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55 lines
2.1 KiB
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---
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layout: default
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title: 'Re: More BitCoin questions'
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date: 2011-01-10 16:34
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grand_parent: Emails
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parent: Mike Hearn
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nav_order: 11
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---
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# Re: More BitCoin questions
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The email on the Cryptography Mailing List that announced Bitcoin publicly to the world.
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{: .fs-6 .fw-300 }
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---
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```
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From: Satoshi Nakamoto <satoshin@gmx.com>
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Date: Mon, Jan 10, 2011 at 4:34 PM
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To: Mike Hearn <mike@plan99.net>
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Subject: Re: More BitCoin questions
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>Open source.
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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.
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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.
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>I managed to spend my first coins on the testnet with my app a few
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>days ago, hopefully will get another chance to make progress this
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>weekend. Probably will have something to show publically sometime in
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>Feb, touch wood.
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Great, keep me updated.
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>I wanted something
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>that would be not too low if it was very popular and not too high if it
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>wasn't.
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>
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>It'd be interesting to see the working for this. In some sense the
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>number of coins is arbitrary as the nanocoin representation means the
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>issuance is so huge it's practically infinite.
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It works out to an even 10 minutes per block:
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21000000 / (50 BTC * 24hrs * 365days * 4years * 2) = 5.99 blocks/hour
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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.
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I thought about 100 BTC and 42 million, but 42 million seemed high.
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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.
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If it gets really big, the decimal can move two places and cents become the new coins.
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```
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