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Satoshi Nakamoto

Bitcoin Whitepaper to Celebrate 12 Years as Cryptocurrency’s Price Continues to Take Up Front Pages

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Bitcoin came to the public eye for the first time in 2010, an event that marked the shift in the financial world. Invented by the still-reclusive Satoshi Nakamoto, Bitcoin went on to create waves that would change how people view decentralized and virtual assets.

Although 2010 is seen as Bitcoin’s birth date, the idea for the cryptocurrency was first sown in the 2008 whitepaper. As we celebrate the 12th anniversary of the whitepaper on October 31 it becomes imperative to take a look back and see how far we have come from the nascent stages of yesteryear.

On October 31, 2008, the world learned about a tamper-proof, decentralized peer-to-peer protocol that could track and verify digital transactions with added functionalities. One of Bitcoin’s main attractions was that it could put a stop to double spending and evoke transparency in every individual transaction. The concept of Bitcoin also drew in the developer crowd after learning about the mining feature and how miners are rewarded for obtaining Bitcoins off the blockchain.

Satoshi Nakamoto envisioned Bitcoin as a real-world tool that would make transactions and purchases much easier and quicker. Although Bitcoin has not fully permeated every level of banking, the past decade has seen several companies integrate Bitcoin or its compatriots into its fold. At press time, Bitcoin was trading for $13,165 with a total market cap of $243.96 billion. A healthy 7-day growth had elevated Bitcoin’s daily trading volume to $32.58 billion, a figure that users expect to climb in the coming days.

Over the last several years, Bitcoin has set many milestones for itself, including key changes to native cryptocurrency peripherals. Bitcoin’s price movements have been one of the most striking figures since its inception as analysts continue to predict higher growth. The current cryptocurrency price point of $13,165 is 438,833,333 % higher than its first recorded value of $0,003. At the time of writing, Bitcoin’s circulating supplies was 18.52 million. This means that only 2.47 million BTC tokens are left to be mined on the blockchain.

As we celebrate the 12th year of the whitepaper, Bitcoin has been seeing changes in terms of other peripherals as well. On October 29, Bitcoin’s hash rate fell by 40 percent while the transaction fees rose to a 28-month high. Some members of the Bitcoin community claimed that the drop in hash rate was because of the end of China’s rainy season. China is one of the largest miners of the cryptocurrency and mining remains affordable only when hydroelectricity is available in the plenty.

Despite Bitcoin’s naysayers, it is an undeniable fact that the world’s largest cryptocurrency has become a constant in the financial world. Bitcoin’s price movements may continue to be erratic but it is a surety that the still unknown Satoshi would be proud of the idea that he had all those years ago.

Square Crypto Funds “The Eye of Satoshi” Bitcoin Lightning Network Watchtower

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Square Crypto has been dispensing out grants to developers working on free, open source projects that underpin the future burgeoning of both the Bitcoin and Lightning networks. This time around, its latest allocation went to a watchtower service for the Bitcoin Lightning.

The digital currency creation division of Jack Dorsey’s Square payments company, Square Crypto, has offered to sponsor the Eye of Satoshi, a Lightning Network watchtower that keeps track of blockchain transactions to shield the users on the layer-two scaling solution.

The Eye of Satoshi watchtower comes from the Spanish developer Talaia. Watchtowers were introduced to the Lightning Network back in 2019 to act as a reserve service option for tracking blockchain transactions when your Lightning software is inactive. Indeed, with the Eye of Satoshi observing, it is impossible for peers to block the channel and grab your crypto.

“If your Lightning Network software is ‘offline’—as in it isn’t actively monitoring the blockchain—you need a third-party that can keep watch for you. This could be because you’re running a lightweight wallet, aren’t actively using your wallet, or your Lightning Network node crashes. This is what watchtowers do.” highlighted Square Crypto on Twitter.

Square Crypto highlights the benefits of having watchtowers in place

Currently, Talaia operates on C-Lightning and will also work with different Lightning Network enactments. Additionally, Square Crypto noted that there will be several advantages of the Eye of Satoshi than just keeping an eye on blockchain transactions. According to the funding firm, the watchtower protects the network’s users from some type of attacks.

