The cryptocurrency world started with Bitcoin, and the crypto had got the fame and name just like any other celebrity. And for several years people in the community have been wondering who is the face behind the first cryptocurrency created, who is Satoshi Nakamoto?
But before that, there were some fundamental aspects about Bitcoin which popularized it
- Bitcoin was the first digital currency which was decentralized and didn’t require any government authorities to monitor, regulate or control it
- It was not backed up by any fiat currency(currencies which are issued backed up by the government)
- It worked on a peer to peer networking system which used the computing power of nodes(computers) located all over the globe, this process made the transactions on the network much faster than the traditional networking systems which were centralized and required the dependency on the central servers
- Most importantly, the creator of Bitcoin was anonymous and used a pseudonym which goes by the name Satoshi Nakamoto
Why decentralization is so important and how and whom does it affect?
In today’s world where the economy and the government are being run by the centralized servers and we are totally depended on them for our services and well-being, where we are dependent on them for our day to day life, business solutions, policies and framework, being socially and mentally controlled and regulated by the protocols set by these strong organizations.
But there are very basic questions that need to be asked by everyone
- Should we trust these organizations?
- Should these organizations decide the degree of freedom we are supposed to have on the various matter?
- Have these organizations been just and truthful to us?
Privacy and Security
In an era where data rules the way the world behaves we have seen a lot of ups and downs in the system, technology is both boon and a bain, but what is unacceptable is how we live under a shadow and are being window-dressed with these organizations’ true nature.
We are not speaking against anyone by taking a pro side towards this community which has been evolving for a few years and focuses on decentralizing the power structure.
We believe there are reasons for why such type of technology is becoming an essential part of lives.
The NSA Whistleblower
One of the events that highlight the intensity of breach is when the NSA whistleblower and former CIA Edward Snowden leaked classified information from NSA in 2013 revealed numerous global surveillance programs run by the NSA and the Five Eyes Intelligence Alliance with the cooperation of the telecommunication companies and the European Governments.
The mass surveillance of the United States Government on its citizens raised a very strong opposition towards the government on the matter of privacy.
The government has been trying to get hold of Snowden since then, his passport was cancelled and he seeked asylum in Russia.
Facebook Data scandal
Another event more or a scandal that was a recent event was that of Facebook’s data scandal, where 50 million Facebook’s user data were misused for the 2016 U.S presidential campaigns.
A company named Cambridge Analytica which mined the data provided by Facebook for “developing detailed psychological profiles of every American voter, so that campaigns could tailor their pitches from person to person” as quoted on National Public Radio.
These are proven examples of what these centralized organizations are capable of and how they affect us, how unaware we are being general public and how massively we are affected.
Dr Craig Steven Wright
Dr Craig Steven Wright has identified himself as the the main part of the team that created Bitcoin, and he is the one who is claiming to be Satoshi Nakamoto. The BBC, The Economist have taken interview of him and after an interview on the Melbourne’s first Bitcoin Conference on 10th July 2014 showed how deeply he understood the concept of Bitcoin.
One and a half years later both Wired and Gizmodo released stories suggesting that Craig could be Satoshi Nakamoto. In an interview with BBC he claimed that he was Satoshi Nakamoto.
When asked that why he remained under a pseudonym for such a long time he replied that he doesn’t want name or fame and he is doing this now because the members of the team decided for him to do so, he never wanted to be public because it would affect the lives of the people he cared about.
He was allegedly under investigation of the ATO(Australian Taxation Office) according to BBC which he denied and replied, they have told the ATO everything, about the tax, issues and implications and they put everything with the auditors, they have internal audit and provide that information to the tax office so that they can pay the correct amount of tax. Because no one understands Bitcoin very well, and no one understands the timing or anything like that, it is still an ongoing matter, so they have lawyers negotiating how to much tax they owe.
Was it important for Satoshi Nakamoto to be anonymous?
In personal opinion, yes because the truth is the centralized organizations are way too strong and powerful to be broken down, and they do not want something like decentralization to happen to them which delegates the power completely to the ones who they rule upon.
And when disruptions happen in their space, it is very natural that they would try to stop it from happening so, no matter what the cost might be, we are already watching the government regulations in the matter of cryptocurrencies where there has been no proper explanation been given as to what are the definite reasons of banning cryptocurrencies, banks like JP Morgan and huge names in the investment sector like Warren Buffett criticizing cryptocurrencies without understanding the technology.
We would like to say that we are very much the victims of modern slavery, it’s just that we are not much aware of it. It will be just like a cat and mouse chase where one innovates and the other is after it.
Here are some of the links to the videos which would give you more insight on the discussion:
Craig Wright Claims Himself To Be Satoshi Nakamoto:
Craig Wright Interview – Part 1 – 2014 – Satoshi?
Craig Wright Interview – Part 2 – 2014 – Satoshi?
Craig Wright Interview – Part 3 – 2014 – Satoshi?
Cambridge Analytica whistleblower: ‘We spent $1m harvesting millions of Facebook profiles’
NSA whistleblower Edward Snowden: ‘I don’t want to live in a society that does these sort of things
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