It is not known if Satoshi Nakamoto created bitcoin (BTC) himself, if he had help from others, or if he is just a pseudonym for a collective of developers. However, after the launch of Bitcoin on 9. In January 2009, Nakamoto worked on improving the software and received feedback and opinions from various contributors.
Among them is Dustin D. Trammell, one of the first crypto-currency owners to download the official version of Bitcoin and mine the crypto-currency. Mr. Trammell is a specialist in computer and virtual security. Not only did he talk to Satoshi and make suggestions on how bitcoin could be improved, but he also received some bitcoins from the creator himself.
Cointelegraph Brasil spoke to Trammell about the early days of bitcoin, after the virtual currency reached a new valuation record of over $61,000. Here’s what one early adopter thinks about the future of crypto-currencies.
Montelegraaf: What was the atmosphere like before Bitcoin, and how did you learn about BTC?
Dustin Trammell: I’m not quite sure… I first learned about digital currencies when Satoshi posted a white paper on bitcoin on a mailing list. Before that, I had experience mostly with alternative currencies, such as the Liberty Dollar.
I followed the Cryptography Newsletter mainly out of occasional interest in cryptography from my career in information security, and mainly focused on things like new algorithms, attacks, and weaknesses in algorithms.
I didn’t talk to Satoshi until they published the bitcoin white paper. The first version I was able to view and run was the first public version on the mailing list a few months later. Yes, I have used the very first public version and all subsequent versions.
I immediately started sending bug reports and asking questions, which resulted in emails that I posted on my blog. I remember being on the SourceForge list because I wanted to follow development, but I don’t think I ever put anything on there. I used to subscribe to Bitcoin-Development and Bitcoin-List, although my email shows that I only subscribed in 2013/2014. I don’t remember being on the original IRC channel or forum. I joined BitcoinTalk after its inception.
CT: How was mining done in those days? Was it some kind of research or did you already think bitcoin could become a currency like it is now?
DT : Mining was incredibly easy, although for the first few days I didn’t know I had to go into settings and specifically enable mining. Once I did that, I went to the races….. So there were a few days in the beginning when I was using the software, but not yet mining it. Back then, it was easy to mine gold with standard processors and generate a block of 50 units between a few times a day and once every few days, depending on your computing power.
Given my interest in alternative currency and information security, the project really interested me and seemed promising, but at the time I wasn’t thinking about what it has become today. If I did, I would have saved a lot more bitcoins than I did.
I have other programs running on my computers with extra processing power, such as [email protected], so I thought I would dedicate a few computers to my Bitcoin and participate in the network with my extra processing power.
At the time, I was sending bitcoins mostly to myself and combining the coins into a wallet from the various computers I was mining on. I don’t remember sending anything else until they were worth more than $0 years later. Satoshi only sent me coins once with my IP address.
Coins were always sent to the bitcoin address in the blockchain, but to send via IP, the client connects to that IP and asks for the bitcoin address to be sent, and then sends to that address in the chain. So Satoshi’s client connected directly to mine, and my client simply gave him the next available address in his address pool.
At one point I stopped mining and forgot about bitcoin for a year or two, totally unaware of what was going on in the project. During this period, the cost increased from $0 to about $9. I started paying attention again when the news came out about the use of Bitcoin on Silk Road. That’s probably when I joined other mailing lists.
CT: Do you think Satoshi was working on an electronic cache before Bitcoin?
DT : I’m not sure, but probably not. They seem to have brought together many different technologies and concepts to create bitcoin. I’m not sure you could have that clarity and impartiality if you had worked specifically with digital currency before. I think you needed an outside perspective.
In retrospect, Satoshi seemed to be trying to solve a social rather than a technical problem. The systemic problem of the outdated financial system. At the time, however, people were very focused on technology, so some philosophical points were overlooked or downplayed by those who did not pay enough attention.
CT: Do you think bitcoin has found the formula to reach its value, or has it become just another investment item hoarded by the same bankers and governments that cryptocurrencies once fought against?
