Create 11.md

2021-01-01 20:34:12 -06:00
parent db2e87748f
commit 703a936126
1 changed files with 54 additions and 0 deletions
@@ -0,0 +1,54 @@
+---
+layout: default
+title: 'Re: More BitCoin questions'
+date: 2011-01-10 16:34
+grand_parent: Emails
+parent: Mike Hearn
+nav_order: 10
+---
+
+# Re: More BitCoin questions
+
+The email on the Cryptography Mailing List that announced Bitcoin publicly to the world.
+{: .fs-6 .fw-300 } 
+
+---
+ 
+``` 
+From: Satoshi Nakamoto <satoshin@gmx.com>
+Date: Mon, Jan 10, 2011 at 4:34 PM
+To: Mike Hearn <mike@plan99.net>
+Subject: Re: More BitCoin questions
+ 
+>Open source.
+ 
+Perfect.  Once your code shows how to simplify it down, other authors can follow your lead.  Client is a less daunting challenge than full implementation.  If it's within reach of more developers, they'll come up with more polished UI and other things I didn't think of.  I expect the original software will become the industrial old thing used by GPU farms and pool servers.
+ 
+BTW, later a good feature for a client version is to keep your private keys encrypted and you give your password each time you send.
+ 
+>I managed to spend my first coins on the testnet with my app a few
+>days ago, hopefully will get another chance to make progress this
+>weekend. Probably will have something to show publically sometime in
+>Feb, touch wood.
+ 
+Great, keep me updated.
+ 
+>I wanted something
+>that would be not too low if it was very popular and not too high if it
+>wasn't.
+>
+>It'd be interesting to see the working for this. In some sense the
+>number of coins is arbitrary as the nanocoin representation means the
+>issuance is so huge it's practically infinite.
+ 
+It works out to an even 10 minutes per block:
+21000000 / (50 BTC * 24hrs * 365days * 4years * 2) = 5.99 blocks/hour
+ 
+I fudged it to 364.58333 days/year.  The halving of 50 BTC to 25 BTC is after 210000 blocks or around 3.9954 years, which is approximate anyway based on the retargeting mechanism's best effort.
+ 
+I thought about 100 BTC and 42 million, but 42 million seemed high.
+ 
+I wanted typical amounts to be in a familiar range.  If you're tossing around 100000 units, it doesn't feel scarce.  The brain is better able to work with numbers from 0.01 to 1000.
+ 
+If it gets really big, the decimal can move two places and cents become the new coins.
+```