Satoshi

Public Key

npub1tnhgd89cf5hl9rj7s0ymlufy48ds9p0d7scdjudncye82gq5kpaqgq39zw

NIP-57 Address

snacktoshi@stacker.news

Profile Code

nprofile1qqs9em5xnjuy6tlj3e0g8jdl7yj2nkczshklgvxewxeuzvn4yq2tq7sprpmhxue69uhhyetvv9ujumn0wdmksetjv5hxxmmdqy8hwumn8ghj7mn0wd68ytnddakswmfptc

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relay.noswhere.com

nostr.mom

Author Public Key

npub1tnhgd89cf5hl9rj7s0ymlufy48ds9p0d7scdjudncye82gq5kpaqgq39zw

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Last Notes

2023-06-19 19:59:47

sats LNURL1DP68GURN8GHJ7MR9VAJKUEPWD3HXY6T5WVHXXMMD9AKXUATJD3CZ75EH2DM95CSP4NRW6 #bitcoin #plebchain

2023-06-19 18:19:48

free sats LNURL1DP68GURN8GHJ7MR9VAJKUEPWD3HXY6T5WVHXXMMD9AKXUATJD3CZ73T68PV5SMGQMWT3Z #bitcoin #plebchain

2023-06-19 16:11:48

free sats to maxis LNURL1DP68GURN8GHJ7MR9VAJKUEPWD3HXY6T5WVHXXMMD9AKXUATJD3CZ7E35V5E8YVCSLNRQH #bitcoin #plebchain

2023-06-19 16:07:47

free sats to donate LNURL1DP68GURN8GHJ7MR9VAJKUEPWD3HXY6T5WVHXXMMD9AKXUATJD3CZ7E35V5E8YVCSLNRQH #bitcoin #plebchain

2023-06-19 11:19:47

free sats LNURL1DP68GURN8GHJ7MR9VAJKUEPWD3HXY6T5WVHXXMMD9AKXUATJD3CZ73T68PV5SMGQMWT3Z #bitcoin #plebchain

2023-06-19 08:15:48

free sats to the lost LNURL1DP68GURN8GHJ7MR9VAJKUEPWD3HXY6T5WVHXXMMD9AKXUATJD3CZ7E35V5E8YVCSLNRQH #bitcoin #plebchain

2023-06-19 07:59:47

sats LNURL1DP68GURN8GHJ7MR9VAJKUEPWD3HXY6T5WVHXXMMD9AKXUATJD3CZ75EH2DM95CSP4NRW6 #bitcoin #plebchain

2023-04-09 18:21:03

If SHA-256 became completely broken, I think we could come to some agreement about what the honest block chain was before the trouble started, lock that in and continue from there with a new hash function.

2023-04-09 05:21:02

2023-04-08 21:02:02

Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible.

2023-04-08 04:44:02

Another option is to reduce the number of free transactions allowed per block before transaction fees are required. Nodes only take so many KB of free transactions per block before they start requiring at least 0.01 transaction fee. The threshold should probably be lower than it currently is. I don't think the threshold should ever be 0. We should always allow at least some free transactions.

2023-04-06 23:20:02

SHA-256 is very strong. It's not like the incremental step from MD5 to SHA1. It can last several decades unless there's some massive breakthrough attack.

2023-04-06 21:08:02

I've developed a new open source P2P e-cash system called Bitcoin. It's completely decentralized, with no central server or trusted parties, because everything is based on crypto proof instead of trust. Give it a try, or take a look at the screenshots and design paper.

2023-04-06 20:15:02

The nature of Bitcoin is such that once version 0.1 was released, the core design was set in stone for the rest of its lifetime. Because of that, I wanted to design it to support every possible transaction type I could think of. The problem was, each thing required special support code and data fields whether it was used or not, and only covered one special case at a time. It would have been an explosion of special cases. The solution was script, which generalizes the problem so transacting parties can describe their transaction as a predicate that the node network evaluates. The nodes only need to understand the transaction to the extent of evaluating whether the sender's conditions are met.

2023-04-04 21:02:02

2023-04-04 20:37:02

When a node finds a proof-of-work, the new block is propagated throughout the network and everyone adds it to the chain and starts working on the next block after it. Any nodes that had the other transaction will stop trying to include it in a block, since it's now invalid according to the accepted chain.

2023-04-04 20:26:02

2023-04-04 20:24:02

In a few decades when the reward gets too small, the transaction fee will become the main compensation for nodes.

2023-04-04 20:14:02

When you generate a new bitcoin address, it only takes disk space on your own computer (like 500 bytes). It's like generating a new PGP private key, but less CPU intensive because it's ECC. The address space is effectively unlimited. It doesn't hurt anyone, so generate all you want.

2023-04-04 20:13:02

Bitcoin addresses you generate are kept forever. A bitcoin address must be kept to show ownership of anything sent to it. If you were able to delete a bitcoin address and someone sent to it, the money would be lost. They're only about 500 bytes.

