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Satoshi Nakamoto

On bitcoin generation, and bitcoin organizations

Bitcoin is a currency, literally, in its infancy. The concept is, as far as I know, the first of its kind.

Developing programmer Development Website design and coding technologies working in software company office

The following content was written by jgarzik on February 20, 2011, 06:44:53 AM in the thread Pros and cons of using new Bitcoin addresses for each transaction?. All content is owned by the author of the bitcointalk.org post. (original)


Can someone please give me a list of the pros and cons of using new Bitcoin addresses for each transaction? It seems very inconvenient to use a new address each time.

warning, I am a newbie…liked the videos presentations, did some research…and tried it.  Bitcoin.exe on an i7 –only application—24/7 x 10 days—on generate mode.  Only successful in the gratuitous .05 BTC from faucet per computer per public ip address.  I had plans to accept Bitcoins on all my websites…hired web developers  …faced ZERO SUPPORT ANYWHERE.

Bitcoin definitely needs to grow some organizations that can offer technical advice and software support for bitcoin itself.  Most major open source projects have one or more companies doing this.  That would help with bitcoin adoption, too.

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So question number ONE.  What happens to the Bitcoin if I don’t use it, save it?  I speculate it ONLY serves to increase the value of those users and optimists who are “fan boys”.  I have spent too much time…wasting…which cost me more money than I could have possibly made  in two weeks.

Bitcoin is a currency, literally, in its infancy.  The concept (distributed notary service with digital signatures) is, as far as I know, the first of its kind.  It is still being “bootstrapped,” meaning that bitcoin does not have a self-supporting economy — which must, by its nature, encompass mundane things like buying gasoline with BTC, paying rent or mortgage with BTC, buying groceries with BTC.

So, what can you do with the bitcoins you have right now?  Not a lot, if you ignore bootstrapping services (services like currency exchanges or bitcointo.com).  Mostly software services like web hosting, and an odd assortment of tangible goods.

But it seems like most folks in the bitcoin community recognize that we just started construction of a very interesting and unique experiment in currency.  Any endeavour is, unfortunately, very high risk from an investment standpoint.  It might fail for dozens of reasons…  but wouldn’t be fun and interesting if it succeeded?

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Question Number Two.  My PC’s were set up by my SYSADMIN’s.  After a few bouts of “actvity”….I ended up with 100% CPU on all cores…and the “connect” prompt  says unconnected.  Thats a lot of power and CPU cycles for Nothing…a big fat waste of time.  You want me to be impressed so we can get the concept moving?  Put up simple to understand “NOOB” isms…so that morons like myself…can learn HOW to connect.  If no connect…why the 100% CPU on all cores and NOTHING going on?  FOR DAYS?  I don’t have time for games.  When you guys are serious…I’ll be back.   I love all the concepts supporting it…but I will not GIVE AWAY valuable product from my websites for coins that have no value TO ME.

Step 1: Turn off “Generate coins” option.  It is a waste of time and electricity.

Step 2: Wait for all the blocks to download.  As of this writing, there are 109245 of them.

Step 3: Don’t panic, and read the forums.  If you can post specific problems you are seeing after following steps #1 and #2, you can get answers.

Step 4: Hire better SYSADMIN’s.  They should be able to answer these basic questions and offer basic support, or not install software that neither you or they understand.


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