Satoshi Nakamoto planned everything meticulously when he first thought of humankind’s greatest currency. The cryptocurrency he created is considered so perfect that it is still regarded as the best in every aspect, such as decentralization, security, and limited supply. What is most amazing is that PoW mining converts wasted electricity at the moment into a financial asset, which can be spent in the future.

However, there was one thing he wasn't sure of: would Bitcoin reach the one-dollar threshold?

Bitcoin's early adopters were largely technology enthusiasts and libertarians who saw the potential for a decentralized digital currency that operated outside of government control. Since Bitcoin was initially viewed as a toy for tech enthusiasts, its early price was a fraction of a penny. What drove the Bitcoin price over $1 was the Silk Road, a now-defunct dark web marketplace for drugs and other illegal goods. The anonymity and decentralization of Bitcoin made it an attractive payment method for users on the site in 2011.

We can’t deny that the early association with illicit activity contributed to Bitcoin's initial price rise. It’s safe to assume that some of the Bitcoin whales were junkies and criminals back in the days. They were not philosophers or libertarians. They were just at the right place at the right time. Will they HODL Bitcoin no matter what in order to protect society against future tyranny? No, they will try to take profit when they see fit. Every time they sell their decade-old Bitcoin, the market will crash.

Gold is considered the best asset because no one can acquire it for significantly less than others. Bitcoin can't become bigger than gold until the early lucky whales are gone.

Why is Satoshi's Bitcoin a source of concern for the Bitcoin community?

- Taemin Oh, the founder of BTCMobick

On November 26, 2022, one of the early coins believed to belong to Hal Finney was moved. This particular coin is associated with Hal Finney and is part of the early coins linked to block number 1018, which was mined on January 19, 2009.

https://news.bitcoin.com/another-mysterious-person-signs-a-2009-btc-address-message-shared-by-martin-shkreli-mentions-convicted-felon-paul-le-roux/

Satoshi Nakamoto and Hal Finney are so closely intertwined in the early blocks that they can easily be mistaken for the same entity.

Satoshi sent 10 BTC to Hal Finney, which he mined in the 9th block, and Hal Finney also mined blocks in the 70s. The Bitcoin community becomes apprehensive when coins from Satoshi's era are on the move, and they monitor these transactions with the hope that they belong to Hal Finney. This is because it's conceivable on a human level that Hal Finney and his family might consider selling the coins left by their father for profit. However, another intricate issue arises: Is the Bitcoin that disappeared with Satoshi Nakamoto really limited to just 1.1 million BTC?

https://en.cryptonomist.ch/2022/08/28/satoshi-nakamoto-bitcoins/

Even after Satoshi Nakamoto declared that he would no longer engage in mining, mining activities continued, leaving room for the possibility that he continued to mine using new addresses not linked to his known ones. Over half of the early-mined Bitcoins, apart from those associated with Satoshi Nakamoto's address, have been actively circulated. The 1.1 million BTC known to be attributed to Satoshi Nakamoto remains unmoved. This is a source of pride for Bitcoin Core developers and signifies their belief that 1.1 million Bitcoins vanished along with Satoshi Nakamoto, as it suggests their creator wasn't motivated by profit.

However, this confidence is built solely on faith. Satoshi Nakamoto could have continued mining and selling Bitcoin to secure a comfortable living or to leave a substantial inheritance for his family. In reality, nearly half of the 10 million BTC mined during the initial four years, when 50 new BTC were generated every ten minutes, remains shrouded in mystery.

Even after Satoshi Nakamoto declared that he wouldn't use any addresses other than his known 1.1 million Bitcoin, he may have consistently mined and used hundreds of thousands or even millions of Bitcoins through various addresses.

The possibility exists that he maintained other wallets and refrained from accessing the 1.1 million Bitcoins. Bitcoin Core developers vigilantly track the movements of early wallets, debating whether they truly belong to Satoshi's address and later asserting that they do not, which has become customary. However, despite refuting the ownership of the 1.1 million BTC wallet, they cannot dismiss the possibility that these coins were mined by Satoshi Nakamoto anonymously (Satoshi Nakamoto himself being a pseudonym) through new addresses.

The issue related to the Bitcoin founder remains a perplexing matter for Bitcoin enthusiasts. Occasional scammers falsely claiming to be Satoshi Nakamoto and sporadic movements in early wallets add to the complexity. In fact, Bitcoin is more mythical, opaque, and enigmatic than any other blockchain network. The uncertainty about the creator's holdings, coupled with the potential for individuals to possess more than 5% of the total supply without being officially identifiable, invalidates the claim made by Bitcoin Core developers that Bitcoin is the most transparent.

Whenever doubts arise, one must consciously acknowledge that this is a significant issue. Failure to do so may lead to a belief in a different version of Bitcoin, influenced by a powerful doctrine.

#Satoshi #BitcoinCore #Bitcoin #HalFinney