On the Origins of Bitcoin Graf 23.10.13

8/12/2019 On the Origins of Bitcoin Graf 23.10.13

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BB

1BCM CM2 2QC27;B67 6= C89==B? B7 ;E9?2 97: ABCM CM2 2QE97;B67 6O28 2O28 G67


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BBB

$.,/& "+ -"#$$*

01 $23 456673 6256 8393: ;5:3


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01$%& ,.$$/& $%.$ #&Y&' Z.*=$%& '&)'&**("#$%&"'&[ Y&'*\* ,($-"(#

"M2 82L0C 9::82;;2; CM2 E86?2;; 3RAMB?M 9 @2:BF@ 6= 2Q?M97 #F3F87H #G939@94)B;2; 07;CBCFC2> @B;2;>689;E> IZXeIbZ>

I"MB; B; 97 9EEGB?9CB67 6= CM2 ;C8B?C :BOB;B67 32CA227 CM2 E86E28 829G@; 6= F7BO28;9G CM268R 97:;E2?B=B? ?9;2 B7C28E82C9CB67> !22 B7 E98CB?FG98 .F:AB< O67 )B;2;> IKKb aLYfbc> 963#%1 &$' :5;2#%1$23%?%32&25#$ #+ (#/5&@ &$' ./#$#05/ .A#@B25#$ > #F3F87H #G939@94 )B;2; 07;CBCFC2>


5/35

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CM2682@ M9; F;F9GGR 3227 G29872: 97: F7:28;C66: 3R ;CF:27C; 6= 2?676@B?; B7CM2 ?67C2QC 6= MB;C68B?9G 2Q9@EG2;H 9GG 6= AMB?M A282 C97@B;2;>68 U'7 CM2 '8BV #F3F87H #G939@94 .F:AB< O67 )B;2;07;CBCFC2> "897;G9CB67 3R N> #> (6G2R>


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0; @672R 97 68


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ABCM CM2 82 *2O28CM2G2;;H F7:28;C97:B7< 6#4 BC B;CM9C 76 ;F?M ?67C89:B?CB67; 2QB;C ;22@; C6 M9O2 E86O27 9 ?M9GG27

0 M9O2 A8BCC27 97: ;E6527 67 PBC?6B7 97: CM2 68BZ#; =9B8GR =F7:9@27C9G ?67=F;B67; ;22@ C672O28CM2G2;; E28;B;CH 0 6==28 9 7F@328 6= 9::BCB679G 9EE869?M2; C6H 97:E28;E2?CBO2; 67H CMB; C6EB? 32G6A> *6C 67GR @F;C PBC?6B7 32 @682 ?982=FGGRF7:28;C66:H 3FC 9G;6 CM2 82 )6826O28H 9::B7

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#7 B7=68@9G ;F8O2R 6= ;6@2 2?676@B;C;] 6EB7B67; 67 AM2CM28 PBC?6B7 B; U@672RV68 76C 82?27CGR 9EE2982: 67 CM2 ./#$#05/ 7#@5/1 D#B%$&@ A23;BC2>b "M2 =9B8GR829;6793G2 ?67;27;F; A9; CM9C PBC?6B7 B; =F7?CB67B7< 9; 9 @2:BF@ 6= 2Q?M97 ./#$#05/; #+ E52/#5$< >; E52/#5$ &$ &@23%$&25A3 2# +5&2 /B%%3$/53; &$' C#@'F "M2;B; =68 CM2-B2779 /7BO28;BCR 6= %?676@B?; 97: PF;B72;;o 97: @6;C 82?27CGRH II !2EC2@328 IKLJ> Ui86=2;;6819GC28 PG6?5 B; ?GF2G2;; 936FC PBC?6B7>V 3/#$#05/;#+G52/#5$)/#0)

b +6328C 127h2G> b '?C6328 IKLJ> U0; PBC?6B7 )672R4 1M9C %?676@B;C; ^9O2 "6 !9R>V3/#$#05/?#@5/1H#B%$&@)/#0)

