Satoshi implemented Asymptotical Ideal Money with halvings, adjustable difficulty, and the John Nash equilibrium. John Nash described it in Ideal and Asymptotically Ideal Money, published in 2005.
#AES #Bitcoin §17
2009 JAN 03: Genesis Block
> The receiver of a payment must wait an hour or so
> before believing that it's valid. The network will
> resolve any possible double-spend races by then.
….
Satoshi Nakamoto
#AES #Bitcoin §16
2008 NOV 13: The Network Will Resolve Any Possible Double-Spend
Satoshi Nakamoto’s white paper, Bitcoin: A Peer-to-Peer Electronic Cash System, describes “How” Bitcoin. The paper finds the solution to the double-spend problem on a peer-to-peer network.
#AES #Bitcoin §15 2008 OCT 31: (Published on Halloween)
In his abstract, John Nash asks the poignant question, “How do rational expectations affect economic behavior when there is no standard value for the currency?”
§14 2005 APR 26: John Nash Presents Ideal and Asymptotically Ideal Money
Imagine an immutable, single source of truth without any intermediaries. Over time, the top-heavy hierarchies will grow increasingly irrelevant, especially fiat central banks and the fiat oligarchy.
#AES #Bitcoin §13 2002: Hashcash - Predecessor to Proof-of-Work
Dai describes B-money. Without a third party, all transactions must be publicly announced: “[S]enders and receivers are identified only by digital pseudonyms (public keys).”
#AES #Bitcoin §12 1998: B-Money, Senders, and Receivers Identified by Pseudonyms (Public Keys)
Eric Hughes, helped inspire the cryptographic community, advocating widespread cryptography and privacy-enhancing technology in order to safeguard people’s rights and advance a more open and decentralized society.
#AES #Bitcoin §11 1993 MARCH 9: A Cypherpunk's Manifesto
By changing the format from software to a book, Phil Karn and Phil Zimmerman established a precedent. Code is free speech.
#AES #Bitcoin §10 1991: Phil Zimmermann Wrote and Published PGP
President Xi and Ray Dalio calling blockchain great is a calculated misdirection. Xi and Dalio are fiat maxis. Both benefit from the fiat Ponzi, riding the wave of artificially low interest rates.
#AES #Bitcoin §9
In 1992, Stornetta, Haber, and Dave Bayer incorporated Merkle trees into their design, improving its efficiency by allowing document certificates to be collected into one block. #AES #Bitcoin §9 1991 January: Original Blockchain
Some call it The Byzantine Generals Problem. More specifically, it is a double-spend problem across a distributed network without a central authority.
#AES #Bitcoin §8 1982 July: Byzantine Generals Problem
1982 January 5: Merkle Trees
Method of Providing Digital Signatures. Patent application inventor named Merkle. The method will later be known as Merkle trees. Later, it was used in Bitcoin to generate a simple “root hash.” Every root hash will have a sixty-four-digit alphanumeric.
#AES #Bitcoin §7
1976 November: Asymmetric Cryptography
New Directions in Cryptography, published by Diffie and Hellman, describes asymmetric cryptography. The method will later be known as private-and-public key cryptography or asymmetric cryptography.
#AES #Bitcoin §6
“A non-cooperative game does not always have a solution, but when it does the solution is unique.”
1950 May, John Nash
#AES #Bitcoin §5
"Bitcoin is the world’s first decentralized digital ledger, and it works because Bitcoin is increasingly scarce on an ultra-secure public network."
#AES §3
#introductions