Square Crypto is an arm of major Fintech firm Square, founded and run by the also CEO of Twitter, Jack Dorsey. Dorsey is famous in the cryptocurrency industry for his support for Bitcoin. Moreover, Dorsey is not only an oral supporter of Bitcoin but he also practically purchases a full Bitcoin every week, utilizing Square Cash App. Furthermore, the Twitter CEO has also set up a task force at the social media giants to develop a decentralized version of Twitter. 

Early Bitcoin Miner Labels Craig Wright a Fraud Via Own BTC Addresses

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An early Bitcoin miner signed a cryptographic message using 145 Bitcoin addresses with unspent BTC from 2009, describing Craig Steven Wright as a fraud and a liar. The message was shared on May 21, with a list of addresses and their respective signatures, proving that in fact the addresses belong to the person posting the message.

Craig Wright’s credibility has been dealt a significant blow after the addresses he claimed to be his were used to call him a fraud and a liar. This made it clear that he indeed does not own or run the addresses. 

Wright had presented the addresses as his holdings during a court trial. The court case was brought by David Kleiman, who seeks to claim half the fortune of the 1.1 BTC that were mined in the early days of Bitcoin by Satoshi Nakamoto. 

Addresses previously claimed by Craig Wright among those used by Early bitcoin miner 

Wright has attempted on a number of occasions to claim the vast wealth of Satoshi Nakamoto, who is believed to have mined more than one million bitcoins. However, Wright has failed to prove ownership of the vast fortune. An easy way of proving this is by signing a cryptographic message with the private key of a wallet.

As time passes, it becomes clearer that Craig Wright is not Satoshi. He has been accused on numerous occasions for faking documents and deception. He has several times attempted to avoid every time he was ordered to prove ownership of the addresses in court. 

A message from Satoshi?

The latest message bears some resemblance with another message back in 2015 that came through Satoshi Nakamoto’s email address. The 2015 message stated “I am not Craig Wright. We are all Satoshi.”

The initial part of the latest message spells out a similar concept to the 2015 message. The latest message is followed with a comment on the disputes that caused BCH to its own blockchain.

An early Bitcoin miner signed a cryptographic message using 145 Bitcoin addresses with unspent BTC from 2009, describing Craig Steven Wright as a fraud and a liar. The message was shared on May 25, with a list of addresses and their respective signatures, proving that in fact the addresses belong to the person posting the message.

Would you Call Bitcoin Decentralized if Satoshi was Still a Part of it?

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The only difference between deciding a project is decentralized or not is making sure its founder is MIA. Isn’t it?

Satoshi Nakamoto the creator of Bitcoin disappeared back in 2011 after handing over the project to Gavin Andresen and the core Bitcoin developers. 

Unknowingly or knowingly, this created such a powerful effect that any invention made after it, even with a better use case, was marked as a scam, a centralized shill coin, or * censored * a shit coin. However, this hasn’t stopped people from working on cryptospace development.

C’mon, Satoshi literally owns over 1 million Bitcoins and is considered to be a billionaire. If he cashes out not only would Bitcoin collapse but the entire crypto market would too. Isn’t the only reason you trust Bitcoin over others is that the founder of the king of cryptocurrencies doesn’t have a face?

Projects that actually are making a big difference but most won’t notice it

Ethereum 

No matter what the world talks about Vitalik Buterin or how Ethereum is his pet project and a centralized ecosystem, it doesn’t change the fact that it’s the second-largest cryptocurrency. Buterin was literally 21 years old when Ethereum was released. I mean, you can be smart, you can be cool too, but you’re never going to be half as smart and cool as a 21-year-old kid building a platform that allows Smart Contracts and Decentralized Applications to be developed and run without any third-party intervention.

