2021-01-01 12:21:44 -06:00
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---
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layout: default
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title: Citation of your b-money page
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grand_parent: Emails
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2021-01-01 12:25:21 -06:00
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parent: Wei Dai
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2021-01-01 12:21:44 -06:00
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nav_order: 1
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2021-01-01 18:27:01 -06:00
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date: 2008-08-22 16:38
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2021-01-01 12:21:44 -06:00
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---
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2021-01-01 12:57:43 -06:00
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# Citation of your b-money page
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2021-01-02 09:38:34 -06:00
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Satoshi's first known email, with an early draft of the whitepaper titled 'Electronic Cash Without a Trusted Third Party.'
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2021-01-02 09:36:12 -06:00
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{: .fs-6 .fw-300 }
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2021-01-01 13:39:56 -06:00
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---
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2021-01-01 12:57:43 -06:00
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```
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2021-01-01 19:16:50 -06:00
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From: Satoshi Nakamoto <satoshi@anonymousspeech.com>
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2021-01-01 12:57:43 -06:00
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Sent: Friday, August 22, 2008 4:38 PM
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2021-01-01 19:16:50 -06:00
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To: Wei Dai <weidai@ibiblio.org>
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Cc: Satoshi Nakamoto <satoshi@anonymousspeech.com>
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2021-01-01 12:57:43 -06:00
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Subject: Citation of your b-money page
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I was very interested to read your b-money page. I'm getting ready to
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release a paper that expands on your ideas into a complete working system.
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Adam Back (hashcash.org) noticed the similarities and pointed me to your
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site.
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I need to find out the year of publication of your b-money page for the
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citation in my paper. It'll look like:
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[1] W. Dai, "b-money," http://www.weidai.com/bmoney.txt, (2006?).
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You can download a pre-release draft at
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http://www.upload.ae/file/6157/ecash-pdf.html Feel free to forward it to
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anyone else you think would be interested.
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Title: Electronic Cash Without a Trusted Third Party
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Abstract: A purely peer-to-peer version of electronic cash would allow
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online payments to be sent directly from one party to another without the
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burdens of going through a financial institution. Digital signatures
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offer part of the solution, but the main benefits are lost if a trusted
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party is still required to prevent double-spending. We propose a solution
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to the double-spending problem using a peer-to-peer network. The network
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timestamps transactions by hashing them into an ongoing chain of
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hash-based proof-of-work, forming a record that cannot be changed without
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redoing the proof-of-work. The longest chain not only serves as proof of
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the sequence of events witnessed, but proof that it came from the largest
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pool of CPU power. As long as honest nodes control the most CPU power on
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the network, they can generate the longest chain and outpace any
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attackers. The network itself requires minimal structure. Messages are
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broadcasted on a best effort basis, and nodes can leave and rejoin the
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network at will, accepting the longest proof-of-work chain as proof of
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what happened while they were gone.
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Satoshi
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```
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