February 6, 2023

What awaits Bitcoin if its creator Satoshi Nakamoto is announced?

What awaits Bitcoin if its creator Satoshi Nakamoto is announced?

Imagine the inventor of Bitcoin (BTC) hiding under the pseudonym Satoshi and supposedly who 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 an inactive bitcoin wallet since 2011. If you remove the option of hacking, which is almost impossible, then there is only one person who can conduct the transaction - Satoshi himself, who has risen from the dead, or who has been alive 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 am not familiar with any research,who would analyze a situation when an almost mythical figure, supposedly dead, suddenly appeared before us, ”David Ludden, a psychology professor at Georgia Gwinnett College, who studies paranormal phenomena, thoughtfully thought.

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-blown Bitcoin recession. It is estimated that Satoshi holds about 1 million coins worth about $ 9.3 billion. Currently, there are approximately 18 million BTC in circulation, so his ability to manage the market price will be tremendous.

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 proponents may tryto promote this event in the style of “Satoshi begins to move coins, a sale is inevitable!”, but I don’t think that most bitcoin enthusiasts will not believe it, ”said Nilsson. “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, SatoshiIt will gain political influence and gain power over many of the ideas that arose after its disappearance. Suppose Satoshi proclaims that Bitcoin should not be considered a means of accumulation, will people listen to it? Or, perhaps, it turns out that Satoshi is a hidden accomplice of the government that will help the authorities track people's finances?

Obviously, “if Satoshi offers stupid ideas, people simply will not accept them,” Agraval said. But its political influence may be a problem for regulators.

Bitcoin is the only cryptocurrency thatalmost certainly not a security. However, a security is an asset that investors expect will increase in value thanks to the efforts of a third party. If Satoshi returns and has a disproportionately strong influence, can this change the regulation of cryptocurrency?

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, a 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."

“Satoshi returned to life will take out the tablet with BTC and break it, then he will find a private key that he will give to the city” - he said.

In other words, Satoshi will sacrifice his wealth to the world. As soon as Satoshi’s billions become available to people, “everyone will indulge in unbridled fun,” Sulejmani said.

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