Thursday, April 9, 2020

Satoshi Nakamoto’s exposé – A deception or candor?

The Takeaway:

Over the decade, numerous people have surfaced to claim and demystify the identity of Satoshi Nakamoto, the veiled originator of Bitcoin. 2008 Satoshi's disposition and crypto enthusiasts reverence for him, have dismissed most Faketoshis. Another candidate, in the ever-increasing list of possible Satoshi's, has captured the industry's attention. Critical reception points to another hoax or PR stunt, but we are giving them the benefit of the doubt until the ultimate revelation on 20 August.

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If you have not been under the crypto rock, Bitcoin is not an unfamiliar name. The first and the most successful cryptocurrency has achieved all levels of ups and downs but persists to be the number one. Bitcoin, a virtual coin based on a peer-to-peer network, is today, called the digital gold. Where some of the people might believe its ulchatimate value would be close to nothing, a vast majority considers it is to be the best investment.

BTC Bitcoin

 

Cryptic Father of Cryptocurrency

With the paper publishment describing bitcoin in 2008, the decentralized cryptocurrency came into execution in 2009 with its creator as a pseudonymous person. Satoshi Nakamoto, the anonym used by the developer, penned the first-ever bitcoin white paper and designed the earliest-in-order blockchain database. Claimed to be from Japan, Nakamoto was the first to solve the double-spending problem for digital coins through the P2P network. Satoshi created the website, domain name, collaborated with various bitcoin developers, and made all qualifications to the source code.

Nevertheless, he did not reveal any private information. It was only on the P2P foundation profile that he asserted to a be 37 years old male from Japan, but speculations accompanied the claim due to the perfect English used by Nakamoto. Also, the bitcoin software was not documented or labeled in Japenese. Satoshi remained active in bitcoin development till December 2010 and handed the control to Gavin Andresen later that year. Moreover, Nakamoto’s bitcoins remain unspent except for the test transactions since mid-January 2009.

 

Is this the end of his anonymity?

Now, what if we tell you, Satoshi Nakamoto has re-entered the spotlight? After almost a decade of hidden identity, Nakamoto is on the path to disclose himself? It sounds exciting and interesting, right? But, what if its another pseudo-Satoshi?

Taking the crypto nation by surprise, the Satoshi Nakamoto Renaissance Holdings website has planned to divulge the identity of the bitcoin creator in three parts, starting from 18 August.

 

The Reveal

Promoted by the Ivy McLemore & Associates (IM&A), Satoshi website has made a door open to the truth. Releasing the statement on 15 August, the firm declared their retainment by the website and led the way for people to reach the revelation. Before Sunday, all people could see was the bold lettered Satoshi Nakamoto – My Reveal to come into light on 18 August. At 4 p.m. EDT on Sunday, awaited by the crypto enthusiasts, unfolded the identity truth on the website. Truth or hoax, you will know!

“My Reveal” by Satoshi Nakamoto is commenced as a three-day series with three parts. With the release of Part I on Sunday, Part II and III will follow up on Monday and Tuesday respectively.

 

“His reveal” and its reception

Part I by Nakamoto concludes The origin of bitcoin and the false name. The maybe Satoshi frames his fight with himself and his struggles as the reason for his absence from the public eye. Also, his creation of bitcoin cited as something illegal by some governments added up to his cloaked image. He states how the hacks following the greed made him realize his duty towards his invention, which is now understood as an overwhelming technology.

Though the exposé attracted people from across the globe, the majority were mainly critical of its legitimacy. Known for his excellent command over English, people were skeptical about the grammatical errors accompanying the disclosure.

 

 

BCCI or bitcoin’s origin?

Further, he mentioned about his ‘master thesis,’ his interest in cryptography and numerology. He links the formulation of bitcoin’s name to the Bank of Credit and Commerce International (BCCI), Pakistan which closed in 1991.

 

In reaction, Charlie Lee, the founder of Litecoin, highlights the absurdity of the serendipitous naming of bitcoin.

Skeptical twitter users conducted their research to find out the owner of BCCI.net in 2008 and discovered Bilal Khalid as a registrant.

 

Satoshi Nakamoto – The outcome of paranoia

Besides, he credits the invention of bitcoin to his personal banking experiences. Inciting a good laugh for us, he even announced the origin of his fake identity as the result of his paranoia towards his real name. The farthest he went was disclosing his childhood nickname, Shaikho, a widespread Pakistani name.

As revealed, he chose Satoshi Nakamoto based on his faith in numerology. Likewise, his nickname that began with S, equivalent to number 24 and equating to 6, he wanted his pseudo-name to also start from the same alphabet. The want for a ‘magical numerological name’ with two mercury (messenger of God) numbers (5), led his way to the name where Satoshi + Nakamoto = 55.

 

Affection or Affectation?

Coming to the end of the first part of the reveal, Satoshi acknowledged his good pal Hal Finney for his support and smartness to carry forward the bitcoin legacy. His “heartfelt” dedication to Hal fell short of expectations as he carelessly referred to Finney’s cryptographic activist group – Cypherpunk as cyberpunk. This erroneous mistake was rectified after it was pointed out on Twitter.

 

Revelation – Cynics weigh in.

The criticism of the announcement started as soon as IM&A supported and issued the statements through the press release. We would wonder why in spite of using a firm to expose the identity of such an essential personality of the crypto world, the truth could be not edited and made error-free! But this doubt indeed vanishes when one reads the press release, which was itself accumulated with several grammatical blunders.

 

Massive wealth but none for the website!

Revealing himself as a person with a passion for cryptography, did the man claiming to be Satoshi Nakamoto create a WordPress site with insufficient resources?

 

To no surprise, he certainly did! For a crypto expert, to use a website without SSL seems quite out of character.

 

Moreover, it is considerably frugal for someone with $10 billion in bitcoins to establish a domain worth just a dollar/month.

The website crashed in no time due to an overwhelming response causing immense traffic that of course, it could not handle.

A twitter user reported resource depreciation on the website as the faketoshi forgot its CDN setup.

The website, as pointed out by @junseth, shares its server with four other sites.

The website crashed in no time due to an overwhelming response causing immense traffic that of course, it could not handle.

 

Is Satoshi a Cryptography master or amateur?

Adding to the errors co-occurring with the divulgence, the supposed cryptography expert, couldn’t protect the significant details of his privacy. He, ridiculously, gave people his location as well as his phone specifics.

 

Why is “Satoshi” beating around the bush?

The Litecoin genius, Charlie Lee proclaimed, if the man confessing to being Satoshi Nakamoto was real then he must sign in the genesis block and take things professionally.

 

On the other hand, there are assumptions that either the real man behind bitcoin has died or lost access to his private keys.

However, these assumptions might not attain much faith.
People also deduced it to be another stunt by Craig Wright.

Despite the reveal scheduled for 20 August, people have already uncovered the covert identity of this “Satoshi Nakamoto.” Consensus reveals its a person of Pakistani descent and is named Bilal Khalid. Social media users have not held back with their skepticism and sarcasm

 

Highlighting the level of inanity associated with the assertions of being the actual Satoshi Nakamoto, a user satirically tweeted

 

There is no paucity of people claiming to be the cryptocurrency developer but as a twitter user rightly said

 

Chaintimes will be covering the other two parts of the reveal and provide unbiased information regarding its authenticity.
To satiate your curiosity, we’ll keep you abreast of the subsequent reveals and if they hold any merit.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Ramon AnderSon
Ramon AnderSon
Ramon is a senior market research analyst who is very passionate about bitcoin. He has a degree in Applied Science from Assumption College, Worcester.

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