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Satoshi Nakamoto

Bitcoin Becomes 12th Largest Asset Worldwide by Valuation, Surpassing Visa

Bitcoin Becomes 12th Largest Asset Worldwide by Valuation, Surpassing VisaAfter dropping below $26,000 per unit, the price of bitcoin, the leading digital asset by market capitalization, is still up 9.6% since last week. However, its price has decreased by 6.5% in the last 24 hours. Out of the 7,316 companies, crypto assets, precious metals, and exchange-traded funds worth more than $82 trillion in value, […]

‘Surgical removal’ of crypto will only weaken USD dominance, commentators say

Bitcoin Bursts to $22,000 As Biden Administration Tries to Stop Contagion in U.S. Financial System

Bitcoin Bursts to ,000 As Biden Administration Tries to Stop Contagion in U.S. Financial System

The price of Bitcoin (BTC) is soaring as the Biden Administration races to prevent the collapse of Silicon Valley Bank from triggering a mass exodus at regional banks across the U.S. The U.S. Treasury Department is conducting a series of emergency meetings to determine whether it should ensure all depositors at SVB will be made […]

The post Bitcoin Bursts to $22,000 As Biden Administration Tries to Stop Contagion in U.S. Financial System appeared first on The Daily Hodl.

‘Surgical removal’ of crypto will only weaken USD dominance, commentators say

Silicon Valley Bank Failure Highlights Dangers of Fractional-Reserve Banking

Silicon Valley Bank Failure Highlights Dangers of Fractional-Reserve BankingAfter the failure of Silicon Valley Bank (SVB), a great deal of Americans are starting to realize the dangers of fractional-reserve banking. Reports show that SVB suffered a significant bank run after customers attempted to withdraw $42 billion from the bank on Thursday. The following is a look at what fractional-reserve banking is and why […]

‘Surgical removal’ of crypto will only weaken USD dominance, commentators say

BitMEX co-founder Arthur Hayes proposes Bitcoin-based stablecoin

The proposed stablecoin, the Satoshi Nakamoto Dollar, aims to be entirely free from any movements of USD, which require banking services.

Amid the United States regulators increasingly scrutinizing stablecoins, the community continues to pitch new ideas of stablecoins independent from the U.S. dollar.

Arthur Hayes, co-founder and former CEO of BitMEX cryptocurrency exchange, has proposed creating a new stablecoin with a value pegged to the sum of $1 worth of Bitcoin (BTC) and one inverse perpetual swap of BTC against USD. He outlined the idea of the potential Satoshi Nakamoto Dollar (NUSD), or NakaDollar, in a blog post titled “Dust on Crust” on March 8.

Unlike major reserve-backed USD stablecoins like Tether (USDT) and USD Coin (USDC), the proposed NakaDollar will not depend on any USD reserves but will rely solely upon derivatives exchanges that list liquid inverse perpetual swaps, Hayes said.

The proposed stablecoin is planned to be based specifically on a set of short BTC positions and USD inverse perpetual swaps, maintaining its 1:1 peg to USD via mathematical transactions between the new decentralized autonomous organization (DAO), NakaDAO, authorized participants (AP) and derivatives exchanges.

The process of creating the NakaDollar stablecoin will be entirely free from any movements of USD, which require the services of banks, Hayes stated. He still noted that the proposed NUSD stablecoin will not be really decentralized, adding:

“The points of failure in the NakaDollar solution would be centralized crypto derivatives exchanges. I excluded decentralized derivative exchanges because they are nowhere near as liquid as their centralized counterparts [...]”

The news comes amid the owner of Silvergate Bank, a major cryptocurrency-enabled bank in the United States, shutting operations and liquidating business amid the ongoing market downturn. The shutdown came quickly after the New York Department of Financial Services abruptly ordered Paxos Trust to stop the issuance of BUSD, one of the largest USD stablecoins on the market. As previously reported, Paxos held deposits in a few banks, including Silvergate and Signature crypto bank.

Related: ​​Stablecoins and Ether are ‘going to be commodities,’ reaffirms CFTC chair

Hayes is not alone in considering USD-independent stablecoins amid the ongoing pressure from regulators. In February, Binance CEO Changpeng Zhao suggested that the cryptocurrency industry will likely move to other fiat currencies as a base for stablecoins, including euro, yen, or Singapore dollars.