DT : Yes, today I truly believe bitcoin has the potential to become the world’s next reserve asset. It has already invaded the internet; altcoins are almost universally traded on exchanges in ALT/BTC pairs against bitcoin.
It benefits from a fixed monetary policy and a proven network effect that continues to drive up its value relative to other assets that are not balloons. The new financial system that will be built on bitcoin will completely surpass the old systems, so bitcoin will literally have no choice but to supplant them. This is finance 2.0.
I think it’s a bit too late for bankers and governments unless they act quickly. Most bitcoins have already been issued, and the remaining authorized coins are declining rapidly, with the supply of newly minted coins halving about every four years.
They will have to buy from existing owners and most of us have no intention of selling to them. This will increase the price in parabolic coins. The first central bank to print paper money to buy bitcoin wins.
CT: Did you ever think there would be an entire industry built around Bitcoin?
DT : Yes, I could imagine bitcoin becoming very big, and there were discussions back then about scaling and what Tier 2 solutions might look like, but it far exceeded my initial expectations.
I wish I still had most of the bitcoins I mined. I’ve had many. I’ve given up a lot to promote bitcoin. I bought a lot of Casascius and Bitbills coins and gave them away at hacker and computer security conventions, renaissance fairs, parties, tips at restaurants, etc. I literally gave it away to anyone who took bitcoins.
I have also bought many things with bitcoins, real estate, cars, bitcoin miners and electronics. I had one of the bitcoin nerds cost me….. 1 BTC. They would still be worth 1 BTC if they weren’t sold.
I have mixed feelings about the other projects and their potential. I try to be unbiased and consider them all on their own philosophical and technical merits. For example, I really like Ethereum, but it’s not very decentralized and ETH is a terrible currency. There was no money, and Ethereum’s monetary policy is virtually non-existent. ETH is essentially the utility token you use to perform tasks on the Ethereum network.
I keep some ETH because sometimes I like to do things on the Ethereum network, like play Decentrand, and because it’s pretty interesting to follow and participate in this whole NFT/crypto movement. But I don’t consider it an investment or money because it doesn’t have a stable and predictable monetary policy. It’s right in my hands to accomplish what I want to do online.
I think DeFi [decentralized finance] has a long way to go to fix the bugs and security problems in digital accounting contract systems. For now, I’ll stick with the original decentralized finance project, Bitcoin.
CT: What about Satoshi? Do you think he still has access to bitcoin and is still working on developing the crypto currency, or has he really given up?
DT : I have no idea. My best guess is that Satoshi burned the keys in the beginning so he wouldn’t be tempted to give them away later, or that he lost them….. Or Satoshi is dead. There are a few plausible candidates for Satoshi who are no longer among us. Satoshi is definitely not Craig Wright.
CT: Considering what bitcoin was in 2009 and what it is today, what is the future of the largest crypto currency on the market?
DT : I think it will continue to grow and evolve – from the speculative asset and store of value it has become, to the ultimate global reserve asset, to the unit of account, and ultimately to the currency itself.
With the opening of the gateway to institutional funds and the emergence of second tier solutions such as Bitcoin Lightning and Liquid on the network, we will come a long way, but it will take time. Yet this will probably happen sooner than expected. Little by little, and then suddenly…
frequently asked questions
Who made the first bitcoin transaction with Satoshi Nakamoto?
Craig Wright (as Satoshi Nakamoto) sent 10 bitcoins to developer and cryptographer Hal Finney. Why is this so important? It was the first person-to-person bitcoin transaction, the first of millions.
How many bitcoins does Satoshi Nakamoto have?
Bitcoin creator Satoshi Nakamoto has mined up to 1.1 million bitcoins in the first seven months of bitcoin’s existence. This fortune, now worth over $30 billion, has remained untouched to this day.
How much is Satoshi Nakamoto worth?
Not surprisingly, the enigmatic Satoshi Nakamoto tops the list with $34.9 billion in assets.
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