Who is Satoshi Nakamoto?
The truth is, we know little more about the person (or people) behind the pseudonym then when it first appeared on paper entitled “Bitcoin: A Peer-to-Peer Electronic Cash.” The document was distributed through cryptography mailing list back in 2008, and from there the mystery began.
While we still don’t know who Nakamoto is, one thing is certain: whoever is behind the name clearly doesn’t want to be found.
This might lead one to ask the obvious question – why would the person who created the world’s first and most valuable cryptocurrency want their identity concealed?
In this edition of Finding Satoshi Nakamoto, we will discuss some of the possible reasons that the bitcoin creator has decided to keep a low profile.
Avoiding The Wrath Of Big Banks
Nakamoto once wrote,
“The root problem with conventional currency is all the trust that’s 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.”
One of the features that make bitcoin and other digital currencies so unique is that they are payment systems which can function without the need for a central bank. Obviously, this great for people who are looking to cut out the middleman and avoid fees that are often associated with traditional banking.
However, this isn’t such good news for big banks. A new form of technology that could potentially render your institution obsolete isn’t something most bankers are going to be thrilled about.
Central banks are well-funded institutions run by influential people. It’s possible that Satoshi Nakamoto wanted to avoid any potential fallout that may have resulted from rocking the boat, so to speak.
Angry Wall Street
Bitcoin, as well as other cryptocurrencies, have become an increasingly popular investment option in recent years.
While crypto is a long way from usurping traditional stocks as the most popular option among investors, it has gotten the attention of some the biggest names on Wall Street.
An excellent example is Berkshire Hathaway CEO, Warren Buffet, who was quoted as saying,
“In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending.”
While Buffet and others may very well believe that cryptocurrency is a poor investment – either way – crypto isn’t helping Wall Street at the moment. Every cent spent investing in crypto, is one that isn’t being used to purchase (and drive up the price) of other institutional investments.
As the person who got the whole cryptocurrency thing started, it’s fairly likely that Satoshi Nakamoto wouldn’t be very popular in traditional investment circles.
By concealing his (or her, or their) identity, Nakamoto can avoid potentially facing the ire of another influential group of people.
If Satoshi Nakamoto’s identity was finally revealed, it’s a pretty good bet that he or she would become an overnight celebrity. The individual, or group of people, would most certainly be hounded by media and met with a barrage of questions.
If by chance Nakamoto is the type of person who enjoys long peaceful walks on the beach – or perhaps just the same amount of privacy the average person has – then staying out of the public eye would certainly be in their best interest.
With all the theory’s surrounding the bitcoin creator’s choice to conceal their identity, could it be for a reason as simple as wanting to continue to enjoy a little peace and quiet?
Satoshi Nakamoto Is Deceased
While one could speculate endlessly on how it may have happened –simply put –death would be a very valid reason as to why Satoshi Nakamoto hasn’t emerged from the masses.
The only real evidence to support this theory is that Nakamoto has roughly a million bitcoins to his name, an amount worth billions of US dollars, and hasn’t done anything with them – outside of a simple test transaction back in 2009. This combined with the fact that he hasn’t corresponded with anyone publicly in several years could lead one to the conclusion that crypto pioneer may indeed be deceased.
Obviously, this is doesn’t prove much, and there are several possible reasons for Nakamoto not spending his bitcoins or corresponding that don’t involve death.
However, it does make for an easy, albeit somewhat lazy, explanation as to why this mysterious figure hasn’t revealed themselves.
In the end
Assuming Nakamoto is still among the living, he or she clearly wishes to remain anonymous. And whoever it is has some valid reasons to hide.
For that simple reason alone, instead of trying to find Satoshi Nakamoto, perhaps we might ask ourselves – should we even be looking in the first place?
Satoshi Nakamoto, the creator of bitcoin, is quite the curious mystery. If you are interested in learning about more possibilities of who is behind the bitcoin creation, check out the rest of our series, Finding Satoshi Nakamoto. And to learn more about Bitcoin, head to our resource page. If you’d like to check out buying cryptocurrencies, we got you covered there too!