Who Created Bitcoin? – Bitcoin News, Articles and Expert Insights

Bitcoin was created by Satoshi Nakamoto, (almost certainly) a pseudonym, that no one has been able to conclusively connect to an actual person or group of people to this day. Nakamoto vanished from the internet in 2011, leaving few clues as to who they might be. Over the years, many people have publicly claimed to be Satoshi, all failing to support the statement with indisputable facts.

In an early bitcointalk forum, Satoshi said that they started working on Bitcoin in 2007, two years before the first block was mined. The Genesis block, or the first block in the Bitcoin blockchain, was mined on January 3, 2009. Nakamoto was the miner of the Genesis block, receiving the first 50 bitcoins ever put into circulation. This reward from the first block, however, was unspendable due to a quirk in the way the Genesis block is expressed in the code. BitMEX Research has published an analysis on the early mining days of Bitcoin and concluded that someone mined 700,000 coins. While many assume this was Satoshi, it officially remains unproven.

One can only imagine the fame Satoshi Nakamoto would receive if their identity ever were to come to light, not to mention the immense riches they stand to collect (though Satoshi appears not to have spent any of the coins they supposedly mined). Over time, there have been many instances of people claiming to be Satoshi, and others whove had that claim thrust upon them.

One of the most well-known cases of someone claiming to be Satoshi is by Craig S. Wright, an Australian academic. Wright, as early 2015, has tried multiple times to provide a public demonstration with indisputable evidence that he was Bitcoins inventor, but he has not been successful to this day. In fact, his proof has proven to be fabricated.

Dorian Nakamoto, a man in California, was once publicly assigned the title of Bitcoins creator by a newspaper journalist who noticed several similarities between the two Nakamotos, most obviously their surname. Very quickly, however, this claim was denied by Dorian and disproved as well.

Another class of people who have garnered attention around Satoshis unknown identity are cryptographers and computer scientists. Hal Finney, a renowned cryptographer who was the first person to receive bitcoins from Satoshi Nakamoto, is one of the most famous suspects due to his early involvement in the space. For less than a year after Bitcoin was created, Satoshi and Hal Finney exchanged several posts on Bitcoin discussion forums, discussing things like the technology and its future implications. Finney passed away from ALS in 2014, leading some to speculate on the extent of his involvement with the worlds first decentralized currency. Nick Szabo is another renowned cryptographer who created Bit Gold, a digital currency invented several years before Bitcoin. The fact that he does not appear to have been directly involved with Bitcoins creation, though his project is so remarkably similar to it, has led some to speculate he might be Bitcoins creator as well.

Satoshi Nakamoto, the creator of the worlds first decentralized currency, arguably should remain anonymous because of the nature of their creation. Having created a protocol with no central point of failure, Nakamoto may have realized that maintaining his anonymity may remove the very last central point of failure Bitcoin could possibly have: the person who created it. Removing the single identity that could be associated with the advent of Bitcoin removes any single face that could influence the politics, rules or decision-making of the Bitcoin community.

Whoever Satoshi is, they are undeniably a genius of our time. The Bitcoin protocol provides economic incentives in all the right places resulting in an exceptional solution to the Byzantine Generals Problem. Satoshi Nakamoto applies concepts from cryptography, mathematics, game theory and economics to create a beautifully designed and the worlds first digitally scarce asset called Bitcoin.

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Who Created Bitcoin? - Bitcoin News, Articles and Expert Insights

Identity of Bitcoin creator Satoshi Nakamoto could be …

The identity of Satoshi Nakamoto a pseudonym for the legendary, still-unidentified creator of Bitcoin could soon be revealed in a court case in Florida, according to a report.

The family of deceased computer scientist David Kleiman contends he created the cryptocurrency along with Craig Wright under the Satoshi Nakamoto name. And Kleimans heirs are suing to get their half of a Bitcoin stash worth nearly $70 billion thats under the famous pseudonym, according to a Wall Street Journal report.

Wright, a 51-year-old, Australian-born tech entrepreneur living in London, claims he created Bitcoin on his own a contention that has drawn widespread skepticism in the crypto community. But heirs to Kleiman, who died in 2013, argue that he created Bitcoin alongside Wright and they say they have evidence that proves the two men were partners.

We believe the evidence will show there was a partnership to create and mine over one million bitcoin, Vel Freedman, a lawyer for the Kleiman family, told the paper.

We believe the court will find theres nothing to indicate or record that they were in a partnership, said Andrs Rivero, a lawyer for Wright.

Whether they were partners or not, for many Bitcoin enthusiasts the only proof that either of them has a genuine claim would come in the form of Kleimans family producing a password or private key for the digital wallet in Satoshi Nakamotos name, which holds more than 1 million bitcoins.

The trove has never been touched, and the fact that neither Wright nor Kleimans family has produced a private key has kept many skeptical about both of their claims.

The identity of Bitcoins founder has been a question since the digital currencys inception in October 2008 when a person, or group of people, released a nine-page white paper introducing the new cryptocurrency under the Satoshi Nakamoto pseudonym.

According to Kleimans family, he helped Wright author the white paper and launched Bitcoin with him, thereby entitling him to more than half a million bitcoins, according to their suit.

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Will Revealing Satoshi Nakamoto’s Identity Help Bitcoin in 2022? – Analytics Insight

Satoshi Nakamoto holds around 1.1 million Bitcoins, which is valued at US$70 billion today

In 2021, even the biggest Bermuda Triangle uncertainty has come to a convincible end. However, the mystery behind the identity of Satoshi Nakamoto still remains in the shadow. Today, every Bitcoin is worth more than US$46,000. The cryptocurrencys value managed to hit an all-time high of US$68,000 in November and experts predict that Bitcoins price will go up to US$100,000 in 2022. Despite the fueling interest in BTC, the identity of its creator remains behind the walls. Unfortunately, there is no assurance that revealing Satoshis identity could do any good to the currency falling Bitcoin market.

Bitcoin was a preeminent cryptocurrency that rocked the financial ecosystem. It emerged as the first digital token that countered and contemplated the traditional financial models. Bitcoin began its journey from zero and is currently valued at US$46,000. It rose to prominence in 2017 and gained more investors over the next few years. But the real action started in May 2020 when Bitcoins price touched new records and attracted new investors into the sphere. Owing to the surging dominance of BTC, other altcoins like Ethereum, Cardano, Ripple, etc also came into existence. But despite its growing importance, the identity of its creator, Satoshi Nakamoto, is yet to be revealed. According to reports, Satoshi holds around 1 million Bitcoins, which is worth trillions of dollars today. In this article, we explore the impact Satoshis identity reveal could have on the cryptocurrency market.

Bitcoin was created in 2008 after Satoshi Nakamoto published a nine-page whitepaper containing the first-ever mention of a peer-to-peer electronic cash system. Although this was not the first time somebody talked about blockchain technology and its global applications, Satoshis initiative managed to hit fruition when Bitcoin became the first cryptocurrency to make its debut. Satoshi partnered with developers and coders online to improve Bitcoins capabilities. The scenario continued till 2011 before Satoshi disappeared in thin air. But he didnt walk away empty-handed. When Satoshi left, he took with him a whopping 1 million Bitcoins.

One million Bitcoin is really a huge number because the total circulation of all Bitcoin is limited to 21 million and already over 18 to 19 million BTCs are in circulation. Therefore, according to crypto enthusiasts, Satoshi has the potential to tank the whole Bitcoin market with those 1 million coins. Besides, the Bitcoin community strives on a motto that it is decentralized and is not governed by any central authority. Without a leader, the Bitcoin community makes decisions through consensus. Currently, various constituents of the community including miners, developers, and investors, gather to discuss changes. However, revealing Satoshis identity could be a threat since it gives power to somebody who holds 1 million coins.

While the real identity of Satoshi Nakamoto is still under speculation, a Florida court case is thriving to give an answer to this. The family of deceased David Kleiman, a computer scientist, has sued his former business partner over control of their partnerships assets. According to the claims, Kleiman and his business partner, Craig Wright, created Bitcoin under the pseudonym, Satoshi Nakamoto, and stashed 1 million BTCs.

Craig Wright is a 51-year-old Australian computer scientist who claims to be the brain behind Bitcoin. Although there is some evidence to back Wrights claim, Bitcoin investors still seem to have varied opinions. They believe that Wright could be engaging in an elaborate hoax to convince the Bitcoin community.

On the other hand, David Kleimans heirs have sued Wright to get their half share of the Bitcoin stash that is worth nearly US$70 billion. Kleimans family lawyer has also claimed that they will soon show evidence to back the partnership avows. However, Wrights lawyer has said that soon the court will find that there is nothing to indicate of record that they were in a partnership. Despite the fuming court battle, many Bitcoin investors seem to deny the allegations and say that the claim could only be real if either Wright or Kleimans family produces a password or private key for the digital wallet that holds the 1 million Bitcoins.

According to Coinbases IPO filing, revealing Satoshi Nakamotos identity could be a major threat to the cryptocurrency market. A number of possible events could happen once Satoshis identity is brought under the scanner. One is that Satoshi holds the key to 1.1 million Bitcoins, which is around 5% of the total supply. In case if Satoshi plans to sell off those 1.1 million coins, then the cryptocurrency market as a whole will collapse. If he is already deceased, then the world will learn that those Bitcoins will be inaccessible forever. Therefore, revealing the face behind Bitcoin is not going to help the digital currency market in any way. Bitcoin will have to gain its ground from adoption and popularity and make a bounce back to perform well in 2022.

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Will Revealing Satoshi Nakamoto's Identity Help Bitcoin in 2022? - Analytics Insight

Explained: What happens when all 21 million bitcoins are mined – CNBCTV18

Over 90 percent of the total 21 million bitcoins that will ever be available have been mined within 12 years after creating the cryptocurrency, a report on Blockchain.com said. Satoshi Nakamoto, the creator(s) of bitcoin, kept the supply fixed to keep Bitcoin valuable. But with only a limited number of coins now left to be mined, there are questions about what happens to the Bitcoin economy when the supply runs out.

How does the bitcoin supply work?

Satoshi put a hard cap or maximum limit of 21 million on the bitcoin supply, regulating it through an algorithm in its source code. The limited supply makes it a scarce commodity and can help increase its price in the future.

A new bitcoin is added to the supply at a fixed rate of one block every 10 minutes. However, the algorithm is such that the new bitcoins in each block are reduced by half every four years.

Around 19 million bitcoins have been mined, leaving only 2 million to be mined in the future. Experts predict that the remaining bitcoins will be mined by 2140.

What will be the impact on miners when all bitcoins are mined?

Miners are integral in creating bitcoin tokens; they solve cryptographic puzzles to verify and validate a block of transactions in the network. For playing their part in the network, the miners get block rewards that include the newly-minted bitcoin and the cumulative transaction fees paid in a block.

The only hurdle for miners is that the block reward also roughly halves every four years. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block.

The mining process involves solving complex mathematical puzzles; they require high-tier computational hardware (like GPUs and CPUs) that consume large amounts of energy. The miners use the money they make from the block reward to offset the operational cost of mining and make a profit.

But as the rewards get halved every four years, the price of running the operation will eventually exceed the rewards for the miners. This might make mining an unsustainable business model for them.

The transaction fees will gradually rise, though, since only a limited number of transactions can be confirmed every 10 minutes. While this can compensate miners for the lack of block rewards, the transaction amount depends on the state of the network in the future. Miners could also use innovation to increase energy efficiency in mining and lower costs.

What will be the impact on the network?

The most vital aspect of bitcoin is the network. The distributed ledger model is the heart of any cryptocurrency.

If the number of transactions increases in the network in the future, there is a chance that the speed of the transactions will slow down. Bitcoins architecture is favoured towards accuracy and integrity more than speed.

If the number of transactions decreases in the network, there is a chance that bitcoin may become a reserve asset. This will push out small retail traders and replace them with large institutional players, possibly increasing the transaction fees and making trading expensive.

What will be the effect on bitcoin as a currency?

The scarcity will probably lead to more buying in bitcoin. As the FOMO (fear of missing out) sets in, there could be a rush to buy the rare asset, and the people holding bitcoins will be in a great position to sell. However, there is also the expectation that potential regulations will help keep the lid on volatility.

