Categories: Bitcoin Business

Self-Proclaimed Satoshi Nakamoto’s Bitcoin ‘Reveal’ Is an Epic Fail

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The "big reveal" by the latest self-proclaimed Satoshi Nakamoto was an epic failure that overpromised and underdelivered. | Source: Shutterstock

By CCN Markets: The latest self-proclaimed Satoshi Nakamoto overpromised and underdelivered in Part 1 of his "big reveal" — probably to the surprise of no one in crypto.

In a meandering blog post, the self-proclaimed bitcoin inventor did not reveal his real name, nor did he produce a photo of himself. So we're still no closer to learning his true identity than we were before the "reveal."

One tidbit Nakamoto dropped was that his nickname as a child was Shaikho — a Pakistani name. He teased that he'll disclose his real-life identity on Aug. 20.

Self-proclaimed Satoshi: Bitcoin is being hijacked by greed

"Nakamoto" now apparently lives in the U.K. and claims to be the son of a banker who had worked at United Bank Limited, a Pakistani multinational bank.

He claims he was inspired to create bitcoin after becoming disillusioned with the corruption in legacy banking.

Moreover, "Nakamoto" says he has become disillusioned with bitcoin because it's being used for criminal activity and has been "hijacked by greed." These sentiments mirror the assertions of Craig Wright — the other self-proclaimed Satoshi.

Self-proclaimed Satoshi Nakamoto claims he's ready to break his silence after a decade of anonymity. | Source: satoshinrh.com

Nakamoto: Hal Finney was my mentor

Interestingly, Nakamoto claims his "closest ally and mentor" was deceased computer scientist Hal Finney.

As CCN reported, Finney was an early bitcoin contributor who many in the crypto world believe was the real Satoshi Nakamoto.

A longtime cryptographer and cypherpunk, Finney was the first person to ever conduct a bitcoin transaction. Finney also allegedly posted the very first tweet about bitcoin in January 2009.

Running bitcoin

Looking at ways to add more anonymity to bitcoin

'Satoshi Nakamoto': I created bitcoin to empower the little guy

"Satoshi" claims that the 2008 recession was a major impetus for his creation of bitcoin. Basically, Nakamoto claims that he wanted to democratize financial services so anyone could have access to it.

Nakamoto says he wanted to "empower the poor person, empower the little man, and create something that was accessible as the people’s money."

His idea was a "people’s bank with no boundaries, no nationalities, and no discrimination." Nakamoto further contends that the whole point of bitcoin was to circumvent centralized government control and to transcend petty, divisive politics.

"Even a poor kid with limited education could potentially reap the benefits from Bitcoin whilst sitting in China, India or Africa. I was driven to create something that would change finance and the banking world forever and would give people the power, taking away the central banks’ control."

Nakamoto: I started working on bitcoin in 2006

Nakamoto claims that he and Hal Finney started collaborating on a peer-to-peer electronic cash system from 2006 to 2008. That P2P cash system became what we now know as bitcoin.

Nakamoto also says he used numerology to encrypt many of the decisions he made while developing bitcoin.

At another point in his tedious manifesto, Nakamoto suggests that he's of "Asian ancestry" but is not Japanese.

He claims he'll reveal more details in Part 2 and Part 3 of his "big reveal." However, if they're anything like Part 1, you're in for a major letdown.

Surprisingly, this Satoshi's outlandish yarn makes the other self-proclaimed Nakamoto — Craig Wright — sound super-credible by comparison.

This article is protected by copyright laws and is owned by CCN Markets.

Samantha Chang is a New York City-based financial editor who writes about crypto and business at CCN. She is a law school grad and an alum of the University of Pennsylvania. Email her at schang121@juno.com or follow her on Twitter at Samantha_Chang.

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Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

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