Satoshi Nakamoto, the mysterious creator of Bitcoin has been regarded by many as the real life Prometheus. This greek mythology hero gave people fire and a better life. But did Satoshi, who started the cryptocurrency revolution, give us back our power or did he do something opposite, taking the rest of our freedom away? In this article I will look at both sides of this great history that is unfolding in front of our eyes.
As you probably already know, Bitcoin was brought to life by Satoshi Nakamoto at the beginning of 2009. Even now, after more than 12 year since this time, no one really knows who was the unknown creator of the most renown cryptocurrency. What I know though is that the story of bitcoin’s creation will be shortly used by Hollywood, as this is ready material for a blockbuster.
Many people suspect that behind the anonymous Satoshi Nakamoto there actually was a team of people. And even though he himself suggested being Japanese (on his P2P Foundation profile) there are some clues pointing towards the Commonwealth countries as his origin. Since Satoshi’s vanishing, there have been many people who claimed or have been claimed to be the real Satoshi Nakamoto, but it is highly possible we will never know who he really was. There is one person that stands out in this story—Hal Finney. Finney was the first person to receive a bitcoin transaction from Satoshi. What is more, in 2004 he developed a first of a kind reusable proof of work cash system— RPOW. He was a Cypherpunk, an advocate of privacy and a cryptography expert. These (and some more) details point to him as a big part of the Satoshi team if not Satoshi himself. Unfortunately, Hal Finney died in 2014 from Amyotrophic Lateral Sclerosis— he denied being Satoshi on multiple occasions . . .
We might never know who Satoshi was but based on his comments and bitcoin’s whitepaper we can clearly see what was the intention behind his great invention. Satoshi Nakamoto wanted bitcoin to be an electronic cash system that does not require trust and is accessible by anyone around the world. Taking into consideration his multiple allusions towards a flawed fractional reserve banking system, we can assume with high levels of certainty that he wanted bitcoin to be a remedy for a broken fiat money model that has been in place for many decades now. Arguably Satoshi wanted to give us back the power over our money.
But is this really the case right now?
Even though the mainstream narration around bitcoin has changed a lot in the last few years, the future of cryptocurrencies and their influence on our lives is still uncertain. The crypto-freedom movement started by bitcoin at the same time gave birth to a new threat.
The CBDCs – Central Bank Digital Currencies.
Their development has been speeding up with some pilot programs already being implemented around the world. What is scary about CBDCs is that their implementation means total control over our money. A cashless society where each of your financial moves is being tracked. Every penny you spend, anytime, anywhere. Where your access to money can be disabled with one click if the government or your bank decides you did something wrong. Politicians might not be able to ban bitcoin and other cryptocurrencies but by strict regulation and deployment of CBDCs they can tighten the control over our money even more. It is also worth mentioning that the cryptocurrency market (because of its infancy and relatively small size) can be easily influenced. Wall Street sharks are getting more and more of the crypto market share, buying from the weak hands of many retail investors during orchestrated market manipulation (like the one in May this year). Bitcoin that was supposed to set us free is slowly being accumulated by the big guys, leaving many clueless retail investors with empty pockets.
The result of war that Satoshi started to end up fiat-slavery will determine our future for many generations. Bitcoin won many battles but the most important ones are still to come. This amazing story is unfolding in front of us.
The fight is still on…
Let me know in the comments below what you think about the development of CBDCs. Will public blockchains like Bitcoin survive?
27.07.2021, Piotr Borowiec