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If enough people think the same way, that becomes a self-fulfilling prophecy.īut later, as bitcoin began to catch on, Satoshi had to worry about how to present the concept of bitcoin to the wider world. I would be surprised if ten years from now we’re not using electronic currency in some way. The real trick will be to get people to actually value the bitcoins so that they become currency. Yes, but we can win a major battle in the arms race and gain a new territory of freedom for several years. You will not find a solution to political problems in cryptography. And occasionally there would be discussions over the value of creating bitcoin in the first place. Usually there were questions about bugs or potential problems with how the system worked, fixes to the coding, that kind of thing. But over the next two years, Satoshi Nakamoto kept developing bitcoin, releasing updates to the protocol, replying to emails on the mailing list and posting on message boards. This wasn’t the first attempt at creating a decentralised digital currency and initially the idea didn’t get much traction.
The file outlined an electronic cash system that Satoshi Nakamoto called bitcoin.Ī purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without the burdens of going through a financial institution.
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The message was brief and matter-of-fact, a short description and a link to a PDF file. The email lands with subscribers of the cryptography mailing list, an email group made up of a few dozen researchers and enthusiasts who are interested in some of the geekier aspects of the world of cryptography. I’ve been working on a new electronic cash system that’s fully peer-to-peer with no trusted third party. And then someone calling themselves Satoshi Nakamoto sends out an email. People are rethinking the whole financial and economic system, and the greedy bankers are the lowest of the low. The world is in the grips of a crippling financial crisis. It starts on the 31st of October 2008, Halloween. To understand just how big a part mythology and an almost religious fervour play in bitcoin, let me start by telling you its origin story. So what do bitcoin evangelists believe in? And why do they believe it? This is episode four: The church of bitcoin. It’s a belief system with its own commandments and taboos. You might remember bitcoin super gambler Michael Saylor in episode one, telling us that bitcoin is an instrument of economic empowerment for the world, a tool for freedom and truth and justice. You see, bitcoin is an ideology, a quasi-religion that cast the development of this cryptocurrency as a history-changing event. And for many people, crypto and in particular bitcoin, is about much more than that.
Getting rich quick by betting on the crypto markets or shilling the tokens they say will power their latest blockchain-flavoured invention.
For many people, crypto is simply all about making money.
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And in this series I’ve been asking why people believe in a future for cryptocurrencies and the blockchain. This is Tech Tonic from the Financial Times. The beliefs in crypto are quite extreme and very absurd.Īt this point it’s like bordering on denying reality. When people engage in crypto, it is not the way that they engage in any other hobby.
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