‘Surgical removal’ of crypto will only weaken USD dominance, commentators say

Ancient Bitcoin Whale Moves $9,600,000 in BTC at 181,204% Profit in Sudden Awakening

Ancient Bitcoin Whale Moves ,600,000 in BTC at 181,204% Profit in Sudden Awakening

A leading blockchain data monitoring website says a long-dormant Bitcoin (BTC) address is suddenly awakening after nearly 11 years of inactivity. According to BitInfoCharts, the address, which was last active in October 2012, recently transferred 412 Bitcoin valued at over $9.5 million at time of transfer. BTC was priced at about $12.50 when the wallet […]

The post Ancient Bitcoin Whale Moves $9,600,000 in BTC at 181,204% Profit in Sudden Awakening appeared first on The Daily Hodl.

‘Surgical removal’ of crypto will only weaken USD dominance, commentators say

Former Bitcoin Dev Gavin Andresen Revises 2016 Blog Post, Calls Trust in Craig Wright a ‘Mistake’

Former Bitcoin Dev Gavin Andresen Revises 2016 Blog Post, Calls Trust in Craig Wright a ‘Mistake’During the first week of Feb. 2023, the United Kingdom Court of Appeal overturned a High Court decision from March 2022 in the case of Craig Wright’s Tulip Trading Limited (TTL) vs. 16 cryptocurrency developers. The case will proceed to trial as Wright, who claims to be Satoshi Nakamoto, stated his team was “delighted” with […]

‘Surgical removal’ of crypto will only weaken USD dominance, commentators say

Where Are the Crypto OGs? — Taxation Is Theft, but Joe Biden Needs Ice Cream Money

Where Are the Crypto OGs? — Taxation Is Theft, but Joe Biden Needs Ice Cream MoneyBitcoin was once viewed as a means to opt out of violent, legacy financial systems. Now, it is being co-opted by the very same, and zealous newcomers to crypto think that’s a good thing, while still giving lip service to peer-to-peer values. Ignoring the problems with fiat money, they beg political interests and bad actors […]

‘Surgical removal’ of crypto will only weaken USD dominance, commentators say

7 people who could be Bitcoin creator Satoshi Nakamoto

To this day, the exact identity of Satoshi Nakamoto remains a mystery.

Satoshi Nakamoto is the pseudonym used by the creator(s) of Bitcoin, whose true identity remains unknown. The name was used to author the original Bitcoin (BTC) white paper in 2008 and to create and deploy the first Bitcoin software in 2009. Nakamoto’s true identity has never been revealed, and they have remained an enigma in the world of cryptocurrency. They are estimated to have mined around 1 million BTC in the early days of the network, which would make them one of the wealthiest people in the world.

Some believe that Satoshi Nakamoto is a pseudonym for an individual, while others maintain that it could be a group of people. Below is a list of people believed to be the best possible candidates for the creator, with some having already refused or embraced the identity.

Nick Szabo

Nick Szabo is a computer scientist, legal scholar and cryptographer known for his research on digital contracts and digital currency. He is credited with developing the concept of smart contracts, which are self-executing contracts with the terms of the agreement written into the code. Szabo first proposed the idea of smart contracts in 1994 in an article titled "Smart Contracts: Building Blocks for Digital Markets.”

Szabo is also known for his work on digital currency and cryptography and is considered a pioneer in digital money. He created a precursor to Bitcoin called “Bit Gold,” which he described in a series of blog posts in the late 1990s.

Szabo speaking at an event. Source: The U.S. Sun

Szabo is considered by many to be a likely candidate for the true identity of Nakamoto, but he has denied it.

He is also a legal scholar and has written extensively on the legal implications of digital contracts and digital currency. He is an advocate of digital freedom and privacy and has written on the intersection of cryptography and civil liberties.

Hal Finney

Hal Finney was a computer programmer and early Bitcoin contributor. He was one of the first people to run the Bitcoin software and was an active member of the community in the years following its creation. Finney was also a developer of the Pretty Good Privacy (PGP) encryption software, which is widely used to secure email communications.

Hal Finney and his wife Fran Finney. Source: Braiins

He was a well-known figure in the Bitcoin community and was recognized for his contributions to its development. He was also a vocal advocate for Bitcoin and wrote extensively on the technology’s potential in various forums and social media platforms.

Finney denied the claims that he created Bitcoin but acknowledged having received the first Bitcoin transaction from Nakamoto. He passed away in 2014 due to complications from amyotrophic lateral sclerosis, a degenerative disease of the nerve cells in the brain and spinal cord that control muscle movement. He was widely respected and honored within the Bitcoin community.

Dorian Nakamoto

Dorian Nakamoto is a retired Japanese-American engineer and physicist whose name was put forward as a potential Satoshi Nakamoto in a 2014 article by Leah McGrath Goodman in the magazine Newsweek.