X0 UPBC?6B7 9; @2:BF@ 6= 2Q?M97


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f

2Q9@EG2H CM282 982 9G829:R E9R@27C ;28OB?2; CM9C 2793G2 CM2 B7;C97C ?67O28;B676= 82?2BO2: PBC?6B7 E9R@27C; B7C6 =B9C @672R> j2O2G6E28; 982 9G;6 A685B7< C62793G2 ;B@BG98 ;28OB?2; =68 3FR28;> "MB; A6FG: If #F U$66:;H !?98?2 97: *67;?98?2>V ,5;3;J&5@1>


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Z

@FGCBEG2 ?6EB2; ?97 9GG 32 F;2: ;B@FGC9726F;GR ABCM6FC :B82?C @FCF9GB7C28=2827?2 9@67< F;28;>LL

"M2 E86C6CREB?9G 767[8BO9G86F; g767[;?98?2 B7 CM2 E86E28CR[CM268R ;27;2_ :B

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!CBGGH ;6@2 982 79CF89GGR ?67?2872: CM9C 9 C6C9G 72CA685 =9BGF82 ?6FG: G29O2PBC?6B7 ;F::27GR O9GF2G2;;> 0C B; B@E68C97C 9C CM2 6FC;2C C6 B:27CB=R CMB; 9; 9 ?G9B@CM9C @F;C 32 ?67;B:282: 67 9 G98 0C B;32;C 9::82;;2: CM86F


10/35

b

82G2O97C =B2G:;> #@67< CM2;2 =B2G:; B; ?8REC6


11/35

X

i98C 6= 6E27[;6F8?2 ;2?F8BCR ?FGCF82 CM9C CM6;2 6FC;B:2 BC ;2G:6@ 9EE82?B9C2 B;CM9C MB %9?M 6= CM2;2 ;F886F7:B7< 2G2@27C;?97 32 @6:B=B2:H B@E86O2:H 68 82EG9?2: B7:2=B7BC2GR B7C6 CM2 =FCF82 g79CF89GGR;6@2 2G2@27C; 982 29;B28 C6 9GC28o 6CM28H @682 ?27C89G 672; @682 ?M9GG27 !6@2 ?67=B


12/35

Y

i82?B6F; @2C9G; CM2@;2GO2;H AMBG2 CM2R M9O2 ?28C9B7 82G9CBO2 ;FE28B68BCB2; C6E6GBCB?9G @67B2; g97: 6CM28 82G9CBO2 A29572;;2;_H 982 B7 E8B7?BEG2 ;CBGG 0#%3;F;?2ECB3G2 C6 CM2 A29572;; 6= 9


13/35

LK

9 E82OB6F; ;C9C2 6= 398C28 B7 AMB?M BC A9; 76C 672 R2C> 07 CM2 M97:; 6= )B;2;H 9CG29;CH CMB; B; 76C 9 MB;C68B?9G @9CC28H 3FC 9 F7BO28;9GBh93G2 CM2682CB?9G 672>

"MB; U68B 0C; O9GF2 A9; :2C28@B72: 97: 82 #76CM28 ;B:2 ?G9B@2: CM9C @672R =F7?CB672: 9; 9


14/35

LL

?M989?C28B;CB?; 6= ;F?M


15/35

LI

F7BC 6= E8B?B7< 2QB;C;> "MB; @297; CM9C 76 ?67;C2GG9CB67 6= 82G9CBO2 E8B?2; A9; B7F;2 B7 ;6?B2CR 9C CM2 6FC;2C>Lf"M2 ?9;2 6= CM2 68B


16/35

LJ

1M2CM28 ;6@2CMB7< GB52 PBC?6B7 /#B@'E6;;B3GR 2@28 "MB; B; 32?9F;2 9 ;C9C2 6= EF82 398C28 ?6FG: 67GR ;FEE68C 972?676@R ;6 E8B@BCBO2 97: ?G6;2 C6 :B82?C E86:F?CB67 CM86F

