Chance of Satoshi Nakamoto’s Return Aren’t Just Thin but Also Impossible 0 138

Bitcoin is going to celebrate its 13th birthday on 3rd January 2022 and would definitely miss its inventor, Satoshi Nakamoto, in the celebrations. Nakamoto will always remain as a mysterious person in the minds of people who are part of the crypto economy but it has been more than a decade now that Nakamoto has been concealing his or her identity. No one is even sure whether Nakamoto is alive or dead. However, the chances of his return are not only thin but appear to be impossible for so many reasons.

There hasn’t been a single day in history after year 2009 when Satoshi Nakamoto’s name hasn’t been called off. In fact in the global crypto economy, he is the number one person whose identity still remains a mystery even after a decade. People want to meet him, learn about him, and thank him personally but so far he has been successful in concealing his true identity. Nobody even knows whether Nakamoto is a male or female. Even the name “Satoshi Nakamoto” is a made-up name and the person behind this name is someone else. It is also not sure whether Nakamoto is alive or he had eventually died. The only thing people know about him was that he owned Bitcoin because he was its creator.

On 3rd of January, 2021, Bitcoin’s 13th birthday celebrations are due and once again celebrations will be held without the crypto godfather.

It was Halloween night precisely 13 years ago when Bitcoin’s whitepaper was published for the first time. The document showed that it was authored by a person named “Satoshi Nakamoto”. It was sent from an email account “satoshi@gmx.com” owned by the author himself. While issuing the whitepaper, the author also made mention of “bitcoin.org” i.e. the domain name for the world’s first digital currency.

If one examines the name “Satoshi Nakamoto”, then the person would find that the name stems from a Japanese descent. In Japan, the name “Satoshi Nakamoto” is regarded as “made-up” or “literally” false. Therefore the name “Satoshi Nakamoto” doesn’t have anything to do with a real name. People have been told that Nakamoto was born in fact on 5th April 1975, which date was taken out from the alleged profile of Nakamoto.

The task of revealing the true identity of Nakamoto had been taken by many but all efforts went in vein. One strong argument is that the original creator of Bitcoin has already died.

What the world knew so far about Nakamoto’s vanishing is that he left only two messages behind before saying goodbye. His first message was seen on 12th December 2010, when he informed that he was leaving the community for undertaking further complex projects. His second so-called virtual appearance was in April 2011, when he sent emails to persons namely Gavin Andresen and Mike Hearn. From there onward, there hasn’t been any further communication with and from Nakamoto who simply vanished.

However, interestingly, Nakamoto owned Bitcoins worth US$ 60 Billion as of today. Since the time he has vanished, there hasn’t been a single Bitcoin unit spending. This fact and the other assumptions collective make a strong case that Nakamoto is no more. There is therefore no point in waiting for his return or that he would ever make a comeback.

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IMF Says Russia and Iran May Use Crypto Mining for Monetizing Energy 0 41

The April 2022Global Financial Stability Report of the IMF has highlighted the consequences of the ongoing Russian invasion of Ukraine. The document said that the role of the US dollar was bound to be affected because of the conflict, as it would lead to the introduction of central bank digital currencies (CBDCs) and the global financial system’s resiliency would also be put to a test. The climate transition goals could also be put at risk because of the priorities associated with energy security. Another issue that would have to be dealt with in the coming years by lawmakers is the ‘cryptoization’ which is likely to occur because emerging markets are experiencing a widespread use of crypto.

IMF cited an increase in crypto trading volumes seen after the introduction of sanctions on Russia to back their statement. This included the financial penalties that had been imposed by Western nations on Russia because of its military invasion. The report said that such cross-border transactions were increasing in the long-term, which means that there would be challenges when it comes to imposing sanctions and managing capital flow. The IMF noted that crypto transactions have increased in both Russia and Ukraine because of the capital restrictions that have been imposed.

However, it is important to note that there has been a fall in liquidity in centralized exchanges where the hryvnia and ruble trading pairs are concerned. Therefore, using crypto exchanges for making large transfers has become rather impractical due to reduced liquidity. But, the IMF admitted that users do have the option of evading some measures via the crypto ecosystem because the identity verification requirements are quite lax in this industry. Hence, the international organization said that blocking new deposits of ruble and freezing crypto assets meant that users could have shifted to non-complying or less transparent crypto platforms and service providers.

Experts at IMF believe that both Russia and Iran could circumvent their respective sanctions via crypto mining. The nations could use their energy resources for generating revenue via crypto mining outside of the traditional financial system. Currently, the countries have a limited share of crypto mining activities, but there is a possibility that it could be increased, considering the size of the mining industry. The IMF quoted estimates showing that almost 11% of the mining revenues of bitcoin could have gone to Russia, which was around $1.4 billion per month, while Iran’s share had been 3%.

Bank of England Says Crypto Assets have Financial Stability Risks 0 80

On Thursday, the Financial Policy Committee of the Bank of England disclosed that they are working on developing a regulatory framework for digital assets. The central bank also made a reference to the sanctions that have been imposed because of the war between Russia and Ukraine in the statements. Bureaucrats and financial regulatory authorities all over the world have become increasingly concerned in recent times that Russia could take advantage of crypto assets to bypass the economic sanctions that have been imposed. The press statement of the BOE said that it was unlikely for crypto assets to provide Russia with a feasible way to get around sanctions at a large scale for now, but there was a possibility they could do so.

Therefore, it is a must to ensure that there are effective public policy frameworksthat can accompany innovation in crypto assets for maintaining the integrity and trust in the financial system. The crypto economy has been highly criticized by some members of the Bank of England for quite a while. Last year in mid-November, Andrew Bailey, the Governor of the Bank of England, had expressed his concerns about the adoption of bitcoin as legal tender in El Salvador. Sir Jon Cunliffe, the deputy governor for financial stability for the central bank, said in the following month that prices of crypto assets could drop to zero.

On Thursday, the report of the FPC talked about financial stability. The committee of the central bank noted that the FPC is assessing the risks to the financial system’s stability and it has concluded that these are currently limited. This is because their size remains limited for now and they are not that connected with the wider financial system. However, the FPC said that if they continue to grow at the same pace, and if they become interconnected with the overall financial system, then these crypto assets could pose a risk to the stability of the financial system.

Since the conflict between Russia and Ukraine began, politicians and lawmakers all over the globe have been discussing, developing, or even proposing laws aimed at regulating and researching digital currencies. The FPC’s statements on Thursday show that the BOE wants to classify crypto assets in the same category as it does traditional financial assets. Not only does the FPC plan on developing a regulatory framework that would govern digital assets, it has also mentioned stablecoins.

The FPC said that a major stablecoin that does not have a reliable deposit guarantee could turn out to be a risk to the UK’s financial system. According to the committee, if they introduce a systemic stablecoin, which is backed through a deposit mad with a commercial bank, it would result in significant risks to the stability of the financial system. All of this talk about crypto has been brought forward because of the Russian-Ukraine conflict and the possibility of the former using cryptocurrencies to evade the tough economic sanctions that have been imposed by Western nations due to its actions.

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