Dorian Nakamoto denied the allegations, stating that he had never heard of Bitcoin before the article was published and that he had no involvement in creating the cryptocurrency. He also said he was not fluent in English and felt that the interviewer had taken his statements out of context.

Nakamoto thanks the Bitcoin community in a YouTube video. Source: Dara Kerr/CNET

Despite his denial, the article sparked a media frenzy, with journalists and members of the public staking out Dorian Nakamoto’s home and attempting to contact him for interviews. The attention caused a great deal of stress for him and his family, and he later sought legal advice to deal with the situation. Dorian Nakamoto’s name was later removed from the list of potential candidates. He has been a private person since then, and not much is known about him or his activities.

Craig Wright

Craig Wright is an Australian computer scientist and businessman who has publicly claimed to be Nakamoto. Wright first made the claims in 2016 and later provided some technical evidence to support them.

Wright has been a controversial figure in the cryptocurrency community, and his claims to be Nakamoto have been met with great skepticism. Many experts in the field have stated that the evidence presented by Wright is insufficient to prove his claim, and some have accused him of fraud.

Craig Wright. Source: Financial Times

Wright is also known for his involvement in various lawsuits and legal disputes, including a multibillion-dollar lawsuit against the estate of Dave Kleiman, a computer scientist and cybersecurity expert who was also considered a potential candidate for Nakamoto, and several conflicts with other members of the cryptocurrency community.

Adam Back

Adam Back is a British computer scientist and cryptography expert who has been involved in developing various blockchain and digital currency projects. He is best known as the creator of Hashcash, a proof-of-work system used to prevent spam and denial-of-service attacks, which was proposed in 1997 and later served as an inspiration for Bitcoin’s mining mechanism.

Adam Back. Source: Blockstream

Back is a respected figure in the blockchain and cryptocurrency industry and has been involved in various projects and companies. He is also an active member of the cypherpunk community, a group of activists and technologists who advocate for using cryptography to protect privacy and civil liberties.

Back has denied being Nakamoto but remains a vocal advocate for privacy and has spoken out against government surveillance and the erosion of civil liberties. He is also known for his research on distributed systems, writing several papers and articles on the subject.

Wei Dai

Wei Dai is a computer scientist and cryptographer known for his contributions to the development of digital currency. He is best known for his work on digital cash and electronic payment systems and is considered one of the field’s pioneers.

Dai’s most notable contribution is the creation of B-money, an anonymous, distributed electronic cash system proposed in 1998. The concept of B-money served as an inspiration for the development of Bitcoin, and many of the ideas presented in Dai’s B-money paper were later incorporated into the Bitcoin white paper.

Dai has denied being Nakamoto. He remains a member of the cypherpunk community.

Vili Lehdonvirta

Vili Lehdonvirta is a Finnish economist and researcher on digital culture and economies. He is a senior research fellow at the Oxford Internet Institute of the University of Oxford, where he researches digital labor, platform economies and digital currencies. Lehdonvirta has published several papers and articles on digital currencies and online marketplaces and has been a speaker at various conferences and events on the topic.

Professor Vili Lehdonvirta. Source: Oxford Internet Institute

Lehdonvirta’s name has been suggested as a potential Nakamoto due to his early research on digital currencies and online marketplaces. However, there is no concrete evidence linking him to the creation of Bitcoin, and Lehdonvirta himself has denied being Nakamoto. He has also been involved in various policy-making processes and has provided expert testimony on digital economy-related issues to governments and international organizations.

‘Surgical removal’ of crypto will only weaken USD dominance, commentators say

14th Anniversary of Bitcoin’s Genesis Block: A Look Back at the Birth of Cryptocurrency

14th Anniversary of Bitcoin’s Genesis Block: A Look Back at the Birth of Cryptocurrency14 years ago on Jan. 3, 2009, Satoshi Nakamoto launched the Bitcoin network and block zero at approximately 1:15 p.m. (ET) on a Saturday afternoon. Satoshi’s technology allows “online payments to be sent directly from one party to another without going through a financial institution.” Since Bitcoin was born it changed the financial system significantly, […]

‘Surgical removal’ of crypto will only weaken USD dominance, commentators say

Recently Signed 2009 Bitcoin Block Reward Linked to Hal Finney’s Set of BTC Transactions

Recently Signed 2009 Bitcoin Block Reward Linked to Hal Finney’s Set of BTC TransactionsAt the end of November, an unknown person signed a signature tied to an extremely old block reward mined on Jan. 19, 2009, and the user published a message and verified signature linked to the reward on the forum bitcointalk.org. The message was tied to a bitcoin address associated with block 1,018, a block reward […]

‘Surgical removal’ of crypto will only weaken USD dominance, commentators say