Even today, Ethereum stands as the number one platform to build dApps. DeFi projects built on top of Ethereum are the biggest drivers of volume growth with a 778% hike as compared to Q1 in 2019. Although Ethereum, Tron, and EOS are the biggest contributors to the transactional volume of the dapp sector, Ethereum is the only platform that experienced a year-over-year growth while the rest two have suffered decreases in users and transactional volume. [Source]

XRP 

XRP built by the Ripple team consists of an extraordinary ecosystem. The company runs around the basic vision of making cross-border remittances easier for every person throughout the globe using their products integrated with the RippleNet – xCurrent, xRapid, and xVia. 

Nevertheless, ever is so often the media talks about the “centralized” aspect of it. 

David Schwartz the CTO at Ripple has counteracted saying,  “Since these blockchains are considered decentralized, then by design, the XRP Ledger is also — if not more so — decentralized than both Bitcoin and Ethereum.”

Schwartz in simple words has even explained how the XRP Ledger is based on an “inherently decentralized, democratic, consensus mechanism — which no one party can control.” [Source]

With a decentralized at fast cross-border remittance ecosystem Ripple has managed to onboard way over 200 banks, startups, and payment companies in its RippleNet user network; making most xCurrent software the most used cross-border payments channel in cryptospace. 

Cardano 

Cardano has received the least attention amongst all the great projects in the space. With a slow, steady, and transparent plan of making the network decentralized, IOHK has built Cardano with a vision of a decentralized tomorrow. 

Even though decentralization is not at its best today, the project holds the potential to beat many moneymaking coins of the industry. The technology behind ADA stands on scientific philosophy and peer-reviewed academic research.

Speculators have even suggested that Cardano has attracted investors’ interest in 2020 due to the technological improvements of the coin. With a 5-layer decentralization plan – the team is all set to become the torchbearer of a future decentralized economy. 

Final thoughts

Even though the cryptospace is filled with scams there are a handful of projects worth exploring and understanding. Protocols such as Chainlink, MakerDAO, Dash, and more are always worth exploring. The basic idea of Bitcoin transitioned and evolved into multiple noteworthy technologies is what keeps the space moving forward.

Most traditional market professionals exclaimed that the cryptocurrency market would take more time than we anticipate to take off which was proved wrong when BTC pumped to $20K in 2017. Right now people in the fintech industry bank of the technical growth of other cryptocurrencies as no significant amount of improvement can be observed in Bitcoin. Adding to reasons why BTC may never be good enough for global adoption with its lack of scalability.

 

Dorian Nakamoto: The Best Satoshi Nakamoto Suspect

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A column published on Newsweek back in March 2014 claimed that the man behind the invention of the first digital currency; was a retired physicist by the name Dorian Nakamoto. There have been quite a number of self-declared candidates over the last decade, alongside those accused of being Satoshi. Well, most of these suspects are in one way involved with the cypherpunk movement. However, Dorian was not involved with the movement.

The author of the column on Newsweek, Leah McGrath Goodman investigated his story for two good months before publishing. Her strongest selling point was that Dorian’s birth name was actually Satoshi Nakamoto, not Dorian. Dorian at the time of the expose, was a 64-year-old retired physicist. Also, Dorian is a very well-educated Engineer, and his career and skill set contributed to the idea that he could actually create Bitcoin.

I Got Nothing To Do With It

Dorian had worked in addition to working for the US military for a few companies and some of the projects he worked on were considered classified information. This veil of secrecy strengthened Goodman’s case of Dorian being the man behind the invention of Bitcoin. However, the 64-year-old was in denial of the accusations.“I got nothing to do with it,” he said.

According to Goodman, when he visited Dorian at his home in California to question him on his dealings with Bitcoin; he did not give straight forward answers but they were “careful but revealing.”

“I am no longer involved in that and I cannot discuss it. It’s been turned over to other people. They are in charge of it now. I no longer have any connection,” Dorian told Goodman.

However, it remains unclear whether Newsweek got the right man behind the first decentralized currency. Goodman was convinced by his denial that she had found the mysterious creator of Bitcoin. She decided to run an expose on Dorian S. Nakamoto’s life story and even highlighted several similarities between Dorian and Satoshi Nakamoto.

