in

Why Bitcoin is better without an inventor

Share via
bitcoin

There is no person, company or government behind Bitcoin. It is the first decentralized network to transmit values directly peer-to-peer. Nevertheless, there is a pseudonym that is behind the revolutionary invention – Satoshi Nakamoto. But nobody knows exactly who is behind the pseudonym. That gives enough room for different speculations who could be Satoshi Nakamoto. Among others, names like Nick Szabo, Hal Finney, Adam Back and even still Craig Wright, who of course is clearly not Satoshi Nakamoto, are still being used.

Now Adam Back, the CEO of Blockstream, has joined a discussion about the identity of Satoshi Nakamoto and denies that he is Satoshi Nakamoto. He also explained why it is so important for Bitcoin that no one knows the true identity behind the Creator.

There are many theories surrounding the inventor of Bitcoin

Adam Back describes himself as a cypherpunk and cryptographer. He is also the inventor of Hashcash, on which Bitcoin Mining is based. Because of his knowledge and experience with cryptography, he belongs to a small group of candidates who know Satoshi or might even be Satoshi himself.

An excerpt from a 40-minute YouTube documentary about the possible identity of the mysterious figure inspired the Twitter user @ggmesh to claim that Adam Back is the inventor of Bitcoin.

Since I believe that you are Satoshi, I will proceed with caution and maximum respect. It is inconceivable that a man with your background would have ignored Bitcoin for so many years (during an academic break from 2005-2010 when you moved to a tax haven). Unless you are their creator

Another Twitter user also reacted to the discussion and said that he believes that Hal Finney or Nick Szabo could be behind Satoshi Nakamoto. Adam Back reacted to this again.

FWIW both said that they were not either. We will never know – many Cypherpunks had no social media footprint. Probably a digital ghost who destroyed the nym to be sure. Bitcoin is better than a decentralized digital asset without a founder. We are all Satoshi. – Adam Back

Another Twitter user agreed to Back’s thread and responded with the comment “Legacy is what matters”.

Back wants the community to focus on the future of the crypto-currency space instead of wondering who Satoshi is.

Ignorance about the inventor is one of BTC’s strengths

It is important to understand that a truly decentralised currency must function without a responsible person. Even if this person does not have much to say in a decentralized construct, many supporters usually focus on the inventor or the most important person/company in the project. We see this clearly with Ethereum and Vitalik Buterin. This represents an attack vector that should not be present in the best case.

There is no responsible person at Bitcoin. Just as there is no responsible person at the Internet. It is a protocol that has no central instance and has been working purely on the basis of game theory for over 10 years. Our money was reinvented with Bitcoin and gives us advantages that could change the monetary system in the coming decades. We are still in our infancy and can enthusiastically follow the development in this respect. It remains exciting.

Report

Share via

Let's Vote This Post

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments