Satoshi Nakamoto

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Truth and facts[edit]

  • Satoshi Nakamoto is the creator of Bitcoin (BTC) cryptocurrency.
  • Satoshi Nakamoto is an anonymous internet name used in the initial stage to develop Bitcoin and to collaborate with other Bitcoin developers. But none of them who work with him actually have actually sees him in person before or know his identity.
  • The real identity of Satoshi Nakamoto is currently unknown.
  • Satoshi Nakamoto maybe a person or a group of people.
  • From the total of a fixed 18 million supply of Bitcoin, Satoshi Nakamoto owns 1 million of it.

Story and history[edit]

  • In 2008, Satoshi Nakamoto published a nine page white paper containing the first ever mention of Bitcoin, calling it a peer-to-peer electronic cash system. At this point, Bitcoin is just an idea on paper.
  • In 2009, Satoshi Nakamoto put the concepts to test and release the cryptocurrency first software.
  • During those first few years, Satoshi Nakamoto is active in posting in forums, sending emails and working with other coders and developers to improve the Bitcoin program.
  • In 2011, Satoshi Nakamoto suddenly disappeared. He didn't walk away empty handed, but taking 1 million Bitcoins with him.

Video Playlist[edit]

Mystery Founder Of Bitcoin: Uncovering Satoshi Nakamoto's Identity Of Bitcoin Matters - CNBC

  • One of the biggest mysteries in the technology world is the identity of Satoshi Nakamoto, the computer programmer who invented the digital currency Bitcoin.
  • That's because Satoshi Nakamoto is a pseudo name.
  • It may be the name of one person or the name of a group.
  • But for over nine years now of bitcoins existence, no one has figured out who or what Nakamoto really is.
  • Beyond solving a long-standing mystery, what sort of impact would uncovering Nakamoto identity actually have.
  • To answer that question, let's start at the beginning.
  • In 2008 Satoshi Nakamoto published a nine page white paper, containing the first ever mention of Bitcoin, calling it a peer-to-peer electronic cash system.
  • At this point bitcoin was just an idea on paper, but in 2009, Nakamoto put the concepts to test, releasing the cryptocurrencies first software.
  • Nakamoto was active those first few years writing in forums, sending emails, and working with other developers and coders to improve the program.
  • That'll changed in 2011, when Nakamoto essentially vanished.
  • No more forum entries, no more emails.
  • And in all that time nobody, not even close collaborators ever met the founder in person.
  • But here's the thing, whoever it is, they didn't walk away empty-handed.
  • Nakamoto is estimated to have 1 million bitcoins, which as of today is worth over 5 billion dollars.
  • So why did Nakamoto doesn't disappear?
  • Well there are two competing theories, there's the good Satoshi hypothesis which holds that Satoshi really wanted to let Bitcoin go and become its own thing without him.
  • The other hypothesis is that Satoshi really just saw Bitcoin taking off and wanted to keep his privacy.
  • That's matt green a cryptocurrency professor at Johns Hopkins University, he says the latter hypothesis is more likely.
  • And as evidence, he points to the story of Dorian Nakamoto, a Japanese American, who in 2014 was incorrectly identified as being the inventor of Bitcoin.
  • Just a couple of years ago, Newsweek identified a man named Dorian Satoshi Nakamoto who isn't Satoshi Nakamoto, but they thought he was.
  • And reporters descended on his house and tore apart his life.
  • I have nothing to do with Bitcoin.
  • I just believe that somebody put that fictitious name in there.
  • So I think there's a pretty good case to be made that the last thing you want to do in your life is be identified as the creator of Bitcoin.
  • But for some people, being in the limelight is exactly what they want.
  • Take Craig Wright, he's a former Australian academic who in 2016 told the BBC on camera that he could prove he was the founder of Bitcoin.
  • So you're gonna show me that's Satoshi Nakamoto, is you.
  • Yes, it didn't quite work out that way.
  • Security researcher Dan Kaminsky concluded Wrights claim was an intentional scammery.
  • For someone likes Craig Stephen Wright, it may have been, you know, beneficial in his mind to claim that you know authority, you're able to speak at conferences, you know, garner a lot of support.
  • Ben Yu is a cryptocurrency investor living in San Francisco.
  • He thinks Nakamoto is Nick Szabo, an American computer scientist.
  • There is strong evidence pointing to certain people who may be Satoshi Nakamoto, but ultimately nothing definitely conclusive.
  • So why do people keep searching?
  • It comes down to money and politics.
  • Bitcoin has a finite supply.
  • There are only 21 million that can ever be mined.
  • Nakamoto is assumed to have 1 million of them.
  • Which amounts to about 5% of the entire cryptocurrency.
  • So let's put that in perspective.
  • Take gold, the US government holds the most gold reserves of anyone in the world, at about 8,000 tons.
  • The estimated total gold in the world is a hundred and eighty-seven thousand tons.
  • So the US has about 4.3 percent of the world's total supply.
  • That means Nakamoto may have a bigger stake in Bitcoin than the entire US government has in gold.
  • And if Nakamoto were to unload those bitcoins quickly, the value of the crypto could tank.
  • The thing about Bitcoin is if you control a million of them, you have the ability to flood the market at any point.
  • Think of them as rare baseball cards, right, there they're valuable because they're rare.
  • If somebody could dump hundreds or thousands of Mickey Mantle trading cards, rare ones, onto the market, they wouldn't be worth so much anymore.
  • So that's kind of the danger with Satoshi.
  • But some people don't think the impact would be long-lasting.
  • Ultimately like every form of currency or money, bitcoins value is predicated on just trust.
  • And Bitcoin has already been deemed extremely trustworthy by a lot of people.
  • There's about three billion dollars of value being traded and trading volume every day, and the market cap is over a over 70 billion.
  • So even if Satoshi did crush the price with, you know, a few billion dollars of Bitcoin being sold, ultimately we would rebound back I believe as the trust is over there from many other parties.
  • Then there's the influence Nakamoto could have on politics.
  • So Bitcoin has been having a number of very complicated political kind of arguments between different factions.
  • And a lot of these different factions have invoked Satoshi Nakamoto as kind of their guiding figure.
  • They say Satoshi would have wanted this or Satoshi would have wanted that.
  • That's easy to do because Satoshi's not there and so we don't actually know what Satoshi would have wanted.
  • I think the community may actually benefit if Satoshi choose to come back and become a spiritual leader who could provide guidance and reconciled the community towards consensus.
  • For now though, it doesn't seem like Satoshi Nakamoto is interested in coming forward.
  • Anonymity provides protection, privacy and peace.
  • Three things that likely appeal to the owner of 1 million bitcoins.
  • But is that really such a bad thing?
  • With the havoc it could wreak on the price of Bitcoin and internal politics, it may be better off that Nakamoto, whoever that is remain anonymous and inactive indefinitely.
  • But that won't stop people from wandering.

