As Cryptocurrency Plummets, the Father of Bitcoin is nowhere to be Found

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While Satoshi continued to control Bitcoin’s development, users and developers congregated in Bitcoin forums to contribute code and work on the project, which had become a collaborative effort. Many programmers and developers have written code for Bitcoin, but Gavin Andresen was one of the most enthusiastic. Today, even Andresen himself has grown more reclusive: He no longer serves as “core maintainer” of Bitcoin’s code; in fact, that role may soon become as decentralized as the cryptocurrency itself. The price of Bitcoin has fallen dramatically in 2022-it’s plummeted by over 66 percent since January 1-but even so, that would put the value of Nakamoto’s Bitcoin holdings at over $16.2 billion. In the wake of the revelations, Changpeng Zhao, the CEO of FTX’s biggest competitor, Binance, announced his exchange would liquidate its share of FTT, a cryptocurrency token native to FTX, forcing its price to plummet and leading to a spike of customer withdrawals that the exchange could not meet. Cryptocurrency trading platform Coinbase, which went public on the Nasdaq in April 2021, noted the potential revelation of Nakamoto’s identity (and the movement of that person’s Bitcoin holdings) as a risk factor in its IPO filing with the Securities and Exchange Commission (SEC).

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Given Bitcoin’s potential to challenge sovereign fiat currencies, Nakomoto could fear potential legal actions by governments-if not other forms of government sanction. In 2014, a reporter from Newsweek identified 70-year-old Dorian Nakamoto, a soft-spoken resident of Los Angeles, as Bitcoin’s creator. In that same time, Bitcoin’s value has also fallen by over 17 percent, while the next biggest cryptocurrency, Ethereum, has fallen by nearly 19 percent. The first Bitcoin transaction occurred when Nakamoto sent 10 bitcoins to Hal Finney, a well-known developer who had downloaded the Bitcoin software on its release date in early 2009. The first commercial transaction came in 2010, when a programmer named Laszlo Hanyecz bought himself two Papa John’s pizzas for 10,000 bitcoins. At the cryptocurrency peak, in November of last year, the mysterious figure’s bitcoins would have been worth more than $67 billion. Coinbase even went so far as to send a copy of the filing to the last known email address for Nakamoto. The New York Times even went so far as to pin Szabo as the shadowy Nakamoto, but Szabo strenuously denied the claims. Before joining the magazine, he worked for the New York Post, Artinfo and New York magazine, where he covered everything from celebrity gossip to music to English soccer.

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A native of the Los Angeles suburbs, he briefly worked as a library manager before moving to New York to become a journalist. Dorian Nakamoto, a 70-year-old resident of Los Angeles, vehemently denied a 2014 Newsweek report that he was the founder of Bitcoin. 2023 Robb Report Media, LLC. Robb Report is a part of Penske Media Corporation. Bryan Hood is a digital staff writer at Robb Report. Throughout the history of Bitcoin, efforts to unveil Nakamoto have continued unabated. Unquestionably, efforts to uncover the identity of Satoshi Nakamoto will continue. The threat he poses to the cryptocurrency market is too great and the mystery surrounding his identity is too compelling. Nothing fires the imagination like an anonymous hero with a secret identity. That may sound like overkill to some, but it was recently made abundantly clear just how much of an effect an individual party can have on the entire cryptocurrency industry. The documents suggested that the Bahamas-based FTX’s finances were deeply intertwined with CEO Sam Bankman-Fried’s hedge fund, Alameda Research, and that it may not be backing user funds one to one. At the beginning of November, FTX, one of the world’s largest cryptocurrency exchanges and a company valued at $32 billion, imploded after Coindesk reported that leaked documents showed that it was close to insolvency.

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He appeared out of the ether in 2008 and disappeared just as abruptly three years later, after establishing the world’s first cryptocurrency. In 2008, Satoshi Nakamoto appeared out of the ether to establish the world’s first cryptocurrency. Should the person-or persons-behind the name Satoshi Nakamoto decide to sell just some of this hoard, the transaction would completely upend the cryptocurrency market. According to blockchain data company Chainalysis, criminals laundered US$8,600,000,000 worth of cryptocurrency in 2021, up by 30% from the previous year. Bitcoin came to life when Nakamoto published his famous white paper in 2008 on a cryptography mailing list describing a digital currency that would allow secure, peer-to-peer transactions without the involvement of any middleman, whether that be the government, financial system or a company. He reached out to Nakamoto in 2010 and became the founder’s right-hand man. When Nakamoto withdrew from sight, he left Bitcoin in Andresen’s hands. The upshot is that Satoshi Nakamoto remains anonymous, a mythical creature with a Bitcoin stash of epic proportions. This phenomenon has come to the world of finance in the person of Satoshi Nakamoto, the so-called father of Bitcoin. There would never be more than 21 million Bitcoin. Linguistic researchers analyzed Szabo’s writing as well as writing from other suspected Satoshis.

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