With so little known about the person or group behind the mysterious pseudonym Satoshi Nakamoto, its difficult to imagine the motivation behind designing and developing the first-ever peer-to-peer electronic cash system with Bitcoin.
One goal was clear: create a decentralized cryptocurrency that cannot be controlled by governments. To do that, Nakamoto built in certain fail-safes into Bitcoins blueprint, including cryptography, decentralization, a proof of work consensus, a hard-capped supply and more. And according to speculation over what Satoshi meant in a quote being shared around social media could suggest that he or she was considering ways to render Bitcoin useless if it were stolen.
Ten years ago, following the wake of the 2008 economic crisis, Satoshi Nakamoto designed what is the closest thing to a perfect currency the world has ever seen. Its deflationary, decentralized money, protected by cryptography and consensus, in order to prevent governments from ever seizing control over an individuals funds.
Related Reading | Fundamentals Grow While Bitcoin Price Stagnates, Where Does BTC Go From Here?
As long as an individual retains their private keys, no one else can control their Bitcoin. In the rare case if someone did gain control over someone elses Bitcoin, possibly by the way of theft, Satoshi may have been researching a way to render that Bitcoin useless. And if the person who rightfully owned the Bitcoin ever regained control of it, the Bitcoin would be restored to its former value and use.
A tweet from a Twitter account dedicated to Satoshi Nakamoto quotes has crypto Twitter stirring today, as top crypto speculators discuss what the mysterious entity had meant when the thought was shared.
Imagine if gold turned to lead when stolen. If the thief gives it back, it turns to gold again, the quote reads.
Satoshi appears to be using gold as an example for what might be possible with Bitcoin.
Related Reading | Precious Metals Firm Drops Crypto: Is the Bitcoin Digital Gold Narrative In Trouble?
The quote was taken from a 2010 BitcoinTalk forum post about moving funds into escrow in order to complete transactions where both parties are satisfied. In the post, Satoshi sheds more light into his thinking process.
Imagine someone stole something from you. You cant get it back, but if you could, if it had a kill switch that could be remote triggered, would you do it? Would it be a good thing for thieves to know that everything you own has a kill switch and if they steal it, itll be useless to them, although you still lose it too? If they give it back, you can re-activate it, Satoshi said.
In the months following the comment, Satoshi vanished from the Internet and ceased all communication with the public and anyone involved with Bitcoin. Given Satoshis ability to create world-changing technology, its incredible to stop and think of just how much further their development support and leadership could have taken Bitcoin. Even without him or her, its come so far in just short ten years.
Read the original post:
Satoshi Nakamoto May Have Considered a Bitcoin Kill Switch
- Satoshi Nakamoto Definition | Investopedia - February 6th, 2018 [February 6th, 2018]
- Who is Satoshi Nakamoto, Cryptocurrency's Elusive Creator ... - March 2nd, 2018 [March 2nd, 2018]
- Self-proclaimed Satoshi Nakamoto sued for swindling $5 ... - March 2nd, 2018 [March 2nd, 2018]
- Bitcoin's Creator Satoshi Nakamoto Is Probably This ... - March 28th, 2018 [March 28th, 2018]
- Satoshi Nakamoto - Wikipedia - May 7th, 2018 [May 7th, 2018]
- Satoshi Nakamoto Known to CIA? FBI? Created by NSA? Search ... - August 21st, 2018 [August 21st, 2018]
- Satoshi Nakamoto, bitcoins enigmatic creator - Brain scan - September 6th, 2018 [September 6th, 2018]
- Bootstrapped Gavin: Satoshi Nakamotos identity revealed ... - September 6th, 2018 [September 6th, 2018]
- Satoshi Nakamoto was interested in joining Trons Atlas ... - September 14th, 2018 [September 14th, 2018]
