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 why he chose the name Tabula Rasa, crypto exchanges, and the risk of a quantum computer.
What algorithm will your new Bitcoin run on?
The upcoming launch of Bitcoin V1 as a reformed version of Bitcoin is not about algorithms, hashing power, or technology, and it’s not to talk about why many believe POW is better than POS. It’s all about helping the common person, which was my original inspiration for creating Bitcoin.
The purpose of Bitcoin V1 is to introduce constant innovation combined with timeless values and a vision to benefit future ages. If we upgrade and update the technology, it helps ensure the user who is the reason for this revolution, isn’t left behind.
Bitcoin V1 will have the best technology to greatly enhance the overall user experience so the normal user who wants to use Bitcoin on a daily basis to buy groceries can do so before the ice cream melts.
Do you not fear that, because of your idealistic desire to change the economic world through bitcoin, the powerful economic groups will persecute you?
No, some have developed an erroneous notion that if Bitcoin has to win, the other economic powers have to lose. That’s not right, I explained this in my last newsletter where I said, “Bitcoin SNR will become a self-sustained, border-less, race-less economy where it’s able to play a pivotal role in global economies by strengthening developed economies along with providing help to struggling economies.”
It just seems like too many players are trying to figure out how to be the next greedy tech version of a centralized bank. Is there some way to stop that? Will your project be able to rally the community?
Yes, I’m trying to create an institution in a unique way where people and the corporate world can work hand in hand. Where a kid, with limited education and a kid from an elite institution and a kid from a developing world and a kid from a developed world, can share the power and benefits of knowledge together.
Given that Bitcoin has no intrinsic value, how can it be considered a store of value or suitable as a medium of exchange?
I’m working hard to bring a balanced solution where Bitcoin won’t be hijacked by any medium and where it will become more independent. I’m adamant that my return and accompanying renaissance of Bitcoin will be in the public’s interest.
If exchanges/exchange facilitators are always skimming off the top of transactions, how can Bitcoin be considered a true escape from the banking system?
Yes, that is a problem that Bitcoin V1 will strive to solve. My mission is to ensure that Bitcoin’s ongoing evolutionary process will work in favour of the users and not facilitate fraud. That’s the reason for my return.
If someone owning a quantum computer turns it to Bitcoin mining, what is to stop them dominating and cornering the market in super-fast time?
Sat Nov 8 13:54:38 EST 2008
> the “currency” is inflationary at about 35%
> as that’s how much faster computers get annually
> … the inflation rate of 35% is almost guaranteed
> by the technology
“To compensate for increasing hardware speed and varying interest in running nodes over time, the proof-of-work difficulty is determined by a moving average targeting an average number of blocks per hour. If they’re generated too fast, the difficulty increases.
“As computers get faster and the total computing power applied to creating bitcoins increases, the difficulty increases proportionally to keep the total new production constant.Thus, it is known in advance how many new bitcoins will be created every year in the future.
“The fact that new coins are produced means the money supply increases by a planned amount, but this does not necessarily result in inflation. If the supply of money increases at the same rate that the number of people using it increases, prices remain stable. If it does not increase as fast as demand, there will be deflation and early holders of money will see its value increase.
“Coins have to get initially distributed somehow, and a constant rate seems like the best formula.” – Satoshi Nakamoto
Why did you choose Tabula Rasa as the name for the next stage of your vision?
There are multiple reasons. In “My Reveal,” I emphasized how numbers fascinate me. In Chaldean numerology, Tabula Rasa is number 24 and 2+4 = 6, and that number has played a big part in the Bitcoin revolution for me.
Tabula Rasa also has many dynamics in its different meanings and theories in philosophy as well as in computer science. I consider Bitcoin one of the breakthrough philosophies of this century and that its team are philosophers, not techies. In Eastern philosophy, the concept of Tabula Rasa can be traced back to the writings of Aristotle, Avicena, Ibn Tufail and St. Thomas Aquinas.
One of its meanings is “Clean-Slate.” My return is to provide a clean-slate vision for my creation, as it’s a rebirth of both Bitcoin and myself.
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