Second Bailout for Banks

Second Bailout for Banks

Embedded in the code of its first block of transaction history are the words ‘The Times 03/Jan/2009 Chancellor on brink of second bailout for banks'.

This was a way of time-stamping the first Bitcoin transaction, but also a clue to the developer's motivation.

Financial traders have a new toy: Bitcoin, a digital currency variously dismissed as a Ponzi scheme or lauded as the greatest invention since the Internet.

Bitcoin and its mysterious inventor

Satoshi Nakamoto

Satoshi Nakamoto was the pseudonymous person or group of people who designed the original bitcoin protocol in 2008 and launched the bitcoin network in 2009. Beyond bitcoin, no other links to this identity have been found. His involvement in the original bitcoin protocol does not appear to extend past mid-2010. Nakamoto was active in making modifications to the bitcoin network and posting technical information on the BitcoinTalk Forum until his contact with bitcoin users began to fade. Until a few months before he left, he was responsible for creating the majority of the bitcoin protocol, only rarely accepting contributions.

In April 2011, Satoshi communicated to a bitcoin contributor saying he had “moved on to other things.”

Identity

Investigations into the real identity of Satoshi Nakamoto have been attempted by The New Yorker and Fast Company. Fast Company's investigation brought up circumstantial evidence that indicated a link between an encryption patent application filed by Neal King, Vladimir Oksman and Charles Bry on 15 August 2008 and the bitcoin.org domain name which was registered 72 hours later. The patent application (#20100042841) contained networking and encryption technologies similar to bitcoin's. After textual analysis, the phrase "...computationally impractical to reverse" was found in both the patent application and bitcoin's whitepaper. All three inventors explicitly denied being Satoshi Nakamoto

The New Yorker’s Joshua Davis Attempts to Identify Bitcoin Creator Satoshi Nakamoto.

But Garzik, the developer, says that the most dedicated Bitcoiners have stopped trying to hunt down Satoshi Nakamoto. “We really don’t care,” he says. It’s not the individuals behind the code who matter, but the code itself. And while people have stolen and cheated and abandoned the Bitcoiners, the code has remained true.

How can someone create something so great and not stepping out to get the credit?

"There are no bailouts of banks on Bitcoin,"