Indeed, Goodman’s biggest argument was the fact that Dorian was an American-Japanese, participated in classified projects; the fact that he graduated with physics from California Polytechnic. The fact that Dorian, when questioned, said that he had turned over to other people, strengthened her case. Additionally, Dorian lived close to Hal Finney, the Japanese-American who had liberation ideologies. In addition, Dorian’s daughter spoke exclusively about her father’s belief in individualism. She said:

“He was very wary of the government, taxes, and people in charge.”

Moving forward, Dorian decided to go public and cleared the air on Newsweek’s publication. He claimed that he got confused by Goodman’s question as he thought she was talking about a classified project he did for Citibank. He went on to say that he felt victimized. He denied any involvement with Bitcoin which drew the ire of the crypto community towards Newsweek. He said:

“It sounded like I was involved before with bitcoin and looked like I’m not involved now. That’s not what I meant. I want to clarify that.”

Conclusion

After Dorian’s exposure with Newsweek, he emerged out as a hero among the cryptocurrency community. He appeared on posters, T-shirts, flyers, and even stickers. The Japanese-American has appeared at digital currency conferences to discuss his experience after the Newsweek publication. Moreover, many cryptocurrency prospects actually wish Dorian was the real Satoshi as he is far more friendly compared to the other self-proclaimed Satoshi’s. He is considered as the best Satoshi Nakamoto suspect.

Main Challenges Hindering Mass Adoption of Bitcoin

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It has been roughly eleven years since Satoshi Nakamoto published that whitepaper and inaugurated digital currencies to this world.  He had a radical vision of a decentralized electronic cash system which a decade later is groundbreaking. The cryptocurrency industry is currently worth around $210 billion worldwide; plus there are about a thousand more separate tokens circulating in the market.

Despite this success, the technology is yet to be fully perceived. Cryptocurrencies and analogous phrases are now popular. The awareness of them is at an all-time high. However, uptake and consumption of Nakamoto’s vision have been confined to a narrow subset of society.

Achieving the mass adoption of new technology is a tough and slow process. According to a new report by The Startup, there are challenges that need to be resolved to accelerate this process. The last couple of years have seen Bitcoin in its greatest pace and mass adoption. Thanks to that grand rally back at the end of 2017 when cryptocurrencies were everywhere in the mainstream media.  For Bitcoin to reach its peak, there are a few more things that need to happen.

Higher Transactions per Second (TPS)

Currently, Bitcoin supports only about seven transactions per second. This figure is not even close to the required figure if everybody in the world was using it. Visa supports 24,000 transactions per second.

Ethereum doubles Bitcoin’s TPS at around 15 which is also very slow for daily usage. Ripple is by far the better alternative boasting 1,500 TPS of XRP. However, it is faced by other centralization challenges. The technological progress in Lightning Network might aid Bitcoin’s course in terms of TPS.

Transaction Fee Reduction

The report claims that the mining fees should be reduced to aid in bitcoin’s practical use. At the moment, the fees for validation of a transaction is at around $0.3. This does not, however, depend on the amount transacted. 

The transaction fees catapult during the network’s peak when the transaction volume is high. Back in 2017, the fees reached $30 for a single transaction. This is not practical for mass adoption. It will only result in huge volumes which may even be bigger than the all-time high.

Improvement on Transaction Confirmation Time

Moving forward, the bitcoin network has to improve on the validation of near-instantaneous transactions for it to be considered a viable peer-to-peer currency. According to the report,

 “It is unimaginable for a merchant to make a customer wait 10 minutes before the Bitcoin transaction is fully validated.”

In addition, this time increases dramatically whenever the network is overloaded. The increased time is damaging at times of market volatility. The Lightning Network has been created to enable micropayment channels to ease this challenge but it has a long way to go.

In addition to the Lightning Network layer, more technology is required directly on the Bitcoin Blockchain to lower transaction validation times in the future.

