June 19, 2024

What awaits Bitcoin if its creator Satoshi Nakamoto is announced?

What awaits Bitcoin if its creator Satoshi Nakamoto is announced?

Imagine that the inventor of Bitcoin (BTC), hiding under the pseudonym Satoshi and supposedlywho left the living world, suddenly appears in the most incredible way. Various participants of the crypto industry shared their versions, and sometimes just fantasies on this topic.

His return will be confirmed whensome modest cybersecurity researcher will record activity on a Bitcoin wallet that has been dormant since 2011. If we ignore the possibility of hacking, which is almost impossible, then there is only one person who can carry out the transaction — Satoshi himself, resurrected from the dead, or healthy all this time.

Sure, he will tweet about this. Soon after, rumors will begin to spread that will appear on other social networks.

But still, what happens if he comes back? First of all, chaos will arise as a result of general unrest.

"I'm not familiar with any researchwho would analyze a situation where an almost mythical figure, supposedly dead, suddenly appeared before us, — thoughtfully noted David Ludden, a professor of psychology at Georgia Gwinnett College, who studies paranormal phenomena.

I’m not even sure if there are historical chronicles of such events. Who knows how people will react to the first contact with aliens or the Second Coming of Christ, because this has never happened before. ”

After his appearance, people will begin to fearimpending disaster in the form of a full-scale Bitcoin recession. Satoshi allegedly holds about 1 million coins worth about $9.3 billion. There are currently approximately 18 million BTC in circulation, so his ability to manipulate the market price will be enormous.

No one knows who owns the most bitcoins. The Winklevoss brothers claim to be one of the largest bitcoin kits with 1% of the total BTC.

Satoshi's resurrection may lead to a surgeAn information war between Bitcoin supporters and altcoin supporters, said security analyst Kim Nilsson, whose Wizsec blog analyzes on-chain data and tracks Satoshi's wallets.

“Altcoin supporters may tryhype this event as "Satoshi starts moving coins, a sell-off is imminent!", but I don't think most Bitcoin enthusiasts won't believe it, — Nilsson said. — But, “if Satoshi was going to sell his coins, he probably could have done it much earlier.”

According to Neeraj K. Agrawal), spokesman for the Coin Center bitcoin lobby, Satoshi’s ownership of Bitcoin’s “controlling interest” will lead to troubling political and regulatory initiatives.

Being a highly respected person, Satoshiwill gain political influence and gain power over many of the ideas that arose after his disappearance. Suppose Satoshi proclaimed that Bitcoin should not be considered a store of value, would people listen to him? Or maybe it will turn out that Satoshi — a hidden government collaborator who will help authorities track people's finances?

Obviously, “if Satoshi comes up with stupid ideas, people simply won’t accept them,” — Agrawal said. But his political clout could prove problematic for regulators.

Bitcoin — the only cryptocurrencywhich is almost certainly not a security. However, the security — it is an asset that investors expect to increase in value due to the efforts of a third party. If Satoshi comes back and has a disproportionate impact, could that change cryptocurrency regulation?

In addition, there are many people who question the fact that the real blog of Satoshi that has come to life will not become a forgery.

“I do not understand how knowledge of keys can be considered sufficient evidence of the appearance of the real Satoshi,— said Nick Carter, partner at Castle Island Ventures.

We can deal with the manifestation of crime, when after receiving the keys a person can simply be removed. ”

The same goes for signing a message.PGP key of his registered email address. Again, all this can be stolen, faked, or set the date retroactively. One of the most famous people who pretended to be Satoshi, an Australian computer scientist Craig Stephen Wright faked online records so that everything looked like they preceded the creation of bitcoin.

The most unusual forecast belongs to the founder.entertaining crypto platform for adults SpankChain Amina Sulejmani. He predicts a bacchanalia of cyberpunk licentiousness, similar to the end of the world. First, Satoshi emerges from cryogenic stasis (some people believe that the real Satoshi was crypto pioneer Hal Finney, who died around the time Satoshi fell silent and his head was cryogenically frozen). Suleimani suggested that Satoshi’s revival takes place in a “ceremonial hall in the center of the town square, where a huge queue of several miles is built."

«Returned to life, Satoshi will take out the tablet with BTC and break it, then a private key will be revealed, which he will give to the city»He said.

In other words, Satoshi will donate his wealth to the world. Once billions of Satoshis become available to people, “everyone will indulge in unbridled fun, — Soleimani said.

And then, naturally, Satoshi will be accused of securities fraud.