Mysterious Creator of Bitcoin May Be Worth $6 BillionOctober 27, 2017 9:19 pm
One of the largest mysteries of Bitcoin has been the curious identity of Satoshi Nakamoto, the computer programmer who invented the cryptocurrency but goes by a pseudonym, according to CNBC.
Even though many disagree on what individual or group could be Nakamoto but the big reveal could have a large impact on Bitcoin itself.
In 2008, Nakamoto published a nine-page white paper that called bitcoin a “peer-to-peer electronic cash system.”
A few months later, Nakamoto released bitcoin’s first software, partnering with developers and coders online to improve it.
Nakamoto vanished in 2011, but sent one email to a fellow bitcoin developer that they “moved on to other things.”
Sergio Demian Lerner, an Argentine researcher, estimated that Nakamoto had close to a million bitcoins before disappearing, which is worth around $5 billion today.
Matt Green, a cryptocurrency professor at Johns Hopkins University, said Nakamoto has the power to drive out the cryptocurrency if he desired since it has a finite supply of 21 million which is expected to be reached by Bitcoin by 2140.
Nakamoto’s one million bitcoins make up five percent of the entire cryptocurrency.
“The thing about bitcoin is if you control a million of them, you have the ability to flood the market at any point. Think of them as rare baseball cards. They’re valuable because they’re rare. If somebody could dump hundreds or thousands of Mickey Mantle trading cards, rare ones, onto the market, they wouldn’t be worth so much anymore,” said Green.
If Nakamoto sold all their bitcoin, the market would be flooded and would start to fall.
Meanwhile, Bitcoin continues to rise, reaching record highs regularly amid dodging criticisms from established financial and fintech professionals with CoinDesk having Bitcoin listed as $5,741.65.
–WN.com, Maureen Foody