Categories: Bitcoin Business

Five Reasons Satoshi Nakamoto Is Smarter than Mark Zuckerberg

Click here to view original web page at www.ccn.com
Bitcoin's success relative to Libra's struggles is a demonstration of who is greater: Satoshi Nakamoto or Facebook's Mark Zuckerberg. | (i) Source: REUTERS/Leah Millis/File Photo (ii) Shutterstock; Edited by CCN

At every turn in Facebook’s journey toward launching Libra, the social media giant is realizing that governments around the world do not take kindly to attempts to remove some of their power.

The latest setback has emerged from Europe. Bruno Le Maire, the French finance minister, has declared that Libra’s development on “European soil” won’t be allowed until concerns over the monetary sovereignty of governments are addressed. Other governments across the globe have expressed similar concerns.

France Refuses to Authorize Facebook Crypto Libra in Europe https://t.co/FZwwfGJCWH

— CCN Markets (@CCNMarkets) September 12, 2019

That Mark Zuckerberg, with all his power and wealth, is flailing in his efforts to launch a mere virtual currency is a demonstration of how mightily superior the eponymously named bitcoin creator Satoshi Nakamoto is.

Without Facebook's resources and Mark Zuckerberg's clout and fame, Satoshi Nakamoto birthed bitcoin and it now has a market cap of nearly $200 billion. Libra, on the other hand, faces the prospects of turning out to be a stillbirth.

The difference all comes down to smarts. Here are five takes that demonstrate the Zuck will never be the genius that Satoshi Nakamoto is.

1.) Bitcoin creator didn’t waste time on failed experiments

Unlike Zuckerberg, Satoshi didn’t engage in a foolhardy exercise. Knowing the fear governments and established institutions have over potential disruptors to the status quo, the Bitcoin creator had a trick up his sleeve.

In Bitcoin’s early days, Satoshi said:

"Governments are good at cutting off the heads of a centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own."

To solve the problem, Satoshi went for a decentralized system knowing the dangers of the alternative. But here we are more than a decade later and Mark Zuckerberg is trying to create a centralized global virtual currency, thus taking on not just one government but many and hoping to succeed!

2.) Non-trust-based models beat the alternative online

Facebook’s planned virtual currency, if it is ever realized, will undoubtedly rely on the trust model, and this burden will be placed on the social media giant and partner institutions. But for the trust model to work, especially with regards to financial services, it needs the oversight of governments and the backing of reputable financial institutions.

In the case of Facebook with its damaged reputation, the governments that are placing stumbling blocks now look like the good guys.

Satoshi was, however, too smart to get entangled in such a mess. The workaround? A mineable cryptocurrency that does not require intermediaries.

Proof of success? The many copycats and spinoffs that have followed its launch, including Libra!

3.) Zuck’s answer to Satoshi’s native online currency? Let’s hire lobbyists so that we can use fiat currencies as a base

Unlike Zuckerberg, Satoshi was fully aware that trying to create a currency for the internet would be fought by the forces it would be threatening – be they traditional financial institutions or governments. So what did he do? He devised a mineable cryptocurrency from the ground up that was peer-to-peer-driven and native to the internet.

Meanwhile Zuckerberg, in order to get much-needed approval, has resorted to hiring lobbyists in order to try and convince governments to cede some of their power to him. Your guess is as good as mine as to what works better!

4.) Satoshi staged an ambush; Facebook is walking straight into the line of fire

Facebook wants to play with the rules already set, unlike Satoshi who invented a brand new space that caught governments off guard. Thus, the rules and regulations governing cryptocurrencies in some parts of the world came into being long after the fact.

For Satoshi, it was an ambush and look where Bitcoin is now. Mark Zuckerberg, meanwhile, is walking straight into the line of fire. It is hard to tell whether stupidity outweighs arrogance in this case or vice versa.

5.) Bitcoin's game-changing selfless vision vs. Facebook's hunt for profits

While Facebook has tried hard to disguise how it will make money off Libra, the product is ultimately designed with profit in mind.

Satoshi’s vision, on the other hand, was bigger and for the greater good. This included giving people greater freedom and control over their money while protecting their privacy – all in one go. Geniuses change the world; lesser beings just make money from it.

Last modified (UTC): September 13, 2019 4:52 PM

cinerama

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.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Bitcoin Price Chart Forecast: BTCUSD Awaits Pennant Breakout

Bitcoin Price Forecast: A series of lower highs and slightly higher lows has formed a pennant pattern Regardless of direction,… Read More

2 hours ago

Billionaire Blackstone CEO Heaped Praise On Blockchain—But Made A Bitcoin Warning

Bitcoin has won over many from the traditional finance industry , but far more of the investment old guard remain… Read More

2 hours ago

Early Ethereum advisor charged with extortion and arrested

The accused, Steven Nerayoff, violated the agreement made with a blockchain firm. If found guilty, Nerayoff and his associate Michael… Read More

2 hours ago

CME Group Reveals Plan for Bitcoin Options in Q1 2020

Leading derivatives exchange operator, CME Group announced in a press release today that it will launch options on its bitcoin… Read More

8 hours ago

Analyst: Bakkt Launch to Improve Trustworthiness of Crypto Markets

For the past year many participants within the crypto markets have been looking towards the official launch of Bakkt as… Read More

8 hours ago

IBM Stock Gets a Blockchain Pop

IBM (NYSE: IBM ) investors haven’t had all that much to complain about in 2019. After a precipitous drop over… Read More

8 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More