Who created Bitcoin? Hint: It's not who you think... (Part 2)
This is part 2 of my post from yesterday.
In part one we talked about the possible creator of Bitcoin. It can be seen here:
*Again I want to reiterate that these are just my thoughts and not necessarily fact. No one knows for sure who Satoshi Nakamoto is or who he represents.
At the end of the post I postulated that the possible creator could be a government and the likeliest government in my opinion would be the government of the United States.
If Satoshi Nakamoto were actually a government it would solve a couple of the more pressing questions regarding his identity.
For one it solves the question as to how one individual could have created such a historic an technically impressive feat all by himself, in his basement.
And secondly, it also solves the question as to how an individual could have remained anonymous now for almost 9 years without once revealing himself.
Or even having the foresight to make himself completely anonymous when he released his project in the first place.
Remember it doesn't necessarily have to be the United States Government that created it... It could be any government.
Russia and China also likely have the technological know how to create Bitcoin and therefore must also be considered.
In fact they also have an interest in getting off the dollar as the world's reserve currency. Over the past several years they have been stating publicly that moving away from trading in dollar terms is an objective of theirs as they feel it has given the United States an unfair advantage in the global economy.
So, we have 2 major players with a major incentive, which is why I won't rule them out completely either.
Moving back to the United States (or whichever government created Bitcoin), most people think that a government couldn't have created Bitcoin because it would be counterproductive to them controlling the money supply. However, for countries like Russia and China, they already don't control the money supply of the world's reserve currency so it makes sense for them to set about creating another form of currency that no one could control.
That also would strengthen the case that the creator was some government outside of the United States.
However, for the rest of this post I am going to proceed as if it was created by the United States. If the United States created Bitcoin, the most obvious question is, why?
Why would they create a monetary system that they couldn't manipulate in the way that they do currently with the dollar?
*Fair warning, for the rest of this post I am going to put my tinfoil hat on and you may need to as well as it starts to get a little more "1984" than anything else...
Well, what if I told you that Bitcoin was not the end game?
Instead, what if Bitcoin was a giant beta test?
A beta test for what is to come later...
Back in 2008 it was made clear that the current financial system was way too fragile and dependent on good actors to survive in the long run. There needed to be a better system.
Bitcoin was created as a possibility for said better system. The goal of Bitcoin was to get the technology out into the real world and see how it works. See how people interact with it and also to iron out any kinks that might come up.
Rightly, as people have pointed out, Bitcoin is not without imperfections.
Once enough information is gathered, a new and better blockchain and coin is created.
Enter Govcoin (or any other government created coin).
This coin and blockchain will be created officially by the United States Government and it will be backed by the government. It will not be forced upon it's people through violence (at least at first), but it will be mandated that taxes and fines be paid using it, which means people will have to convert to it and the hassle of doing so will eventually get more and more people to adopt it.
For this example we will say the exchange will be 1 US dollar for 1 Govcoin for simplicity.
This conversion will last for a period of time before the use of cash and dollars is eventually outlawed.
This new digital currency will be used in all facets of life. The government will be able to know anything and everything you buy. It will all be recorded on a ledger, thanks to blockchain technology.
Bitcoin will have been the first, but it will eventually be made illegal to use and transact in. Govcoin will be what is pushed upon all people.
There will be resistance from the anarchist and libertarian crowds, but mainstream will adopt it easier than they have Bitcoin because it is backed by the United States Government, and like it or not, people feel more safe participating in things that are backed by the government.
Eventually Bitcoin will go the way of the dinosaur as will most other non state backed cryptocurrencies.
The only ones that will remain are the ones backed by central authorities.
The technology that was once thought to decentralize the world, will actually work to enslave people to the their governments more so than at any other time in history.
The government will be able to limit what you can and cannot buy if it so chooses. For example, if you are overweight, they may not allow you to purchase sweets. Since everything will be digital and no cash will exist there will be no way for you to overcome it.
The grocery store will not be able to process your transaction because of the government mandate. Etc etc etc...
*Much of these ideas and thoughts were inspired by this:
Feel free to check out the links if you'd like to learn more.
Admittedly I hope I am wrong about all of this.
I hope that Satoshi Nakamoto was simply a pen name used by some super genius who created Bitcoin in his basement and values his anonymity more than most.
I hope that Bitcoin goes on to change the world and I hope a truly decentralized Bitcoin or some other cryptocurrency can win out.
However, history has taught me to be skeptical and cynical, especially when it comes to the government. Perhaps if the technology keeps advancing at a fast enough pace and there is a fast enough adoption of a particular currency it will be too late and the government will miss it's chance?
Really that seems like the best chance for all of the above to be wrong.
But again, it's tough to beat anyone who makes the laws and has the ability to jail or fine those that do not listen.
Stay believing my friends!
Follow me: @jrcornel