Reflecting On Satoshi White Paper – Bitcoin Magazine


This is an opinion editorial by Archie Chaudhury, a blockchain enthusiast and previous winner of top prize at the 2021 MIT Bitcoin Expo.

When Satoshi Nakamoto first published the Bitcoin white paper in October of 2008, the world was reeling from a financial crisis caused by the irresponsibility and negligence of the institutions that controlled our financial system. Hedge funds, central banks and other powerful agents had been all too happy to place over-leveraged bets on the economy, and to profit from the economic losses incurred by the working class when these bets collapsed.

Governments, in a desperate attempt to keep these institutions alive, spent hundreds of billions of dollars in bailouts and other monetary injections instead of ensuring the well-being of the average citizen. Bitcoin was Satoshi Nakamoto’s answer to state-backed money; it was a vision for a decentralized digital currency that could provide the efficiency of online banking, the relative pseudonymity of physical cash, and the scarcity of gold.

Unlike previous attempts at creating digital cash, Bitcoin was not backed by or controlled by a singular entity or party, but rather by an anonymous developer (developers?), a set of faceless forum visitors and a small online community that believed in using cryptographic software for privacy and independence from authoritarian powers. Nakamoto’s ultimate goal was to create an asset that was autonomous, decentralized and was not susceptible to the greed or will of any one individual. October 31, the day Satoshi Nakamoto formally announced their white paper to the Cypherpunks Mailing List, has come to be known as “Bitcoin White Paper Day” and is celebrated as an informal declaration of independence from corrupt state-backed money, heard across the world. The purpose of this article is to reflect on how far we have come since then, and how much work remains to be done in order to accomplish Nakamoto’s goals.

Source link Bitcoin Magazine


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