Emails from Satoshi Nakamoto, the pseudonymous – and mysterious – inventor of Bitcoin (BTC), believes the digital asset will use less energy than the traditional banking system.
That's according to a recently published email exchange between Satoshi and long-term collaborator Martti 'Sirius' Malmi (the authenticity of the emails has yet to be confirmed).
Two cryptocurrency innovators reveal the cutting-edge thought processes and technical challenges tackled during Bitcoin's early stages.
Bitcoin vs. traditional banks
Among the vibrant discourse, which began in May 2009, one topic stood out: Satoshi's wise concerns regarding Bitcoin's energy consumption.
In a reflective musing on the intersection of technology and sustainability, Satoshi expressed considerations about Bitcoin's environmental impact, acknowledging the tension between economic freedom and environmental preservation, especially in relation to the proof-of-work (PoW) system underpinned by the digital currency.
However, in sharp contrast to current criticism of cryptocurrency's massive power appeal, Satoshi hypothesized that Bitcoin would be more energy efficient than traditional banking systems.
If it grows to consume a significant amount of energy, I think it will still be less wasteful than the labor-intensive and resource-intensive traditional banking activity it will replace. The cost would be far less than the billions in bank fees paid for all those brick-and-mortar buildings, skyscrapers, and junk mail credit card offers.
Satoshi Nakamoto, inventor of Bitcoin
Proof of Work (PoW) was not just a mechanism to facilitate decentralized transactions, it was also seen as essential for network coordination and preventing double spending.
Aside from Satoshi's thoughts on Bitcoin's environmental impact, the emails also revealed his thoughts on its scope, outlining his vision for a network of no more than 100,000 nodes.
They also revealed his views on Bitcoin's exclusivity compared to cryptocurrency pioneer DigiCash, its utility outside of currency, and even his cautious approach to the legal implications of promoting Bitcoin as an investment.
It is worth noting that Satoshi speculated about several applications for Bitcoin and realized early on that the network's perceived anonymity needed to be addressed.
Who is Martti Malmi?
Malmi's association with the cryptocurrency sector began in April 2009, when, upon discovering the online startup, he felt compelled to join forces with Nakamoto, offering assistance wherever possible.
This fateful collaboration came to fruition when Malmi played a vital role in publishing version 0.2 of Bitcoin, which includes pivotal updates. The first is initial Linux support, which confirmed Bitcoin's cross-platform aspirations.
Malmi's technological contributions extended beyond software development; He was reportedly instrumental in setting up community pillars such as Bitcointalk and managing important domains such as Bitcoin.org.
Sirius, as he was known in cryptocurrency circles, not only shaped the conversation surrounding Bitcoin, but was actively involved in mining, allegedly amassing a staggering 50,000 Bitcoin through his laptop between 2009 and 2011.
His release of the emails comes against the backdrop of a legal battle involving Craig Wright, who claims to be the elusive Satoshi, and the Coalition for Open Patents (COPA).
COPA aims to emphasize that no one can claim copyright on Bitcoin's paper or name.
As the trial progresses and the crucial question of Wright's claim to Satoshi Nakamoto's identity remains unanswered, Malmi's emails could add significant depth to people's understanding of Bitcoin, its creator, and his human involvement in the project.
