From 935b4c9e77c65331fee4e6d7c3f1d0f39a69196c Mon Sep 17 00:00:00 2001 From: wakgill <76528604+wakgill@users.noreply.github.com> Date: Sat, 2 Jan 2021 01:18:06 -0600 Subject: [PATCH] Update 2.md --- docs/emails/p2p-research/2.md | 42 ++++++++++++----------------------- 1 file changed, 14 insertions(+), 28 deletions(-) diff --git a/docs/emails/p2p-research/2.md b/docs/emails/p2p-research/2.md index 6865803..2094e0b 100644 --- a/docs/emails/p2p-research/2.md +++ b/docs/emails/p2p-research/2.md @@ -19,44 +19,30 @@ Date: Thu, 12 Feb 2009 19:01:24 +0000 From: Satoshi Nakamoto To: p2presearch@listcultures.org Subject: Re: [p2p-research] Bitcoin open source implementation of P2P - Martien van Steenbergen wrote: -> Very interesting. Is this akin to David Chaum's anonymous digital money? = - -> His concept makes sure money is anonymous unless it is compromised, i.e. = - -> the same money spent more than once. As soon as it's compromised, the = - -> =91counterfeiter=92 is immediately publicly exposed. - -It's similar in that it uses digital signatures for coins, but different = - -in the approach to privacy and preventing double-spending. The = - -recipient of a Bitcoin payment is able to check whether it is the first = - -spend or not, and second-spends are not accepted. There isn't an = - -off-line mode where double-spenders are caught and shamed after the = +> Very interesting. Is this akin to David Chaum's anonymous digital money? +> His concept makes sure money is anonymous unless it is compromised, i.e. +> the same money spent more than once. As soon as it's compromised, the +> ‘counterfeiter’ is immediately publicly exposed. +It's similar in that it uses digital signatures for coins, but different +in the approach to privacy and preventing double-spending. The +recipient of a Bitcoin payment is able to check whether it is the first +spend or not, and second-spends are not accepted. There isn't an +off-line mode where double-spenders are caught and shamed after the fact, because that would require participants to have identities. -To protect privacy, key pairs are used only once, with a new one for = - +To protect privacy, key pairs are used only once, with a new one for every transaction. The owner of a coin is just whoever has its private key. -Of course, the biggest difference is the lack of a central server. That = - -was the Achilles heel of Chaumian systems; when the central company shut = - +Of course, the biggest difference is the lack of a central server. That +was the Achilles heel of Chaumian systems; when the central company shut down, so did the currency. -> Also, in bitcoin, is there a limited supply of money (that must be = - +> Also, in bitcoin, is there a limited supply of money (that must be > managed)? Or is money created exaclty at the moment of transaction? -There is a limited supply of money. Circulation will be 21,000,000 = - +There is a limited supply of money. Circulation will be 21,000,000 coins. Transactions only transfer ownership. Thank you for your questions,