TheLoneRider
a nomad in search of...
Fab People

Satoshi Nakamoto - Bitcoin Creator Dec 8, 2015

Satoshi Nakamoto - Bitcoin Creator

cryptocurrency - a digital or virtual currency that uses codes and encryption for security. A cryptocurrency is difficult to counterfeit because of this security feature. A defining feature of a cryptocurrency is that it is not issued by any central authority, rendering it theoretically immune to government interference or bank manipulation.

Backgrounder
After the sub-prime market meltdown in 2007, when trillions of dollars dissipated into thin air causing widespread homelessness, home-equity loss and social displacement, public distrust was at its peak against the banking system, the Federal Reserve and the government at large. While financial experts were in heated public debates on how to save the financial system, a paper was discreetly published by a certain, "Satoshi Nakamoto" in Nov 2008 through The Cryptography Mailing list at a cryptography website, metzdowd.com, proposing to create a new form of cryptocurrency - the Bitcoin. The open-source software was launched in 2009 effectively releasing the network and the first Bitcoins. Satoshi continued to collaborate with other developers on the bitcoin programming until mid 2010 when he relinquished control of the project and walked away, leaving the entire Bitcoin protocol in the hands of the community. He was never heard from again, with his last word, "I've moved on to other things. It's in good hands with Gavin and everyone."

Libertarian Currency
Bitcoin was a radical and revolutionary proposal that would have no need for government or banks in the way currency is created or used. This essentially brings power back to the people by doing away with government intervention (how much money to put in the economy, what interest rate to levy, etc.) or bank manipulation (transaction fees, transaction delays, currency conversion, etc.). This was so powerful that it could revolutionize the entire global financial system. But there wasn't any funfare or media hype during this time. Only a few members of the cryptocurrency community were aware of this.

Who is Satoshi Nakamoto?
The name is only a pseudonym. No one really knows who Satoshi is. He could be one person or a group of people who know enough about the intricacies of the financial system to come up with a protocol to create a crypto-currency.

Who could be Satoshi Nakamoto?
Satoshi claimed to be Japanese, but his perfect English and no Japanese labeling in his documentation make it unlikely. Speculation has it that Satoshi is a group of people because the Bitcoin code was simply too well designed to be the work of one person, unless that person is pure genius. And as far a genius goes, only one person fits the mold for "sheer breadth but also the specificity of knowledge" - Nick Zsabo, a reclusive currency enthusiast who published a paper that would be the precursor to the Bitcoin. His linguistic style and his C++ coding proficiency put him close to being Satoshi. But Nick officially denied being Satoshi. Satoshi's code-comments hinted that he may come from a Commonwealth country. His time-postings however suggest he lives in the eastern part of the US, South America or the Carribean. There is Dorian Prentice Satoshi Nakamoto who initially alluded to being Satoshi but later on recanted.

Why Remain Anonymous?
If Satoshi came out, he would be hailed as the neo crypto-currency rock star in this emergent Bitcoin era. So, why remain anonymous?

Since Satoshi's Bitcoin threatens bank and government control over the public, it is in their interest to have him dead. His life would have been at risk before the open-source Bitcoin protocol became public, but now that he has completely walked away from the project, it doesn't make sense for governments and financial institutions to get him killed - it will only create increased hype on Bitcoin which would put FIAT money out of favor. So, with Bitcoin being an open-source public code, why continue to remain anonymous?

Already, he has mined about 1 million Bitcoins which at today's price of US$390/Bitcoin, puts his wealth at US$390 million! That makes him a target. He should remain anonymous.

But my educated guess is, if I were Satoshi, given how evolved his legacy is, why even bother to put light on the creator, when the real rock star is the creation?

Ending Thoughts
At the end of the day, it's not so important who the real Satoshi Nakamoto is. By rendering himself expendable, he transfered power from himself to the people. What's important is his legacy - an open-source code that created an alternative digital currency empowering the people and unshacles the strangle-hold of governments and from the central authority of banks. No bank or government can shut down Bitcoin - unless they shut-down the entire internet or cut-off the power lines.

Banks and government, through the manner they create money and levy interest on it have given themselves enormous powers to develop or collapse entire economies of countries. They can decide how to destabilize and cause social unrest. They can decide where the next famine or the next war takes place. They also decide when the next financial crisis happen. Bitcoin doesn't win the war for the libertarians - but for this particular battle, it's being won.

--- TheLoneRider

External Links about Bitcoin

Bitcoin Blogs by TheLoneRider

The following people like this:

Tony Ancheta
Tony Ancheta



Facebook Users
Dec 8, 2015

»» next story: Goodbye Cebu...Daghang Salamat!
»» next Fab People story: Encounters with the Guru-Types of Penang
»» back to Fab People
»» back to Homepage

ARCHIVE: 2017 | JAN| FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC

2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | ALL BLOGS