There is one credible argument about why it is important to know Satoshi Nakamoto’s identity. His public wallets will account for about 5.5 % of the total number of bitcoins which will be in circulation after the 21 millionth – the last- bitcoin has been mined in approximately the year 2140.
That theoretically could undermine the decentralization which has played a major role in why people have gravitated towards the cryptocurrency. It could easily be argued that Satoshi Nakamoto controls a number of bitcoins that could enable him to create price volatility if he so chose. The argument is that he would not undermine his fortune, but not all economic actors are rational .
“Almost all are owned by a single entity, and that entity began mining right from block one, and with the same performance as the genesis block,” Sergio Demian Lerner said of Satoshi’s fortune. “It can be identified by constant slope segments that occasionally restart. Also, this entity is the only entity that has shown complete trust in Bitcoin, since it hasn’t spent any coins (as last as the eye can see). I estimate at eyesight that Satoshi fortune is around 1M Bitcoin.”
It’s known Satoshi owns more than one wallet. They are no longer mining. Nobody knows what will come of the Satoshi funds. Will he ever move them?
Satoshi once said: “Lost coins only make everyone else’s coins worth slightly more. Think of it as a donation to everyone.” Perhaps that is his final intention? Bitcoiners could only hope as this would promote deflation in the system.
The other side of the argument lays out that, since Bitcoin is an open-source technology, it doesn’t matter who designed it. Regarding the infrastructure underlying the Bitcoin network, it doesn’t matter who Satoshi is.
There have been many events, such as when […]
