The ‘Satoshi Coins’ Would Make Bitcoin’s Creator One of the Wealthiest People in the World
The “pseudonym” Satoshi Nakamoto is worth more than $7 billion. Nakamoto’s potential bitcoin stake would be extremely high and would put the anonymous creator among the wealthiest people in the world.Fiat currency’s fluctuation can easily be regulated by Government and Banks. But when it comes to cryptocurrency like Bitcoin, even big Banks are in handcuffs due to the secret identity of its founder and its decentralized nature.Probing around the web, “Satoshi Nakamoto” is the only named revealed as the founder of Bitcoin, a computer programmer who invented Bitcoin and the currency’s cryptography with a decentralized nature. The identity is constrained in such a way that it points “pseudonym” which doesn’t specify whether it’s a man, woman, person or a group of people.In 2008, the whitepaper appeared at metzdowd.com entitled “Bitcoin – A peer-to-peer Electronic Cash system.” Later in 2009, bitcoin has been launched with version 0.1 bitcoin software on Sourceforge.However, it is still unclear who the real identity or identities behind “Satoshi Nakamoto” are, but the name was materialized across mailing list of whitepaper as the author. With increased popularity, Sergio Demian Lerner determined an estimate of how many bitcoin Satoshi Nakamoto held in 2013. Though he was unknown to everyone, in 2015, UCLA has announced him for the Nobel prize in a stream of Economic Science.Bitcoin is continued reaching new milestone without valid evidence as to who invented it. Its decentralized volume has alleviated the new pace for country’s currency regulators to run the fiat currency in a more stabilized manner across the nation. Even though investor’s discussion, trader’s controversy and government’s regulation, Bitcoin is continuously trading with high volume.Nothing prevents Bitcoin from breaking out the new record every time; few say it is a Bubble, others say it is a fake currency. There is no doubt that “cryptocurrency concept” originated with Bitcoin and now it has been used and continuing emerging across all businesses including banking, retailing, and media entertainment.
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Nakamoto’s Bitcoin has a limit of 21 million where one million bitcoins are count for just under five percent of the total supply of the cryptocurrency. A bitcointalk post from 2011 elaborates on how the estimate of Satoshi’s worth was determined:
“the majority of the coins mined in 2009 (73 percent, 1,191,852 BTC) are still in possession of the original miner… Therefore I think we can safely assume that the people that mined the early coins in 2009 (likely “Satoshi Nakamoto and some friends”) did not sell or otherwise give away the majority of these coins. The coins that were moved (27 percent) might also well be still in their possession.”
John Hopkins University professor Matt Green has certainly described Satoshi’s power of overhauling the cryptocurrency market if they wish to do so. He further described Bitcoin as follows:
“The thing about bitcoin is if you control a million of them, you have the ability to flood the market at any point. Think of them as rare baseball cards. They’re valuable because they’re rare. If somebody could dump hundreds or thousands of Mickey Mantle trading cards, rare ones, onto the market, they wouldn’t be worth so much anymore.”
If Nakamoto would exist then his major share in Bitcoin would be much higher and would become a renowned person with the highest income in the world.Accordingly, San Francisco’s investor expressed his opinion:
“If bitcoin fulfills its role of becoming a global currency, than Satoshi Nakamoto would likely be the richest person in the world and also hold a proportionately higher share of the ultimate supply of bitcoin than something like the U.S. government holds in gold today.”
However, Nakamoto said “Lost coins only make everyone else’s coins worth slightly more. Think of it as a donation to everyone,” and it may be possible that these holdings are actually a very generous, initial donation whether intentionally or by accident, removing more than one million coins from the available supply forever.Category: Bitcoin, Commentary, Finance, NewsTags: bitcoin, bitcoin news, editors picks, finance, markets