On April 26, 2011, Bitcoin creator Satoshi Nakamoto sent his final emails to fellow developers in which he made clear he had “moved on to other projects,” at the time handing over a cryptographic key he had used to send network-wide alerts. Flash forward to 2021 and the Bitcoin story is, in many ways, still just beginning. With the price reaching new highs above $60,000, there is increasing recognition of Nakamoto’s invention – a digital money free from the control of any central party or government – and its necessity. Now heralded by musicians, politicians and human rights advocates, Bitcoin is in the midst of a mainstream moment. Yet, much remains a mystery about the still-unknown Satoshi Nakamoto. That’s why today, I published new research that presents, for the first time, a full exploration of Satoshi Nakamoto’s time as lead developer of the Bitcoin project. Entitled “The Last Days of Satoshi: What Happened When Bitcoin’s Creator Disappeared,” it’s a comprehensive look at what Satoshi went through to launch Bitcoin and the choices he made as a developer, and it goes on to foreshadow why his impact on the technology has continued long after his absence. Based on six months of research, the work includes over 120 citations where readers can see the full context of the conversation around some of Bitcoin’s infamous moments, including a notable meeting at CIA headquarters and the first transition of power in the project. With that in mind, I wanted to share some things I learned while researching Satoshi and his early work as manager of the Bitcoin code. If you’re new to cryptocurrency, I hope these findings will encourage you to explore the history of Bitcoin in more detail. Register for the Free Forbes Webinar “How to Profit from Bitcoin and Other Crypto Assets Without Owning Them” being held on April 291. Satoshi Believed Bitcoin Was An Alternative to Central BankingThere have been a number of attempts over the years to rebrand Satoshi as someone who was only interested in disrupting banking or payments, most evoking their own interpretation of the news article etched in the first block of the Bitcoin blockchain. But even looking beyond what was directly in the code, some of Satoshi’s first public messages were directly about issues with currency issuance. As he wrote on the P2P Foundation forum in February 2009:“The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.”Contrary to what critics might say, Satoshi frequently evoked central banking and money printing as issues of concern in the creation of his invention.
All data is taken from the source: http://forbes.com
Article Link: https://www.forbes.com/sites/peterizzo/2021/04/26/10-years-ago-today-bitcoin-creator-satoshi-nakamoto-sent-his-final-message/
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