[p2p-research] Bitcoin open source implementation of P2P currency

[Martien van Steenbergen]

On 12 Feb 2009, at 20:01 , Satoshi Nakamoto wrote:

> 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 ‘counterfeiter’ 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.

Thanks for clearing this up.

> 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.

IC.

> 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.

Yes, that's really great. Reminds me of:

AardRock » Wizard Rabbit Treasurer; and
AardRock » Pekunio

>> 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.

Would love to also see support for not having to supply and managing  
money. Would make it easier and cheaper to maintain and results in  
have sufficient money, always and everywhere. No scarcity, no  
abundance, exactly the right amount all times, self-organizing.

Are you familiar with Ripple?

Is bitcoin also available as a protocol spec (facilitating differen  
language bindings and implementations; unite on specs, compete on  
implementation).

Succes en plezier,

Martien.
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