(Edited by : Yashi Gupta)

First Published:Dec 25, 2021, 06:00 PM IST

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Crypto vs. Banking: Which Is a Better Choice? – Entrepreneur

Opinions expressed by Entrepreneur contributors are their own.

The past few years have seen the launch and blossoming of blockchain technology. This technology also harbors other innovations like cryptocurrencies, DeFi, NFTs, and other digital assets. These innovations are mostly solving the concurrent problems caused by centralized monetary systems.

Blockchain technology dates back to the 2007 economic decline that saw the world suffer from poor central banks management. Many banks were already in debt, and they were also minting excess fiat currency that raised inflation rates in the world. Satoshi Nakamoto made a digital currency, BTC, as a remedy. This currency has a design to solve this issue and avoid such mistakes since it is fully decentralized. Nakamoto also made his source code an open resource for other developers to make similar innovations and solve the banking issues.

As a result, Cryptocurrencies were born, and now they function more efficiently than the banking systems. They also offer even better financial systems than banks. Currently the biggest drawback of cryptocurrencies is its volatility, as seen in the crypto fear and greed index. This makes cryptocurrency unable to be used in daily day to day transactions. This issue is widely expected to be resolved once cryptocurrency gains widespread popularity. Read on to learn why cryptocurrencies should strive beyond what banks can offer in the financial scope.

Related: How Blockchain-Based Firms Are Taking Over Banking and Public Sector Roles

Cryptocurrencies are digital assets that function like traditional money and can serve as means of exchange. They are usually bought through crypto exchange platforms and stored in safe crypto wallets. These digital currencies are decentralized, and they operate in a very secure way with minimal human interactions. As a result, many now classify them as the future of the finance sector.

Banks are the current financial systems in the world. They offer financial support like loans, savings, and other transactions. However, unlike cryptos, they have many setbacks since they are centralized and subject to biases. They are also relatively slower than cryptos, and some charge too high interests on loans and some transactions.

Related:8 Ways Digital Banking Will Evolve Over the Next 5 Years

Below are some of the main drawbacks of banking systems that cripple the financial system.

The banks are usually not available during the weekend. Therefore, people usually encounter many problems when expecting to complete essential transactions on weekends and holidays. The banks also require people's physical appearance to complete huge transactions, which takes up too much time.

The traditional banking systems use different techniques to market their work. They set aside some projects for select groups of people which cannot be available to the others. These groups get some favors like soft loans, prolonged payment durations, and lower interest rates. As a result, the systems end up being unfair and devoid of financial inclusion.

Skilled technicians can hack many mobile banking apps. As a result, some people end up losing large sums of cash fom their accounts. The systems are also prone to fraud and money embezzlement. These occurrences may result in loss of hard-earned money.

Banks come with extra fees and taxes during transaction periods. For example, the sending and receiving banks usually impose very high transaction fees and taxes during international remittances. Due to slow protocols, these transactions also take a long time, especially for large sums of cash.

Since bank transactions and financial services depend on account numbers and names, they are open to biases. In case of a feud with the officials of a certain bank, the financial service issuing officer can deliberately delay the transactions.

Related:Five Challenges Blockchain Companies Face While Working With Banks

Cryptocurrencies came to solve the issues within the current banking systems. Therefore, they should do better in creating a more effective financial ecosystem in the world. Below are some of the ways how cryptocurrencies can offer better financial services than banks.

Cryptocurrencies are completely free of the control of third parties, unlike banks. This decentralized nature minimizes human interactions, which makes them free from biases. They are more secure and reliable since it is hard to tamper with them because they use anonymous ID numbers in transactions.

The biggest issue surrounding financial systems is security concerns. Cryptocurrencies run on blockchain technology which is highly intact and free from major security threats like hacking.

It is also free from fraudulent activities since the system automatically processes the transactions with minimal human interactions. Therefore, if cryptos innovate more ways to deal with security concerns, they can remain better than banks.

Related:What is a 'smart contract' and what is it for?

Cryptocurrencies can also have smart contracts running in their blockchain networks. These smart contracts have a design to give computer instructions and process them with minimal human interactions. Therefore, they can serve excellently in doing away with fraudulent activities and corruption, which is a challenge to banks.

Many crypto platforms also encourage investors to take a positive initiative to buidl and ensure the growth of coins. In turn, users and holders can actively contribute to the boom of not only their tokens, but also other tokens at large; hence, securing a brighter future for crypto adoption and spreading crypto's diversification. One buidling tactic is leveraging smart contracts during transactions.

Cryptocurrencies have minimal entry barriers. As a result, they are easily accessible to everyone regardless of their status. This feature is encouraging since they may help improve the economy wholesomely as everyone gets equal chances.

Unlike banks, cryptocurrencies use automatic systems that do not require too many human interactions. Therefore, they are accessible every time of the day, including the weekend and holidays.

As a result, their incorporation into financial systems may make them better than banking systems due to better uptime.

Cryptocurrencies have very fast transaction speed, unlike the traditional financial system with queues and protocols to follow. As a result, more transactions can be done in a day through cryptocurrencies than in banking systems. This functionality gives them a notch above the banks since they would give the economy a better chance at quick growth.

Related:Ingenious Blockchain Solutions To Enterprises Through Smart Contracts

Unlike banking systems which offer almost uniform financial services, cryptocurrencies are many and have different features. Therefore they are more diverse than banks. Such diversity is a cut above the traditional services since crypto investments can grow in more than one way simultaneously.

ADACash is one such platform offering simpler and better earning opportunities from your ADA holdings. To increase incentives, the platform gives you more Cardano (ADA) reflections with the more ADACash tokens you have on your wallet.

Such staking options like ADACash can give additional income and serve as a diversification tool even on the bearish market. With staking as an option investors are increasingly opting for holding ADA that has halved in price over the past two months. Despite the market fall, Cardanos total transaction volume has outperformed that of Ethereum this month.

To sum up all of the above, it is good to mention that cryptocurrencies have advantages that outdo the banks. However, more needs to be done to ensure that they remain in power for long. They need to provide the world with more practical solutions to problems caused by the banks.

Luckily enough, they are already doing it. Cryptos have very intact security systems that are encouraging to investors. They also offer reliable transactions at better speeds than the traditional features. As a result, they are proving to be vital in ushering a better and cashless financial age. However, there is still more that cryptocurrencies need to do to fill all loopholes from traditional banking systems.

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Crypto vs. Banking: Which Is a Better Choice? - Entrepreneur

Taxes and regulation of cryptocurrencies: this is what Argentina and the world try – Market Research Telecast

It has been more than a decade since Satoshi Nakamoto created the queen cryptocurrency, Bitcoin. More than ten years in which more and more cryptocurrencies were appearing (there are thousands and counting) in a market that lived on the fringes of the law until rather recently, when they began to enter into force laws that try to regulate these digital assets. And with an outlook, it is inevitable to wonder how it will affect the sector, if there will be more and more regulations and restrictions, or if banks will increase the pressure on these currencies.

In Europe, the regulation began in 2018 with the promulgation of the Fifth Directive of the European Union (EU) arrived on November 12, 2018. A regulation approved by Parliament to strengthen the battle against money laundering included in the Directive on the Prevention of Money Laundering and Terrorism Financing (AMLD), which introduced the regulation of the activity of cryptocurrency service providers.

In theory, the member states of the European Union had until January 2020 to transpose the rule. Some countries such as Germany, France, Luxembourg and Portugal are working on their own tax frameworks, although by 2022, the MiCA (Market in Crypto Assets) Regulation is expected to advance.

However, its entry into force was delayed to 2024 for the 27 members of the European Union. MiCA represents the great unified update of the regulation of cryptocurrencies in the European economic space. This regulation aims to become the core of the regulation of cryptocurrencies and provide legal security to the market, so that it is attractive for developers and investors as well as safe for users and consumers, says Vials.

It is about establishing a homogeneous, single legislation for all member countries that would greatly simplify the regulation of said market. From Coinmotion they highlight that its implementation would mean two great advances: any regulated company could operate with total freedom in the EU and the investor would see their protection strengthened.

Ral Lpez, country manager at Coinmotion, highlights that this regulation is very ambitious, but necessary, since the development of new products and services related to cryptocurrencies proceeds at breakneck speed, which requires that the legislation be adapted as soon as possible so as not to be left behind and delay the revolutionary development of digital finance that would leave us at a clear disadvantage compared to powerful countries such as China and the United States.

In the United States there is nervousness about fear that any cryptocurrency could threaten the dollars dominance in global finance. This means that there is a certain fragmentation in terms of regulations. So as with much of the laws of that country, those related to cryptocurrencies vary from one state to another, and the federal authorities also interpret and regulate them differently.

In the United States it is even more complicated, as many states go it alone and each applies its regulations and guidelines, being in general quite restrictive and especially in those governed by the Democratic party, although it is not that there are many Republicans with pro-crypto legislation. For this reason, and so that talent and innovation do not have to leave the USA, a movement is beginning to take shape to create a new political party that is truly committed to technological innovation, with cryptocurrencies at its spearhead , clarifies Castro-Acua.

Recently, some milestones have been seen such as the IPO of a cryptocurrency company went public (Coinbase on the Nasdaq) or the launch of the first cryptocurrency ETF (the one from ProShares). However, the challenges of the cryptoassets industry are great to come.

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The 2021 DAO Global Hackathon ended and the RainbowDAO team won three awards! – Benzinga – Benzinga

Singapore, Singapore, Dec. 26, 2021 (GLOBE NEWSWIRE) -- Lasting for 3 months, the largest Web3 hackathon ever organized on Gitcoin: 2021 DAO Global Hackathon (hackforfreedom.org), has officially ended at the end of December 2021.

In this grand event, the RainbowDAO team won three awards in four different tracks and became the biggest winner of this competition. The RainbowDAO Protocol has also become one of the most popular projects in this competition.

The 2021 DAO Global Hackathon ended and the RainbowDAO team won three awards!

What is the DAO Global Hackathon?

The DAO Global Hackathon is a virtual event sponsored by leading DAO infrastructure providers to build Web3 governance tools. It was officially launched on October 25 and officially ended on December 17, 2021. It has also become the largest Web3 hackathon ever organized on Gitcoin, and it has also become the largest event in the DAO infrastructure industry in 2021.

This competition has received extensive support and sponsorship from various well-known projects and DAO organizations in the DAO field. There are 23 strategic partners in total. They are: Agora Space, BanklessDAO, BitDAO, Daedalus, DeepDAO, Gitcoin, Gnosis, Harmony, Human protocol, LAUNCHub, VENTURE DAO, Metagov, MintGate, Mirana, Near Protocol, openzeppelin, Polygon, POKTnetwork, radicle, Snapshot, Superfluid, Tally and UMA.

It is precisely because of the strong support of so many top projects and well-known DAO organizations that this DAO hackathon has become the most watched event in the DAO industry in 2021. It has had a significant impact in the entire encryption world, and it also provides a new direction and cutting-edge solutions for the future development of the DAO infrastructure industry.

The DAO Global Hackathon is divided into four tracks, namely Multi-chain, Core DAO Tech, Finance & Operations and Community & NFTs. In the three-month competition, more than 1,000 hackers and technicians participated in the competition for a prize pool of 200,000 US dollars. In the end, a total of 12 winners were produced. Among them, the RainbowDAO team submitted a total of four projects, and finally three projects won awards, becoming the biggest winners in this DAO hackathon.

Among them, the multi-chain DAO factory project created by the RainbowDAO protocol won the championship in the Multi-chain track, the DAO NFT bank project won the second place in the NFT track, and the multi-signature committee project won the third place in the Core DAO Tech track. The projects submitted by the RainbowDAO team have received high praise from many judges in terms of code quality, UI design, and operation video demos. The RainbowDAO protocol has also become one of the final concerns of this competition.

What is RainbowDAO Protocol?

RainbowDAO Protocol is a multi-chain DAO infrastructure service protocol, focusing on the creation of web3 basic component. Anyone can create and manage their own DAO organization through RainbowDAO Protocol, including independent DAO,alliance DAO, parent DAO and child DAO. Any DAO can also create a management department within the DAO to achieve multi-level management of the organization.

There are two versions of RainbowDAO Protocol, Solidity version on EVM and Ink! version on WASM.The Solidity version is mainly deployed on Ethereum, BSC, Poygon, Avalanche, Fantom, and various L2 networks; the Ink! version is mainly deployed on the parallel chains on the Polkadot and Kusama relay chains, as well as other blockchains developed with the substrate framework.

