Before disappearing, the enigmatic founder of Bitcoin (BTC) was very active on the forums. Some of his messages have become famous, as they still resonate with truth today. In this article, we have collected the TOP 5 (prophetic) quotes from Satoshi Nakamoto.
The mythical quotes of Satoshi Nakamoto
“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”. From a front page article in the London Times about the UK government’s inability to revive the economy after 2008, this sentence has especially become symbolic after being inserted in the first mined block in the history of Bitcoin.
Before going further in this article, it is important to set the context to fully understand the quotes that will be presented to you later. On January 3, 2009, a certain Satoshi Nakamoto officially launches Bitcoinwhich he describes as “new open source peer-to-peer e-money system”.
In the first moments of Bitcoin’s life, Satoshi Nakamoto was particularly active. On the BitcoinTalk forum, he communicated, exchanged and debated a lot with the community that was beginning to be created around Bitcoin. Then, on April 26, 2011, he published a last message before disappearing definitively, giving no more signs of life.
Through more than 500 publications, Satoshi Nakamoto has given us numerous citations. Did he imagine that years later, Bitcoin would become the giant we know today? Hard to say. Nevertheless, one thing is certain: Nakamoto had a very prophetic vision of the future of his creation. Let’s take a look at the 5 most legendary quotes from the enigmatic Bitcoin founder.
👉 Who is Satoshi Nakamoto, the creator of Bitcoin (BTC)?
The most famous quote
“If you don’t believe it or don’t get it, I don’t have the time to try to convince you, sorry. »
In other words, in French: “If you don’t believe it or understand it, I don’t have time to try to convince you, sorry.” This quote is certainly the most famous, so heavy is it with meaning. Satoshi Nakamoto was particularly busy with the development of Bitcoin and had no time to promote it.
Did he need it? Not particularly. Did he mean that he was running out of time because he knew his end was near? We’ll never know. Still, today, this is the bet that many media in our ecosystem have taken: devote our time to democratizing Bitcoin and explaining how it works to as many people as possible.
About mining rewards
“In a few decades when the reward gets too small, the transaction fee will become the main compensation for [mining] nodes. I’m sure that in 20 years there will either be very large transaction volume or no volume. »
This can translate as follows: “In a few decades, when the reward is too low, transaction fees will become the main compensation for nodes [de minage]. I am certain that in 20 years there will be either a very high volume of transactions or no volume “.
As you certainly know, the evolution of mining rewards has been determined since the creation of Bitcoin. These are halved every 210,000 blocks (about every 4 years): this is called the halving.
Obviously, Satoshi Nakamoto was aware that for the model to work Bitcoin would need to reach a sufficient level of usage. Thus, the network fees would compensate for the decrease in mining rewards. This is how, according to him, around 2030, either Bitcoin is massively used or it will be gone.
About mining activity
“At first, most users would run network nodes, but as the network grows beyond a certain point, it would be left more and more to specialists with server farms of specialized hardware. »
This quote is taken from an email sent on November 3, 2008 by Satoshi Nakamoto. He responds to a community member expressing doubts about the scalability of Bitcoin. More specifically, this interlocutor feared that it becomes too expensive for miners to store the history of all network transactions, if it were to be used by millions of people.
At that time, remember that the Bitcoin network had not yet been officially launched. Nevertheless, the lucidity of the creator about the future of mining is surprising. Indeed, understand: “At first most users will use network nodes, but as the network grows beyond a certain point, it will increasingly be left to specialists with hardware server farms. specialist”. In other words, Nakamoto anticipated that Bitcoin mining would become an industrial activity in its own right.
About central banks
“The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. »
In other words, in French: “The fundamental problem with conventional currencies is the trust they require to operate. You have to trust the central bank not to devalue the currency, but the history of fiat currencies is full of breaches of that trust.”
It is undeniable that Satoshi Nakamoto questioned central banks and the trust that citizens are obliged to place in them. This is also one of the main motivations for the creation of bitcoin, an independent, immutable and stateless peer-to-peer digital currency.
This quote resonates all the more today. Whether in the wake of the Covid crisis or more recently after bank failures, US and European central banks have been printing money at a record pace to save the economy.
Valuable advice
“It might make sense just to get some in case it catches on. If enough people think the same way, that becomes a self fulfilling prophecy. »
This quote is taken from a discussion between Satoshi Nakamoto and a member of Bitcoin Talk, expressing her fear that people understand that bitcoin can be used as currency.
To this, Nakamoto will respond that he would be surprised not to see people using electronic currencies in a decadewhether for rewards points, donations, video games or even micro-payments on adult sites.
He will end his message by explaining that he could “be wise to acquire [du bitcoin] in case the phenomenon spreads. If enough people think the same way, it becomes a self-fulfilling prophecy.” Hoping for this user that he has heard this valuable advice.
As you may have noticed, some of Satoshi Nakamoto’s quotes proved to be prophetic. Of course, there are many more, which I invite you to consult through the Bitcoin Talk forum. And you, what is your favorite quote? Tell us in the comments of this article.
👉 Check out our guide on how to buy Bitcoin in 2023
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Journalist for Cryptoast, I strive to dissect every detail of the exciting world of cryptocurrencies and make it accessible and understandable to as many people as possible.
Lilian Aliaga
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