Decentralization of Bitcoin Mining

The major challenge right now is the centralization of Bitcoin mining. China alone accounts for almost two-thirds of the total hash power on the network. This means that the country can exercise some control over bitcoin. 

Moreover, Bitmain which is based in China controls some of the world’s largest mining pools. This adds to the centralization concerns. Mining farms are being set up outside China which is starting to relieve this concern but the hardware providers are still centralized.

Conclusion

Bitcoin has these concerns and many others to tackle; before it can take the place of the current financial system; as a truly decentralized form of payment.

John McAfee and Satoshi’s true identity

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McAfee

John McAfee is a very successful technological businessman who also has something of a reputation as a Maverick. He founded the company that bears his name, and that was a pioneering force in digital security. He’s smart, colorful, controversial, rich, and he likes to speak when he feels like it, using his Twitter account from his home at the Bahamas.

The new fork in the Bitcoin Cash project was very annoying for Mr. McAfee. Bitcoin Cash became two different blockchains. One is Bitcoin Cash ABC (which recovered pretty quickly from the split and has been performing reasonably well in the market) and Bitcoin SV (SV stand’s for Satoshi’s vision) which has been an unmitigated disaster.

Craig Wright

Bitcoin Cash Satoshi’s Vision is named like that because it came to life because of Craig Wright’s influence within the Bitcoin Cash community. This is the man who’s claimed to be none other than Satoshi Nakamoto, the man behind Bitcoin and the cryptocurrency revolution.

While most cryptonauts (as far as we can tell, there’s no hard data on this) are more than skeptic about Mr. Wright’s claims, there is a small number of people in the world who actually take Mr. Wright at face value. That’s given him quite a bit of prestige and influence in certain circles, and this annoys the hell out of John McAfee.

Mr. McAfee has used his Twitter account to express his discontent. He says that he personally knows who Satoshi Nakamoto is. The hacking expert is sick of scammers trying to hijack Nakamoto’s name and merits and using them to deteriorate the cryptosphere as a whole.

He’s got a particular beef to pick with Wright as he said in a tweet. He believes that the alleged Satoshi’s enhanced reputation is the only reason that he was able to come up with BSV which is a “scam that hurt us all.”

So he decided to do something about it: to push things so that Satoshi Nakamoto finally comes forward and reveals himself.

For several days he started offering clues about Satoshi’s real identity so that his true identity can be narrowed down or so that he stops hiding. So what do we know so far? He’s not the CIA, or any agency, or any of the world’s governments.

While that seems a silly thing to clarify, it’s the notion of choice for conspiracy theorists. He lives in the USA. There is no single man behind the development of Bitcoin’s network and launch, but it was instead done by a group of people. But the Bitcoin whitepaper has only one author.

And that’s as much as we know from Mr. McAfee. And then the manure hit the fan.

Further suspense

It turned out that Mr. McAfee is wanted by the IRS because of tax-related problems. Since he lives in the Bahamas, he could face an extradition process if the American government wants him badly enough. That hasn’t happened yet, but as the tycoon’s lawyers advised him that keeping up the Satoshi things could only complicate his legal status, he’s desisted from telling us all who the Bitcoin creator really is. At least for the time being. You can actually read the letter from the lawyer (Mario A. Gray, an expert in extradition processes) at the Twitter account in question.

So when will we find out who Nakamoto is? We have no idea. But it seems we could learn his identity before we expected.

Disclaimer: Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Want a million bucks? Join the Satoshi’s treasure hunt!

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Blockstream Satellite broadcasted a message from an anonymous user. It was cryptic and rambling. It was a challenge to the Bitcoin community to join the hunt for a million dollars (198 BTC approximately) which he called “Satoshi’s Treasure.” With no fear of grandiloquence this user said that the contest would “test the resolve, courage, intelligence, and savvy [sic] of would-be hunters,”

“This message should reach you at the middle of the fourth month of your calendar year, in the year 2019,” the message said. “If you are reading this, something has led you to search for things which bring excitement to an otherwise predictable world.”