What is Rainbowcity Foundation

Rainbowcity Foundation is a non-profit foundation initiated and founded by Mr. Kunyuan. Headquartered in Singapore, Asia.It mainly engages in the incubation and investment of the crypto ecosystem. Mr. Kunyuan himself is a loyal fan of Bitcoin and a believer of Satoshi Nakamoto, dedicated to the spread of Satoshi Nakamoto's decentralized ideas.

He once put forward the concept of "Bit Civilization" for the first time in the world in July 2021 at the Bitcointalk Forum established by Satoshi Nakamoto , and wrote more than 60 articles to popularize the idea of Bitcoin,hoping to promote the development of the encryption industry worldwide and practice the true Bitcoin spirit.

Mr. Kunyuan has a rich experience in the crypto world. He was once the highest community leader of FCoin, the most influential community exchange in the Chinese world. In November 2018, in a referendum on the FCoin exchange, Mr. Kunyuan was elected as the first community committee member, and was appointed as the vice chairman of the community committee to fully preside over the work of the FCoin community.

In the second half of 2018 and the first half of 2019, Mr. Kunyuan cooperated with FCoin founder Mr. Zhang Jian to lead the FCoin community to achieve a comprehensive revival, making FCoin Exchange once again become one of the world's largest exchanges in the first half of 2019.

However, because many of Mr. Kunyuan's ideas could not be effectively implemented in the FCoin community, he chose to resign in June 2019 and began preparations for the Rainbowcity project. To some extent, Rainbowcity is a continuation of FCoin's community-based thinking, and it is also a continuing exploration of the true Satoshi Nakamoto spirit.

Mr. Kunyuan believes that in the crypto world, human civilization will have an unprecedented super economy in the future. It is constructed in the form of a decentralized protocol, which puts different and decentralized economic behaviors into a unified economy, and truly becomes the infrastructure of human civilization in the future. The Rainbowcity Foundation was established under this background.

The Rainbowcity Foundation plans to invest in 7 major areas in the next ten years, including Rainbow DeFi, Rainbow Investment, Rainbow Culture, Rainbow Network, Rainbow Industry, Rainbow Education and Rainbow R&D. Strive to become a super economy with a market value of one trillion US dollars. The RainbowDAO Protocol is the first project launched by the Rainbowcity Foundation to build the infrastructure of the DAO ecosystem and contribute our wisdom and strength to the development of the global DAO career.

Social media of RainbowDAO Protocol:

Twitter: https://twitter.com/RainbowcityDAO

Discord https://discord.gg/vbnvFEeYRr

Telegram(en): https://t.me/RainbowDAO

CompanyRainbowcity Foundation Ltd

Contact Person:Jim

Email:RainbowcityDAO@gmail.com

Website:http://www.rainbowdao.io

Telephone:+852-57050497(Only receive SMS messages)

There is no offer to sell, no solicitation of an offer to buy, and no recommendation of any security or any other product or service in this article. Moreover, nothing contained in this PR should be construed as a recommendation to buy, sell, or hold any investment or security, or to engage in any investment strategy or transaction. It is your responsibility to determine whether any investment, investment strategy, security, or related transaction is appropriate for you based on your investment objectives, financial circumstances, and risk tolerance. Consult your business advisor, attorney, or tax advisor regarding your specific business, legal, or tax situation.

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The 2021 DAO Global Hackathon ended and the RainbowDAO team won three awards! - Benzinga - Benzinga

The Shared Connection Of The Bitcoin Community – Bitcoin Magazine

Satoshi Nakamoto originally invented Bitcoin in 2009 as an alternative to traditional financial systems; like most of us, he1 had seen firsthand the disastrous impact corrupt centralized institutions can have on the world through the 2008 financial crisis. Nakamoto recognized the need for a better system, one that could separate itself from centralized powers and be the backbone of a truly free economy. He also understood that such a digital system should rely on no one, not even the creator/founder, to keep running.

Bitcoin was eventually created as a solution: an indiscriminate and decentralized digital asset that relied on a distributed network of miners, rather than a centralized party. The Bitcoin network proposed a new economy in which individuals would be free to transact as they wish, without oversight, surveillance, or tracking. Bitcoin was also the first practical application of blockchain technology, setting in motion a decentralized revolution that continues to this day, slowly breaking free our worlds technology from centralization.

When Bitcoin was first released, it primarily drew a lot of attention from the cypherpunk community, who were a collection of hackers and hobbyists interested in cryptography and private transactions free from government censure. After a period of testing by this community of programmers, bitcoin was at first little more than an anonymous currency, and became widely used to support illicit transactions for drugs and other paraphernalia. In fact, one of the first applications of bitcoin was Silk Road, a website that enabled users to buy a variety of illegal products using the currency.

However, as time went on, Satoshis true vision was slowly realized. Bitcoin slowly began to become the center of a new decentralized economy, and attracted many individuals who had simply become fed up with the economic state of the world. Holders of bitcoin,'' as they are now called, were separated into two categories: those who treated bitcoin as an investment, and those who truly believed in a decentralized future. While the former has certainly helped bitcoin become mainstream, it's been the latter that has pushed bitcoin to being more than just a digital currency. This article aims to provide several personal accounts of the realization that ultimately comes when one goes from looking at bitcoin as an investment to looking at Bitcoin as a lifestyle.

I myself first heard of bitcoin on a snowy Christmas Eve about four years ago. My family was about to make an annual road trip to visit some relatives, and I stopped by the local library to pick up some books to entertain myself on the way. This was right after the famous boon of 2017, when bitcoin and other digital assets gained mainstream attention for the first time due to massive gains in price. Being a high school student interested in both technology and economics, the concept of a currency and financial ecosystem running entirely on the internet had always excited me. With a six-hour road trip ahead of me, I decided to take a chance, and picked up several books related to Bitcoin and its potential to disrupt the economy.

These books ranged from a wide variety of topics and viewpoints: some derided bitcoin as nothing more than a scam that should be avoided, others praised Bitcoin for providing the means to transact freely without any permission or oversight, and one went deep into how Bitcoin represented one of the last hopes for independence in a world that was becoming increasingly populated with surveillance states. This take particularly grabbed my attention: I had become increasingly aware of the semi-authoritarian stance which both governments and big corporations were taking against the average citizen, and while I barely knew it at the time, I had a feeling that Bitcoin could be a part of a broader cryptographic movement that shielded the average person from constant monitoring and control.

As I dove deeper and deeper into the Bitcoin rabbit hole, I slowly began learning more about its history. I learned more about the philosophies of Satoshi, Hal Finney, and others who were part of the early Bitcoin ecosystem. I also began interacting more with the broader blockchain community, and met some of the most kind, intelligent, and welcoming people in the world. Then, after personally winning some prizes at the 2021 MIT Bitcoin Expo Hackathon, I decided to work in blockchain full-time, and eventually had the pleasure of becoming a part of the Bitcoin Magazine contributor network. It was here that I finally understood that Bitcoin was more than just software; it was a culture, a community composed of like-minded individuals who believed in the potential of Bitcoin to make the world a better place to live.

While interacting with the Bitcoin community, I had the pleasure of meeting Sam Cargo, a contributor to Bitcoin Magazine and a strong advocate for its potential to bring freedom to the lives of many. What follows is an abridged version of Sams personal story of getting into Bitcoin, and the lessons he learned along the way:

During summers between semesters, I interned at an engineering firm which presented two significant life-changing opportunities: the first one I was blind and missed, the second one I saw and created. That first opportunity was to invest in bitcoin and begin mining with a fellow, wiser intern who introduced me to the blockchain spectrum in 2014. I thought he was an idiot and I couldn't understand how a computer mines magic internet money.

Sure enough, provided one does their homework, bitcoin's value proposition becomes common sense and crystal clear. The second opportunity didn't come until many years later; after finally realizing Bitcoin's mystique, I resolutely put skin in the game and diverted income into bitcoin. Despite feeling late to the party, I sought to entirely commit myself to furthering Bitcoin's mission and re-creating the opportunity I regretfully missed. Perhaps ironically, my primary focus is the mining industry and how I can apply my current engineering career towards mining that sweet, sweet magic internet money.

In missing that first opportunity, I was forced to reflect on personal biases and question the status quo of the current monetary regime. Given our indoctrination into fiat as the norm, I find it completely sane for one to be skeptical of Bitcoin because it violates the "too good to be true" rule-of-thumb when filtering out bullcrap products. Bitcoin is truly a virtual elixir for many of today's socioeconomic illnesses, which is indeed difficult to imagine, let alone believe.

In studying Bitcoin, one tends to become enamored with doing all they can to participate in the Bitcoin community; whether it be developing, mining, writing, learning... I initially got into Bitcoin for the money, but stayed for the peaceful protest and the community. We are fortunate to witness the adoption of a revolutionary monetary system, entirely dictated by an apolitical protocol, bound by immutable natural law.

Bitcoin is ultimately a family composed of people like Sam who believe in a decentralized future. It is more than just a currency or a software; it is an economic movement, a sort of protest as Sam mentioned against the abuse that centralized powers have levied against the common man for generations. Over the past couple of years, the Bitcoin family has certainly been growing, with more and more people subscribing to the belief that what was once a project mainly being supported by a group of ragtag coders and cryptographers could one day indeed be the centerpiece of a decentralized economy.

This is a guest post by Archie Chaudhury. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.

1. The name implies Nakamoto was male, although it could have been anyone, or even a collection of people.

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The Shared Connection Of The Bitcoin Community - Bitcoin Magazine

Ethereum vs. Bitcoin: Price History, Major Differences, and Which Is the Better Investment? – iTech Post

Blockchain technology had a massive acceptance and usage this year. With that, most investors are facing the dilemma of which to choose, Ethereum or Bitcoin?

Bitcoin was created in 2009 by a man named Satoshi Nakamoto. It was designed as an anti-inflation digital asset with a total supply of 21 million bitcoins expected to appreciate in value as more people acquire and keep the cryptocurrency.

On the other hand, Ethereum was created in 2014 by the Russian-Canadian computer programmer Vitalik Buterin. It is a so-called "utility token" which means it's used to pay for transactions on its blockchain by an increasing number of apps and platforms.

Bitcoin's price is known for being extremely unpredictable, however, it has been the best-performing asset of any type over the last decade, rising 9,000,000 percent between 2010 and 2020.

When Satoshi Nakamoto mined the bitcoin genesis block, the first-ever block on the Bitcoin blockchain, 50 BTC was priced at $0.00. For the first time in February 2011, the price of BTC was equal to that of the US dollar. The price of bitcoin continued to grow, reaching a high of almost $30.

In 2013, it had risen above $1,000 for a brief period. In 2017, Bitcoin's price continued to rise eventually reaching $19,850, its previous all-time high.

The whole cryptocurrency market entered what is now known as the "crypto winter" in 2018. As reported by This is Money, it wasn't until December 2020, when bitcoin returned to challenge the previous all-time high, rising another 239 percent resulting in a new all-time high of $64,799.

Read Also: Forever 21 NFT Game? Complete Details, How to Play Forever 21 Shop City in 'Roblox'

Ethereum introduced its native token, ether, through an initial coin offering (ICO) in August 2014. As stated in Investopedia, Ethereum price was at $0.31per coin. As a result, 50 million ETHs were sold, raising nearly $16 million for the initiative.

The price of ether remained fairly stable between $0.70 and $21 from its official debut date in 2014 to March 2017. However, in May of that year when the bull crypto market began, the Ethereum price climbed beyond $100 for the first time.

After that, ether soared to a high of $414 in June 2017 before falling again. Bullish momentum needed another five months to regain strength. By that time, the whole crypto market had begun to face significant purchasing pressure, causing nearly every crypto coin to reach new highs. In January 2018, the price of ETH had risen to $1,418 before plummeting.

The second-largest cryptocurrency by market size, Ethereum, took approximately three years to retest its previous all-time high price. The Ethereum price quadrupled between February and May 2021, reaching a new all-time high of $4,379.

Both Bitcoin and Ethereum carry similar dangers, and their future growth is highly speculative. However, both Bitcoin price and Ethereum price have recently reached new all-time highs, but that doesn't rule out the possibility of even more volatility in the future.

