Satoshi Nakamoto changed the world forever. Many members of the crypto community are firmly convinced of that for the better. But every medal always has two sides.
Satoshi Nakamoto appeared “from nowhere” and just as mysteriously disappeared from view in December 2010. Since then, nothing is known about him. This in itself looks rather strange. But even more questions were raised by the movement of coins from a wallet that allegedly belongs to Nakamoto. What exactly such activity can mean and what to expect is unclear.
Investors have good reason to be wary of the mysterious creator of Bitcoin and not to rush to exchange Monero to Bitcoin. There are at least five such reasons. Let’s consider them in more detail.
Nothing is known about him.
In the digital age, such a statement sounds unexpected, but it is true. So far, no one has been able to establish the identity of the unknown with the nickname Satoshi Nakamoto. The lack of information about this person raises many other important questions:
- Is he alive?
- What are his true motives and goals?
- Does he plan to appear on the network to continue his activities in the crypto industry?
There are no direct answers to these questions, and any assumptions are nothing more than personal fears or dreams of individual members of the crypto community.
Many consider the creator of Bitcoin a noble knight and the savior of mankind from the oppression of governments and central banks. But there is no guarantee that this man, for example, will not turn out to be the greatest villain in the history of mankind.
He may have a leverage unknown to us.
Before leaving the network, Nakamoto handed over control of bitcoin to professional developers. However, it is possible that he still has unknown control tools and at one point he will use them. For example, no one knows how many coins are left at his disposal. At the dawn of the crypto industry, 50 BitCoins were awarded for a mined block, and early miners quickly accumulated coins.
The concentration of a large number of coins in the hands of one or several people eliminates the idea of project decentralization. The sale of a large batch of coins will inevitably stir up the market and most likely cause a panic sale.
Since this is not just a large holder of coins, but the creator of the system, it is possible that he has other ways to influence the project in reserve.
Even geniuses make mistakes.
The development of any complex system depends on an unimaginable number of variables. It is almost impossible to take into account the possible influence of all existing factors, and even more so to predict the future. The technical details of Bitcoin have already been studied many times, but it’s still not worth discounting the likelihood of a potentially critical yet non-obvious error.
What if he goes to the dark side?
The position of the creator of Bitcoin and his opinion on the development of the industry are unknown. Even if he initially acted exclusively for noble purposes, this does not guarantee their immutability.
Whoever this person is, he is first and foremost a person. Which can be disappointed in their creation, humanity, go crazy, be under someone’s strong pressure, or initially plan some kind of grand scheme. One way or another, but assumptions about the possible destruction of the project also have the right to exist.
Bitcoin may not be what we think it is.
Conventional wisdom says that Bitcoin was created as an alternative to the clumsy, bureaucratic and overly meticulous traditional financial system. But in fact, no one knows what considerations Nakamoto himself was guided by.
For example, as the number of users increased, it turned out that the blockchain is not so anonymous. It is possible to track all the chains of movement of coins and establish their owners. This is partly solved by the Polygon to Monero exchange, but the attitude of the authorities towards confidential coins is far from friendly.
So what is the true purpose of the project? Personal gain of a limited circle of people, total control over the finances of gullible users, or a grand draw?
All these questions remain open and there is no one to ask them. It remains to guess and wait until time itself answers them.