The message continues saying that clues will be provided to find the reward through the website satoshitreasure.xyz. He also said that the first three keys will b published in the next few days, and he got the ball rolling himself. “What you are reading is the first clue in a grand Hunt,” according to the message.

“It is not the first Hunt, nor of course will it be the last one, but the hunt is MINE, and so it is to me that you must prove yourself.”

The message kind of publishes the ground rules albeit in a somewhat confused and enigmatic way. It describes the final prize as “neither gold, nor jewels, nor the pieces of worthless paper that pass for money in this sad age,” it insists, will go to “the most successful Hunters and their clan.”

The game master claims to have broken the million dollars “bitcoinucopia” into a thousand pieces. He achieved that using the “splitting magic of the wizard Shamir.” The contest consists in finding 400 out of those thousand pieces and cast Shamir’s “spell of recombination” to rebuild the artifact and claim the prize.

“Once you have done so, the treasure will be irrevocably yours,” the message proclaimed.

The Shamir reference is itself quite ambiguous. It could mean a character from the role-playing game “Magic: The Gathering or Dungeons & Dragons” or a well-known Israeli cryptographer Adi Shamir.

The world would have already found out what the first three keys were starting from April 16th to April 18th at noon in three selected geographic coordinates.

Satoshi’s Treasure fits into a tradition of games and puzzles in which anonymous enthusiasts embed little bits and pieces of data about a Bitcoin private key in all kinds of things such as art, pictures, and other forms of media.

The last episode happened in France where USD 1.000,00 in Bitcoin was hiding inside a replica of the famous picture “Liberty Leading the Republic.”

The most important event of this kind was probably the one known as “The Legend of Satoshi Nakamoto.” This one was cracked in early 2018. It’s really too bad that the puzzle got solved as Bitcoin was losing so much value at the time because solving it needed more than three years.

So are you feeling competitive? Creative? If you are, you can always redirect your browser to the contest’s website and try your hand at the clues that the game master has published so far. Good luck!

Image courtesy of Pixabay.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

What would happen if Craig Wright turns out to be Satoshi Nakamoto?

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Craig Wright has claimed to be Satoshi Nakamoto in the past, he even says he can prove it in a court of law. Most of the cryptoverse has received Mr. Wright’s claim with skepticism, and he’s even been nicknamed “faketoshi.” A release by WikiLeaks calling him a “document forger” hasn’t helped his case either.

In this article, we’re not going to examine Mr. Wright’s credentials or try to decide if the man is indeed the mysterious programmer and mathematician who got the cryptocurrency movement started. Instead, we’re going to try and imagine what could happen if it turned out that the character in question is indeed the Satoshi Nakamoto of legendary status.

We start with the obvious. That would mean that Mr. Wright is incredibly rich as he would be among the world’s largest BTC holders (if not the biggest one) and he made most of those tokens when the price was around ten USD cents or less. This needs to be mentioned because it would be unavoidable, but it would also be utterly irrelevant for the cryptoverse as a whole.

What would happen to Bitcoin?

Probably nothing. By that, we mean that the Bitcoin network would continue to develop organically as it’s grown for roughly a decade already? Why? Bitcoin it’s already too big, too strong, and also established as the world’s premier cryptocurrency for a single person to alter its course.

Bitcoin is not only a payment system, a means to store wealth, or a lucrative hobby for retail users. As things stand now, Bitcoin is the largest and most respected institution in the cryptocurrency world, at least in practical terms.

So what if Satoshi is found and it’s Craig Wright? It’s somehow like asking what would happen to all of Batman’s enemies that are already incarcerated or living in Arkham Asylum. If Bruce Wayne went public with his identity, all those guys would stay where they are, and nothing would really change in Gotham except that Bruce’s reputation as a playboy would be enhanced as he’d be known as a hero too.

Some cryptonauts think that if Mr. Wright proves he’s Satoshi, then a lot of Bitcoin users would leave BTC behind to join Bitcoin Cash SV (BSV) which is the blockchain project currently supported by the candidate for Satoshiness.