Frequently asked questions[edit]

  • Who is Satoshi Nakamoto?
Satoshi Nakamoto is the creator of Bitcoin, a computer programmer who currently still remains anonymous. Satoshi Nakamoto is just an internet username, and the real identity of Satoshi Nakamoto is unknown.
  • How many bitcoins do Satoshi Nakamoto has?
Satoshi Nakamoto has 1 million Bitcoin out of 18 million available in total.
  • Is Satoshi Nakamoto a Japanese?
Satoshi Nakamoto is just an online nickname. Although Satoshi Nakamoto sounds like a Japanese name, but his real identity is unknown, which means he could be a Japanese or American or from other countries.
  • Is Satoshi Nakamoto will be revealing himself in the future?
Nobody knows. But it's most likely that Satoshi Nakamoto will remain anonymous at least in the near future.
  • What is the consequence or will happen if Satoshi Nakamoto suddenly reveals himself.
Some people believe that Satoshi Nakamoto can be a spiritual leader to guide them to a better and correct path.[1]
  • Is Satoshi Nakamoto a genius in computer programming?
Yes, he is considered to be a genius since writing out the program and successfully execute it is not an easy task. Besides being a computer programmer, he is also believed to be a trained academic paper writer due to the fact that he published a nine page white paper which is the original paper that first introduced Bitcoin.

Reviews[edit]

  • There are 2 popular hypothesis on why Satoshi Nakamoto remains anonymous.[1]
  1. The first hypothesis is that Satoshi Nakamoto wants to let Bitcoin go and become its own thing.
  2. The second hypothesis is that Satoshi Nakamoto saw Bitcoin is going so well and wants to keep his privacy, which is a hypothesis which is more likely to be true compared to the first hypothesis.

References[edit]