Who is Satoshi Nakamoto

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Satoshi Nakamoto: 9 Interesting Facts You Need To Know

CoinSutra » Bitcoin » Satoshi Nakamoto: 9 Interesting Facts You Need To Know

Like the dramatic quest of Hollywood movie “Finding Nemo”, this quest of finding Satoshi Nakamoto – the inventor of Bitcoin – has also been dramatic.

It’s 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 2020, 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.

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Interesting Satoshi Nakamoto Facts You Need To Know

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…

1. Why is “Satoshi Nakamoto” Famous?

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 believed in decentralization and cryptography.

That’s why this name is so famous.

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

2. What is Satoshi Nakamoto Net Worth ?

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, and in 2020, 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. This proves how much Satoshi owns.

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

3. Satoshi’s T-Shirts

The anonymity of Bitcoin’s 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.

  • I am Satoshi Nakamoto.
  • Who is Satoshi Nakamoto?
  • Where in the world is Satoshi Nakamoto?

You can buy one for yourself from e-commerce sites like Zazzle and Teespring.

4. Satoshi Nakamoto is Possibly A Group Of Companies

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

  • Samsung and Toshiba together makes —- Satoshi
  • Nakamichi and Motorola together makes —- Nakamoto

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

5. Satoshi Nakamoto is Possibly Nick Szabo

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 Satoshi’s white paper, a blogger concluded that Nick Szabo was Satoshi Nakamoto. but Nick has never accepted this hypothesis.

6. Is Craig Steven Wright Satoshi Nakamoto?

Craig Wright, an Australian Entrepreneur, claimed to the BBC on 2nd May 2020 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 “didn’t have the courage” to continue.

7. Satoshi Nakamoto is Possibly Dorian Nakamoto

In March 2020, another speculation came on the identity of Satoshi. A news source claimed that they had found Satoshi, and he lived in California, USA.

His full name, as reported, was Dorian Prentice Satoshi Nakamoto. He was a physicist 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.

8. Satoshi Nakamoto is Possibly Hal Finney

Hal was a cryptographer even before his involvement with Bitcoin. He was on the mailing list that received Satoshi Nakamoto’s 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.

Hal’s writing style also closely resembles that of Satoshi’s 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 on 3rd January 2009 at 18:15:05 GMT.

9. Fast Company Found Satoshi Nakamoto

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

The Anonymity of Satoshi Nakamoto

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

But there’s still a big mystery here:

  • Where is Satoshi Nakamoto?
  • What is Satoshi doing?
  • Why is Satoshi hiding?

No one knows the truth.

I would like to end this article by quoting two very early adopters of Bitcoin, Erik Voorhees and Roger 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.”

Can we take a moment to reflect on the fact that the Bitcoin protocol STILL hasn’t been hacked? One of the greatest comp sci accomplishments

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, then do let me know in the comments below.

And if you liked this post, don’t forget to share it!

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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.

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We Need to Know Who Satoshi Nakamoto Is

The identity of Satoshi Nakamoto, the computer programmer who created the virtual currency bitcoin, is one of the most compelling stories in technology. In 2008, Nakamoto launched bitcoin with a white paper; in 2020, he vanished, just as the project was hitting its stride, his frequent forum posts and e-mails tapering off to silence. (In his last known correspondence, he told a bitcoin developer that he had “moved on to other things.”) The search for Nakamoto has a tinge of irony: it’s an old-school mystery born in an age of Internet-enabled access to all world knowledge, which threatens to make the entire concept of mystery obsolete. An endless series of apparent misidentifications by journalists over the years has only increased the intrigue. When an Australian entrepreneur named Craig Wright came forward last week to confirm claims made by Wired and Gizmodo last year that he is Nakamoto, his name trended for hours on Twitter, while his crisply parted hair and his generically handsome face were on the front page of Web sites around the world.

Then all digital hell broke loose. The bitcoin community is a hive of intensely opinionated geeks, and they began to poke holes at the evidence that Wright provided. Amid the torrent of skepticism—one respected security researcher labelled the whole thing a “scam”—Wright pulled a Nakamoto. He disappeared without delivering on a promise to provide “extraordinary proof” of his identity. He deleted his blog and replaced it with an apology, writing that he didn’t “have the courage” to continue to try to prove his case.