According to Time, Ryan Sterling, the CFP and founder of Future You Wealth, if he is facing the dilemma of Ethereum vs Bitcoin, he would choose Ethereum. This is largely dependent on the fact that the Ethereum blockchain is widely accepted and utilized for payments and NFTs.

However, according to veteran investing experts, Theresa Morrison, the CFP at the Beckett Collective, and Jeremy Schneider of Personal Finance Club, they would choose both.

Related Article: Stephen Curry NFT Sneakers Price, Where to Buy Warriors Star's Wearable Metaverse NFT Shoes

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Ethereum vs. Bitcoin: Price History, Major Differences, and Which Is the Better Investment? - iTech Post

Neither Bitcoin, nor Ethereum, nor BNB This is the ideal world for the CEO of Binance – Central Valley Business Journal

Key facts:

According to Changpeng Zhao, It is important for entrepreneurs to issue their own cryptocurrency.

Several examples show that investing in these currencies, many times, is not a good deal.

There are currently more than 8,000 cryptocurrencies and tokens. For Changpeng Zhao, CEO of the Binance exchange, that number is not enough and he considers that there should be millions.

This was stated by the businessman (better known by his initials CZ) in a publication on the companys official blog bearing a Tolkien-inspired title: One coin to rule them all or millions of coins?

CZ himself answers the question at the top of his text: I think people will continue to create new tokens for their projects. And there will be millions of tokens. Like startups, most will fail. But those who are successful will be very successful and will create a lot of value for the world.

Chagpeng Zhao not only imagines that this will happen, but he wishes it to be so. For him it is important that entrepreneurs issue their own currency and he ensures that he is in charge of explaining them to them when he speaks with executives of other companies. Once I explain it to them, they usually have a completely new perspective on cryptocurrencies and why it is important to their future economy.

The 44-year-old Chinese-Canadian businessman argues that there are three benefits to a company creating its own token or cryptocurrency.

The first of these is the possibility of raise money at launch. Through initial coin offerings (ICOs), coin issuers manage to receive large sums. In return, they give low-priced coins to early investors.

As a second benefit, CZ mentions the coins the team is holding. These are sometimes sold later if the price of the crypto asset increases. Thus, the issuing company obtains economic benefits.

Finally, the CEO of Binance describes that, with your own token, you can create a new ecosystem that can retain users.

The Binance Coin (BNB) token is an example of the latter. Within the exchange it is used to pay commissions, to participate in launchpads and to obtain interest (paid in the same currency) if it is left blocked for a certain amount of time. Outside the exchange, BNB is the native token of the Binance Smart Chain blockchain and there are numerous decentralized finance platforms (DeFi) and play-to-earn games in which BNB plays a leading role.

The metaverse development teams, so fashionable lately, also understood that. To make life in Decentraland, for example, it is required to have the mana token, which is the currency of that virtual universe.

All that said, Changpeng Zhao advises entrepreneurs:

You cant do this with fiat currencies. It just doesnt work. You cant do this even with bitcoin. You must create a new token for your platform or ecosystem; otherwise, you cant create a symbiotic growth environment with its users.

Changpeng Zhao, CEO of the Binance exchange.

Binance, founded and led by Changpeng Zhao (photo), is the cryptocurrency exchange with the highest volume of trade. Source: Piergiorgio Borgogno / YouTube.

There are no flaws in your logic. Indeed, for issuers of tokens and cryptocurrencies, the launch is usually a good deal. It is also true for Binance and other exchanges that list these crypto assets. The commissions for trading and withdrawals report million-dollar profits to the exchange houses.

Investors who manage to enter pre-sales (if the project is not a fraud), in general, also manage to make a profit.

The problem, possibly, is to assume that these projects (and their tokens) will continue to appreciate in the long term. Those who have been in the bitcoin and cryptocurrency world for years know about the numerous fashions that arrive from time to time and attract all the attention.

But they are usually just that: fashions. The Royal Spanish Academy gives two possible meanings for this word and in both its passing and changing character stands out.

Fashion: 1) Use, mode or custom that is in vogue for some time, or in a certain country. | 2) Collective and changing taste when it comes to clothing and accessories.

Dictionary of the Royal Spanish Academy.

For example, one of the fads that hit the bitcoin universe was ICO fever in 2017 and 2018. Dozens of initial coin offerings were launched daily. Thousands of bitcoins were collected by the issuers of these assets. Almost 5 years later, most of these projects which seemed extremely promising at the time failed to transcend. With few exceptions, their prices, when measured in a hard currency like BTC, have been trending down since then.

It can be named, among other failed projects (from the point of view of investment in their currency), to EOS and IOTA. Also cardano (ADA), despite the fact that its price in dollars has increased, it still does not exceed the figure in BTC reached in March 2017.

The price of ADA, Cardanos native cryptocurrency, failed to exceed the all-time high reached in 2017 (if its price is measured in bitcoin). Source: CoinMarketCap.

In this context, bitcoin (BTC) continues to present itself as the old trusty one. With its monetary policy defined since its genesis; its supply limited to 21 million coins; its issuance rate, which is halved every 4 years; and the support that the market and the miners give it; The decentralized money that Satoshi Nakamoto created has been going strong and going for 13 years.

Possibly bitcoin wont make you rich overnight. You may even have to wait long hours of hodl before seeing a monetary gain measured in fiat money after investing in BTC. This is not a problem: bitcoin was not created to make you rich but to give you complete financial sovereignty as an individual (a possibility that centralized cryptocurrencies do not offer, with a company or foundation that determines the progress of the project and its use cases).

In the long run, the increase in the price of bitcoin left most hodlers in profit. Source: CoinMarketCap.

Anyway, the historical graph of the price of bitcoin shows that in the long term the first cryptocurrency has not disappointed anyone who has understood its properties, and has decided to use it to protect their capital.

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Neither Bitcoin, nor Ethereum, nor BNB This is the ideal world for the CEO of Binance - Central Valley Business Journal

Cryptoactives and International Exchange of Information – Bloomberg Tax

We are witnessing a historic period in terms of tokenization of the economyalso called Web3as an evolutionary stage of the internet. Its development began after the financial crisis of 2008, when the Bitcoin blockchain was introduced on Oct. 31, 2008 with a white paper under the name of Satoshi Nakamoto.

Within this economy, asset tokenization is a process by which the value of a real-world asset (tangible or intangible) is digitized and becomes a token under representation on a blockchain.

There are multiple cryptographic tokens, payment tokens being the most used, where cryptocurrencies are included. There are also utility tokens that grant rights of use or access; security tokens (which represent ownership shares in a company that does business using blockchain technology); asset tokens that represent an asset, within which can be included non-fungible tokens (NFTs), currently experiencing an amazing expansion within the art world; and hybrid tokens as a combination of the above.

Faced with this phenomenon, states are trying to regulate these operations, in the first place to identify them in order to enhance them, but also to protect consumers and avoid criminal activity around their taxation within current regulatory frameworks.

In the first place, there is no uniform tax treatment in different countries, as the Organization for Economic Cooperation and Development (OECD) warns in its report Taxing Virtual Currencies. The OECD discusses the lack of comprehensive guidance or a framework for tax treatment, which is partly due to the complexity of defining the treatment applicable to these assets in a way that covers their different facets as well as their complex and rapidly changing nature.

The report was prepared and endorsed by the 137 members of the OECD/G-20 Inclusive Framework on base erosion and profit shifting (BEPS), providing a comprehensive analysis of the approaches and gaps in the main types of taxes (income, value-added tax and property), in relation to more than 50 jurisdictions which participated in the study.

Regulations are also important to protect consumers; for example in this regard, Spain recently approved that the National Securities Market Commission could regulate the advertising of crypto assets.

In addition, for countries in general, and for tax authorities in particular, the following difficulties arise:

While the Financial Action Task Force (FATF) recognizes that virtual assets are an innovative technology for transfering value globally, such as sending payments, and for reducing commissions, it also regularly cautions that crimes such as money laundering and financing of terrorism, drug trafficking, illegal arms smuggling, fraud, tax evasion, cyberattacks, evasion of sanctions, child exploitation, and human trafficking may be committed through the use of cryptocurrencies.

For this reason, the FATF published a report aimed at combating money laundering and terrorist financing, which points out, among other factors, the following difficulties in its control:

In October 2021, the FATF updated its 2019 Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers (VASPs). This updated guidance forms part of the FATFs ongoing monitoring of the virtual assets and VASP sector.

The FATF standards require countries to assess and mitigate risks associated with virtual asset financial activities and providers; license or register providers; and subject them to supervision or monitoring by competent national authorities. VASPs are subject to the same relevant FATF measures that apply to financial institutions.

This guidance will help countries and VASPs understand their anti-money laundering and counter-terrorism financing obligations, and effectively implement the FATFs requirements as they apply to this sector. The guidance provides relevant examples and potential solutions to implementation obstacles.

The 2021 guidance includes updates focusing on the following six key areas:

As we can see, the challenges faced by states are numerous, and go beyond the strictly fiscal issues.

For the reasons outlined above, I believe that it is a priority for countries to have access to information on these operations, which is why many jurisdictions have already established information regimes. To this end, VASPs are obliged to report their operations both to the organizations in charge of the fight against money laundering and the financing of terrorism, as well as to tax administrations.

The great limitation for states is that they only have the power to demand that subjects residing in their jurisdictions, whether exchanges or VASPs, report operations with crypto assets; they do not have the power to regulate the information regimes obliging nonresident subjects to report such operations.

In short, states do not currently have information on operations carried out through exchanges located abroad, since these do not have an obligation to share information with central banks, tax authorities or other public bodies.

For this reason, the OECD promoted an initiative to collect information on these assets at the national level, in order to exchange it; leveraging the experience of the automatic exchange of financial accounts in accordance with the Common Reporting Standard (CRS), which has been operating since 2017 and has increased year-on-year the number of participating countries, accounts reached, and amounts covered.

Recall that the CRS urges jurisdictions to obtain information about their financial institutions and to automatically exchange this information annually with other jurisdictions. The CRS defines the type of financial information that must be exchanged, the financial institutions called upon to transmit this information, the different types of accounts, and the taxpayers involved, as well as the reasonable common diligence procedures that financial institutions must follow.

The results of the CRS have been very successful since its implementation, enabling the detection of offshore operations and their taxation.

I believe that it would therefore be a good initiative to include operations involving crypto assets within the CRS information regime. If this does not happen, we will continue to see a proliferation of information regimes in different countries, which will also create complexity for parties that carry out operations in many countries.

In the face of global developments such as those we are experiencing, the path of cooperation, collaboration and multilateralism between states is more appropriate than taking unilateral measures. I say this both from the perspective of legislating to regulate and promote the development and digital transformation of countries, and as regards the fight against tax fraud, money laundering, terrorism and other crimes.

I am convinced that today, more than ever, we must continue to advance in cooperation and multilateralism at the international level.

Collaboration between the public and private sectors is also imperative in order to monitor the virtual assets sector and new business models, given their technological dynamism.

Countries should promote faster mechanisms to define legal frameworks, always prioritizing multilateral solutions for the new business models of the digital and tokenized economy that seek on the one hand to enhance them, but also guarantee transparency, security and certainty in terms of their tax legal framework, all with a view to improving the quality of life of citizens.

This column does not necessarily reflect the opinion of The Bureau of National Affairs Inc. or its owners.

Alfredo Collosa is a consultant and tutor in Tax Administration at the Inter-American Center of Tax Administrations (CIAT), professor, investigator, author of books and publications, and lecturer. He holds an Official Masters in Public Finance and Tax Administration (UNED-IEF).

The author may be contacted at: aecollosa@gmail.com

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Cryptoactives and International Exchange of Information - Bloomberg Tax

Some Call Bitcoin ‘Boring’ – Here’s What They Forget – The Tokenist

Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult ourwebsite policyprior to making financial decisions.

Just like with shoe and car brands, people become tribal to their investments as they integrate them into their identity. The same is happening with popular cryptocurrencies, such as Bitcoin. In many instances however, the original vision and simplicity of Bitcoin, is largely overlooked.

After a decade of spearheading and setting up the crypto market, Bitcoins perception is shifting. This is a result of both familiarity and the formation of exciting new sub-markets in less than two years: NFTs, DeFi tokens and GameFi tokens. Moreover, generalist blockchains that rely on smart contract flexibility tend to create an impression that Bitcoin is becoming obsolete.

