Satoshi predicted Bitcoin's energy consumption problem back in 2009
The content in the "15 year old" email series revealed many of Satoshi Nakamoto's "predictions" about the future of becoming the largest cryptocurrency on the market today - Bitcoin.
Not only that, the "father" of Bitcoin also saw non-financial applications of blockchain early on, and expressed concern that labeling Bitcoin as a type of investment could subject it to legal scrutiny from the government. .
This email is part of the evidence submitted to the court in the ongoing lawsuit between Craig Wright and the Crypto Open Patent Alliance (COPA) to "prove Wright is not Satoshi Nakamoto".
The "Father of Bitcoin" soon predicted debates surrounding the energy consumed when mining BTC
Specifically, between 2009 and 2011, Martti Malmi and Satoshi Nakamoto sent each other a series of emails to discuss the "prospect" of the birth of the largest cryptocurrency on the market today.
In the latest 70,000-word email, the "father" of Bitcoin called Proof of Work (PoW) an important factor to coordinate the network, prevent consumption, and is the only solution for cryptocurrency to exist. can operate P2P without the need for a trusted third party. Satoshi also "envisioned" a world where anyone can mine Bitcoin, anyone can own the network.
“If Bitcoin really grows and consumes significant energy, I think it will still be less wasteful than traditional banking, which is expensive in labor and resources that Bitcoin can replace .
The cost will be much lower than the billions of dollars in bank fees for premises, credit programs and daily mailings to customers."
In fact, throughout Bitcoin's journey from zero to its ATH peak value of $69,000, PoW has always been at the center of debates surrounding energy consumption when mining BTC. While many experts have pointed out that miners use clean energy and will account for only 0.9% of global carbon emissions by 2030, "anti-Bitcoin" elements have always focused on energy consumption. amount of BTC.
A 2021 study from Galaxy Digital claims that the traditional banking system as well as the gold industry consume 2 times more energy than the Bitcoin network.
"It would be ironic if in the end we have to choose between economic freedom and environmental protection," Satoshi Nakamoto shared in the email.
Seeing a future of non-financial applications for blockchain
Not only foreshadowing debates on the topic of "huge energy consumption when mining Bitcoin", Satoshi Nakamoto also soon saw the future of non-financial applications for blockchain.
In addition to the fact that BTC can be used for payments, he sees "blockchain as an open source notary", allowing users to securely time-stamp their information by engraving data on their block. BTC, while also proving the existence of that information at a specific time.
There is soon concern about legal risks if Bitcoin receives attention from the government
Satoshi said he doesn't like calling Bitcoin an investment because of concerns about legal risks, which could subject it to closer government scrutiny. Satoshi accidentally saw "cryptocurrency" from someone in the community and he liked people using the phrase.
Also in the email, the "father of Bitcoin" understood that attracting attention from governments too early would cause Bitcoin to fail. Indeed, since its appearance, the US Securities and Exchange Commission (SEC) has continuously carried out a series of legal campaigns using this phrase.
The SEC also created a list of cryptocurrency tokens that are considered securities, and exchanges (Binance, Coinbase) that organize trading of "cryptocurrency tokens that are considered securities" will violate securities laws. America.
Although the emails do not "reveal" to the reader who Satoshi is, the constant confusion between the English (US) and English (UK/Europe) spellings, shows that the author is very Be careful about hiding where you live.
For the past 15 years, the true identity of Satoshi Nakamoto has always been a topic that attracts much attention from the Bitcoin fan community. Satoshi Nakamoto is said to hold up to 1.1 million Bitcoin, equivalent to 47 billion USD at the time of writing, however because Satoshi Nakamoto has disappeared since 2010, it can be said that the above amount is forever lost. Inearth".
Immediately following the news, the cryptocurrency community hailed the sudden shift in stance of the "crypto nemesis" as a sign of future major changes by the US government towards Bitcoin and other cryptocurrencies.
Elizabeth Warren is a strong crypto critic who has launched an anti-crypto campaign as part of her plan to retain her Senate seat this year. Ms. Elizabeth even openly called on Treasury Secretary Janet Yellen to oppose cryptocurrencies, and urged the Department of Energy and the Environmental Protection Agency (EPA) to put “pressure” on Bitcoin miners.
The politician regularly warns about the risks of the crypto industry, encouraging the SEC to use its authority to address them. Faced with a massive wave of bankruptcies in 2022, this lawmaker continues to call on the US Securities Commission to be more aggressive. Given her extensive anti-Bitcoin record, her signing an order allowing flags to honor Satoshi Nakamoto came as a surprise to many this week.
Amid the celebration, platform X detectives were quick to point out the fact that Senator Elizabeth Warren has not changed her stance on Bitcoin. In fact, anyone can pay a $34 fee and fill out a form to request a flag be displayed on the U.S. Capitol building.
Learn about the review of flag ceremonies on the Capitol, senators and representatives have allowed their constituents to purchase flags to commemorate personal occasions such as anniversaries, graduations and retirements. Lawmakers would then sign certificates commemorating such occasions and send them, along with a U.S. flag, to voters to keep as souvenirs.
The architect of the Capitol estimates that 100,000 such requests are submitted by lawmakers to fly the flag on the Capitol each year. Due to the high volume of flag-raising applications and ceremonies, the architect of the Capitol does not keep detailed records of which flag, submitted by which lawmaker, will be flown on which day.
Explaining the information posted by Bitcoin Magazine, many people believe that the article's main content is to satirize Warren for finally "seeing the orange light" (referring to the Bitcoin symbol), indicating his office. The senator took an extremely free-speech approach in moderating requests on flag registration forms.
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