Satoshi - Sirius emails 2009-2011 https://mmalmi.github.io/satoshi/

A slew of emails from Satoshi Nakamoto have been published (https://mmalmi.github.io/satoshi/) this week, revealing the visionary’s thoughts on Bitcoin.

Satoshi Nakamoto, in detailed correspondence with Martti “Sirius” Malmi, outlines the key features of Bitcoin, emphasising the developers’ focus on security and accessibility for users.

Email #3, reveals Nakamoto’s plans to implement an escrow feature to facilitate more secure physical transactions and the eventual exchange of digital currency for fiat money. This strategic approach demonstrates Nakamoto’s foresight in creating a solid foundation for Bitcoin’s integration into the wider economy.

“Next, I plan to work on the escrow feature, which is necessary to make actual transactions of physical goods more secure, and before fiat money starts backing the currency,” Nakamoto explained on 3 May 2009.

Speaking of Bitcoin’s scalability, Nakamoto confidently states that bitcoin can outperform existing payment networks such as Visa in terms of transaction throughput, and Moore’s Law guarantees the network’s ability to handle growth.

Satoshi’s optimism about scalability contradicts the widespread criticism of Bitcoin’s performance today.

Nakamoto wrote, "Visa’s existing credit card network processes about 15 million online purchases per day worldwide. Bitcoin can already scale far beyond that with existing hardware at a fraction of the cost.

It will never actually reach its scaling limit. If you’re interested, I can talk about how it will handle extreme loads. According to Moore’s Law, we can expect hardware speeds to be 10 times faster in 5 years and 100 times faster in 10. Even if bitcoin transactions grow at a crazy rate, I think the speed of computers will outpace the number of transactions."

In essence, Satoshi Nakamoto’s view of bitcoin reveals an extensive plan to create a digital currency that is decentralised, scalable and secure, all laid out in just one of Malmy’s many emails. Nakamoto’s recently published records, consisting of more than 100 emails, are likely to be scrutinised throughout 2024.

One would very much like to get details from Satoshi himself as to how, with the increase in the power of the mining equipment, the bandwidth of the network will increase. After all, a block is found plus or minus once every ten minutes and the number of transactions in a block is limited by its size.

The current size of a single bitcoin block ranges from 2.35MB to 1.35MB. The last block processed was 1.9 MB in size. How 150k transactions can be included there to compete with VISA is not clear yet. We are waiting for the remaining hundreds of letters to be checked and interpreted by specialists.

However, there is a high probability of manipulation of the bitcoin network. After all, if the letters turn out to be fake, they can affect the core developers and they can make changes in the code, such as increasing the number of blocks per minute or increasing the block in tens or even hundreds of times, which has already been repeatedly proposed by the sent benefactors and was firmly rejected by the team of the core developers.