Many members of the crypto community are convinced that the anonymous Satoshi Nakamoto – the creator of Bitcoin (BTC) – has changed humanity’s life for the better forever. Unfortunately, the theory has a downside.
Bitcoins that supposedly belong to Satoshi Nakamoto himself have recently gone into motion. Such activity may have caused panic sales in the digital asset market because investors don’t know what might actually be behind such transactions.
BeInCrypto’s editorial team decided to look into what kind of threat Satoshi Nakamoto might actually pose to the crypto community. It turns out that investors have at least 5 reasons not to trust the bitcoin creator.
1 – We don’t know who he is
Someone nicknamed “Satoshi Nakamoto” disappeared from view more than a decade ago. His last online post was dated December 13, 2010. Who the creator of Bitcoin really is – we do not know. The nickname may hide a developer, or a group of individuals. None of the attempts by the media and individuals to establish Satoshi’s real identity have been successful.
The lack of information about who the creator of Bitcoin really is raises a number of additional questions, among which are the following:
What purpose did he have in creating the cryptocurrency?
Does he have plans for further involvement in the crypto industry?
Is Satoshi even alive, and if so, does he ever plan to reappear online?
Cryptocurrency investors cannot get answers to their questions directly. As a result, there are assumptions that may only be an illusion.
For example, the creator of bitcoin may not turn out to be a knight who saved humanity from the oppression of a centralized financial system, but a villain with a cunning strategy.
Unfortunately, while Satoshi is in the shadows, cryptocurrency users cannot get confirmation of their theories. One thing is clear – no one knows what we can really expect from the creator of the coin.
2 – And legends like Satoshi Nakamoto can make mistakes
Despite the fact that many experts have already repeatedly analyzed all the technical details of bitcoin, we should not rule out the possibility of a mistake. No matter how brilliant a developer Satoshi was, he may not have foreseen a number of important details. For example, there is a theory that bitcoin can be “killed” by quantum computers.
Maybe, the developers did not have enough time to find the critical errors that could lead to the loss of control over the project and other unpleasant consequences. It turns out that the threat cannot be completely discounted.
3 – Satoshi Nakamoto may have leverage that we don’t know about
Even though Satoshi handed over bitcoin management to professional developers and, partly, his networking buddies before he left, he may still have additional tools of control in his hands. For example, the cryptocurrency community still does not know how much BTC remains in the hands of the cryptocurrency creator.
Satoshi Nakamoto is one of the first bitcoin miners. In the early days of mining, the cryptocurrency could be released many times faster than it is now. As a result, network members who mined BTC in the early years got a large amount of coins in a short period of time.
4 – Bitcoin’s creator could go to the dark side
The fact that digital asset marketers do not know Satoshi Nakamoto’s position on what is happening is another problem. Maybe he wanted to give people a new and perfect financial instrument when he created bitcoin, but after a while he changed his goals.
Investors should not completely rule out the suggestion that the developer may be under pressure to bring down the project. The speculation that Satoshi may simply, by the will of his heart, go to the dark side also has a right to exist.
5 – Bitcoin may not be what it seems
In the crypto community, bitcoin is commonly thought of as an alternative to a centralized financial system in which banks and regulators dominate the interests of ordinary users. What ideas Satoshi was really guided by while creating the project is unknown.
There are some conspiracy theories, according to which bitcoin is nothing more than an initiative with the sole purpose to siphon money from ordinary users. Time will tell who is right and who is wrong.