Re: Why some Bitcoin Community leaders are scared of Satoshi ?
It seems that some Bitcoin community leaders are very scared of Satoshi Nakamoto. They are trying their best to spread too much fud about Satoshi Nakamoto's identity revelation. They are trying to stop Satoshi Nakamoto to reveal his identity. Do you think Satoshi Nakamoto is a threat to the privilege against the Bitcoin community leaders ?
An interesting question indeed: Satoshi Nakamoto's anonymity and its implications for the Bitcoin community. On the one hand, with Satoshi's anonymity, Bitcoin operates without central authority. Let it live on its own power. Fact is This probably is one key reason for growth on this decentralized system. Free from personal control, the Bitcoin community finds worth in communities and sovereignty. Therefore, there is a fear that exposure of Satoshi's identity will bring unanticipated psychological effects on the internet and employees. Another reason is that he supposedly holds a huge quantity of Bitcoin, equal to about 1 million BTC. Name recognition can induce the fear of losing much money. This may compromise market stability. Even though Satoshi commits to the principles of Bitcoin, the perception of control or The "founder effect" may still be in opposition to Bitcoin's core value of decentralization.
Besides, local leaders may believe that the name should be retained as Satoshi to retain the nature of Bitcoin as a "leaderless" currency, true to its principles. And it can also be feared that anonymity will attract There is a high level of scrutiny by governments or organizations and other bodies that can view Bitcoin in another light if they knew the origins of its creator. It is possible that Bitcoin activists pay little heed to any effort. Proving Satoshi's identity would be a diversion from the great value that Bitcoin has: it is a permissionless, distributed financial system. That being said, some believe that knowing who Satoshi is will "uncover some of the mystery surrounding Bitcoin" and, as such, improve its reputation.
People are crazy if they think that Bitcoin is going to die if Satoshi's identity is revealed. First of all, I'm sure this isn't going to happen, satoshi was a smart guy and he knew what he was doing, so he left no clue whatsoever for people to find out his real identity. But, just for the sake of the argument, if his identity is revealed somehow, it will surely create panic in the market, the market might even crash, but it will all be temporary because as you said, Bitcoin is not being used by a small quantity of people anymore, there are millions of people involved, industries are having their fingers in Bitcoin.
A short-term panic and crash isn't going to change much. Things will cool down, and people will still be interested in Bitcoin and its existence, I even think that Satoshi's identity reveals might increase its popularity in the world and that could be a positive thing for Bitcoin itself.
A short-term panic and crash isn't going to change much. Things will cool down, and people will still be interested in Bitcoin and its existence, I even think that Satoshi's identity reveals might increase its popularity in the world and that could be a positive thing for Bitcoin itself.
Of course not. Bitcoin will still be around with us because of the way it was designed. The reveal of Satoshi's identity might have a negative effect over BTC's price. Especially if Satoshi decides to sell all of his Bitcoin holdings. If he doesn't, prices will only go higher in the long run. Assuming the discovery doesn't turn out to be a government agency (NSA/CIA) or something.
I wouldn't want to know the identity of Bitcoin's creator. Aren't there more important things to focus on? Keeping Satoshi a mystery would be for the best. It's what makes BTC different from other cryptocurrencies (especially ETH). Hopefully, there are better days ahead for Bitcoin. As long as it stays decentralized, nothing else matters.
I completely agree Bitcoin's main strength is its design and the principles on which it is built. With no one behind Revealing Satoshi's name may result in a temporary increase in BTC prices. Especially if there is speculation about his stock sales. But in the end Bitcoin's social network was built to resist changes in individual ownership or leadership. Which is why it still exists. And he achieved this without the active participation of Satoshi.
And you're absolutely right about focus. With all the development and innovation happening on Bitcoin's space, real attention should be around scalability and adoption as well as securing and sharing the network. Comparing with Ethereum makes great reading. Satoshi's anonymity gives Bitcoin an exclusive, non-executive quality. Which also brings to status. Each manager or team felt a tangible impact as it separates Bitcoin from other cryptocurrencies. Hopefully, this will bring the community closer to a future that is indeed decentralized or whoever Satoshi is. Bitcoin's flexibility and adaptability will keep it precious for years to come. Today is a great day and a strong BTC!