Each week, Team Satoshi compiles a short list of the many questions submitted through the website for Satoshi Nakamoto to answer.
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 the possibility of cryptocurrency replacing the dollar as the worlds dominant currency and the future of Hyperledger.
Can cryptocurrency replace the U.S. dollar as the world’s dominant currency? Do you see cryptocurrency replacing fiat currency or working alongside it?
It’s not about replacing currency. It’s about creating the future, a new market place to push the human race forward. Eventually, nature will play its part. If you look back in history, there was a barter system in place where bartering was utilised instead of cash to purchase merchandise. Individuals raised domesticated animals and the most punctual type of barter included dairy cattle, sheep, just as vegetables and grain.
The first cash system was made by King Alyattes in Lydia, presently part of Turkey, in 600 B.C. Coins then advanced into banknotes around 1661 A.D. The first bank credit card was presented in 1946. The first widely used credit card was distributed in 1950.
And now it’s Bitcoin V1 and Bitcoin SNR’s time.
GoldCoin claims to be working on a reverse Bitcoin Hardfork. What are your thoughts, and will you be doing something similar?
My issue with hard forks is that I see these as gimmicks or cheap replicas for quick money. I’ve no qualms in first enhancing Bitcoin and then updating it continuously.
Imagine Bitcoin was like Apple or Android OS, which gets its version upgrade with crucial updates continuously free of charge. Bitcoin V1 and Bitcoin SNR will have the similar features so this way we curb this so-called hard fork business forever.
What’re you doing for your birthday on Sept. 29? After learning your birthday is different than what you originally published, I was wondering why you made yourself appear 3 years older?
For my birthday, I intend to spend some time alone for my soul searching and seeing things as they appeared after “My Reveal.” I said on 11th of Dec 2010 about Wikileaks but I’ll rephrase a bit today. “It would have been nice to get this attention in any other context. ‘My Reveal’ has kicked the hornet’s nest, and the swarm is headed towards us.”
Why did I choose 4/5/1975? Many reasons, even though it was a fictitious DOB, but my intention was to leave a personal mark as most of the Bitcoin creation history has my personal nuances embedded everywhere. My DOB calculation is 45 and I was looking at either 4th of May or 5th of April, and winner was 5th of April by miles, 5 is the mercury number, Bitcoin total is 5 and as I mentioned in “My Reveal,” I found two important dates for gold and changes in the rules for people to handle their personal wealth. On April 5, 1933, President Franklin D. Roosevelt issued an executive order making it illegal in the U.S. to own gold. And in 1975, Americans once again enjoyed their right to do so.
One of the reasons to choose and combine these two dates was that I was rightly paranoid as I mentioned in “My Reveal” and related this to myself at that point for my invention. I knew it would be hard for people/authorities to digest a new disruptive financial system, hence as a primary creator/founder of Bitcoin I chose these dates. At the same time, most of the people I met in the CryptoSphere were much older than me, including Hal Finney, and making me three years older was also good in that context.
Are you going to run a bounty program? If so, I would love to promote your coin on BitcoinTalk.
One of the reasons for my return is to empower the common people and give relief to the early adopters that lost their fortune. I explained in “My Reveal” how I saw people becoming the victims of Bitcoin’s greedy speculators.
I’ll not only have a reward system for those who’d want to take our visionary message forward, but also for the students that struggle with their fees and student loans (my personal experience), people who became victims of this dysfunctional financial realm and those people. A part of my vision is to share wealth with deserving people.
What are your thoughts on Libra and what they are doing?
In astrology, Libra is my sun sign. But for technology I really don’t want to engage myself in confrontation or in any way to compete with other industry players. My competition is with myself and I’m adamant to reform the true pioneering product of this industry, which is my creation Bitcoin, and to ensure that Bitcoin V1 can absorb the old versions without any loss to the public. BTW, I’ll be happy to collaborate with all the technology players to provide them the best Bitcoin (Block chain) solutions including but not limited to Facebook, Google, Apple, Amazon, Oracle, IBM, and Microsoft.
What were the shortcomings of Ethereum that is preventing it from overtaking Bitcoin and why isn’t IBM Hyperledger more widely adopted?
Many people have asked me this question, and I have touched that topic in “My Reveal” and I’ll explain it more in my upcoming video interviews to be released in October. Technology without direction and a lack of vision is just a dormant tool. If you look back, David Chaum’s DigiCash had the best technology, but the company went bankrupt in 1989. I owe Hal Finney a lot and he did brilliant work under my vision and guidance. Hal used to say that many good products were in- place in CryptoSphere before you me, but no other product got big recognition or success. He would ask me, “Why do you think Bitcoin will work?” My jovial answer used to be “Hal, those products didn’t have me!”
Xerox Alto was introduced in 1973 with revolutionary technology before Apple or Microsoft were even founded as companies. Xerox could have been bigger than Microsoft or Apple, but they failed to understand the vision. Apple co-founder Steve Jobs explained it well in this interview.
For this very reason, my intention is to reform and give a new life and face to Ethereum and Hyperledger in a Bitcoin-Satoshi way that will transform and shape 42-plus industries.
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