This argument partly follows on the back of the long-standing Proof-of-Work vs. Proof-of-Stake dichotomy. It suggests that Ethereum, along with other smart contract PoS blockchains, are more advanced due to less energy used in securing the network.

More importantly, smart contract platforms like Ethereum, Solana or Avalanche are Turing-complete. Meaning, they use a programming language that has a universal application range, making it easy to create smart contracts. To illustrate, a $5 calculator is limited compared to an advanced scientific calculator with programmable functions.

However, it is not exactly the case that Bitcoins blockchain is not Turing-complete. Rather, it removes flexibility where it is not needed to not introduce vulnerabilities. Otherwise, Bitcoin is Turing-complete. This was done with purpose in mind, to reduce complexity and potential code exploits. In other words, Bitcoin was made to persist throughout time, withstanding tampering because its foundation Proof-of-Work is based on a physical stake.

Donald McIntyre, the founder of Etherplan and blockchain researcher, emphasized that this was Bitcoins intention all along.

The brilliant invention by Satoshi Nakamoto was to anchor these subjective, thus insecure systems, to an objective physical base. Without that anchor, proof of stake distributed ledgers basically become traditional subjectively managed systems again.

Due to wider applicability, PoS blockchains have a long history of smart contract breaches and exploits. The most recent of which happened when the Polygon (MATIC) network had to commit an emergency hard fork to seal off a smart contract bug.

Now, imagine if that were to happen to Bitcoin. What would happen to its reputation and long-term prospect? That is to say, assets that are created for the long-haul must by necessity be less exciting, or in other words, boring. If not, one would soon wish they were boring.

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As reported in August, after Ethereum implemented its EIP-1559 coin-burning mechanic, Ethereum laid a course from inflationary to deflationary future. ETH price corresponded with a 45% price surge within a single month. This burn-rate removal of coins from circulation continued to the point of reaching the $5 billion milestone.

However, this doesnt mean that Ethereum has suddenly leveled up with Bitcoins deflationary nature. Rather, ETH inflation decreases depending on the networks traffic.

By the same token, Bitcoins supply has increased by 1.78% YTD, with only 10% of its supply left for mining and without having to keep installing new upgrades to mitigate enormous ETH gas fees.

Although Ethereum boasts greater usability thanks to its smart contracts, it has also become unaffordable for the common user. As a result, a number of Layer 2 solutions have emerged, in the form of Loopring or Arbitrum.

Again, by the same token, Bitcoin too can employ Layer 2 solutions to address both its fees and smart contract functionality. Lightning Network has drastically lowered transaction fees and increased speed, heading to the level of service one would expect from Visa. At the same time, following the Taproot upgrade, Bitcoins usability will increase while still retaining time-tested PoW security.

When we take all of these pros and cons into account, and consider why a system holds certain features, we see that sometimes, perceived weaknesses become strengths. More importantly, we see that weaknesses of one blockchain can be mitigated by another, and vice-versa.

While metaverse coins, NFTs and DeFi yields seem more exciting compared to Bitcoin, the latter is poised to become more mature and less volatile. For many, that is a preferable status. Not exactly as gold, but gaining the status of an asset nonetheless.

Recall the words of Satoshi Nakamoto, in Bitcoin: A Peer-to-Peer Electronic Cash System long before NFTs or smart contract platforms were conceived:

The network is robust in its unstructured simplicity.

Do you think crypto maximalism is inherently toxic and too lacking in critical nuance? Let us know in the comments below.

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About the author

Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird's US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.

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Some Call Bitcoin 'Boring' - Here's What They Forget - The Tokenist

Cryptocurrency 101: the history of bitcoin – ACS

The world of cryptocurrency is weird and complicated.

In this four-part series, Information Age looks at the history of crypto, how you can get your hands on some, what you can do with it, and the Australian innovators looking to capitalise on this emerging technology.

Part I:

Well, it looks like an historic cryptocurrency bull run is over.

Prices across the board took a dive last month, bringing an end to another flurry of activity for the largely speculative market.

Futures markets are also signaling the onset of a cryptocurrency winter as traders exercise caution around what continues to be a volatile ecosystem.

Good riddance, you might be thinking, its just a form of unregulated gambling.

Or maybe you got swept up in the latest hype cycle and took your first steps into crypto through Dogecoin only to sell-up in disgust when the Elon Musk-fueled mirage started fading.

Either way, the end of another surge in mainstream attention is as good a time as any to look closer at the history of cryptocurrency and its largest asset: bitcoin.

Who is Satoshi Nakamoto?

Satoshi Nakamoto invented bitcoin and nobody knows who he/she/they really are.

Over the years, many people have claimed to know or be Satoshi Nakamoto including Australian computer scientist Craig Wright who tied himself up in legal battles about the authenticity of his claim.

Investigative journalists have spent months trying to track Nakamoto down including Forbes writer Andy Greenberg who thought he cracked the case in 2014 when a source found a possible lead in cypherpunk Hal Finney.

Seven years on and Nakamotos identity remains a mystery, but his legacy lives on in an asset that is worth around $1 trillion, and which spawned an entire ecosystem valued more than $1.5 quadrillion.

The history of bitcoin has long roots in alternative digital currencies like David Chaums Digicash, but its simpler to start with Nakamotos 2008 whitepaper titled Bitcoin: A Peer-to-Peer Electronic Cash System.

In it, Nakamoto outlines what he sees as a major flaw in the existing digital financial system: trust.

Transactions were always going to be mediated through a third-party financial institution due to issues around fraud and disputes which in-turn slowed down e-commerce and, crucially, entrenched capital power in the hands of large banks and a cabal of global finance giants.

The system was going to stay broken without a way for ordinary people and small businesses to exchange value in a way similar to real-world cash transactions.

What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party, Nakamoto said.

Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers.

A trustless system of value exchange that allowed for escrow between parties would make bitcoin the go-to currency for black market trading of drugs and other illicit material on dark web sites like the Silk Road but it also carried connotations of individual empowerment.

Bitcoin was born out of the Cypherpunk techno-political movement whose proponents championed privacy and had an anti-authoritarian bent that verged on anarchism.

And Nakamoto published his whitepaper six weeks after Lehman Brothers filed for bankruptcy and the world was coming to terms with the Global Financial Crisis (GFC) and the epic collapse of a self-serving financial system driven by greed.

Its hard to believe someone with such breadth of knowledge as Satoshi would be working in isolation from what he was witnessing in global financial markets, wrote Chris Burniske and Jack Tatar in their book Cryptoassets.

Satoshi was not creating Bitcoin to slip seamlessly into the existing governmental and financial system, but instead to be an alternative system free of top-down control, governed by the decentralised masses.

Indeed, the mysterious creator encoded a message on the first bitcoin transaction to act as an indelible reminder of the GFC and the principles upon which cryptocurrency was created: The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.

When the price of bitcoin crashed last month, no central authority came to its rescue; no one changed the rate of supply or adjusted the protocol the network just kept running.

Blockchain technology

You may have noticed a difference between the lower-case bitcoin and upper-case Bitcoin. Typically, the former refers to the cryptocurrency and the latter to the Bitcoin software which is the first working example of blockchain technology.

In the years since Bitcoins invention, different cryptocurrencies have evolved to include different ways of forming blocks and distributing coins while testing new use-cases for the technology.

What follows is a somewhat simplistic, and maths-less, description of the Bitcoin network and its features.

A blockchain is a collection of different records bunched together (blocks) that are cryptographically linked (chained).

In order to maintain its integrity, each block must be immutable so none of the information on the blockchain can be retroactively altered changed.

In the case of bitcoin, and many other cryptocurrencies, blockchains represent transactions on the network.

For example, say Alice sends Bob one bitcoin (BTC) from her wallet to his. The transaction occurs through a bitcoin node which bundles it together with other transactions on the network to form a block.

The job of a node is to test transactions and make sure that no one is double-spending coins. It keeps the information accurate by communicating with other nodes on the network.

At any given time, there are thousands of nodes running the Bitcoin peer-to-peer protocol and verifying the blockchain and because the code is open source, anybody can set up a Bitcoin node at home so long as they have the hardware, a decent internet connection, and the know-how.

For the block of bitcoin transactions to be confirmed by the network of Bitcoin nodes, it must be added to the blockchain, or mined.

A miner adds a new block to the chain by creating a cryptographic hash out of the new transaction data.

The hash is a fixed-size string created by combining the new transaction data, the last blocks hash, and another number called a nonce through the SHA-256 algorithm which basically scrambles the data in a very specific and difficult-to-untangle manner.

If this new hash matches certain criteria, or difficulty, then the miner sends it to the network for confirmation, is rewarded with bitcoin, and the new hash becomes the starting point for adding the next bundle of transactions to the blockchain.

If the hash doesnt meet the difficulty, the miner tries again.

Its mostly about luck so modern mining equipment is specially designed to go through a massive number of attempts in the shortest time often measured in terahashes (one million, million hashes) per second to increase their odds of finding the right hash and taking home the bitcoin prize.

Like network nodes, anybody can be a miner. There are even services like NiceHash that let people pool their idle computing power in order to run hashing algorithms and share in some of the rewards.

Between the nodes and miners, the Bitcoin network is designed to be a secure, decentralised way of exchanging bitcoin.

Digital gold

Unlike fiat currency, bitcoin is finite and deflationary. Only 21 million bitcoins will ever be mined but thats not due to happen until around 2140 due to the structure of Bitcoin.

Satoshi Nakamoto introduced different ways to keep the mining rate consistent while controlling the overall supply in such a way that adds scarcity to the cryptocurrency.

Firstly, each block should take around 10 minutes to mine. To achieve this, the network regularly checks the hash rate on the network and adjusts the criteria difficulty miners use to check if their hash is successful.

When the network notices the total hash rate the number of attempts to find the new blocks hash has changed, it will increase or decrease the mining difficulty to keep the rate of mining consistent.

The rate of mining rewards also changes. After every 210,000 new blocks are mined which happens roughly every four years the reward for miners who find the right hash is halved.

The last time this happened was May 2020 and it saw the reward for bitcoin miners drop from 12.5 to 6.25 bitcoins per block.

Because all this is programmed into Bitcoin, when the price of bitcoin tanks its up to broader market forces to decide their actions: miners might redirect their resources, investors cut losses, and exchanges prepare for sudden changes in liquidity.

The Bitcoin network doesnt have in-built stimulus packages or quantitative easing measures to pump extra coins into the market in times of economic stress; its not affected by the emotions of an uncertain electorate or the disproportionately loud voices of corporate lobby groups.

Since the first block was mined in 2009, Bitcoin has spawned an entire ecosystem of cryptocurrencies, many of which seek to improve on the ideas of the progenitor while finding novel ways to expand the underlying technology into all facets of our increasingly digital world.

In part II of the series, we will look at some of the alternative cryptocurrencies, how to buy them, and pitfalls to be aware of.

Continued here:

Cryptocurrency 101: the history of bitcoin - ACS

Governments must act on the growth of cryptocurrencies – Policy Forum

When cryptocurrencies fluctuate, they do not only affect investors wallets they have widespread effects on the entire market, Luther Lie writes.

Over the past several months, the world has witnessed anexplosionof investment in notoriously volatile cryptocurrencies, causing distortion in the financial market.

Most recently, Dogecoin, a cryptocurrency originally started as a joke jumped900 per cent and then plunged 30 per cent in just a month, and has risen 12,000 per cent overall this year. On the other side of the spectrum, Bitcoinrecently crashed 50 per cent in just a few weeks.

Volatile returns arent the only risk associated with cryptocurrencies though frauds are around too. Recently, an Istanbul-based cryptocurrency exchange, Thodex, shut down, reportedly taking with it $2 billion in investors money.

This begs the question: how did financial authorities allow cryptocurrencies to so suddenly make such a huge impact on the financial market?

Cryptocurrencies are a digital, private, and partially anonymous currency. Cryptocurrencies are mined by high-powered computers to solve complicated math equations, then stored and transferred as files held in an encrypted wallet. Many are stored on a decentralised network known as a blockchain. Hailed as a future medium of exchange, they are issued by private enterprises in an aim to combat central banks monopolies on the supply of money.

