In the previous ARTICLE, we had the opportunity to hint at how over the years. History of Bitcoin has begun to build a sort of “standard” comparable to that of gold so that every time the economy of a state begins to show signs of weakness. We can see an increase in cryptocurrency trading volumes in that particular country. This is a trait that has characterized Bitcoin since its inception.
In 2008, an anonymous actor made his appearance, proposing a global currency supported by a P2P network in conjunction. In a sense, this was in response to the Banking scandals that earned the honor of the news by following one after another. And essentially representing the beginning of the great economic crisis that would infect the economies of the rest of the world. This person, whose true identity is still unknown over ten years later, will go down in history under the pseudonym of Satoshi Nakamoto.
Appearance of Satoshi
More precisely, Satoshi made his appearance in November 2008 by publishing on “The Cryptography mailing list” (on the site “Metzdowd.Com”) a document concerning the consent protocol that would allow the operation of Bitcoin; a few months later, the first version of the software would be distributed and other developers start working on it. Just over a year after the birth of Bitcoin (in 2010), Satoshi withdrew from the community; his last public message dates back to 2011 and serves to communicate the handover with Gavin Andresen.
This is perhaps the strangest thing about this technology. The person who invented it was able to remain anonymous all this time and even decided to exit the scene completely. Within less than two years after giving life to his creation, Satoshi Nakamoto vanished, but his legacy will live in every university course that discusses cryptocurrency and blockchains.
When we think of Satoshi, the important thing to understand is that we are talking about one of the brightest minds of this century. The math that supports Bitcoin and allows it to work is commonly considered so advanced that many have come to argue that behind the pseudonym of Satoshi Nakamoto, there is not a single person but a team of hackers with very solid skills.
[ccpw id=”635″]Creation of History of Bitcoin
In the Netflix documentary Banking on Bitcoin (2016). We can find one of the most plausible reconstructions of how things went. The creation of bitcoin should have been one of the major exponents of the cypherpunk movement. So inevitably one or more between Nick Szabo, Hal Finney, Adam Back, and Wei Dai. The cypherpunk, which almost no one has ever heard of in our country. In privacy that aimed to achieve individual freedom through the use of encryption. These groups’ ideological approach has always been libertarian, oscillating between social anarchism, anarcho-individualism, and anarcho-capitalism.
Cryptocurrencies are recognizable
Even today, in 2018, the anarchist component in the world of cryptocurrencies is recognizable. Even though in this world, there are also large banks, national institutions, entrepreneurs, and ordinary people who in any way can be defined except anarchists. This technology, in any case, has its roots in cultural humus (the anarchist one). Which still represents the common thread through more than a decade of technological development. But let’s go back to Satoshi’s identity. “Banking on Bitcoin” reconstructs who it may be that seems to me (and many others) to be very likely. behind the pseudonym of Satoshi Nakamoto, there would be Hal Finney (a leading exponent of cypherpunk made in the USA). Who fell ill with ALS in 2011 and died in 2014 at the age of 58.
There was also a time when Australian entrepreneur Craig Steven Wright seemed to be the real Satoshi.Some might say at this point that Satoshi has now disappeared, having become rich, will have converted all his Bitcoins into dollars. And will be spending the rest of his days sipping Cuba libre in the Maldives. In reality, the addresses owned by Satoshi are known. These addresses are blocked by hundreds of Bitcoins that have not been moved for years.
This is what leads us to suspect that Satoshi may be Hal Finney himself (who passed away in 2014). Because there was a moment when Bitcoin prices went up to $20,000. In which even only 100BTC had reached a value of 2 million dollars (and more than 100BTC are blocked on Satoshi’s addresses overall). The fact that all this money has been stuck in their respective addresses all these years without ever being moved suggests. The idea that the owner of those Bitcoins (i.e., Satoshi) passed away.
Satoshi Nakamoto History of Bitcoin
Given that we will never know the true identity of Satoshi Nakamoto (whose gender is not even known for certain,). BTC already appears to have outlived its inventor, and all this despite having experienced very bloody moments in the course of its young life. As I write this text, for example, BTC has lost about 80% of its value compared to the last peaks of January 2018. This leads many detractors to argue that its end has come. However, the detractors do not say that BTC has already dipped several times throughout its history. Showing that it has broad enough shoulders to come out stronger than before. The first major collapse in BTC history was already in 2011 when. After a mad rush that in a few months swelled the price from $0.92 to the absurd figure of $32 per coin. History of Bitcoin prices collapsed again to around $2.
“Now it’s over,” the experts said, “Bitcoin is dead,” the newspapers ruled; but things did not go like this. The following year (2012), BTC immediately offered the first signs of strength, returning to around $7. However, in mid-January, a new slap pushed it down by almost 40%. However, it seemed to be a trivial correction since the summer of the same year. Prices returned to close to $15. When it seemed that History of Bitcoin would never recover its historical peak of 2011. The price exploded again, marking, in the spring of 2013. A new high close to $ 50. BTC would resume its run with new highs close to $100 in the following months and hit a high in April 2013, touching $270.
“Bitcoin is unstoppable, it will be worth thousands of dollars,” the most enthusiastic said, but instead. BTC returned down only a few days after reaching the new high, reaching $67 in the same month of April. At this point, prices entered a lateral phase. Remaining fairly stable at around $120 until the end of the year. When a new bull run started that dragged the price up to $1100. Wow! It is a pity that the price will return to plummet within a few weeks. This time settling at $500 and remaining in a kind of sideways for the next 18 months. Thus we arrive at 2014. Another annus horribilis for our cryptocurrency, which, in the meantime, has climbed to almost touching the $900 level.
The reaction of the markets
The markets’ reaction to all this is, understandably, a kind of massacre. The price of BTC plunged again and stood at $400, where it remained stationary for another couple of years. We come, therefore, to more recent times, when finally, in January 2017, BTC returned to break the $1000 wall and begin a race that would bring it, between December 2017 and January 2018, to touch the new all-time high around $20,000. Since that moment, BTC has re-entered a new bearish phase, reaching lows of around $3,000 and giving a new voice to the detractors who once again rushed to affirm that “this time is the very end”; who among the detractors and supporters will have the last word is still unclear.
[ccpw id=”643″]What are cryptocurrencies?
Where Did Bitcoin Come From? – The True Story
