Satoshi Emails 📧
Satoshi Emails 📧
A treasure of early Bitcoin lore published. Trump softens his Bitcoin stance. Fear and Greed index at extreme greed - correction incoming? US Attorney’s Office request CZ to surrender all passports.
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Martti Malmi, a Finnish computer scientist and software developer, is known for being Bitcoin creator Satoshi Nakamoto’s earliest collaborator.
Malmi, published 120 pages of email correspondences between the two on GitHub on Feb. 23.
Must read - Treasure 👇
Read: 5050 BTC for $5. Martti Malmi, who? 🤯
While the true identity of Nakamoto remains a mystery, these emails do not contain definitive evidence to reveal it. The emails were initially introduced as evidence in a London court case brought by the Crypto Open Patent Alliance against Craig Wright, who has claimed to be Nakamoto.
Pick of Satoshi Views
Cryptocurrency: It's believed that Satoshi Nakamoto came up with the term "cryptocurrency." Myth.
Someone came up with the word "cryptocurrency"... maybe it's a word we
should use when describing Bitcoin, do you like it?
Malmi's response: It sounds good. "The P2P Cryptocurrency" could be considered as the slogan, even if it's a bit more difficult to say than "The Digital P2P Cash". It still describes the system better and sounds more interesting, I think.Anonymity: Satoshi's perspective on anonymity within the Bitcoin ecosystem.
“I think we should de-emphasize the anonymous angle. With the popularity of bitcoin addresses instead of sending by IP, we can’t give the impression it’s automatically anonymous. It’s possible to be pseudonymous, but you have to be careful … If someone digs through the transaction history and starts exposing information people thought was anonymous, the backlash will be much worse if we haven’t prepared expectations by warning in advance that you have to take precautions.”Mining: Less energy intensive than the legacy banking system.
Ironic if we end up having to choose between economic liberty and conservation … Unfortunately, proof of work is the only solution I've found to make p2p e-cash work without a trusted third party. Even if I wasn't using it secondarily as a way to allocate the initial distribution of currency, PoW is fundamental to coordinating the network and preventing double-spending. If it did grow to consume significant energy, I think it would still be less wasteful than the labour and resource intensive conventional banking activity it would replace. The cost would be an order of magnitude less than the billions in banking fees that pay for all those brick and mortar buildings, skyscrapers and junk mail credit card offers.Scale: The calculation and the economics of the network at scale.
100,000 block generating nodes is a good ballpark large-scale size
to think about. Propagating a transaction across the whole network
twice would consume a total of US$ 0.02 of bandwidth at today's
prices. In practice, many would be burning off excess allocated
bandwidth or unlimited plans with one of the cheaper backbones.
There could be millions of SPV clients. They only matter in how
many transactions they generate. If they pay 1 or 2 cents
transaction fees, they pay for themselves. I've coded it so you
can pay any optional amount of transaction fees you want. When the
incentive subsidy eventually tapers off, it may be necessary to put
a market-determined transaction fee on your transactions to make
sure nodes process them promptly.
To think about what a really huge transaction load would look like,
I look at the existing credit card network. I found some more
estimates about how many transactions are online purchases. It's
about 15 million tx per day for the entire e-commerce load of the
Internet worldwide. At 1KB per transaction, that would be 15GB of
bandwidth for each block generating node per day, or about two DVD
movies worth. Seems do-able even with today's technology.
Important to remember, even if Bitcoin caught on at dot-com rates
of growth, it would still take years to become any substantial
fraction of all transactions. I believe hardware has already
recently become strong enough to handle large scale, but if there's
any doubt about that, bandwidth speeds, prices, disk space and
computing power will be much greater by the time it's needed.Block That Quote 🎙️
Donald Trump, and his renewed view on Bitcoin
"It’s taken a life of its own … So I can live with it one way or the other.”
In an recent interview on Fox News, Trump spoke about the rise of Chinese digital currency, and if decentralised currency network, such as Bitcoin is a possible counter.
“I like the dollar, but many people are doing it [using Bitcoin], and frankly, it’s taken a life of its own. You probably have to do some regulation, as you know, but many people are embracing it. And more and more, I’m seeing people wanting to pay Bitcoin, and you’re seeing something that’s interesting. So I can live with it one way or the other.”
Trump has not been a fan of crypto.
In 2019, he was the President and he was clear and straight about crypto.
In 2021, Trump said that Bitcoin "seems like a scam."
The new view could possibly be Trump trying to position himself as the candidate with a softer Bitcoin stance ahead of the 2024 presidential election.
Fear and Greed Index at Extreme Greed
The Fear and Greed Index has been above 50, indicating a greedy market sentiment, for the past six months.
While such a state can persist for extended periods, the similarities with the 2019-2020 fractal suggest the possibility of a deeper correction in Bitcoin's price.
Comparison with pre-2020 halving
Fear and Greed Index reached extreme greed before the 2020 halving, followed by a 62% price drop.
Current market conditions similar to pre-2020 halving, with Fear and Greed Index in extreme greed territory.
Possible scenarios for Bitcoin price
Deeper correction (around 21%) or moderate correction (around 62%) possible before or after halving, similar to pre-2020 halving.
Bitcoin price could test $41,000 or even $20,000 depending on market conditions.
Where’s ETF?🚨
Carson Group, a $30-billion registered investment advisor (RIA) platform, has approved four spot bitcoin ETFs - issued by BlackRock, Fidelity, Franklin Templeton and Bitwise. They choose to leave out the majority of funds currently available to investors👇
CZ Requested to Surrender Passports
The US Attorney’s Office has asked former Binance CEO, Changpeng Zhao to surrender his Canadian passport and “all other current and expired passports and travel documents” to his legal team.
On Feb. 23, Judge Richard Jones accepted the $1.8 billion fine and forfeiture of $2.5 billion.
“This really is a case where the ethics of the company were compromised by greed,” said Judge Jones at the Feb. 23 hearing.
He stepped down as Binance CEO as part of a $4.3 billion deal between the crypto exchange and US authorities.
After CZ’s departure, former Binance head of regional markets Richard Teng stepped up as CEO.
CZ, Binance, and Binance.US are still facing a civil case with the US Securities and Exchange Commission, which filed a lawsuit in June 2023.
Zhao also holds citizenship in the United Arab Emirates, where he had requested to travel to visit family ahead of his sentencing — a motion the judge denied.
Institutional Crypto Holdings Soar 250%
South Korea's leading institutional crypto custodian, Korea Digital Asset (KODA), saw a nearly 250% increase in its crypto assets under custody in the latter half of 2023.
KODA’s crypto assets swelled to approximately 8 trillion Korean won (~ $6 billion), up from roughly 2.3 trillion Korean won (~ $1.7 billion) at the year’s midpoint.
Why the surge?
The global excitement over the potential launch of spot Bitcoin ETFs.
The SEC's approval of spot Bitcoin ETFs in January.
The ruling People Power Party of South Korea is reportedly considering allowing investments in crypto products approved by developed countries, including spot Bitcoin ETFs.
South Korea is also gearing up to enforce stricter crypto regulations. The Virtual Asset User Protection Act, effective from July 2024, aims to axe down on illicit crypto activities.
The Surfer 🏄
Swiss City St. Gallen is issuing a $113 million, three-year tokenised bond that can be settled using the Swiss Franc CBDC or tokenised euros.
Brave browser is integrating on-chain payments with Solana blockchain to allow users transfer BAT tokens directly to a self-custody Solana wallet.
Pudgy Penguins, NFT collection that expanded into physical toys, is creating a .pudgy domain name in partnership with Unstoppable domains
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