That is, again, unlikely because Bitcoin is just too well established and it remains a reliable network while Bitcoin Cash SV is fraught with problems of all kinds. The system doesn’t perform very well (it’s even been claimed that the code allows for tokens to be spent twice) either technically or as an asset.

Maybe a few investors would indeed move to BSV, driven by some kind of personality cult, but most players have more of a rational outlook, and the numbers about BSV are there for everybody to see, and they’re not good.

Also, the smartest cryptonauts know that in this business you trust the technology and the math, and not an individual figure. So it’s unlikely that they would follow Mr. Wright anywhere unless he could come up with a new technology that was far superior to Bitcoin. He hasn’t done that at all so far. Instead, he’s come up with BSV.

This situation would be somewhat akin to Jesus and Christianity. Please don’t get us wrong, we’re not saying that Satoshi (even less Craig Wright) can be compared with Jesus at all. Our point is that it’s become fashionable among some intellectual circles to say that Jesus never existed, that no historical individual ever called Jesus was alive in Palestine 2 millennia ago, and carried out all the deeds attributed to Jesus by the Gospels and the New Testament.

Just for argument’s sake, let’s say they’re right. Let’s accept, just for a moment that Jesus never incarnated, was crucified or came back to life on the third day. Then let’s ask ourselves how would that change anything? It wouldn’t. Not at all. Christianity is still all around the world as one of the main religions in the world. There would still be a Pope and the Vatican in Rome, and American fundamentalists would still be trying to have creationism accepted as a scientific theory.

Something alike would happen with Bitcoin. It doesn’t really matter who was the individual that started the ball rolling ten years ago. What matters is that the ball indeed has been running for all that time, and it’s not just rolled but snowballed, and it’s created or inspired the massive thing that the cryptocurrency and fintech movements are today.

Would Mr. Craig become more influential? Maybe. But his influence would increase only so far as he gets things right, which has not been the case so far. He went against Ripple’s XRP, for instance, which turned out to be the cryptosphere’s most profitable coin for two years straight (yes, even more than Bitcoin), just to give you an example but we could keep going by pointing out that Bitcoin Cash SV has been an unmitigated disaster so far. Whatever personal prestige any celebrity or personality of any kind enjoys because of his or her past achievements, needs to be maintained with good work to be kept current.

Great reputations (as Satoshi’s would be) are lost all the time because of mistakes or inconsistency. Think about Ringo Starr. Yes, he was one of the Beatles. The most revolutionary and successful rock and roll band ever to exist. And what’s happened to his career after they disbanded?

All that means that proving his identity as the elusive Satoshi Nakamoto would make Mr. Wright very famous (instead of notorious as he is now). But it’s doubtful that it would make him more influential, or that it would help with fixing all that is wrong with the BSV project, or with the character’s current behavior (which has become so erratic that Binance and other platforms have threatened to ban BSV already). Which also means that he would hardly become more respected because a big chunk of cryptonauts is already sick and tired of his antics which include offering a bounty to hunt down a Twitter user’s real identity.

The bottom line is this: Satoshi’s true identity is utterly irrelevant. We know about him because of the work he did and the consequences it’s had in changing the world. So it doesn’t really matter if the real man behind the pseudonym is Craig Wright, Elvis Presley or Santa Claus. It’s all about the work and the technology, and not about an individual personality. Things are too far gone now for any individual to exert any significant influence or change things.

Our advice is straightforward. It’s just not worth it to spend energy, time, thoughts or sleep over an issue that makes no difference whatsoever for the real decisions you must make as a cryptocurrency developer, investor or aficionado. It just distracts you from getting things right as it becomes noise that prevents you from separating the chaff from the wheat.

Yes, it would be very cool to find out who Satoshi is finally. But that’s all. It would be cool, not significant, not a game changer at all unless he had a better technology than Bitcoin to deploy. But it would have to be so good as to change the world for yet a second time. That’s a very high standard that only a handful of geniuses have been able to meet during human history.  That would be a great reason to identify the great Satoshi at last. But it’s the most unlikely scenario as well.

Image courtesy of Pixabay.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.