They are not pegged against any real-world currency, and users can trade peer-to-peer without intermediaries. This means the value of cryptocurrencies is heavily determined by demand and supply, making them function somewhat like a commodity, rather than being used primarily for transactions like a traditional currency.

The first cryptocurrency created was Bitcoin, established by Satoshi Nakamoto, who was inspired by an article on b-money written back in 1998 by computer scientist Wei Dai from the University of Washington.

Dais idea was to create a medium of exchange in which government intervention is not temporarily destroyed but permanently forbidden and permanently unnecessary. Ten years later, Nakamoto actioned this idea, creating Bitcoin.

Despite being a financial product, cryptocurrencies are barely regulated. This is a contrast to the highly regulated nature of the financial markets for traditional currencies, commodities, and stocks.

Earlier this year, the President of the European Central Bank (ECB), Christine Lagarde, voiced the ECBsintention to regulate cryptocurrencies. She also raised similar concerns as the Managing Director of the International Monetary Fund, an international institution that is responsible for regulating the currency exchange market. While there is some appetite for regulation, little progress has been made.

So, should cryptocurrencies be regulated, or would it undermine their worth?

Some have raised concerns about the regulation of cryptocurrencies, arguing that it could introduce transaction costs. Cryptocurrencies avoid these costs because they are traded peer-to-peer without the fees of intermediaries. Real-world currencies and stocks, which are regulated, carry a fee to be traded, collected by either banks or brokers.

Another concern is that the regulation of cryptocurrencies will affect their value. Unlike real-world currencies, cryptocurrencies cannot be devaluated by central banks, and some view this as one of their key assets.

These are valid concerns. However, cryptocurrencies should not be entirely left unregulated.

Cryptocurrencies are increasingly owned by retail investors almost 20 per cent of respondents to an Australian survey said they own cryptocurrencies, and 36 per cent of institutional investors in the United States and Europe also said they own cryptocurrencies. Like for any other financial products, regulators must protect the public who often do not have the sophisticated financial knowledge to analyse these markets and make informed decisions from losing large amounts of money, either by false investment projections, misleading news, or personal misjudgement.

Of all those respondents who said they owned cryptocurrency in the last year, more than 20 per cent lost money on their investment.

The wave of personal bankruptcies that would follow a large number of people losing their savings in cryptocurrencies similar to the too big to fail phenomenon could cripple a nations economy. In such an event, government bailouts would be necessary to save an economy.

The government response to the Thodex incident suggests the weakness of an unregulated cryptocurrency exchange. While the Turkish central bank has now prohibited the use of cryptocurrencies, investors money has been irrecoverably lost.

Amid the ban, a second Turkish cryptocurrency exchange,Vebitcoin, collapsed.

Cryptocurrencies are also highly susceptible to negative externalities. Although ostensibly difficult to mine and free from the intervention from central banks and intermediaries, the supply of cryptocurrencies is not stagnant.

Unlike real-world currencies, the production of cryptocurrencies is not controlled by a central producer. By monopolising cryptocurrencies mining resources, private enterprises that issue cryptocurrencies may be able to arbitrarily control demand and supply to influence their value.

Considering these weaknesses of cryptocurrencies, regulation would be well worth it. The huge gains offered by cryptocurrencies may sound alluring to public investors, especially during COVID-19 pandemic, but the fact that they come from an unregulated market meant that there will always be big losers in the game, to the cost of everyone.

Governments cant allow the financial system to be treated like a horse race, with investors embracing a win big or go home attitude. A financial product like cryptocurrencies affects public investors money, and if it fails, it will not only threaten their livelihoods it will potentially risk national economies.

The views expressed in this article are those of the author alone.

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Governments must act on the growth of cryptocurrencies - Policy Forum

A mystery cube, a secret identity, and a puzzle solved after 15 years – Wired.co.uk

But there was another link between the couple; one they didnt discover for a while. Biddulph knew who Satoshi was. In fact, he had personally designed the Billion to One card. Biddulph says its hard to recall exactly when it came up in conversation, but it was probably about a year or so into the relationship. I think I just mentioned it at random one day, he says. And she was like, 'Uhh, what!?'

Halls reaction was consistent with her life-long approach to puzzle-solving: I made him promise to never, ever tell, she says. Because if he just came out and revealed it, all of that work would have been for nothing. Biddulph respected the promise. I bit my tongue for years, he says. There was no teasing either. He knew it was important to me, says Hall. I think he enjoyed being mysterious about it, too.

Biddulph notwithstanding, it was around this time that Hall may have come within a close person-to-person connection with Satoshi. She received lots of tips via her website over the years. Mostly these werent much use, just dead-end leads, spoof messages or a photo of a random Asian guy found on Google images. But one tip stood out.

Subject: He's in Japan

My coworker used to live with Satoshi. She even brought an old photo of him to work today. Anyway, she said she does not know how to reach him, but that he is definitely in Japan right now, that he was in L.A. about three months ago.

I hope this helps.

It was anon so it might have been BS, says Hall, but it just seemed genuine. Hall responded but never received a reply. Years later, in 2011, the tip was still on her mind. She sent another follow up. This time, a response: I quit the job five years ago, so I don't think I'll be able to help you. Good luck.

Despite her resolution to work things out for herself, when she received a good tip, Hall mentioned it to Biddulph and scanned him for tells. Normally hed be completely stone faced with no reaction, she said. But this was the only time he reacted. It was so subtle, subconscious even. She adds: That was the most confirmation I wanted or could get. To think I was so close that did feel like sand slipping through my fingers. The trail went cold.

THE HUNT FOR Satoshi was not advancing. But technology was. The first cryptocurrency was founded, and Googling Satoshi now churned up results about Satoshi Nakamoto, the creator of Bitcoin. Some posited that the two were somehow connected (they were not). Smartphones were now in the pockets of millions. By 2010, Facebook and YouTube each had around half a billion users. Instagram had launched. A Perplex City player, going by Paraboloid13, actually cracked the cipher on the Thirteenth Labour card, according to reports from the community. Social media networks and the memes that flurried through them fuelled political movements from the Arab Spring to uprisings in Hong Kong. By the end of the decade, Facebook had 2.3 billion users and even TikTok, a relative newcomer, was pushing 1 billion. The good internet Hall fondly remembers was giving way to something more conflicted. Social media provided data for commercial and political interests. Algorithms moulded culture and society. People were falling down rabbit holes, and this time it really wasnt a game. Occasionally the Perplex City community would discuss Satoshi, or Halls website would receive a spike of interest thanks to a blog or a podcast, but for many years, the search was forgotten.

Then, in February 2020, as the coronavirus pandemic crept from person to person around the world, Inside a Mind, a YouTube channel with more than 600,000 followers, posted a video about the hunt for Satoshi. Can You Find This Man generated hundreds of thousands of views in a short space of time. The world went into lockdown. People had time on their hands. Spurred on by the video, and completely separate to Halls search, a Reddit and Discord group were set up. Suddenly hundreds of people many of whom had nothing to do with the original Perplex City game were passionately working to track down Satoshi. As Albert-Lszl Barabsi, a professor of network science and author of Linked: The New Science of Networks, puts it: When a hub gets infected, theres a dramatic change in the system.

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A mystery cube, a secret identity, and a puzzle solved after 15 years - Wired.co.uk

Cryptocurrencies and digital assets and how they rely on blockchain technology – BizNews

*This content is brought to you by CURRENCY HUB

By David Farelo*

CURRENCY HUB is a crypto advisory supporting crypto arbitrage, OTC and FOREX services. We have prepared a series of educational articles for the BizNews community to ensure they are better informed about the investment opportunities available through cryptocurrencies and blockchain technology.

A cryptocurrency is a virtual currency or digital asset that can be used to make secure, online payments. Cryptocurrencies are secured by computational phenomena called cryptography, which is hosted on a decentralised network referred to as the blockchain. All cryptocurrencies are powered by blockchain technology. The technology is essentially a database of transactional information known as a ledger, enforced by an independent, peer-to-peer network of over 100 000 computers around the world. Each block in the chain contains a number of transactions and every time a new transaction occurs, a record of that transaction is added to every participants ledger. This data is verified by the community and the validations performed by the computational sums determine the issuance and or reward of a cryptocurrency like Bitcoin.This makes it nearly impossible to counterfeit or double-spend when using cryptocurrencies and presents numerous investment opportunities through disruptive technology. All cryptocurrencies are powered by blockchain technology. The defining feature of cryptocurrencies is that they are generally not issued by a central authority, rendering them theoretically immune to government interference or manipulation.

The first blockchain technology was Bitcoin, created in January 2009 by an individual or group using the alias Satoshi Nakamoto. Bitcoin offered the promise of an online currency secured without a central authority, unlike government-issued currencies. There are no physical Bitcoins, only balances associated with a cryptographically secured public ledger. Think of Bitcoin as digital gold, a store of value, but not something you necessarily transact with.

Today, there are thousands of alternate cryptocurrencies, known as altcoins. Some altcoins that were spawned by Bitcoins success include Ethereum, Litecoin and Ripple. Ethereum is currently the second largest cryptocurrency and enables the deployment of smart contracts and decentralised applications. Ethereum has its own programming language, which runs on a blockchain that enables developers to build and run distributed applications on the Ethereum blockchain. Think of Ethereum as an open source network like the internet.

The potential applications of Ethereum are wide-ranging. It is powered by its native cryptographic token, ether (commonly abbreviated as eth). Ether is used by developers to build and run applications on the platform for two main purposes. It can be traded as a digital currency on exchanges in the same way as other cryptocurrencies and used on the Ethereum network to run applications.

Thanks to a peer-to-peer mindset and a blockchain like Ethereum, thousands of altcoins offer efficient and inexpensive ways to transact digitally, on the internet, using cryptocurrencies, stablecoins, security tokens and utility tokens. The most disruptive force on the Ethereum network is referred as DeFi (decentralised finance), which attracts a myriad of integrated services and company launches. These transactions rely on the mining of cryptocurrencies and the launch of new services referred to as ICOs (Initial Coin Offerings). ICOs churn out new currencies and ongoing development to improve the blockchain and verification of ledger activity as well as incentivise and reward participants.

The decentralised database is managed by multiple participants and is known as distributed ledger technology (DLT) where transactions are recorded with an immutable cryptographic signature called a hash. In simple terms, the blockchain can be described as a data structure that holds transactional records and ensures security, transparency and decentralisation. You can also think of it as a chain of records stored in the forms of blocks, which are not controlled by a single authority, hence the peer-to-peer community.

The blockchains that support Bitcoin and Ethereum are constantly growing as blocks are added to the chain, which significantly adds to the security of the ledger. Participants are attracted to the networks for several reasons, such as to mine cryptocurrencies, which involves verifying transactions recorded in the ledger to generate Bitcoins or to develop disruptive services made possible by smart contracts and decentralised finance (DeFi). Think of banking, investing, lending, remittance, insurance to name just a few and how a peer-to-peer community is cutting out the middlemen in the traditional financial world, increasing efficiency and reducing costs, all thanks to blockchain technology.

Look out for the following articles by CURRENCY HUB covering various investment opportunities for individuals and corporations, how Bitcoin differs from other digital assets, Bitcoin halving and its deflationary effect and Bitcoins status as digital gold.

Disclaimer: This article does not constitute financial advice. While the author and his firms are regulated by the FSCA, cryptocurrencies are not a regulated investment. Please refer to CURRENCY HUB https://currencyhub.co.za/ a juristic representative of BLACK ONYX (FSP 47701) https://blackonyx.co.za/ for more information.

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Cryptocurrencies and digital assets and how they rely on blockchain technology - BizNews

Satoshi Nakamoto: 9 Interesting Facts You Need To Know

Like the dramatic quest ofHollywood movieFinding Nemo,this quest of finding Satoshi Nakamoto the inventor of Bitcoin has also been dramatic.

Its fascinating to see how Bitcoin has become a multi-billion dollar thing, yet the Father of Bitcoin is still missing.

Satoshi Nakamoto made the Bitcoin software in 2008 and made it open source in January 2009.

And in 2010, Satoshi Nakamoto disappeared.

No one even knows what pronoun to use(he, she, or they)while referring to Satoshi Nakamoto because it is still not clear whether he/she is a person or a group of people.

