaknesses of the trust-based model. The cost of mediation increases transaction costs by limiting the practical minimum size of the transaction and reducing the chances of small casual transactions, and there is a The ability to make non-reversible payments for non-reversible services, with the possibility of reversal, the need for trust is widespread, and merchants must take care of their customers by randomizing them to get more information than they would need. certain percentage of fraud is the Such costs and payment uncertainties can be avoided personally using physical currency, but there is no mechanism for making payments on communication channels without a trusted third party. "

As Satoshi clearly states, his only goal, his vision, is to create a "Mechanism for making payments on communication channels without a trusted third party". In ordinary words, digital money, money that can be transferred between people through digital media (such as telephony, Internet, satellite, etc.) without having to ask permission or consult someone about the status of the transaction.

To the connoisseurs, it may seem tiny that Bitcoin is reduced to that, digital money, because there are many possibilities that arise from this technology. Those who think so ignore that such opportunities arise because money is the means par excellence to allow the exchange of resources, fundamental basis of the economy, society. Thus, it is clear that Bitcoin is small with everything that can be done, but Bitcoin is the facilitator of this whole new society / digital economy. Without digital money there is no society / digital economy.

To reach his vision, Satoshi again describes in a very clear and concise way what is needed: irreversibility, that there is no way to undo a transaction that has already happened, that every transaction is final. But this is not simple, the digital irreversibility is only achieved with a complete system composed of multiple techniques and actors: digital signatures, block accounting and proof of work with incentives. And without going into detail of what they are or how each of these parts works, with these pillars, Satoshi defines the design of digital cash in money.

And it's right here, in the beginning, the design, in which many of the self-proclaimed "e-money" initiatives lose sight of what the system Satoshi Nakamoto promises to achieve, his vision: not relying on an intermediary to trade through media. Maybe they're testing Satoshi Nakamoto's digital box project, maybe what they're doing is digital companies and we need to distinguish them from Bitcoin or maybe they're explicitly trying to confuse people. The truth is that those who lead these initiatives succeed in transforming Nakamoto's speech to generate a new "vision" in which they go unnoticed as intermediaries.

So we see hundreds of "peer-to-peer" e-money projects with clear leaders, companies and foundations that decide how to move forward, what to allow and what not to do; with developers deciding what to change and when to do it; with mining groups that can censor transactions or disrupt the network if they wish. Goodbye irreversibility … In short, with deceived users who are at the mercy of some intermediaries protected under the banner of decentralization and "blessed" by Satoshi's supposed prophecies, of his "true vision."

What Satoshi Nakamoto disappeared from the project after leaving him on the track was not accidental, it's part of his vision. A clear leader or owner of a technology like Bitcoin is nothing more than a threat to its operation, an obstacle to its evolution and a guarantee of reversal.

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