Many members of the crypto community are confident that the anonymous Satoshi Nakamoto – the creator of Bitcoin (BTC) – has forever changed the life of mankind for the better. Unfortunately, the theory has a downside.
Recently, bitcoins have begun to move, which, presumably, belong to Satoshi Nakamoto himself. Such activity could cause panic sell-offs in the digital asset market because investors do not know what may actually be hidden behind such transactions.
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The editors of BeInCrypto decided to figure out what kind of threat Satoshi Nakamoto could pose to the crypto community. It turned out that investors have at least 5 reasons not to trust the creator of bitcoin.
1 – We don’t know who he is
Someone with the nickname “Satoshi Nakamoto” disappeared from sight more than ten years ago. His last post on the web was dated December 13, 2010. Who the creator of Bitcoin really is – we do not know. A developer or a group of people can be hidden under a nickname. None of the attempts made by the media and individuals to establish the real identity of Satoshi have been successful.
The lack of information about who the Bitcoin creator really is raises a number of additional questions, among which the following can be distinguished:
- What was the goal he pursued when creating a cryptocurrency?
- Does he have plans for further involvement in the crypto industry?
- Is Satoshi alive at all, and if so, does he plan to ever reappear on the net?
Cryptocurrency investors cannot get answers to their questions directly. As a result, assumptions arise that can only be an illusion.
For example, the creator of Bitcoin may not be a knight who saved humanity from the oppression of a centralized financial system, but a villain with a cunning strategy.
Unfortunately, while Satoshi is in the shadows, cryptocurrency users cannot get confirmation of their theories. One thing is clear – no one really knows what to expect from the creator of the coin.
2 – And legends can make mistakes
Despite the fact that many experts have already repeatedly analyzed all the technical details of bitcoin, one should not exclude the possibility of error. As brilliant a developer as Satoshi was, he might have missed some important details. For example, there is a theory that bitcoin is capable of “killing” quantum computers.
Perhaps the developers have not yet discovered critical errors that can lead to a loss of control over the project and other unpleasant consequences. It turns out that the threat cannot be completely discounted.
3 – He may have leverage that we don’t know about
Despite the fact that before leaving, Satoshi handed over the management of bitcoin to professional developers and, concurrently, to his network correspondents, additional control tools may remain in his hands. For example, the crypto community still does not know how much BTC remains at the disposal of the creator of the cryptocurrency.
Satoshi Nakamoto is one of the first bitcoin miners. At the beginning of mining, cryptocurrency could be released many times faster than now. As a result, network members who mined BTC in the early years received a large number of coins in a short period of time.
The concentration of large reserves of bitcoin in the hands of one person threatens the very idea of decentralizing the project. The fact is that the sale of a large batch of cryptocurrency can put pressure on the market. Including – provoking a panic sale.
In the case of Satoshi, the risk of selling savings can be added to the danger of the possible use of other leverage. It is possible that, as a Bitcoin developer, he knows the access secrets and has “keys” at his disposal, with which he can influence the project.
4 – the creator of bitcoin can go to the dark side
The fact that participants in the digital asset market are not aware of Satoshi Nakamoto’s position on what is happening is another problem. Perhaps, creating bitcoin, he wanted to give people a new, perfect financial instrument, but after a while, he changed his goals.
Investors should not completely rule out the assumption that the developer may be pressured to destroy the project. Conjectures that Satoshi may simply, at the behest of his heart, go to the dark side also have a right to exist.
5 – Bitcoin may not be what it seems
In the crypto community, it is generally accepted that Bitcoin is an alternative to a centralized financial system, in which banks and regulators dominate the interests of ordinary users. It is not known what ideas Satoshi was actually guided by when creating the project.
There are conspiracy theories according to which bitcoin is nothing more than an initiative with the sole purpose of pumping money out of ordinary users. Time will tell who is right and who is not.
Pair of conclusions
Unquestioning trust in Bitcoin can be compared to blind faith because no one really knows all the intricacies of the project. Only one person, Satoshi Nakamoto, can shed light on the questions about cryptocurrency.
Whether members of the crypto community will ever have the opportunity to personally ask the developer their questions is unknown. And no matter how trite the Russian proverb “trust but verify” sounds in the context of conversations about Satoshi Nakamoto, it is she who wants to end the discussion of the issue.
Do you think Satoshi will let you know about himself? We propose to discuss the topic in our Telegram channel.
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