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The unknown inventor of Bitcoin:
Like police novels, we find the hero unknown to the end, and sometimes it is not revealed at all, and the novel concludes without knowing the identity of the hero.
As the unknown hero with a secret identity sparks the imagination, as we indicated, many novels, films, and series depend on the unknown hero in their plot, such as “Batman” or the street artist “Banksy”, and of course each hero has his own reason, prompting him to wear the mask of anonymity. This phenomenon also reached the financial world through Bitcoin and its inventor, Satoshi Nakamoto.
Satoshi Nakamoto appeared in 2008 and suddenly disappeared three years later, after creating the world’s first cryptocurrency. On April 23, 2011, he sent a farewell email to a fellow developer on the Bitcoin project and wrote, “I’ve moved on to other things.
” Emphasizing that the future of Bitcoin is in good hands. After that no one has heard from him since.
Today, Bitcoin is valued at around $1 trillion. While Nakamoto’s identity may just be a matter of speculation for some, it means much more than that to others. Satoshi Nakamoto owns more than 1 million Bitcoins with a current value hovering somewhere around $50 billion.
This equates to about 5 percent of the total number of bitcoins currently in circulation. And if this person – or people – behind the name “Satoshi Nakamoto” decides to sell only a part of this treasure, this deal will turn the cryptocurrency market upside down.
Cryptocurrency trading platform Coinbase, which went public on Nasdaq on April 14, 2021, cited the potential disclosure of Nakamoto’s identity (and the movement of that person’s bitcoins) as a risk factor in its IPO filing with the Securities and Exchange Commission (SEC). ). Coinbase even went so far as to send a copy of the recording to Satoshi Nakamoto’s last known email address.
Increasingly, financial services giants such as BlackRock, JPMorgan, and BNY Mellon are offering cryptocurrency and related services to their clients, adding legitimacy to bitcoin described by Berkshire Hathaway’s Charlie Munger. Once it contradicts the interests of human civilization.
The emergence of bitcoin
Bitcoin came about when Nakamoto published his famous white paper on a crypto mailing list describing a digital currency that would allow secure peer-to-peer transactions without the involvement of any middleman or third party, be it government, financial system or corporation.
These transactions are tracked through the blockchain, which is a ledger like that used by any financial institution, except that this ledger will be distributed across the entire network, with exact duplicates of it, kept by all participants and visible to all. And secured by encryption means. This and there will never be more than 21 million bitcoins.
Nakamoto created the cryptocurrency Bitcoin with the goal of wresting control of currencies from the financial elites and putting them in the hands of ordinary people.
The first bitcoin transaction occurred when Satoshi Nakamoto sent 10 bitcoins to Hal Finney, a well-known developer who downloaded the bitcoin software on its release date. The first commercial transaction came in 2010, when a programmer named Laszlo Hanikz bought himself two Papa John’s pizzas for 10,000 BTC. At the current bitcoin price of nearly $50,000, that was the most expensive pizza in the world.
Bitcoin is open source software, which means its design is public. No single person owns or controls Bitcoin, and anyone can participate. While Nakamoto continued to control Bitcoin’s development, users and developers gathered on Bitcoin forums to contribute code and work on the project, which later became a collaborative effort. The users running the bitcoin software were the ultimate authority.
Many programmers and developers have written the Bitcoin code, but Gavin Anderson was one of the most enthusiastic. He reached out to Nakamoto in 2010 and became the founder’s right-hand man.
When Nakamoto backed out, he left the bitcoin in Anderson’s hands. Today, even Anderson himself has become more isolated, no longer serving as the primary custodian of the bitcoin code, in fact that role has become almost as decentralized as the cryptocurrency itself.
Throughout Bitcoin’s history, efforts to unveil “Satoshi Nakamoto” have continued unabated. The chatter on cryptocurrency forums has not stopped, and some have gone on to wild speculations, such as: “Nakamoto is a Yakuza member, part of a gang of developers, money launderers or maybe even a woman.”
In 2014, a reporter from Newsweek identified 70-year-old Dorian Nakamoto, a taciturn Los Angeles native, as the creator of Bitcoin. While his long and distinguished career in engineering has been cited as evidence, Dorian Nakamoto has staunchly denied any involvement with cryptocurrency.
The day after Dorian Nakamoto issued a public statement, Satoshi appeared on an online forum and posted, “I am not Dorian Nakamoto,” before disappearing again. Dorian Nakamoto, a 70-year-old resident of Los Angeles, denied Strongly what was published about it in 2014.