May 16, 2022

Abridged Version: The Last Days of Satoshi

4 min read

Ten years earlier, Satoshi Nakamoto left his last message and disappeared into the ether. To commemorate the event, on April 26th, Bitcoin Magazine released an investigative report on Nakamoto’s last days. The story that they discover is interesting. The image that they paint is unexpected. The era that they explain has plenty of mysteries.

Bitcoinist recommends that you read the whole post. Nonetheless, we know that our readership is individuals of action who are too busy making things occur. Not everybody has the time and patience to read eleven pages. Some of you barely have 2 minutes. And we are here to assist.

Read our abridged version and choose if you wish to check out the whole thing. It’s as simple as that.

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Photograph of completion of a period

The article’s primary thesis is that Satoshi’s disappearance was inevitable. The task requested decentralization and a central figure wasn’t useful anymore. That the neighborhood grew out of Nakamoto. The author has a point, as these messages reveal:

“There is no single mastermind in open source. It’s more of a brain where a single human is simply a cell,” wrote ShadowOfHarbringer [X] “If one day Satoshi says, ‘OK people, it was just a joke with this Bitcoin thing, I’m closing down the job,’ we would just fork the code.”

The photo of a one-man start-up that did what he needed to do to attract attention to a stopping working project also appears. A neighborhood supervisor of sorts. Among the key things this variation of Satoshi did was developing the forums:

Certainly, it’s possible to infer the forums, released in November 2009, would have done much to break the quiet surrounding his still unknown project [X]– a year after going live, it had actually processed just over two hundred deals and did not have any readily available currency exchange rate.

The human Satoshi

To name a few things, Nakamoto was a good-hearted dictator who took unilateral choices. Who introduced key characteristics in the code without notifying anybody. Who bypassed contrary viewpoints. A strolling contradiction. At the same time, other participants in the community discovered that their voice mattered.

By November, all over it seemed, users were out to evaluate the limits Satoshi had set, some declaring his design was flawed, while others presumed as to argue his system did bit more than unjustly enhance himself. [X]

Though the logic is dated and soaked in misunderstanding, it’s hard not to view these posts as a prism of the times, of both the issue that changes by developers may damage investors and the already strong echo that it is the users who hold supreme authority over the system.

BTCUSDT - 04/28/2021 - TrdingView

 BTC price chart on Bitbay|Source: BTC/USDT on A picture of Bitcoin’s future

In the future, altcoins, numerous chains, and crypto domains make a look. This prediction of today is wildly precise:

“I think it would be possible for BitDNS to be a completely separate network and separate block chain, yet share CPU power with Bitcoin,” Satoshi wrote after some 12 pages of debate. [X] “While you are generating bitcoins, why not likewise secure free domain for the very same work?”

That the thread became something of a phenomenon is evidenced by the re-emergence of Hal Finney, who asked Satoshi outright if he was “endorsing the concept” of multiple blockchains each of which would “produce their own flavor of coins?” [X]

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The catalysts for Satoshi’s exit

In a too excellent to be true turn of occasions, the inflection point for Satoshi was the Wikileaks situation. The neighborhood decided to assist the controversial company receive donations through the Bitcoin network, and Nakamoto felt the heat. This might eventually cause uncomfortable real-life circumstances

In the online forums, Satoshi wrote [X]:

“It would have been great to get this attention in any other context. WikiLeaks has actually kicked the hornet’s nest, and the swarm is headed towards us.”

His second in command visited the CIA to discuss BTC not so long after that:

Though numerous occasions loom in the Bitcoin tradition, few take on Gavin Andresen’s infamous go to with U.S. intelligence in June 2011. In the years considering that, the event has actually been linked to whatever from the alleged murder of Satoshi Nakamoto [X] to the start of a years-long effort to subvert the network and bring it under government control [X]

That was the straw that broke the camel’s back. In private e-mails to Andresen, Satoshi said:

“It may be actually foolish if it just raises Bitcoin’s presence on their radar, but I believe it is way far too late for that; Bitcoin is currently on their radar”

And with that phrase, the developer vanished. Permanently.

Picture by Wolfgang Hasselmann on Unsplash - Charts: TradingView