Bitcoin idea being commented in 2002 (satoshi?)

franky1

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Quote from: cellard on June 27, 2018, 02:38:08 PM

Quote from: hatshepsut93 on June 27, 2018, 02:23:30 PM

Very interesting find!

In sci-fi currency backed by energy, or in the form of energy itself, is a pretty popular trope, so maybe the last quote was influenced by it. But I wouldn't say that Bitcoin is backed by energy or hash power, because PoW is "wasted" in the process, you can't get it back like you could have exchanged banknote for gold. So, Bitcoin and other coins are secured by PoW, but not backed. There are projects like Storj and Gridcoin that actually try to make coins backed by storage space and computing power, but so far they were not as successful as PoW coins, and there's a lot of criticism towards their security, which I think is valid.

The current state of your coinbases are increasingly backed by the "wasted" energy as more blocks get pilled above the previous one, so personally I think one could use the word "backed".

cellard is indeed correct.
the cost of mining is not locked to the block it mined but also to all previous blocks
after all if someone wanted to counterfiet satoshis first tx to hal finney to make it pay someone else. they cant just use the same CPU hashing speed that satoshi had to create that block.. they would need to re-hash the whole network. and do so with more speed than now just for a chance of catching up
yep they would need to rehash over 529,000 blocks just to change a tx in the first hundred blocks

cellard

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Quote from: hatshepsut93 on June 27, 2018, 02:23:30 PM

Very interesting find!

In sci-fi currency backed by energy, or in the form of energy itself, is a pretty popular trope, so maybe the last quote was influenced by it. But I wouldn't say that Bitcoin is backed by energy or hash power, because PoW is "wasted" in the process, you can't get it back like you could have exchanged banknote for gold. So, Bitcoin and other coins are secured by PoW, but not backed. There are projects like Storj and Gridcoin that actually try to make coins backed by storage space and computing power, but so far they were not as successful as PoW coins, and there's a lot of criticism towards their security, which I think is valid.

The current state of your coinbases are increasingly backed by the "wasted" energy as more blocks get pilled above the previous one, so personally I think one could use the word "backed".

Looks like the IP lead to an ISP in the netherlands. There's also the "uk-finance" thing on that forum, some theorized about how satoshi used that newspaper from the UK to make a connection with that...

Unfortunately most likely the IP belongs to another person now since it's been 10+ years and ISP usually delete logs after X years, I doubt they store 10 years worth of logs assuming it wasn't a proxy anyway.

hatshepsut93

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Activity: 3024

Merit: 2148

Very interesting find!

In sci-fi currency backed by energy, or in the form of energy itself, is a pretty popular trope, so maybe the last quote was influenced by it. But I wouldn't say that Bitcoin is backed by energy or hash power, because PoW is "wasted" in the process, you can't get it back like you could have exchanged banknote for gold. So, Bitcoin and other coins are secured by PoW, but not backed. There are projects like Storj and Gridcoin that actually try to make coins backed by storage space and computing power, but so far they were not as successful as PoW coins, and there's a lot of criticism towards their security, which I think is valid.

cellard

legendary

Activity: 1372

Merit: 1252

Never seen these ones before:

Quote

I have this idea of a future with virtual peer to peer banking. A kind of
decentralized and secured system. Gone would be the times that governments
and banks can track and interfere with our money transfers. Or even
interfere with the total amount of money on earth. My envisioned sytem would
have a fixed total amount of money. But each money unit (say virtual coin)
is divisable indefinitely. So a kind of deflation would replace inflation.
The total value of the money in the world would be a fixed number. It poses
no problem for liquidity, because the currency can be divided anytime.
However maybe people will not spend their money much, because it's value
will increase often. Other problems raise in the areas of security,
malicious use, and how to come towards such system from current systems?
These are just ideas, I like to hear comments or about net resources on this
subject.

Someone replied:

Quote

What you don't understant is how money gets its value. It gets its value by
having a stck of some metal, ore, etc. i.e. if you have a $1 bill, it
represents one dollar worth of gold, silver, of whatever. If what you are
saying is to come, than the world would be overcome with inflation, which is
a misrepresentation of how much of the metal, ore, etc. a country actually
has.

Reply to that:

Quote

um, no. this hasn't been true of us currency since, what, 1890 maybe?
originally us currency was backed by gold, now it is not. the only
reason us currency is worth anything is because people believe it is.

And then someone called "Miner" says:

Quote

Maybe the community can bypass the old powers (countries and governments).
It wouldn't be a revolution, but rather evolution. Slowly a new p2p system
might take over. The current monetary systems were mainly backed with gold
(not anymore now, to my knowledge). Maybe the underlying values of a virtual
peer to peer system could be other scarce resources, relatively easy to
exchange via internet. Examples are: computer processing power, bandwith and
data storage. These resources would make a limited peer to peer money
exchange system possible. Limited to the total real life value of all these
resources. However from that point other resources could back up the virtual
currency...

Date of these messages: Mon, 9 Dec 2002 23:05:31

It's pretty interesting to find old posts of someone talking about the Bitcoin idea many years before it got released. If someone can find more post them there.

Source of these messages:

https://groups.google.com/forum/#!original/uk.finance/-Ko72tv170I/HVEGdpavKmYJ

Topic: Bitcoin idea being commented in 2002 (satoshi?) (Read 185 times)