Whomever Satoshi Nakamoto might be, there are some interesting facts about the entity that gave birth to this multi-billion dollar industry of cryptocurrencies.

Here are 9 interesting facts

The name Satoshi Nakamoto is the pseudonym of the inventor of Bitcoin. In 2008, someone used this name and mailed the Bitcoin white paper to a cryptographic mailing list.

This mailing list contained renowned people who believedin decentralization and cryptography.

Thats why this name is so famous.

As is apparent from the name, its assumed that he was a Japanese man, but his flawless use of English in the white paper raises doubts about this conclusion.

It is believed that Satoshi Nakamoto owns 1 million bitcoins(or more) which makes his present net worth at the time of writing this article to be $2.6 billion.

In 2009 January, Satoshi mined the Genesis block, andin 2010, he officially stopped communicating. Between this period, the bitcoins came into existence exist on the blockchain ledger, but they have not been used or spent. Thisproves how much Satoshi owns.

1 million BTC is a huge number which, if dumped suddenly, could wreak havoc on the crypto market. Thats why Bitcoin has also earned the title of being a Ponzi scheme-because the speculative founder owns a significant share.

The anonymity of Bitcoins founder has led to a mushrooming of a totally new merchandising concept. Now you can buy T-Shirts with Satoshi Nakamoto things printed on them.

Things like:

You can buy one for yourself from e-commerce sites likeZazzleandTeespring.

Some even suggest that Samsung, Toshiba, Nakamichi, and Motorola together created Bitcoin, as you can tell from their names:

Satoshi Nakamoto

However, there is no official proof for such a conclusion.

Nick Szabo, a US computer scientist, and cryptographer is considered by some to be the founder of Bitcoin. Nick coined the concept of digital currency for the digital age by creating Bit Gold. Bit Gold was the ancestor of Bitcoin. However, it was not used by the masses because of limitations.

After analysis of Satoshis white paper, a blogger concluded that Nick Szabo was Satoshi Nakamoto. but Nick has never accepted this hypothesis.

Craig Wright, an Australian Entrepreneur, claimed to the BBC on 2nd May 2016 to be the inventor of Bitcoin. However, when examined by core Bitcoin developers like Peter Todd, Craig was unable to provide any acceptable supporting evidence for such a claim.

Though initially, he said he would come back with relevant evidence, he failed to do so, and said on his blog that he was sorry and didnt have the courage to continue.

In March 2014, another speculation came on the identity of Satoshi. A news source claimed that they had found Satoshi, and he lived inCalifornia, USA.

His full name, as reported, was Dorian Prentice Satoshi Nakamoto. He was aphysicist and a systems engineer who had recently been laid off by the government.

Later on, the person identified denied all such claims and said he is not the Nakamoto which everyone has been searching for.

Hal was a cryptographer even before his involvement with Bitcoin. He was on the mailing list that received Satoshi Nakamotos Bitcoin white paper.

Hal claimed that he had been communicating with Satoshi to support his testing, which led to the speculative conclusion that he himself was Satoshi.

Hals writing style also closely resembles that of Satoshis in the Bitcoin white paper. The suspicion evaporated when he showed his email conversation with Satoshi, but that could just be a diversion tactic.

Fun fact:Hal was the first person to receive a Bitcoin transaction from Satoshi on January 12, 2009, after Satoshi mined the genesis block on3rd January 2009 at 18:15:05 GMT.

An employee of Fast Company, a media brand, said thatNeal King, Vladimir Oksman, and Charles Bry were the group of people that created Bitcoin. This employee proved it by searching unique phrases in Satoshis white paper.

They even patented the phrase which appears on the Bitcoin white paper computationally impractical to reverse.

However, all of them have publically denied such allegations.

Whatever anyone may say or think, the anonymity factor of Satoshi Nakamoto has proven to be healthy for Bitcoin.

But theres still a big mystery here:

No one knows the truth.

I would like to end this article by quoting two very early adopters of Bitcoin, Erik Voorhees andRoger Ver(two people who are definitely worth following on Twitter).

Bitcoin is the most important invention in the history of the world since the internet.

Roger Ver, Bitcoin Jesus

This shows how important Bitcoin, blockchain technology, and of course, Satoshi Nakamoto all are!

And yes, Bitcoin has become more important than a single individual, but we would all love to solve this mystery once and for all.

If you know any more interesting facts that I have missed in this article, thendo let me know in the comments below!!!

And if you liked this post, dont forget to share it!

Here are hand-picked articles to read next:

Harsh Agrawal is the Crypto exchange and bots expert for CoinSutra. He founded CoinSutra in 2016, and one of the industrys most regarded professional blogger in the fin-tech space.

An award-winning blogger with a track record of 10+ years. He has a background in both finance and technology and holds professional qualifications in Information technology.

An international speaker and author who loves blockchain and crypto world.

After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra.

Join us via email and social channels to get the latest updates straight to your inbox.

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Satoshi Nakamoto: 9 Interesting Facts You Need To Know

Satoshi Nakamoto – Is The Bitcoin Founder Just a CIA …

At the beginning of the month, the world-famous Washington Post published documents on the secret service activities of Swiss Crypto AG, the German Federal Intelligence Service, and the American CIA. The "top-secret" report was about decades of spying and listening to over 120 countries around the world.

In a more than proud way, the report says:

It was the intelligence coup of the 20th century.

It all started with a supposedly harmless company: the Swiss Crypto AG. This very company, which was founded after the Second World War, produced encryption devices for governments around the world. Governments use the devices to ensure "supposedly safe" communication - be it in military areas or in communication between diplomats. The Swiss company's clients included countries such as Iran, India, Pakistan, the Vatican and a large number of Latin American countries.

Now we come to the political explosiveness of the topic: Crypto AG was unofficially controlled by the CIA. In other words: the Swiss Crypto AG belonged to the CIA. She was the secret owner. And it is precisely this "home advantage" that the CIA uses to incorporate secret back doors into the encryption mechanisms and devices of Crypto AG. With the help of these backdoors, the Americans were able to eavesdrop on all of the communication between the countries concerned for decades.

Let us slowly approach the absolutely vague and highly speculative thesis: What if Bitcoin inventor Satoshi Nakamoto was just a CIA construct? - To do this, we have to bear in mind that since the mid-1970s, 120 states have involuntarily and permanently given the most sensitive and important information to the Americans. Also in the context of the NSA publications by Edward Snowden, it became clear that the USA is not exactly squeamish when it comes to skimming private data. Her strength is the operation in the dark and the camouflage of her own software.

And in parallel, Bitcoin has existed since 2009. A cryptocurrency that now has a market cap of nearly $ 200 billion. The network transfers millions to billions of dollars a day and is used worldwide. We use a currency and an underlying technology without knowing exactly who is behind this concept. Sure, a smart guy named Satoshi Nakamoto published the Bitcoin white paper on October 31, 2008.

But who is smart Satoshi Nakamoto? This question remains open. Of course, now you could argue that the "nice and fancy" thing about Bitcoin is the trust in technology and algorithms.

Have you ever wondered if Satoshi Nakamoto really has any meaning? Is there any translation of the name?

The short answer is "yes". Actually, there is a handful of translations.

The Japanese term satoshi has many meanings. Among some other things, Satoshi means "enlightened", "wise" or "intelligent". And last, but not least, Nakamoto means something like "middle", "base", "root" or "central". This would make Satoshi Nakamoto the Central Intelligence 🙂

What do you think about this (absurd?) Thesis?

Can you imagine such a connection or do you see the thesis as completely absurd and unrealistic?

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Satoshi Nakamoto - Is The Bitcoin Founder Just a CIA ...

Who is Satoshi Nakamoto? A Look at the Candidates

Bitcoin was conceived as a communal project. Designed as an open-source software and released to the public in 2009, Bitcoin was conceived with openness in mind. Functioning on an open ledger that is accessible to the public, Bitcoin is an open-source project.

But despite all its openness, one grand mystery remains unsolved:

Who Created Bitcoin and Who exactly is Satoshi Nakamoto?

Finding an answer to this question isnt easy. We know that all the code that created Bitcoin originated with Satoshi Nakamoto, but that is about all we know. Satoshi Nakamoto didnt work alone on launching Bitcoin.

Some of the early Bitcoin devs have been pointed to as possible Satoshis, but there are numerous issues when it comes to proving that any specific person was the creator of Bitcoin.

First, lets detail what is known for certain. The first step was taken in 2007, when Nakamoto wrote the Bitcoin code. In November 2008, Satoshi Nakamoto published hisnow famous White Paper, which laid the groundwork for the Bitcoin protocol.

On January 3rd, 2009, the first ever Bitcoin block was mined, marking the creation of the cryptocurrency, it bore the message :

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks

Satoshi was heavily involved with the Bitcoin community, and collaborated with them in order to modify the underlying bitcoin protocol. After two years of involvement, Nakamoto handed the reins to Gavin Andresen, and seized involvement with the Bitcoin project in December of 2010.

In the Spring of 2011, Nakamoto returned to leave a final message, stating in a post that he had moved on to other things, and that Bitcoin was in good hands with Gavin [Andresen] and everyone. That was the last the world heard of the secretive Bitcoin creator.

The mystery behind Nakamotos identity has only grown, as the Bitcoin community eagerly speculates who it could potentially be. Satoshi Nakamoto claims to be Japanese, born on April 5, 1975. To this day, it is unknown whether Nakamoto is male or female, or whether Nakamoto is even a single person or a group of individuals.

Today most people are familiar with digital currency, thanks to the epic crypto rally of 2017. Back in 2008 when this was all getting started, the cryptocurrency world was a lot smaller. We know for sure that some of the people we talk about below knew each other.

In the case of David Kleiman and Craig Wright, there is solid evidence that the two worked together to get bitcoin off the ground, and both had substantial amounts of the tokens. There is an ongoing saga between Kleimans estate and Wright, alleging that there could have been some kind of graft, and that Wright ended up with bitcoins that were rightfully Kleimans.

You might notice that we wrote Kleimans estate and not Kleiman. The sad fact is that some of the people who could be Satoshi Nakamoto have died, which makes a positive identification much harder.

When the first bitcoins were being mined, basically nobody cared about them. The first bitcoin transaction was a trade of 10,000 BTC for two pizzas, which should give you some idea of how playful some of the early devs were with their project. There are a lot of questions surrounding the origins of Bitcoin, and as time goes on, they may become harder to answer.

While Nakamotos identity remains unknown, This has not stopped enthusiasts from investigating his background and drawing up conclusions.

Nakamotos use of perfect English in his posts and his publication of the White Paper has raised skepticism as to his Japanese origin. Furthermore, his occasional use of British English in the code and comments has fueled speculation that he is a native English speaker of commonwealth origin.

Additionally, Stefan Thomas, a Swiss coder and active member in the Bitcoin community, graphed the time stamps of Nakamotos more than 500 posts, showing his or her complete absence of posts between midnight am and 6 am Greenwich Time, further informing investigators as to his potential whereabouts.

To date, there are several potential individuals suspected of being the mysterious Bitcoin creator. One of the first suggestions was Nick Szabo, a decentralized currency enthusiast who published a paper on Bit Gold considered to be a precursor to the first cryptocurrency.

By running a reverse textual analysis, internet researcher Skye Grey found dozens of unique phrases that linked Szabos writing style to that of the original whitepaper. This evidence is only circumstantial, however, and Szabo has repeatedly denied that he is the creator of Bitcoin.

Despite all the denials, the research into how the Bitcoin whitepaper was written shows remarkable similarities between how Szabo writes, and also what was omitted. One of the most curious things is that Satoshi Nakamoto made numerous references to ideas that had been used by Bit Gold, but never talked about Bit Gold directly.

Omitting the origin of relevant ideas strange, unless Szabo was deliberately trying to cover up his tracks. None of this is hard evidence, and to date Szabo has flatly denied being the key driver of Bitcoins launch.

Nick Szabo, Image from The-Blockchain

Another possibility is a Japanese American man living in California, named Dorian Prentice Satoshi Nakamoto, birth name Satoshi Nakamoto. First brought up in a March 2014 Newsweek article, Leah McGrath Goodman pointed to Nakamotos training as a physicist at Cal Poly University in Pomona and libertarian background as potential indicators of his identity.