2023-04-04 20:12:03

If it gets tiresome working with small numbers, we could change where the display shows the decimal point. Same amount of money, just different convention for where the ,'s and .'s go. e.g. moving the decimal place 3 places would mean if you had 1.00000 before, now it shows it as 1,000.00.

2023-04-04 20:10:02

I very much wanted to find some way to include a short message, but the problem is, the whole world would be able to see the message. As much as you may keep reminding people that the message is completely non-private, it would be an accident waiting to happen.

2023-04-04 20:09:02

The result is a distributed system with no single point of failure. Users hold the crypto keys to their own money and transact directly with each other, with the help of the P2P network to check for double-spending.

2023-04-04 20:08:03

2023-04-04 20:05:02

Although it would be possible to handle coins individually, it would be unwieldy to make a separate transaction for every cent in a transfer. To allow value to be split and combined, transactions contain multiple inputs and outputs. Normally there will be either a single input from a larger previous transaction or multiple inputs combining smaller amounts, and at most two outputs: one for the payment, and one returning the change, if any, back to the sender.

2023-04-04 20:04:02

A block header with no transactions would be about 80 bytes. If we suppose blocks are generated every 10 minutes, 80 bytes * 6 * 24 * 365 = 4.2MB per year. With computer systems typically selling with 2GB of RAM as of 2008, and Moore's Law predicting current growth of 1.2GB per year, storage should not be a problem even if the block headers must be kept in memory.

2023-04-04 20:01:02

As an additional firewall, a new key pair should be used for each transaction to keep them from being linked to a common owner. Some linking is still unavoidable with multi-input transactions, which necessarily reveal that their inputs were owned by the same owner. The risk is that if the owner of a key is revealed, linking could reveal other transactions that belonged to the same owner.

2023-04-04 19:44:02

2023-04-04 19:39:02

Broadcasts will probably be almost completely reliable. TCP transmissions are rarely ever dropped these days, and the broadcast protocol has a retry mechanism to get the data from other nodes after a while. If broadcasts turn out to be slower in practice than expected, the target time between blocks may have to be increased to avoid wasting resources. We want blocks to usually propagate in much less time than it takes to generate them, otherwise nodes would spend too much time working on obsolete blocks.

2023-04-04 19:33:02

The network is robust in its unstructured simplicity. Nodes work all at once with little coordination. They do not need to be identified, since messages are not routed to any particular place and only need to be delivered on a best effort basis. Nodes can leave and rejoin the network at will, accepting the proof-of-work chain as proof of what happened while they were gone. They vote with their CPU power, expressing their acceptance of valid blocks by working on extending them and rejecting invalid blocks by refusing to work on them. Any needed rules and incentives can be enforced with this consensus mechanism.

2023-04-04 19:27:02

Currently, paying a fee is controlled manually with the -paytxfee switch. It would be very easy to make the software automatically check the size of recent blocks to see if it should pay a fee. We're so far from reaching the threshold, we don't need that yet. It's a good idea to see how things go with controlling it manually first anyway.

2023-04-04 19:25:02

If you're sad about paying the fee, you could always turn the tables and run a node yourself and maybe someday rake in a 0.44 fee yourself.

2023-04-04 19:23:02

If you're having trouble with the inflation issue, it's easy to tweak it for transaction fees instead. It's as simple as this: let the output value from any transaction be 1 cent less than the input value. Either the client software automatically writes transactions for 1 cent more than the intended payment value, or it could come out of the payee's side. The incentive value when a node finds a proof-of-work for a block could be the total of the fees in the block.

2023-04-04 19:22:02

The incentive can also be funded with transaction fees. If the output value of a transaction is less than its input value, the difference is a transaction fee that is added to the incentive value of the block containing the transaction. Once a predetermined number of coins have entered circulation, the incentive can transition entirely to transaction fees and be completely inflation free.

2023-04-04 19:21:02

2023-04-04 19:17:02

Actually, it works well to just PM me. I'm the one who's going to be fixing it. If you find a security flaw, I would definitely like to hear from you privately to fix it before it goes public.

But don't worry, there are another 6 decimal places that aren't shown, for a total of 8 decimal places internally. It shows 1.00 but internally it's 1.00000000. If there's massive deflation in the future, the software could show more decimal places.

2023-04-04 18:38:02

With the transaction fee based incentive system I recently posted, nodes would have an incentive to include all the paying transactions they receive.

2023-04-04 18:34:02

Only people trying to create new coins would need to run network nodes.

The project needs to grow gradually so the software can be strengthened along the way. I make this appeal to WikiLeaks not to try to use Bitcoin. Bitcoin is a small beta community in its infancy.

2023-04-04 18:17:02

Actually, it works well to just PM me. I'm the one who's going to be fixing it. If you find a security flaw, I would definitely like to hear from you privately to fix it before it goes public.

