The visionary

Author

JACQUES DEBRIE
December 30, 2023

It's always good to remember why we're here.

Satoshi Nakamoto, the enigmatic creator of Bitcoin, through his most striking quotes.

These statements, often visionary, continue to resonate in the world of cryptocurrencies and beyond.

The Prediction on Mining Rewards

  • "In a few decades, when the reward becomes too small, transaction fees will become the main compensation for [mining] nodes. I am sure that in 20 years, there will either be a very large volume of transactions or no volume at all."

This prediction underscores the importance of transaction fees as a future source of income for miners, thereby replacing mining rewards.

A perspective that highlights the need for Bitcoin to reach a significant level of usage.

The Evolution of Mining Activity

  • "At first, most users would run network nodes, but as the network grows beyond a certain point, it will be increasingly left to specialists with server farms of specialized hardware."

This quote accurately anticipates the professionalization and industrialization of Bitcoin mining, a field once accessible to all, but now dominated by specialized actors.

Distrust Towards Central Banks

  • "The fundamental problem with conventional currencies is the trust they require to function. You have to trust the central bank not to debase the currency, but the history of fiat currencies is full of breaches of that trust."

This statement openly criticizes the dependence of fiat currencies on trust in central banks, a realization that played a key role in the creation of Bitcoin.

A Precious Piece of Advice

  • "It might make sense to acquire some [bitcoin] in case it catches on. If enough people think the same way, it becomes a self-fulfilling prophecy."

This thoughtful advice from Nakamoto highlights the potential of Bitcoin to become a widely accepted currency, driven by collective belief

Let’s go build

JACQUES - SPACE EXPLORER