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Technology Crypto inventor Satoshi Nakamoto is "a risk for Bitcoin"

18:33  27 february  2021
18:33  27 february  2021 Source:   t3n.de

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The crypto trading platform Coinbase sees Satoshi Nakamoto as a substantial risk for Bitcoin. The company announced this in its application for initial listing with the US Securities and Exchange Commission.

Krypto-Erfinder Satoshi Nakamoto ist „ein Risiko für den Bitcoin“ © Jaruwan Jaiyangyuen / shutterstock Crypto inventor Satoshi Nakamoto is “a risk for Bitcoin”

Coinbase, crypto trading platform from the US state of California, wants to go public on the New York Stock Exchange and has submitted its securities prospectus for it. Various mandatory information must be made therein. Among other things, the business figures are communicated.

This also includes the presentation of substantial risks so that potential investors can get an idea of ​​what they can do to make an informed investment decision.

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At this point, Coinbase identifies a corporate risk that will surprise many prospectus readers. Because none other than Satoshi Nakamoto considers Coinbase to be a danger. This is what the Business Insider reports.

Coinbase sees these risks in the person of Nakamoto's.

If the identity of the pseudonymous person or persons who developed Bitcoin were discovered, this could lead to massive upheavals. If Nakamoto also transferred its Bitcoins, it could destabilize the entire market, Coinbase says.

The extent to which the disclosure of the identity of the crypto inventor should have massive effects does not seem understandable at first glance. The concerns are primarily related to the psychological aspect that if Nakamoto's entire Bitcoin inventory could be assigned to a specific person, the actually decentralized approach of the cryptocurrency would feel to collapse.

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It quickly becomes clear that the transfer of his or her bitcoins could lead to a destabilization of the market. After Nakamoto was the first miner ever and the mining went relatively quickly at first, he is assigned a share of the total of around 21 million possible Bitcoin of over one million. If Nakamoto were to throw more than a million Bitcoin onto the market in one fell swoop, a collapse in the price would not be entirely unlikely. It should be noted that currently only around 18.5 of the total of 21 million Bitcoin have already been mined.

Who is Satoshi Nakamoto?

Nakamoto is said to have accompanied the development of Bitcoin from 2008 to 2011 and then withdrew from the project. In the meantime, there has been repeated speculation about the identity of the Bitcoin inventor.

In 2016, Australian entrepreneur Craig Wright claimed to be Nakamoto. After the FBI became interested in him too, Wright backed down.

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In 2015, the New York Times declared Bitcoin developer Nick Szabo to be Nakamoto. Szabo had already developed a crypto currency called "Bit Gold" in the 1990s. Linguists had also looked at documents attributed to Nakamoto and documents by Szabo as early as 2014 and discovered so many similarities in them that they were sure that Szabo was Nakamoto. He simply explained that he wasn't, but thanked him for the suspicion.

The Wikipedia entry on Satoshi Nakamoto contains a total of thirteen names of people to whom the identity should already be assigned. Among them is , who is now only the second richest person on earth .

Elon Musk was declared Nakamoto in a blog post by former SpaceX employee Sahil Gupta in 2017. Using his favorite medium, Twitter, he clearly rejected the assumption and described it as untrue. Although he has parts of a Bitcoin somewhere, he doesn't even know where.

Not true. A friend sent me part of a BTC a few years, but I don’t know where it is.

- Elon Musk (@elonmusk) November 28, 2017

Meanwhile, Musk's indifferent stance towards Bitcoin has changed drastically. After all, as Tesla boss he has already bought Bitcoin worth 1.5 billion US dollars this year. Bitcoin, which fluctuated around $ 10,000 in 2017, is now at $ 47,000 and had already prepared to hit the $ 60,000 threshold.

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usr: 1
This is interesting!