Quote from: skarais on Today at 06:36:08 AM

Can you explain a bit about what the correlation between your assumptions and this thread is?

As per the thread title Myth vs. Facts, I will try to explain a little correlation of my assumptions with this Thread.
Satoshi Nakamoto is a mysterious figure who created the world's first crypto asset (bitcoin), without the satoshi figure maybe bitcoin never existed.

Quote from: _BlackStar on January 18, 2022, 08:47:11 PM

Bitcoin is backed by processing power

It is not correct to say that Bitcoin is "backed by" processing power. A currency being "backed" means that it is pegged to something else via a central party at a certain exchange rate yet you cannot exchange bitcoins for the computing power that was used to create them. Bitcoin is in this sense not backed by anything. It is a currency in its own right. Just as gold is not backed by anything, the same applies to Bitcoin.

The Bitcoin currency is created via processing power, and the integrity of the block chain is protected by the existence of a network of powerful computing nodes from certain attacks.

My assumption: Created does not mean backed. Bitcoin will still be decentralized by itself without being backed by anything. Gold is one of the closest assets if one wants to compare it about backed.

Here Op says It is not correct to say that Bitcoin is "backed by" processing power, including the power or influence of Satoshi itself. Bitcoin will remain decentralized even without the presence of Satoshi.