Goodmans biggest piece of evidence was his response to a question regarding Bitcoin: I am no longer involved in that and I cannot discuss it. Its been turned over to other people. They are in charge of it now. I no longer have any connection.This led to a wild media frenzy, which even included a car chase.

However, in a later interview, he recanted his previous position, stating that he had misunderstood the reporters question, thinking it was related to his previous classified work as a military contractor.

Dorian Prentice Satoshi Nakamoto, Image from The Verge.

David Kleiman had an interesting life, and was certainly involved in the beginnings of Bitcoin. His involvement with Bitcoin goes back to its earliest days, and he was one of the first Bitcoin miners. Kleiman had a long standing interest in computer security, and had designed systems that were used by the highest levels of the US government to secure their digital systems.

After becoming a paraplegic in a motorcycle accident, Kleiman went barreling into the world of cryptography. He was on the Metzdowd list, which may be where he first came in contact with the Bitcoin whitepaper.

Another theory puts him and Craig Wright at the center of the project. Gizmodo cites an email that allegedly came from Wright that states,

I need your help editing a paper I am going to release later this year. I have been working on a new form of electronic money. Bit cash, Bitcoin and also, You are always there for me Dave. I want you to be a part of it all.

The email is alleged to predate the release of the Bitcoin whitepaper by a few months, which would make it a key piece of evidence in the search for Satoshi Nakamotos true identity.

Sadly, Kleiman died in 2013 under mysterious circumstances, which effectively eliminates him as a future source of information. Given his aptitude for data security, whatever digital information he left behind is also probably going to be difficult to access.

David Kleiman, Image from Gizmodo

Hal Finney is another potential candidate to be the mysterious Satoshi Nakamoto. Finney was a pre-bitcoin cryptographic pioneer and was only the second person after Nakamoto himself to make use of the software, file bug reports, and suggest improvements.

Finney was the first to ever receive Bitcoin, stating in an interview that [he] was the recipient of the first bitcoin transaction, when Satoshi sent ten coins to [him] as a test.

Forbes journalist Andy Greenberg speculated after requesting aid from writing analysis consultancy Juola & Associates that Greenberg may have been the ghostwriter for Satoshi Nakamoto.

Further adding to the speculation that Finney was involved with the creation of Bitcoin was his correspondence with the aforementioned Nick Szabo, and the fact that he lived only blocks apart from Dorian Prentice Satoshi Nakamoto.

At the time of his death on August 28, 2014, only circumstantial evidence pointed to Hal Finney being the original Satoshi Nakamoto.

Hal Finney, Image from Wired.

Yet another possible contender to be Satoshi Nakamoto is the Australian academic, computer engineering expert, and entrepreneur, Craig Wright.

In early November of 2015, Gizmodo received an anonymous email (referenced above) from an individual stating that not only did he know that Craig Wright was the creator of Bitcoin, but that he had also worked for him.

On December 9, hours afterWiredcertified that Wright was indeed Nakamoto, the Australian Federal Police raided his home, and afterwards stating the [the] matter is unrelated to recent media reporting regarding the digital currency Bitcoin.

Afterwards, Wright deleted his internet presence until May of 2016, when he stepped forward and revealed himself on Twitter as the creator of the digital currency Bitcoin, and claimed he had the proof to back up his statement. Then, amid a torrent of skepticism, Wright retracted his statement and did not offer the extraordinary proof he claimed to have, stating that he did not have the courage to prove his identity.

Craig Wright, Image from CCN.

In an era where information is widespread, Satoshi Nakamoto has managed to maintain his identity a complete secret. So why is uncovering Nakamotos identity so important? If Nakamoto is indeed a single individual, then he or she owns approximately 5% of the worlds Bitcoin supply, placing him or her as the 52nd richest person in the world as of December 12th.

The implications of this wealth are considerable, beyond even the real world implications. If Satoshi Nakamoto were ever to sell the rumored 980,000 Bitcoins in his or her possession (currently worth over $3.9 billion at todays price, as of 18th March 2019 ), the price of Bitcoincould potentially become more volatile than it already is.

A quote that is attributed to Mayer Amschel Rothschild goes like this, Permit me to issue and control the money of a nation, and I care not who makes its laws!

Like many famous quotes, the authenticity of the above statement is questionable.

On the other hand, the idea expressed is rock-solid. The power-of-the-purse is one of the most important ideas in modern political ideology. Being able to control the issuance of a popular currency gives the controller extreme amounts of power.Bitcoin undermines the idea of a central bank, or the involvement of centralized authorities at their most basic level. As the last decade has shown, the idea of decentralized money or political systems has been met with extreme opposition by many established organizations.

Satoshi Nakamoto wrote,

The root problem with conventional currency is all the trust thats required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts, in their now-famous 2009 whitepaper.

In 2008 no one would have seen Satoshi Nakamoto as a threat to global socioeconomic system. Today, that probably isnt true. Nations like China have banned cryptos outright, and the Western central banking cartel has been vocal in its opposition to widespread use of cryptos.

Whoever Satoshi Nakamoto is, they are likely wise to have dropped off the radar when they did. The idea that fiat money could be replaced with a system that marginalizes central authorities is extremely dangerous to the people that currently hold power.

Anyone who could act as a lightening-rod for a global decentralized society would probably face some pretty nasty blowback.

Furthermore, there is significant debate as to the future of Bitcoin. Heated discussions have arisen due to some of the growing pains surrounding Bitcoin, particularly the issue of how to deal with an increase in transaction volume in the Bitcoin network. As the number of blocks increases, the Bitcoin network runs the risk of becoming overloaded.

One side of the debate wants to fundamentally change the Bitcoin node by increasing the block size, in order to allow the system to process transactions more quickly. The other side of the debate sees this as a betrayal of the original concept behind Bitcoin, arguing that this would lead to increased centralization.

Identifying Bitcoins true creator would create more certainty and could potentially lay down the following steps in Bitcoins ever growing development.

The Bitcoin community will be forced to coexist with the enigma that is Satoshi Nakamoto, whether they like it or not. There are a few ways that Satoshi Nakamoto could show that they are, in fact, the creator of Bitcoin, but convincing the entire crypto community will be a challenge.

Even if a plausible Satoshi came forward, they would probably have to deal with ongoing doubts from within the crypto community, and untold difficulties from the global power structure. The raid on Craig Wright by the AFP is a small taste of the legal morass that the real Satoshi Nakamoto would find themselves facing.

Ultimately, identifying Bitcoins creator may be a quixotic endeavor. His or her complete silence since the Spring of 2011 means it is likely we will never hear from them again. Nevertheless, Bitcoin, the open source digital currency created nearly a decade ago, will continue to in spite of this mystery.

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Originally posted here:

Who is Satoshi Nakamoto? A Look at the Candidates

Why The Father of Bitcoin Is Nowhere to Be Found – Robb Report

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Nothing fires the imagination like an anonymous hero with a secret identity. Its been an enduring trope since the Scarlet Pimpernel rescued his first aristocrat from Madame la Guillotine. From Batman to the street artist Banksy, each hero has his own reason for donning the mask of anonymity.

This phenomenon has come to the world of finance in the person of Satoshi Nakamoto, the so-called father of Bitcoin. He appeared out of the ether in 2008 and disappeared just as abruptly three years later, after establishing the worlds first cryptocurrency. On April 23, 2011, he sent a farewell email to a fellow Bitcoin developer. Ive moved on to other things, he wrote, assuring that the future of Bitcoin was in good hands. He has not been heard from since.

Today, Bitcoin is valued at more than $1 trillion, and while Nakamotos identity might be simply a matter of speculation for some, it means far more to others: He is said to own over 1 million Bitcoins with a current value hovering somewhere around $60 billion. Thats equivalent to about 5 percent of the total number of bitcoins currently in circulation.

Should the personor personsbehind the name Satoshi Nakamoto decide to sell just some of this hoard, the transaction would completely upend the cryptocurrency market. Cryptocurrency trading platform Coinbase, which went public on the Nasdaq on April 14, noted the potential revelation of Nakamotos identity (and the movement of that persons Bitcoin holdings) 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 filing to the last known email address for Nakamoto.

Increasingly, financial services behemoths like BlackRock, JPMorgan and BNY Mellon are offering cryptocurrencies and related services to their customers, adding legitimacy to an asset that Berkshire Hathaways Charlie Munger once characterized as contrary to the interests of civilization.

Bitcoin came to life when Nakamoto published his famous white paper on a cryptography mailing list describing a digital currency that would allow secure, peer-to-peer transactions without the involvement of any middleman, whether that be the government, financial system or a company. These transactions would be tracked through a blockchain, a ledger like those used by any financial institution, except that this ledger would be distributed across an entire network, with exact duplicates held by all participants and visible to all, secured by cryptographic means. There would never be more than 21 million Bitcoin.

Nakamoto created his cryptocurrency with the goal of wresting control of currency from financial elites and putting it in the hands of the common man. The first Bitcoin transaction occurred when Nakamoto sent 10 Bitcoins to Hal Finney, a well-known developer who had downloaded the Bitcoin software on its release date. The first commercial transaction came in 2010, when a programmer named Laszlo Hanyecz bought himself two Papa Johns pizzas for 10,000 Bitcoin. At Bitcoins current price of nearly $60,000, those were some very expensive pizzas.

Bitcoin is open source, meaning its design is public. No one person owns or controls Bitcoin, and anyone can participate. While Satoshi continued to control Bitcoins development, users and developers congregated in Bitcoin forums to contribute code and work on the project, which had become a collaborative effort. The users running the Bitcoin software were the ultimate authority.

Many programmers and developers have written code for Bitcoin, but Gavin Andresen was one of the most enthusiastic. He reached out to Nakamoto in 2010 and became the founders right-hand man. When Nakamoto withdrew from sight, he left Bitcoin in Andresens hands. Today, even Andresen himself has grown more reclusive: He no longer serves as core maintainer of Bitcoins code; in fact, that role may soon become as decentralized as the cryptocurrency itself.

Throughout the history of Bitcoin, efforts to unveil Nakamoto have continued unabated. Gossips in cryptocurrency forums have engaged in wild speculation: Nakamoto is a member of the Yakuza, part of a cabal of developers, a money-launderer or maybe even a woman.

In 2014, a reporter from Newsweek identified 70-year-old Dorian Nakamoto, a soft-spoken resident of Los Angeles, as Bitcoins creator. While his long and distinguished career in engineering was cited as evidence, Nakamoto has vehemently denied any involvement with the cryptocurrency. The day after Dorian Nakamoto released a public statement, Satoshi surfaced in an online forum. He posted I am not Dorian Nakamoto before vanishing once again.

Dorian Nakamoto, a 70-year-old resident of Los Angeles, vehemently denied a 2014 Newsweek report that he was the founder of Bitcoin. Sakatoshi Nakamoto also released a statement refuting the claim.Nick Ut/Associated Press

Australian Craig Wright claimed to be Nakamoto in 2016, and Bitcoin developer Andresen corroborated the statement, saying he was 98 percent sure that Wright was the elusive Satoshi. The cryptocurrency community wasnt having it, and Wright backed away from the claim.

Suspicion also fell upon Nick Szabo, a secretive crypto expert who contributed significantly to the development of Bitcoin. Linguistic researchers analyzed Szabos writing as well as writing from other suspected Satoshis. The linguists claimed that there were definitive similarities between Szabos writings and Satoshi Nakamotos. The New York Times even went so far as to pin Szabo as the shadowy Nakamoto, but Szabo strenuously denied the claims.

The upshot is that Satoshi Nakamoto remains anonymous, a mythical creature with a Bitcoin stash of epic proportions. He has strong incentives to remain anonymous. Owning a $60 billion fortune makes personal security a compelling concern. Given Bitcoins potential to challenge sovereign fiat currencies, Nakomoto could fear potential legal actions by governmentsif not other forms of government sanction.

Unquestionably, efforts to uncover the identity of Satoshi Nakamoto will continue. The threat he poses to the cryptocurrency market is too great and the mystery surrounding his identity is too compelling. In a world where anonymity is increasingly difficult to pursue, Satoshi Nakamoto has succeeded beyond imagination in keeping his secrets.

Rebecca Baldridge, CFA, is an investment professional and financial writer with over 20 years of experience in the financial services industry. She is a founding partner in Quartet Communications, a financial communications and content creation firm.

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Why The Father of Bitcoin Is Nowhere to Be Found - Robb Report