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5 entries
Satoshi outlines the economic model of Bitcoin, explaining that rational market prices reflect expected future value, and compares production cost dynamics to commodity pricing.
Bitcoin's first price was a production-cost estimate. Satoshi predicted in 2010 that market price would come to dictate production cost — not the reverse. The arc from 2009 to modern models.
Satoshi addresses concerns about Bitcoin's energy consumption, arguing it would be far less than traditional banking while acknowledging the tension between economic liberty and conservation.
Satoshi responds to Hal Finney's botnet/pay-per-send point, proposing that fake mailboxes could 'reverse-spam' spammers by harvesting their POW tokens. He also describes e-gold's 'dusting' problem.
Satoshi responds to Hal Finney's botnet/pay-per-send point, proposing that fake mailboxes could 'reverse-spam' spammers by harvesting their POW tokens. He also describes e-gold's 'dusting' problem.