He also clarified that he admired Satoshi Nakamoto’s effort which set off ripples into the financial system and the payments industry as a whole but also critiqued on the whitepaper.
Stornetta explained how when he was working at Xerox PARC with Stuart Haber, a cryptologist, he got an idea to create an immutable record that wouldn’t change or depend on a third party whatsoever.
He also clarified that he was not Satoshi Nakamoto even though his work was mentioned three times out of the seven references that were available in the whitepaper and that he was a missionary in Japan for three years.
As a crypto-libertarian himself, Stornetta said that Satoshi Nakamoto got the “ball over the net”. He added:
“… it’s not perfect but it’s good enough we’ve got something and so I think… it’s not because Satoshi got all of the decisions right it’s that he got enough of them right.”
Stornetta continued that even though there were a lot of papers in the 80s that aimed at doing what Satoshi Nakamoto planned to do, they failed and that Satoshi’s paper/idea was good enough idea “to get the party started”.
Continuing further, Stornetta critiqued:
“… brilliant work that Satoshi did, the difficulty we have of course is that there’s an enormous speculative bubble that’s occurred and that may or may not have dissipated….so it is inching its way perhaps towards serving as a workable system, and yet all of these issues with scalability caused in my opinion by our fixation with mistaking decentralization of governance and record-keeping with decentralization of computation”
He continued saying that Lightning Network built on top of Bitcoin could solve some of these scaling issues, and said that the winner, be it, Bitcoin or other cryptocurrencies should have to address the scalability issue that most of the cryptocurrencies have.