Earlier today, I was interested in finding and reading the earliest Crypto article by a major publication. I came across this article by The New Yorker- https://www.newyorker.com/magazine/2011/10/10/the-crypto-currency, titles "The Crypto-Currency: Bitcoin and its mysterious inventor." (I apologize for the pay-wall if you hit it, The New Yorker only allows 1 free read).
The article was published October 3, 2011, over 2.5 years after Bitcoin started. It is a fairly lengthy read, but I found it fascinating. Here are some interesting points and quotes I took away from the article
- When Satoshi left in April, 2011, many people thought he would sell his coins and dump on the market. That day still hasn't come.
- Dan Kaminsky, a leading Internet-security researcher who found a major internet vulnerability, investigated the currency and was sure he would find major weaknesses. “When I first looked at the code, I was sure I was going to be able to break it,” Kaminsky said, noting that the programming style was dense and inscrutable. “The way the whole thing was formatted was insane. Only the most paranoid, painstaking coder in the world could avoid making mistakes.” He wasn't able to break it.
- The author stayed at hotel for ~10 Bitcoin, a $230K hotel room by today's price.
- The author bought the ~10 Bitcoin on Mt. Gox. He describe the transfer process as easy
- The article mentions that Silk Road was recently created.
- He authored tried to identify Satoshi, extensively, but nobody was able to provide even a name.
- The only flaw in Bitcoin anyone could identify was users were expected to download their own encryption software to secure their wallets. Basically, the same argument that is made today- it's too complicated for the average person.
- Every single cryptography expert called Satoshi a genius, and many believed it was a group of people due to the complexity in both the cryptography aspect and economic theory expertise (namely the Austrian school of economics)
Overall, it was a pretty cool read and fun to go back into a time capsule. The arguments about security, currency debasement, and crime are still relevant and used today. The interest in Satoshi's identity still exists. Bitcoin still hasn't been broken.
However, adoption has grown incredibly, progress has been made to make crypto more accessible, and so many more coins have come to life opening the doors for so much beyond a simple p2p currency transaction.
I'm super excited to see how different things will be in 2034, and what will remain the same.
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