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Keys from communication with Hearn keys

Here's what the sources reveal about Satoshi Nakamoto, primarily through his own words in correspondence with early Bitcoin user and developer Mike Hearn:

  • Satoshi Nakamoto released the first version of Bitcoin in January 2009 and announced it on the Cryptography Mailing List. The software was initially Windows-only and included open source C++ code.

  • Nakamoto aimed to create a digital cash system that could handle a high volume of transactions. In an email exchange with Mike Hearn, he compared Bitcoin's scalability to the Visa credit card network, stating that Bitcoin could process a much larger volume of transactions with existing hardware at a lower cost.

  • Decentralization was a key focus for Nakamoto. He believed the order of events on the blockchain was critical to Bitcoin's security and that the system shouldn't stop extending the chain, even during periods of low activity. He felt this continuous extension was necessary to prevent attackers from catching up.

  • Nakamoto was open to feedback and actively sought input on Bitcoin's development. He engaged in detailed discussions with Hearn about technical aspects of the system, including:

    • the structure of blocks
    • the use of a global chain
    • how the system managed timestamps
    • the possibility of fractional bitcoins.

  • He recognized the importance of early adoption and community engagement. To make Bitcoin more usable, Nakamoto was working on a marketplace feature that would allow users to buy and sell goods and services. He also acknowledged the need for a mailing list or platform where early users could test transactions and experiment with the currency.

  • Nakamoto valued privacy. He acknowledged the difficulties in including comments with Bitcoin transactions due to the use of the EC-DSA algorithm for its compact block chain size. He noted this choice limited the ability to encrypt messages within transactions.

  • Nakamoto believed in Bitcoin's potential beyond simple transactions. He envisioned broader applications, like micropayments to websites.

  • By April 2011, Nakamoto had stepped away from Bitcoin development, stating, "I've moved on to other things. It's in good hands with Gavin and everyone." He expressed hope that BitcoinJ, Hearn's Java implementation, would provide an alternative for developers and facilitate faster adoption for new users.

While the sources offer limited information about the political or philosophical motivations driving Nakamoto's creation of Bitcoin, they paint a picture of a developer who was deeply invested in the technical aspects of the project, actively sought feedback, and genuinely believed in its potential to revolutionize online transactions.