blog posts

Who is the creator of Bitcoin? Satoshi Nakamoto.

Who is Satoshi Nakamoto? No one knows for sure.

We do not know whether Satoshi is a human or an alien being created from another dimension. Some even suggest that Satoshi Nakamoto is the name of a group of more than one person.

Vitalik Butlin, the creator of Atrium, the world’s second-largest digital currency, believes that anonymity has real benefits in a business that has no central character. This stems from the decentralized nature of digital currencies. Whoever Satoshi is, he has transformed the financial and economic world with his masterpiece, and changing the financial world can lead to changing the whole world.

From Satoshi Nakamoto now only a large number of internet chats are left. Until late 2010, the anonymous creator of Bitcoin communicated online and publicly with the community to advance his invention, until he disappeared forever on December 11,,2010, after the release of his last post. You can now by visiting Satoshi’s page read all of Satoshi Nakamoto’s posts on the Bitcoin Talk Forum (Bitcointalk.org). Isaiah McCall has in an article compiled 11 interesting quotes from Satoshi browsing Satoshi’s writings, one of which could not be published on the Digital Currency website due to its unauthorized publication in Iran.

Here are 10 famous quotes from Satoshi Nakamoto.

1. Holy message in the first block

The first block in the Bitcoin blockchain is called the Genesis Block. Similar to religious narratives about the creation of creation, Satoshi created this block, made bitcoin available, and recorded a special message in it to record history. You can this block here see.

Satoshi founded Bitcoin after the banking crisis of 2to transfer power to the people. He invented a currency in which inflation has no way out and can eventually overtake the US dollar. To ridicule the banks, as well as provide proof of when Bitcoin will be available, he posted a clever message on the first bitcoin block:

” [Headline] The Times, January 3, 2009: President of the Treasury [England] on the eve of the second financial assistance to the bank. »

2. Satoshi Nakamoto problem with national currencies

Satoshi believed that the obvious problem with Fiat currencies was their centrality. “Power brings corruption, and absolute power equals absolute corruption,” a phrase Satoshi believed in.

When power is in the hands of a limited number of people (for example, banks), corruption occurs and then leads to big mistakes that cost ordinary people to make.

His response to such a situation was decentralization or the absence of a single power. He wrote about this:

” Many people automatically reject e-currencies as a lost target because of all those e-business companies that have not been successful since the 190s. So I hope it is well established that the nature of central control in these systems was the only reason for their failure. I think this is the first time we have tried a decentralized system without the need for trust. »

3. Satoshi Nakamoto, Remove intermediaries

Bitcoin blockchain system is a reference that does only needs a central power. This system manages itself effectively.

Power is in the hands of the majority of the network. Satoshi has some interesting sayings about eliminating intermediaries:

” By having an encryption-based electronic currency, money can be secured and transactions can be done easily without the need to trust a third-party intermediary. »

4. Copying is prohibited

Code in a decentralized digital currency is the law. Changes in the code have led to the creation of several electronic sub-currencies.

Bitcoin, Classic At,rium, and Bitcoin Unlimited were the first hard forks in the digital currency world. In the sense that people opposed some of the original ideas first proposed by Bitcoin. Satoshi knew that if the formula changed constantly, it would challenge decentralization.

Satoshi had to do the job right from the start. he writes:

“The nature of bitcoin is such that with the release of version 0.1 (the first version), its original design will remain unchanged. I do not think a second, adaptable implementation of bitcoin would ever be a good idea. Much of the plan depends on all nodes being synchronized way the same results, which will make the second implementation a threat to the network. »

5. The root of all evils

Satoshi is truly a philosopher. In the following quote, he expresses one of the greatest modern ideas about money.

” The root problem of common currencies is all the confidence needed to function. The central bank should be trusted not to devalue the currency, but the history of Fiat currencies is full of cases where this trust has been violated. We have to trust the banks to hold our money as well as transfer it electronically, but they lend us our money in waves of credit bubbles with almost a small amount of [real] reserves. We have to trust them for our privacy; Trust them that they will not allow identity thieves to empty our accounts. »

6. Satoshi Nakamoto, Bitcoin value cycle

Satoshi is the first to speculate that Bitcoin will overtake Fiat currencies. He was the first true believer in bitcoin. After all, he created bitcoin himself.

Only 21 million bitcoins will be produced by 2140 (1518 AD). Before that time, however, bitcoin became one of the rarest commodities on earth. Satoshi has said about this issue:

” Bitcoin is more than just a precious metal. Instead of changing supply to maintain value, supply predetermined, and that value changes. The more users there are, the higher the value of each coin. This situation provides the potential for a positive feedback cycle; As the number of users increases, the value of Bitcoin incre, cases, and the increase in value causes more users to be attracted to it to take advantage of this increase in value. »

7. War of good and evil

Satoshi hated corrupt institutions. He knew that Bitcoin would eventually face legislative issues and even called a ” Panzi scheme “; Even if these accusations were made by those who are now investing in them.

Interestingly, one of the first bitcoin holders to win the 2020 US Senate election. Sen. Cynthia Lummis of Wyoming bought her first bitcoin in 2013 because she believed in the economic power of supply constraints and the potential of bitcoins to counter some abuses of the financial system.

Satoshi writes about the digital currency war with governments:

” Yes [cryptocurrency cannot solve the problem with politics], but we can win a great war in arms and gain a new realm of freedom for many years to come. Governments are adept at destroying centrally managed networks such as Napster, but it looks like peer-to-peer networks such as Tor and Gnutella can protect themselves from the government. »