{"id":402957,"date":"2019-10-31T07:30:13","date_gmt":"2019-10-31T07:30:13","guid":{"rendered":"https:\/\/uniquehot.com\/?p=402957"},"modified":"2024-06-11T13:31:41","modified_gmt":"2024-06-11T13:31:41","slug":"bitcoin-whitepaper-eleven-years-on-and-still-going-strong","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-whitepaper-eleven-years-on-and-still-going-strong\/","title":{"rendered":"Bitcoin Whitepaper: Eleven Years On And Still Going Strong"},"content":{"rendered":"

Halloween is not just a festival for warding off spirits. Anyone with an interest in crypto assets and blockchain technology will also know that October 31 marks the day that the visionary Satoshi Nakamoto released the Bitcoin whitepaper. BTC has come a long way over the past 11 years.<\/p>\n

Down With The Banks<\/h2>\n

On October 31, 2008 one Satoshi Nakamoto filed a paper<\/a> to the cryptography mailing list stating;<\/p>\n

\u201cI\u2019ve been working on a new electronic cash system that\u2019s fully peer-to-peer, with no trusted third party.\u201d<\/p><\/blockquote>\n

The nine page paper outlined the design and justification for a digital currency with the intention of doing what no other attempt could do before: create an anonymous, trustless, decentralized currency.<\/p>\n

The proof-of-work protocol was developed from Dai Wei\u2019s B-money in order to enforce a \u2018one CPU one vote\u2019 policy as outlined by Nakamoto in his now famous paper. Unlike traditional fiat, Bitcoin was also designed to be a deflationary currency, meaning that there will only be a limited amount of them that will ever exist, specifically 21 million, 18 million of which have already been mined.<\/p>\n

The cypherpunk movement<\/a> that spawned Bitcoin was largely catalyzed from deep disdain of the banking system and a greater advocacy of privacy through cryptography.<\/p>\n

Satoshi had a particular beef with fractional-reserve banking whereby a bank accepts deposits, makes loans or investments, but is required to hold reserves equal to only a fraction of its deposit liabilities. Such a system was the ultimate firing pin which caused the 2008 global financial crisis \u2013 banks over lending to cover their own mistakes.<\/p>\n

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On 31\/10\/2008 Satoshi gave us the #Bitcoin<\/a> whitepaper.
Just 2 weeks after GFC bails outs & 6 weeks post Lehmann Brothers collapsed.
I've often wondered if the name Satoshi Nakamoto was a warning related to years of monetary policy by the Bank Of Japan. That's now spread globally?
https:\/\/t.co\/UzRkajr0KL<\/a><\/p>\n

— Alex Saunders \ud83c\udde6\ud83c\uddfa\ud83d\udc68\u200d\ud83d\udd2c (@AlexSaundersAU) October 31, 2019<\/a><\/p><\/blockquote>\n