Once the latest transaction in a coin is buried under enough blocks, the spent transactions before it can be discarded to save disk space. To facilitate this without breaking the block's hash, transactions are hashed in a Merkle Tree, with only the root included in the block's hash. Old blocks can then be compacted by stubbing off branches of the tree. The interior hashes do not need to be stored.

2023-04-04 18:01:02

2023-04-04 17:41:02

If you're sad about paying the fee, you could always turn the tables and run a node yourself and maybe someday rake in a 0.44 fee yourself.

2023-04-04 17:40:02

If you can keep a node running that accepts incoming connections, you'll really be helping the network a lot. Port 8333 on your firewall needs to be open to receive incoming connections.

2023-04-04 17:38:02

With the transaction fee based incentive system I recently posted, nodes would have an incentive to include all the paying transactions they receive.

2023-04-04 17:34:02

Only people trying to create new coins would need to run network nodes.

2023-04-04 17:31:02

Forgot to add the good part about micropayments. While I don't think Bitcoin is practical for smaller micropayments right now, it will eventually be as storage and bandwidth costs continue to fall. If Bitcoin catches on on a big scale, it may already be the case by that time. Another way they can become more practical is if I implement client-only mode and the number of network nodes consolidates into a smaller number of professional server farms. Whatever size micropayments you need will eventually be practical. I think in 5 or 10 years, the bandwidth and storage will seem trivial.

2023-04-04 17:30:02

2023-04-04 17:29:03

It might make sense just to get some in case it catches on. If enough people think the same way, that becomes a self fulfilling prophecy. Once it gets bootstrapped, there are so many applications if you could effortlessly pay a few cents to a website as easily as dropping coins in a vending machine.

2023-04-04 17:23:02

2023-04-04 17:21:02

2023-04-04 17:19:02

The project needs to grow gradually so the software can be strengthened along the way. I make this appeal to WikiLeaks not to try to use Bitcoin. Bitcoin is a small beta community in its infancy.

The current system where every user is a network node is not the intended configuration for large scale. That would be like every Usenet user runs their own NNTP server. The design supports letting users just be users. The more burden it is to run a node, the fewer nodes there will be. Those few nodes will be big server farms. The rest will be client nodes that only do transactions and don't generate.

2023-04-04 16:41:02

If you're sad about paying the fee, you could always turn the tables and run a node yourself and maybe someday rake in a 0.44 fee yourself.

2023-04-04 16:37:02

2023-04-04 16:27:02

2023-04-04 16:17:03

Actually, it works well to just PM me. I'm the one who's going to be fixing it. If you find a security flaw, I would definitely like to hear from you privately to fix it before it goes public.

2023-04-04 16:07:02

I believe I've worked through all those little details over the last year and a half while coding it, and there were a lot of them. The functional details are not covered in the paper, but the sourcecode is coming soon. I sent you the main files. (available by request at the moment, full release soon)

With the transaction fee based incentive system I recently posted, nodes would have an incentive to include all the paying transactions they receive.

2023-04-04 15:33:47

2023-04-04 15:25:47

If you're sad about paying the fee, you could always turn the tables and run a node yourself and maybe someday rake in a 0.44 fee yourself.

2023-04-04 15:23:46

2023-04-04 15:22:46

2023-04-04 15:19:32

The project needs to grow gradually so the software can be strengthened along the way. I make this appeal to WikiLeaks not to try to use Bitcoin. Bitcoin is a small beta community in its infancy.

2023-04-04 15:18:21

I'm happy if someone with artistic skill wants to contribute alternatives. The icon/logo was meant to be good as an icon at the 16x16 and 20x20 pixel sizes. I think it's the best program icon, but there's room for improvement at larger sizes for a graphic for use on websites. It'll be a lot simpler if authors could make their graphics public domain.

2023-04-04 15:16:46

The design supports a tremendous variety of possible transaction types that I designed years ago. Escrow transactions, bonded contracts, third party arbitration, multi-party signature, etc. If Bitcoin catches on in a big way, these are things we'll want to explore in the future, but they all had to be designed at the beginning to make sure they would be possible later.

With the transaction fee based incentive system I recently posted, nodes would have an incentive to include all the paying transactions they receive.

2023-04-04 14:30:06

2023-04-04 14:24:07

In a few decades when the reward gets too small, the transaction fee will become the main compensation for nodes.

2023-04-04 14:20:46

SHA-256 is very strong. It's not like the incremental step from MD5 to SHA1. It can last several decades unless there's some massive breakthrough attack.

2023-04-04 14:17:03

Actually, it works well to just PM me. I'm the one who's going to be fixing it. If you find a security flaw, I would definitely like to hear from you privately to fix it before it goes public.

We have proposed a system for electronic transactions without relying on trust. We started with the usual framework of coins made from digital signatures, which provides strong control of ownership, but is incomplete without a way to prevent double-spending. To solve this, we proposed a peer-to-peer network using proof-of-work to record a public history of transactions that quickly becomes computationally impractical for an attacker to change if honest nodes control a majority of CPU power.