A definitive ruling on the identity of Nakamoto thus waits for another day, but for many it might as well never come. Amid the frenzy that surrounded the Wright saga was a refrain that pops up any time the latest candidate for Nakamoto is rolled out: Why does it matter? “At the end of the day, knowing the identity of Satoshi is about as important as knowing who created HTTP or HTML,” a bitcoin entrepreneur named Jason Weinstein told Slate. “Every day people communicate, socialize, get information, move money, and transact business over the Internet using these protocols without knowing how they work or who created them.”

In investigating the background of an inventor, we hope to learn something about innovation that can’t be gleaned from the thing itself. But to the bitcoin faithful the search for Nakamoto can add nothing of value. Bitcoin’s chief innovation is decentralization; its transactions are overseen by a distributed network of computers, which theoretically means that no central authority, such as banks or governments, can control it. The search for Nakamoto, the argument goes, undermines the anti-authoritarian premise of bitcoin. Andreas Antonopoulos, a well-known bitcoin entrepreneur, laid out this argument in a post on Reddit explaining why he declined an offer to meet Wright:

Identity and authority are distractions from a system of mathematical proof that does not require trust. This is not a telenovela. Bitcoin is a neutral framework of trust that can bring financial empowerment to billions of people. It works because it doesn’t depend on any authority. Not even Satoshi’s.

But the idea that Nakamoto’s identity is irrelevant is wishful thinking. Most obviously, Nakamoto’s identity matters because he is estimated to control four hundred and forty-eight million dollars’ worth of bitcoin, which, if it were unloaded quickly, could seriously depress the value of the notoriously volatile currency.

The real Nakamoto could have a more fundamental impact as well: as The Economist pointed out, this latest saga unfolded during a heated “civil war” that has broken out among bitcoin developers over how to deal with an increase in transaction volume in the bitcoin network. The network processes transactions in batches known as “blocks.” As the number of blocks has increased, the network has become in danger of being overloaded. One side in the dispute wants to change the bitcoin code, increasing the block size to allow the system to process transactions more quickly. The other side sees this as a betrayal of the integrity of the original code, arguing that a change would lead to more centralization in the system (the greatest sin for a bitcoin believer) and consequent problems.

Wright told The Economist that he supports an increase in the block size. So do two bitcoin insiders—the former lead bitcoin developer Gavin Andresen and Jon Matonis, a former director of the Bitcoin Foundation—who publicly announced their support of Wright’s claim. In this context, the fight over Nakamoto looks more like the jostling of courtiers to install a sympathetic heir to the throne than an objective analysis of the cryptographic proof. Suggesting that it doesn’t matter who created bitcoin because no authority controls it obscures the political struggle that is already shaping the technology. If someone could prove that he or she was Nakamoto, that person could wield great influence in the controversies that surround the future of bitcoin.

There is a more abstract reason that one should care about the identity of Nakamoto. Unlike HTML or HTTP, bitcoin was an ideological project from the start. Bitcoin began in the imaginations of a group of geeks known as Cypherpunks. Beginning in the early nineteen-nineties, Cypherpunks promoted an extreme form of libertarianism, in which all forms of commerce—in anything imaginable—existed beyond state control. This would be enabled by advances in cryptographic software that could utterly obscure users’ identities, creating a state that Tim May, one of the founding Cypherpunks, called “crypto-anarchy.” Cypherpunks believed that a decentralized currency was needed to allow their crypto-anarchic utopia to exist, and bitcoin began as a technical implementation of this vision.

It is no surprise that bitcoin has found many backers in Silicon Valley; the founders of today’s billion-dollar tech companies often espouse a milder form of the Cypherpunks’ techno-libertarianism. It is most evident in the Silicon Valley fetish for “disruption,” the buzzword that celebrates technological innovation as an end in itself, with little regard for the costs to existing social relations. This ideology has motivated the development of amazing new technologies in the face of legal and economic hurdles, but it is also at the root of Silicon Valley’s widely criticized arrogance. It leads to missteps like Facebook’s ham-fisted, neocolonial “free basics” disaster, and the blinkered view that many tech elites have toward the lack of diversity in their field. Turning away from the question of Nakamoto’s identity is a way to deny the fact that bitcoin, like all technology, is ultimately, imperfectly, human. The world could use this reminder now more than ever.

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