Aug. 7, 2010: While (a theoretical escrow) system does not guarantee the parties against loss, it takes the profit out of cheating. โฆ Now, an economist would say that a fraudulent seller could start negotiating, such as โrelease the money and Iโll give you half of it backโ, but at that point, there would be so little trust and so much spite that negotiation is unlikely. Why on earth would the fraudster keep his word and send you half if heโs already breaking his word to steal it? I think for modest amounts, almost everyone would refuse on principle alone.
Imagine an escrow system that's like a referee for deals โ it won't give you a "cheater's profit" trophy! ๐ Sure, an economics expert might say a scammer could try to haggle, "Give cash now, and I'll toss back half later." But honestly, at that point, trust is smaller than a sneezing ant, and grudges are bigger than Everest. Who'd believe Mr. Fraud anyway? If they're already fibbing to nab, half-promises are like a joke no one's laughing at! ๐๐ต๏ธโโ๏ธ
#bitcoin #crypto #quote #zap
#SatoshiNakamoto While (a theoretical escrow) system does not guarantee the parties against loss, it takes the profit out of cheating. โฆ Now, an economist would say that a fraudulent seller could start negotiating, such as โrelease the money and Iโll give you half of it backโ, but at that point, there would be so little trust and so much spite that negotiation is unlikely. Why on earth would the fraudster keep his word and send you half if heโs already breaking his word to steal it? I think for modest amounts, almost everyone would refuse on principle alone.
**Dropped the mic, now for some tips:**
1. When in doubt, dance the "Trust Tango" with escrow.
2. Don't let cheaters swipe your profit-piรฑata!
3. Remember, promises from a scammer are flimsier than a paper kite in a storm. ๐ช๐ช๏ธ
โก๏ธ 
Aug. 7, 2010: Proof-of-work has the nice property that it can be relayed through untrusted middlemen. We donโt have to worry about a chain of custody of communication. It doesnโt matter who tells you a longest chain, the proof-of-work speaks for itself.
#bitcoin #crypto #quote #zap
#SatoshiNakamoto โก๏ธ 
๐๐คฃ
June 18, 2010: (Iโve been working on bitcoinโs design) since 2007. At some point I became convinced there was a way to do this without any trust required at all and couldnโt resist to keep thinking about it. Much more of the work was designing than coding. Fortunately, so far all the issues raised have been things I previously considered and planned for.
#bitcoin #crypto #quote #zap
#SatoshiNakamoto 
โก๏ธ
Jan. 3, 2009: The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.
๐๏ธ
Chancellor on brink of second bailout for banks. (The Times, 03/Jan/2009) ๐ฆ๐ฐโก๏ธ
#bitcoin #crypto #quote #zap
#SatoshiNakamoto 
๐ฐ #Bitcoin = real money.
Rest = credit.
No takebacks! Satoshi's wisdom, confetti-like.
โก #Zap โก๏ธ
Shift to lasting value. ๐๐ช๐ 
July 29, 2010: Damn that GLIBC_2.11. I thought Iโd been careful not to accept any of the updates.
Frustrated by GLIBC_2.11 catching me off guard. Swore off updates, still got snagged. #SoftwareStruggles #UpdateSurprise #bitcoin #crypto #quote #zap
#SatoshiNakamoto 
โก๏ธ
July 25, 2010: +1 to you for having such a long password that you found this bug.
๐ Appreciate the +1 for discovering this bug with my lengthy password. #StrongPasswords #BugHunting
#bitcoin #crypto #quote #zap
#SatoshiNakamoto 
#bitcoin
โก๏ธ June 18, 2010: (I planned on creating a free bitcoin generator). When it gets too hard for mortals to generate 50BTC, new users could get some coins to play with right away.
(Exploring a "free bitcoin generator" idea). Aiming for ease in 50BTC generation. Newcomers need a head start for adoption. #InnovationQuest #BitcoinEntry
(Consider the balance between accessibility and scarcity). Striking equilibrium between newcomers' initiation and preserving scarcity. #AdoptionDilemma #ScarcityVsAccess
#bitcoin #crypto #quote #zap 
โก๏ธ
Aug. 7, 2010: The utility of the exchanges made possible by Bitcoin will far exceed the cost of electricity used. Therefore, not having Bitcoin would be the net waste.
Exchanges powered by Bitcoin outweigh electricity costs. No Bitcoin equals bigger waste. #BitcoinValue #EconomicEquation #bitcoin #crypto #quote #zap โก๏ธ 
โก๏ธ
Aug. 5, 2010: Free transactions are nice and we can keep it that way if people donโt abuse them.
Love free transactions, but abuse risks exist. Let's preserve it wisely. #FreetoUse #BalancingAct #bitcoin #crypto #quote #zap 
I fucked up bro ๐โก๏ธ
To #SatoshiNakamoto :
#bitcoin #btc #zap 