- Satoshi Nakamoto Revealed Says UK Nonprofit Stylometry ... - October 9th, 2018 [October 9th, 2018]
- 2018 Who is Satoshi Nakamoto? Psychic Insights Michelle ... - October 28th, 2018 [October 28th, 2018]
- How bitcoin has failed to achieve Satoshi Nakamotos ... - November 6th, 2018 [November 6th, 2018]
- Satoshi Nakamoto Introduced Bitcoin 10 Years Ago ... - November 6th, 2018 [November 6th, 2018]
- Who Is Satoshi Nakamoto? - bitcoinplay.net - December 14th, 2018 [December 14th, 2018]
- Satoshi Nakamoto Finally Revealed! A Back-Of-The-Envelope ... - December 14th, 2018 [December 14th, 2018]
- The Incomplete List of People Speculated to Be Satoshi ... - January 6th, 2019 [January 6th, 2019]
- Satoshi Nakamoto's profile updated 2018! | Crypto Insider - January 6th, 2019 [January 6th, 2019]
- Bitcoin (BTC) Creator Satoshi Nakamoto More Powerful Than ... - January 6th, 2019 [January 6th, 2019]
- Who is Satoshi Nakamoto? - What is Bitcoin? - January 6th, 2019 [January 6th, 2019]
- Who is Satoshi Nakamoto? - Invest in Blockchain - January 6th, 2019 [January 6th, 2019]
- Fake Satoshi Nakamoto Craig Wright Rats Out Ethereum Trying ... - February 19th, 2019 [February 19th, 2019]
- Will The Real Satoshi Nakamoto Please Stand Up No, Sit Down ... - February 19th, 2019 [February 19th, 2019]
- Who Is Satoshi Nakamoto? The Top 4 Candidates Revealed ... - February 19th, 2019 [February 19th, 2019]
- Satoshi Nakamoto Person Of The Year - Business Insider - February 19th, 2019 [February 19th, 2019]
- Will The Real Satoshi Nakamoto Please Stand Up - bitcoinist.com - February 19th, 2019 [February 19th, 2019]
- From Dorian Nakamoto to Elon Musk: The Incomplete List of ... - February 19th, 2019 [February 19th, 2019]
- Satoshi Nakamoto May Have Considered a Bitcoin Kill Switch ... - March 22nd, 2019 [March 22nd, 2019]
- How Rich is Satoshi Nakamoto Today? - coincentral.com - March 22nd, 2019 [March 22nd, 2019]
- Who is Satoshi Nakamoto? - CCN - March 22nd, 2019 [March 22nd, 2019]
- Bitcoin's Creator Satoshi Nakamoto Is Probably This Unknown ... - March 22nd, 2019 [March 22nd, 2019]
- Satoshi Nakamoto: Who is Bitcoin's Mysterious Creator ... - March 22nd, 2019 [March 22nd, 2019]
- Who is Satoshi Nakamoto? We Look at The Possible Candidates ... - March 22nd, 2019 [March 22nd, 2019]
- New Information Heightens Satoshi Nakamoto Mystery - Bitcoin News - March 22nd, 2019 [March 22nd, 2019]
- Satoshi Nakamoto Mines Over 40% of Bitcoin Cash, Sparks ... - May 5th, 2019 [May 5th, 2019]
- Who is Satoshi Nakamoto? John McCafee Claims to Know And ... - May 5th, 2019 [May 5th, 2019]
- Back to the Satoshi Nakamoto Bitcoin affair - BBC News - May 5th, 2019 [May 5th, 2019]
- Bitcoin block size limit debate: An overview - Cryptopolitan - September 18th, 2019 [September 18th, 2019]
- Is it Legal to Invest in Bitcoins in India? Here's a Guide to Cryptocurrencies - News18 - September 18th, 2019 [September 18th, 2019]
- Someone just moved $1.4 billion in Bitcoin - ACS - September 18th, 2019 [September 18th, 2019]
- You Can Now Prove a Whole Blockchain With One Math Problem Really - CoinDesk - September 18th, 2019 [September 18th, 2019]
- Bitek CEO talks spreading Bitcoin SV news in Latin America - CoinGeek - September 18th, 2019 [September 18th, 2019]
- Are 18 months enough for SpaceChain's extraterrestrial blockchain network? - Cryptopolitan - September 19th, 2019 [September 19th, 2019]
- Bitcoin Will Surge to $20,000, States BitMEX Chief Executive After Fed Prints $53 Bln of QE - U.Today - September 19th, 2019 [September 19th, 2019]
- The Top 5 Cryptocurrency Exchanges - Asia Crypto Today - September 19th, 2019 [September 19th, 2019]
- Snowden Triumphs Bitcoin While US Govt Tries Book Earnings Seizure - CCN.com - September 19th, 2019 [September 19th, 2019]
- What Is Blockchain Technology? - The Crypto Coin Discovery - September 19th, 2019 [September 19th, 2019]
- US Arrests One of the First Ethereum Devs - ihodl.com - September 19th, 2019 [September 19th, 2019]
- Craig Wright Claims He Almost Settled the Case with the Kleiman's - ihodl.com - September 19th, 2019 [September 19th, 2019]
