Each week, Team Satoshi compiles a shortlist of the many questions submitted through the website for Satoshi Nakamoto.
This is an opportunity for the community to ask Satoshi about his experiences and what the future holds for the upcoming reformation of Bitcoin into Bitcoin V1.
This week, Satoshi answers questions about how he dealt with his depression after stepping away from Bitcoin, opportunities to test his new coin, and how to mine the new Bitcoin V1.
I believe your story, because I have experienced a similar story and gone through a deep depression. How did you overcome the depression?
I explained in my narrative “My Reveal,” but on top of it two things were very important to defeat the depression.
Most recently, a very close ally recently asked if I believed in the concept of forgiveness.
After I said I did, he said to me, “Forgive yourself.”
I also think about what legendary Apple creator Steve Jobs said in a speech in 2005. “Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma — which is living with the results of other people’s thinking. Don’t let the noise of others’ opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.”
When and how can I mine your new coins? Can ordinary people without big factories mine once it’s completed?
I’m endeavoring to bring back the original vision of Bitcoin, which empowers the opportunity back to ordinary individuals. This includes the mining of coins without fraud and abuse by the cartels.
Will this new version of Bitcoin be mineable? ASIC resistant?
I plan to lead a Miners/Developers conference where we explore each of the potential outcomes to improve Bitcoin and offer advantages to end clients and miners with advancement.
How will I be able to purchase Bitcoin V1? On an exchange?
In 2008, I said, “What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.” I am working to return to my unique vision, yet individuals can likewise utilize Bitcoin V1 as an everyday electronic money system.
Will Bitcoin V1 be adopted as a hedge for the future, like the current Bitcoin?
I see Bitcoin V1 as the future of money. I said in an email in 2009, “The existing Visa credit card network processes about 15 million internet purchases per day worldwide. Bitcoin can already scale much larger than that with existing hardware for a fraction of the cost.” And now when money is considered as physical coins, bank notes, and deposits in both checking and savings accounts, the total amount globally is approximately $36.8 trillion. However, when this physical money includes the ones held in the accessible accounts, the amount rises to roughly $90.4 trillion. Money in the form of investments raises the above figure even higher. Derivatives hold large amounts of funds invested in them with the money exceeding $544 trillion; an estimation of $1.2 quadrillion on the high-end. This amount is much more significant than the total amount of money in the stock markets which is a mere $73 trillion. It’s your choice as to how to use the electronic money (Bitcoin V1).
How long do you think it will take for countries to understand and accept Bitcoin V1?
I’m confident that it will take less than a decade for some nations to acknowledge how gainful Bitcoin SNR can be. The Satoshi Nakamoto Renaissance (SNR) Group has been set up by me with the same vision as 2008 to lead Bitcoin revolution and Bitcoin SNR is being launched to take Bitcoin (blockchain) mainstream. Bitcoin (blockchain) technology is so much more than a cryptocurrency. We are taking Bitcoin to the next level by taking care of the code and implementing new features to bring back innovation and change people’s lives for the better.
Bitcoin SNR, for all intents and purposes is the correct forerunner of Bitcoin and will commingle all the Bitcoin varieties to a common platform.
Where will you announce your new coin?
I’ve not yet decided. I welcome your suggestions!
Will there be bounties or betas we can test your coin and get rewards for doing so?
I’m open for it and I welcome your suggestions on it.
Are you solo mining Bitcoin V1 for a year like you did Bitcoin?
Jolly good, and afterward lose all my bitcoins in my hard drive! I’ll declare these subtleties with Tabula Rasa.
Is your intent to replace Bitcoin, or enhance it?
It’s a renaissance, a reformation.