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Date: Thu, 12 Feb 2009 19:01:24 +0000
From: Satoshi Nakamoto <satoshin@gmx.com>
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To: Martien van Steenbergen <Martien@AardRock.COM>
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Subject: Re: [p2p-research] Bitcoin open source implementation of P2P
	currency
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Martien van Steenbergen wrote:
> Very interesting. Is this akin to David Chaum's anonymous digital money? =

> His concept makes sure money is anonymous unless it is compromised, i.e. =

> the same money spent more than once. As soon as it's compromised, the =

> =91counterfeiter=92 is immediately publicly exposed.

It's similar in that it uses digital signatures for coins, but different =

in the approach to privacy and preventing double-spending.  The =

recipient of a Bitcoin payment is able to check whether it is the first =

spend or not, and second-spends are not accepted.  There isn't an =

off-line mode where double-spenders are caught and shamed after the =

fact, because that would require participants to have identities.

To protect privacy, key pairs are used only once, with a new one for =

every transaction.  The owner of a coin is just whoever has its private key.

Of course, the biggest difference is the lack of a central server.  That =

was the Achilles heel of Chaumian systems; when the central company shut =

down, so did the currency.

> Also, in bitcoin, is there a limited supply of money (that must be =

> managed)? Or is money created exaclty at the moment of transaction?

There is a limited supply of money.  Circulation will be 21,000,000 =

coins.  Transactions only transfer ownership.

Thank you for your questions,

Satoshi

http://www.bitcoin.org

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