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Crypto users renew calls for Satoshi Nakamoto to win Nobel memorial prize for economics

October 13, 2022 Coin Telegraph

Business

Major figures in the crypto space argued the Bitcoin creator was the most deserving candidate for the economic award, despite the fact Satoshi's true identity remains unknown.

Bitcoin enthusiasts on social media platforms have reiterated their annual petition to have the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel awarded to Satoshi Nakamoto.

On Oct. 10, the Royal Swedish Academy of Sciences announced three recipients of the economic prize — former Federal Reserve chair Ben Bernanke, and U.S. economists Douglas Diamond and Philip Dybvig — for “research on banks and financial crises.” Many crypto enthusiasts have argued for years that the pseudonymous creator of Bitcoin (BTC) was the most deserving candidate for the economic award, first instituted in 1968, “according to the same principles as for the Nobel Prizes that have been awarded since 1901,” according to a description from the institution.

“In 2008, Bernanke printed money to bail out banks who proliferated a subprime debt bubble that caused a global financial crisis,” said crypto artist Lucho Polleti on Twitter. “Satoshi created Bitcoin, a money system that gives all humans economic freedom through the separation of money state. Satoshi deserves a Nobel Prize.”

The Nobel Prize in economics belongs to Satoshi Nakamoto, not Ben Bernanke.
— Jameson Lopp (@lopp) October 10, 2022

Some people, including crypto podcaster and Morgan Creek Digital co-founder Anthony "Pomp" Pompliano, have previously said Satoshi was entitled to more than just an economics prize. Pomp tweeted in 2019 that the BTC creator deserved the Nobel Peace Prize by establishing “a currency that can assume global reserve status without anyone having to engage in violence.”

Satoshi Nakamoto deserves the Nobel Peace prize and the Nobel prize for Economics. https://t.co/o8KNF1A6yU
— McKenna (@Crypto_McKenna) October 10, 2022

Others like Blockstream chief strategy officer Samson Mow have argued neither award applies as they’re emblematic of an outdated system:

No, Satoshi shouldn’t win the Nobel Prize because it’s a fiat construct used to prop up the legacy financial system. If you want to honor Satoshi, run a #Bitcoin node. https://t.co/t0MDlJel2J
— Samson Mow (@Excellion) October 10, 2022

It’s unclear if Satoshi would be eligible to receive either prize, given their identity has never been publicly revealed. It could make more sense to honor other known early contributors to the ecosystem, such as former BTC core developer Gavin Andresen, or developer and recipient of the first Bitcoin transaction, Hal Finney. However, Finney passed in 2014 and a Nobel Prize "cannot be awarded posthumously" according to the statutes of the Nobel Foundation.

Though not the winner of the economics prize this year, Satoshi has been publicly honored by many crypto users in a variety of ways. In September 2021, a crypto group set up a bronze statue of the legendary Bitcoin creator at a park in Budapest. Nakamoto continues to be the subject of crypto-related art, memes, online discussions, and speculation as to their identity — as an individual or group.

Economists debunk the banking system and win the Nobel Prize

October 11, 2022 Coin Telegraph

Banks

Three economists were awarded the Nobel Prize in economic sciences for their decades of research on societal reactions to financial crises and avoiding bank collapses.

Three economists were awarded the Nobel Prize in economic sciences on Oct. 10 for their discoveries which are said to have improved “how society deals with financial crises."

Ben Bernanke, Douglas Diamond and Philip Dybvig conducted research on the economic role played by banks during times of financial crisis. According to the Nobel Prize Organization, this research included an important finding on why it is not only important but “vital” to avoid the collapse of banks.

Tore Ellingsen, the chair of the committee for the prize in economic sciences, said that:

“The laureates’ insights have improved our ability to avoid both serious crises and expensive bailouts."

Diamond highlights the important role banks play in society as a middleman between savers and borrowers. Banks can provide depositors open access to their funds while giving the option of long-term loans to borrowers.

Along with stressing the vital socio-economic role banks play, the research also points to the vulnerabilities of banks, which spur rumors of their ‘imminent collapse” in the instance of a run on banks.

As crypto and the Web3 world become more mainstream, banks have new things to consider as societal challenges and adaptations.

Users are now interested in decentralized finance (DeFi) for the very reason of taking out a middleman between them and their liquid assets. DeFi, in the non-custodial sense, gives users unfettered access to financial tools they need and is increasingly used as a tool to help the unbanked.

However, as a Bloomberg analyst reported, many who have been used to the security found in traditional finance have a “fear of the unknown” when it comes to activity in DeFi and crypto.

Banks and major TradFi corporations have taken hints from the increasingly relevant and useful role of cryptocurrencies. According to data from the Basel Committee, banks worldwide own 9.4 billion euros in crypto assets.

The Central Bank of Switzerland also claims central banks will be a major proponent to further push DeFi into the mainstream through the right combination of centralization and decentralization.

Banks around the world trying to stay relevant with the shift towards digital currencies and the general digitization of money. Many are looking into developing their own central bank digital currencies (CBDC).

Most recently, the central bank of India released their outline for plans of a digital rupee CBDC.

Nobel Prize