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@@ -19,44 +19,30 @@ Date: Thu, 12 Feb 2009 19:01:24 +0000
From: Satoshi Nakamoto <satoshin@gmx.com> From: Satoshi Nakamoto <satoshin@gmx.com>
To: p2presearch@listcultures.org To: p2presearch@listcultures.org
Subject: Re: [p2p-research] Bitcoin open source implementation of P2P Subject: Re: [p2p-research] Bitcoin open source implementation of P2P
Martien van Steenbergen wrote: Martien van Steenbergen wrote:
> Very interesting. Is this akin to David Chaum's anonymous digital money? = > 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.
> 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.
> 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 =
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. 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. 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 = 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
was the Achilles heel of Chaumian systems; when the central company shut =
down, so did the currency. 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? > 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. coins. Transactions only transfer ownership.
Thank you for your questions, Thank you for your questions,