- Craig Wright to Negotiate for Settlement Over 1.1 Million Bitcoin Ownership Trial - CryptoNewsZ - September 19th, 2019 [September 19th, 2019]
- Social media site Tsu set to return - ZDNet - September 19th, 2019 [September 19th, 2019]
- OPINION: Institutional Trading Could Kill Crypto Exchanges - Markets Media - September 19th, 2019 [September 19th, 2019]
- Craig Wrights Hidden Treasures: Court Order to Unlock the Tulip Trust - Cointelegraph - September 19th, 2019 [September 19th, 2019]
- Five Reasons Satoshi Nakamoto Is Smarter than Mark Zuckerberg - CCN.com - September 19th, 2019 [September 19th, 2019]
- And Satoshis True Identity is - CCN.com - September 19th, 2019 [September 19th, 2019]
- Donald Trump or Prince William? New Bitcoin Father Theory - Coin Idol - October 2nd, 2019 [October 2nd, 2019]
- EPFL Researchers Invent Low-Cost Alternative to Bitcoin | Fintech Schweiz Digital Finance News - Fintechnews Switzerland - October 2nd, 2019 [October 2nd, 2019]
- How to think about the future of digital currency - The Next Web - October 2nd, 2019 [October 2nd, 2019]
- Regulators Must Have Died and Made Crypto Exchanges King - CCN.com - October 2nd, 2019 [October 2nd, 2019]
- Bitcoin Price to Hit $90,000 After May 2020 Halving, Predicts Germany's Top... - Coinspeaker - October 2nd, 2019 [October 2nd, 2019]
- Block.ones SEC settlement over EOS ICO is shockingly weak say critics - Decrypt - October 2nd, 2019 [October 2nd, 2019]
- Bitcoin has a massive carbon footprint. This clever new cryptocurrency doesnt - Digital Trends - October 2nd, 2019 [October 2nd, 2019]
- John McAfee on Libra, Satoshi Nakamoto, and the Binance Ban [BeInCrypto Interview] - BeInCrypto - October 2nd, 2019 [October 2nd, 2019]
- AI, The Great Depression And Satoshi Nakamoto: Robert Shillers Narrative Economics Is A Cautionary Tale For Our Times - Forbes - October 2nd, 2019 [October 2nd, 2019]
- Analyzing the Bitcoin Phenomenon - ChartAttack - October 12th, 2019 [October 12th, 2019]
- Latest cryptocurrency news and prices, 09 October 2019 - The South African - October 12th, 2019 [October 12th, 2019]
- Alipay Claps Back at Binance, Reaffirms Ban on Bitcoin & Other Cryptocurrencies - BlockPublisher - October 12th, 2019 [October 12th, 2019]
- Bitcoin Association and Cambridge Partner Over Bitcoin SV - Live Bitcoin News - October 12th, 2019 [October 12th, 2019]
- How Bitcoin Miners Fueled the Bear Market Trend of 2018 - BTCNN - October 12th, 2019 [October 12th, 2019]
- Bitfinex and Tether Face Class Action Filed by Lawyers Who Sued Craig Wright - CryptoGlobe - October 12th, 2019 [October 12th, 2019]
- Cryptocurrency: What to know about digital money - Fox Business - October 12th, 2019 [October 12th, 2019]
- Bitcoin History Part 18: The First Bitcoin Wallet - Bitcoin News - October 12th, 2019 [October 12th, 2019]
- 2 Bitcoin Developers Explain How The Cryptocurrency Could Still Fail - Forbes - October 12th, 2019 [October 12th, 2019]
- With 18 Million Bitcoins Mined, How Hard Is That 21 Million Limit? - CoinDesk - October 25th, 2019 [October 25th, 2019]
- Wonders Of The Blockchain-Enabled Supply Chain - Coinrevolution.com - October 25th, 2019 [October 25th, 2019]
- Oxford English Dictionary Recognizes Growing Adoption of Crypto by Adding 'Satoshi' - CryptoGlobe - October 25th, 2019 [October 25th, 2019]
- Bitcoin moves towards the foresight of inventor Satoshi Nakamoto - OBN - October 25th, 2019 [October 25th, 2019]
- Jack Dorsey: Bitcoin is becoming the Internets national currency - Decrypt - October 25th, 2019 [October 25th, 2019]
- Exclusive Interview with John McAfee: Epstein Didnt Kill Himself, Bitcoin to Hit $1 million, & Rus - U.Today - November 25th, 2019 [November 25th, 2019]
- More than just crypto: blockchain usage grows amidst greater regulation - Bobsguide - November 25th, 2019 [November 25th, 2019]
- Default Bitcoin Addresses Are Now Longer But Simpler & Cheaper to Use - Cryptonews - November 25th, 2019 [November 25th, 2019]