0 722: C6 =B7: ;#03265$C 2G;2 C6 C89:2 ABCM CM2 @BGG28 B= 0 9@ C6 3FR =G6F8 =86@MB@> 1M9C2O28 0 63C9B7 C6 =9?BGBC9C2 CMB; C89:2 ABGG 9G829:R C2?M7B?9GGR =F7?CB67 9;

9 U@2:BF@ 6= 2Q?M97


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L`

/EC952 6= 9 @2:BF@ 6= 2Q?M97


18/35

Lf

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"M2 =B8;C GB52GR MB;C68B?9G @2:B9 6= 2Q?M97 "M2R 982 CMB7 "M2R 982 :B;CB7?CBO2H 8982 97: M98: C6 ?6@2 3RH G9;C 9

O28R G67< CB@2H 97: 982 MB !h936 9G;6 E6B7C2: 6FC CM2 ;2?F8BCR?M989?C28B;CB?; 6= ;F?M BC2@;> !B7?2 CM2R ?97 32 A687H 9 CMB2= B; 82:F?2: C6 !F?M ;@9GG ?6GG2?CB3G2; ?97 9G;6 32 29;BGR 3F8B2: 68 6CM28AB;2 MB::27:F8B7< CB@2; 6= C86F3G2 97: 82?6O282: 9C ;6@2 B7:2=B7BC2 G9C28 CB@2>

"M2R A282 76C SFBC2 @67B2; B7 9 @6:287 ;27;2H 3FC A282 F;2: C6 E28=68@ ;6@26= CM2 ;9@2 =F7?CB67;4 ;C68B7< O9GF2 6O28 G67< E28B6:;H C897;=288B7< BC 9@67 B; CREB?9GGR ?BC2:9; 9 =B8;C E82?B6F; @2C9G ?6B79 0C A9; @9:2 =86@ 2G2?C8F@H 9 79CF89G


20/35

Lb

M9O2 ;22@2: C6 E26EG2 B7 CM2 :B;C97C E9;C =86@ 2635% E28;E2?CBO2;> !C8B7 N6@E982: C6 @29CH CF328;H97: 3288B2;o ?6@E982: C6 ;E298;H ?G6CMB7 "M2R A282 :2?689CBO2> "M2RA282 8982 97: M98: C6 ?6@2 3R> 0C C665 9 G67< CB@2 C6 ?98O2 CM2@> "M2R G9;C2: 9G67< CB@2 g9; B7H A2 ?97 ;CBGG :B< CM2@ FE LIKHKKK R298; G9C28_> "M2R ;6?B9GGR:2@67;C89C2: 9 ?28C9B7 E6A28 6= 2Q?2;; ?9E93BGBCR E82?B;2GR 32?9F;2 6= CM2B8B@E89?CB?9GBCR>

.B52AB;2H ;MB7R EB2?2; 6= ;BGO28H 129E67; ?6FG: ?6@2 B7 M97:R>1M9C A9; BC ABCM CM2;2 ;MB7R ;F3;C97?2; CM9C ?97 32 ;M9E2: B7C6 C8B752C; 97:

A687n0@9 /E67 M298B7< CM9C ;6@2 E26EG2 9C CM2 977F9G C89:2 @22C[FE @B


21/35

LX

P1$&-%#(-./ .#W &-"#"[(- /.]&'* ./Z.]* ^'&*$

"M2 ?9;2 6= PBC?6B7 9G;6 ;M6A; M6A CM2 GB72 32CA227 B7O27CB67 97: :B;?6O28R B;@F?M @682 C27F6F; CM97 B; F;F9GGR B@9 07 29?M ?9;2 6= B7BCB9G @672C98R2O6GFCB67H CM282 B; 36CM 9 C2?M7B?9G 97: 97 2?676@B? 9;E2?C> P2=682 ;6@2CMB7

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On the Origins of Bitcoin Graf 23.10.13