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Demystifying the Myth That Is Satoshi

By January 2, 2018 No Comments
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Many call this entity the “most enigmatic billionaire” of the modern day world. Known as the inventor of the bitcoin protocol, Satoshi Nakamoto is the name of this enigma. His/their/her bitcoin wallet, filled with over $15 billion worth of bitcoins, remains untouched, and him/them/her untraced.
One of the biggest mysteries in the technology world is the identity of Satoshi Nakamoto, the computer programmer who invented the digital currency bitcoin. In 2008, Nakamoto published a nine-page white paper containing the first-ever mention of bitcoin, calling it a “peer-to-peer electronic cash system.”
A few months later, Nakamoto released bitcoin’s first software and partnered with developers and coders online to improve it. This collaborative environment continued until 2011 when, without warning, Nakamoto vanished.
Before ceasing all online communication, they emailed a fellow bitcoin developer saying they had “moved on to other things.” But here’s the catch: Nakamoto didn’t walk away empty-handed. Sergio Demian Lerner, an Argentine researcher, has estimated that Nakamoto accumulated around a million bitcoins before disappearing.
Today, that stash is worth over $5 billion. The price of the world’s most valuable digital currency bitcoin is up 1,800 percent this year. Last week, it rocketed above $19,000 for the first time. With a market value of more than $288 billion, the cryptocurrency was trading at $17,254 on Wednesday.
Nakamoto is believed to hold nearly one million bitcoins, and he’s never spent a single coin, according to media reports. The identity of Satoshi Nakamoto, a pseudonym for the author of the research paper that conceived of bitcoin about nine years ago, remains a mystery. To date, nobody knows who Nakamoto is.
There have been at least four people that have been named or have named themselves as Satoshi Nakamoto. Three years ago, Newsweek said a 64-year-old Japanese-American living in California named Dorian Satoshi Nakamoto could be behind bitcoin. He has since denied the report.
Later, in 2016, an Australian entrepreneur Craig Wright claimed he was the founder, but that was also called into doubt.
In the third episode of exposing the bitcoin inventor, last month, the billionaire Elon Musk denied rumors he was the mysterious inventor of bitcoin. The rumours trace their roots to a former intern at Musk’s space company SpaceX, who said that “Satoshi is probably Elon”. The rumours seem to have stemmed from Elon’s deep understanding of economics and cryptography, grip on advanced coding languages, and the fact he is a “polymath.” Until proved true, these rumours will continue to be so.
That brings us to the fourth possibility that is the late Hal Finney. The rationale for this belief is based on facts that he drove the initial formative phase of bitcoin deployment by filing bug reports and making improvements and that he lived close to Dorian Satoshi Nakamoto’s home.
In conclusion, the jury is still out on who the real Satoshi is. The odds are that a few more purported individuals may even crop up going forward. The irony is that this anonymity is not synonymous with the ideology with which the bitcoin industry was founded: to foster transparency.

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