Bitcoin

The early days of Bitcoin and Dustin D. Trammell’s emails with Satoshi Nakamoto

It is not known whether Satoshi Nakamoto created Bitcoin (BTC) on his own, whether they received help from others, or whether they themselves are just a pseudonym for a collective of developers. However, after Bitcoin launched on January 9, 2009, Nakamoto worked to improve the software by getting feedback from various contributors.

Among them is Dustin D. Trammell, one of the first cypherpunks to download the official version of Bitcoin and mine the cryptocurrency. Trammell is a computer security research scientist and a virtual security specialist. Not only did he talk to Satoshi and suggest improvements for bitcoin, but he also received some bitcoin from the creator himself.

Cointelegraph Brazil spoke to Trammell about the beginnings of Bitcoin after the virtual currency hit a new record high of over $ 61,000. Here’s what early adopters think about the future of cryptocurrencies.

The early days of Bitcoin and Dustin D. Trammell’s emails with Satoshi Nakamoto
The early days of Bitcoin and Dustin D. Trammell’s emails with Satoshi Nakamoto

Cointelegraph: What was the atmosphere like before Bitcoin and how did you find out about BTC?

Dustin Trammell: I’m not sure … my introduction to digital currencies was literally when Satoshi mailed the Bitcoin whitepaper. Prior to that, most of my experience with altcoins was the physical type with a metal back, such as the Liberty Dollar.

I followed the crypto mailing list mostly as an occasional interest in cryptography from my information security career, and mostly focused on things like new algorithms, attacks, and algorithm weaknesses.

“I didn’t speak to Satoshi before they published the Bitcoin whitepaper. The first version that I was able to review and run was the first public post on the mailing list a few months later. Yes, I have the first public version and each later used version “.

I immediately started posting bugs and asking questions, which led to the emails I posted on my blog. I remember getting on the SourceForge list because I wanted to keep up with developments, but I don’t think I ever posted on it. I subscribed to Bitcoin Development and the Bitcoin List, although my email history shows that I only signed up in 2013/2014. I don’t remember being on the IRC channel or the original forum. I joined BitcoinTalk after it was founded.

CT: How was mining then? Was it something of a “study” or did you already think that Bitcoin could be a currency as it is today?

DT: Mining was incredibly easy, although in the first few days I didn’t realize that you had to make settings and specifically activate mining. After doing that, I went to the races … So there were a couple of days at the beginning that I ran the software but still hadn’t degraded. Back then you could easily mine with standard CPUs and, depending on the processing power, generate a block of 50 from a few times a day to one every few days.

Given my interest in altcoins and information security, I was definitely interested in the project and found it promising, but at the time I wasn’t thinking as far or what it would become a reality. If it were, I would have saved a lot more Bitcoin than I did. “

I used to run other programs with “excess processing power” on my computers, such as: B. SETI @ home. So I thought I could have some computers available to mine Bitcoin and participate in the network with my excess computing power.

At the time, I mainly sent Bitcoin to myself and consolidated coins in a single wallet from the various computers I was mining on. I can’t remember sending them to anyone until years later they were finally worth over $ 0. Satoshi only sent me coins once using my IP address.

The coins were always sent from the Bitcoin address on the blockchain. However, to send them by IP, the client would connect to that IP and then request a bitcoin address to send and then send to that address on the chain. Satoshi’s customer connected directly to mine this way, and my customer simply gave him the next available address in his address pool.

In fact, at some point I stopped mining and forgot about Bitcoin for a year or two and luckily didn’t know what was going on with the project. During that time, the value rose from $ 0 to around $ 9. I began to pay attention again when the news broke about the use of Bitcoin on the Silk Road. That was probably when I joined the other email lists.

CT: Do you think Satoshi was working on creating an e-cash even before Bitcoin?

DT: I’m not sure, but probably not. It seems that they put together many different technologies and concepts to create Bitcoin. I’m not sure if I could have had that kind of clarity and bias if I had worked specifically on digital currencies before. I think you needed an outside perspective.

In retrospect, Satoshi didn’t seem to be trying to solve a technical problem, but a social problem. A systemic problem with the old financial system. However, at the time they were very tech-centric, so some of the philosophical points may have been overlooked or downplayed by those who did not pay enough attention.

CT: Do you think Bitcoin found the “formula” to achieve its value, or has it simply become a fixed asset accumulated by the same “bankers” and governments that the Cypherpunks once struggled with?

DT: Yes, today I really believe that Bitcoin has the potential to become the next global reserve asset in the world. You have already conquered the internet; Altcoins on exchanges are almost universally traded against Bitcoin in ALT / BTC pairs.

It has solid monetary policy and a network effect that has been shown to hold its value against other non-scarce assets on the moon. The new financial system built on top of Bitcoin will completely outperform older systems, and there is literally no option other than Bitcoin to replace them. This is Finance 2.0.

“I think it’s a bit late for bankers and governments unless they come into play quickly. Most of Bitcoin has already been spent, and the remaining supply approved for issue is rapidly decreasing, with the supply of newly minted ones Coins being halved every four years or so. “

You have to buy from the current owners and most of us have no intention of selling to them. That will make the price of fiat currencies soar. The first central bank to print fiat to buy bitcoin wins.

CT: Did you imagine that one day there would be this whole bitcoin industry?

DT: Yes, I saw that Bitcoin can get very big, and at the time there was talk of scalability and what second-layer solutions might look like, but this has grown way beyond my initial expectations.

I would like to have most of the bitcoin that I mined. He had a lot. I gave away a huge amount to promote Bitcoin. I bought some Casascius and Bitbills coins and handed them out at hacking and computer security conventions, Renaissance fairs, parties, tipping them in restaurants and so on. He literally gave it to anyone who accepted Bitcoin.

I’ve also bought a lot of things with bitcoin, from real estate and a car to bitcoin miners and random electronics. I have one of the bitcoin nerd merit badges that cost me … 1 BTC. They would still cost 1 BTC if they weren’t sold out.

“I have mixed opinions about other projects and the potential they have. I try to stay open and look at each for itself. For example, I like Ethereum, but it’s not well decentralized and ETH is terribly money. It was not designed as money, and Ethereum’s monetary policy is practically non-existent. ETH is basically a useful sign used to accomplish things in the Ethereum network “.

I have a little bit of ETH because from time to time I like to do things on the Ethereum network, such as: B. Decentraland to play and Following and participating in all of this NFT / Crypto Art movement is something interesting. But I don’t think of it as investment or money because it doesn’t have a stable and predictable monetary policy. I only have enough to do what I want to do on the web.

I think “DeFi” [finanzas descentralizadas] There is still a long way to go to resolve the bugs and security issues of distributed ledger contract systems. For the moment I’m sticking to the original decentralized financial project Bitcoin.

CT: What about Satoshi? Do you think you still have access to Bitcoin and are still working on cryptocurrency development, or have you really given everything up?

DT: I have no idea. I suspect Satoshi burned these keys first to avoid the temptation to reveal himself later, or he lost them … Or Satoshi is dead. There are several plausible Satoshi candidates who are no longer with us. Satoshi is certainly not Craig Wright, however.

CT: If we look at what Bitcoin was in 2009 and what it is today, what is the future of the major cryptocurrency in the market?

DT: I think it will continue to grow and evolve, from the speculative asset and store of value that it has now become, to later become a world reserve asset, a unit of account, and ultimately a real coin.

We are getting to this point with the opening of the floodgates for institutional money and the introduction of second tier solutions like Bitcoin Lightning and Liquid, but it will be a while longer. That said, it will likely happen sooner than we expect. “Little by little, then suddenly …”

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