Who created Bitcoin? Hint: It's not who you think... (Part 2)
This is part 2 of my post from yesterday.
In part one we talked about the possible creator of Bitcoin. It can be seen here:
https://steemit.com/bitcoin/@jrcornel/who-created-bitcoin-hint-it-s-not-who-you-think
*Again I want to reiterate that these are just my thoughts and not necessarily fact. No one knows for sure who Satoshi Nakamoto is or who he represents.
At the end of the post I postulated that the possible creator could be a government and the likeliest government in my opinion would be the government of the United States.
If Satoshi Nakamoto were actually a government it would solve a couple of the more pressing questions regarding his identity.
For one it solves the question as to how one individual could have created such a historic an technically impressive feat all by himself, in his basement.
And secondly, it also solves the question as to how an individual could have remained anonymous now for almost 9 years without once revealing himself.
Or even having the foresight to make himself completely anonymous when he released his project in the first place.
Remember it doesn't necessarily have to be the United States Government that created it... It could be any government.
Russia and China also likely have the technological know how to create Bitcoin and therefore must also be considered.
In fact they also have an interest in getting off the dollar as the world's reserve currency. Over the past several years they have been stating publicly that moving away from trading in dollar terms is an objective of theirs as they feel it has given the United States an unfair advantage in the global economy.
So, we have 2 major players with a major incentive, which is why I won't rule them out completely either.
Moving back to the United States (or whichever government created Bitcoin), most people think that a government couldn't have created Bitcoin because it would be counterproductive to them controlling the money supply. However, for countries like Russia and China, they already don't control the money supply of the world's reserve currency so it makes sense for them to set about creating another form of currency that no one could control.
That also would strengthen the case that the creator was some government outside of the United States.
However, for the rest of this post I am going to proceed as if it was created by the United States. If the United States created Bitcoin, the most obvious question is, why?
Why would they create a monetary system that they couldn't manipulate in the way that they do currently with the dollar?
*Fair warning, for the rest of this post I am going to put my tinfoil hat on and you may need to as well as it starts to get a little more "1984" than anything else...
Well, what if I told you that Bitcoin was not the end game?
Instead, what if Bitcoin was a giant beta test?
A beta test for what is to come later...
Back in 2008 it was made clear that the current financial system was way too fragile and dependent on good actors to survive in the long run. There needed to be a better system.
Bitcoin was created as a possibility for said better system. The goal of Bitcoin was to get the technology out into the real world and see how it works. See how people interact with it and also to iron out any kinks that might come up.
Rightly, as people have pointed out, Bitcoin is not without imperfections.
Once enough information is gathered, a new and better blockchain and coin is created.
Enter Govcoin (or any other government created coin).
This coin and blockchain will be created officially by the United States Government and it will be backed by the government. It will not be forced upon it's people through violence (at least at first), but it will be mandated that taxes and fines be paid using it, which means people will have to convert to it and the hassle of doing so will eventually get more and more people to adopt it.
For this example we will say the exchange will be 1 US dollar for 1 Govcoin for simplicity.
This conversion will last for a period of time before the use of cash and dollars is eventually outlawed.
This new digital currency will be used in all facets of life. The government will be able to know anything and everything you buy. It will all be recorded on a ledger, thanks to blockchain technology.
Bitcoin will have been the first, but it will eventually be made illegal to use and transact in. Govcoin will be what is pushed upon all people.
There will be resistance from the anarchist and libertarian crowds, but mainstream will adopt it easier than they have Bitcoin because it is backed by the United States Government, and like it or not, people feel more safe participating in things that are backed by the government.
Eventually Bitcoin will go the way of the dinosaur as will most other non state backed cryptocurrencies.
The only ones that will remain are the ones backed by central authorities.
The technology that was once thought to decentralize the world, will actually work to enslave people to the their governments more so than at any other time in history.
The government will be able to limit what you can and cannot buy if it so chooses. For example, if you are overweight, they may not allow you to purchase sweets. Since everything will be digital and no cash will exist there will be no way for you to overcome it.
The grocery store will not be able to process your transaction because of the government mandate. Etc etc etc...
*Much of these ideas and thoughts were inspired by this:
https://news.bitcoin.com/fedcoin-u-s-issue-e-currency/
Feel free to check out the links if you'd like to learn more.
Conclusions:
Admittedly I hope I am wrong about all of this.
I hope that Satoshi Nakamoto was simply a pen name used by some super genius who created Bitcoin in his basement and values his anonymity more than most.
I hope that Bitcoin goes on to change the world and I hope a truly decentralized Bitcoin or some other cryptocurrency can win out.
However, history has taught me to be skeptical and cynical, especially when it comes to the government. Perhaps if the technology keeps advancing at a fast enough pace and there is a fast enough adoption of a particular currency it will be too late and the government will miss it's chance?
Really that seems like the best chance for all of the above to be wrong.
But again, it's tough to beat anyone who makes the laws and has the ability to jail or fine those that do not listen.
Stay believing my friends!
Sources:
https://www.truthhawk.com/is-bitcoin-a-government-project/
https://news.bitcoin.com/fedcoin-u-s-issue-e-currency/
Image Sources:
http://clickcandy.co.za/why-you-need-a-website/
http://inhabitat.com/united-states-government-shutdown-cuts-down-on-emissions/
Follow me: @jrcornel
Credit
Just like the most amazing inventions, someone had a basic idea and it evolved. Probably went through hundreds of minds to get the overall concept. Either way, it's made many people rich. WOO HOO
This post received a 2.2% upvote from @randowhale thanks to @hotandrandom! For more information, click here!
Thanks buddy.
Great read! well put!
I also like to think it was a random dude in a basement (maybe it´s parents) who created it. But of course anything could have happened. I like to concentrate in what to do with it more than who created it. It is a hell of a technology with a potential to grow to some jaw dropping levels. We should all be thankful it was created and that we are enjoying its services. LEts see where it goes, I think up and high.
Thanks for such a good post!
That's the hope! As long as governments decide to regulate it instead of replace it ;)
Definitely an intriguing post and theory! Crazy time for crypto currently. I wonder which coin or set of coins will ultimately win out? STEEM could explode in popularity if Steemit becomes prominent in the social media scene.
Yeah STEEM has huge potential. Can't wait too see what happens in a few years. We live in interesting times indeed.
@trendo
Yea, we need to get things moving here. The longer steemit takes to get going, the more likely it is that someone beats them to the punch or does it better. We are racing against the clock here...
Good news! Yes, you're completely wrong with all of this :)
I think you really should demystify blockchain. It's just an algorith and protocol, and after ten years of research, yes, one person can implement it, alone in a garage, it's not such a big deal as you might think! No goverment involved, sorry. And it's against all government interests also.
The same way HTTP ("Internet protocol") was invented by one person, Tim Berners-Lee, and the first transmission through internet was made between 2 Universities. Sorry, it wasn't in Area 51. Again, no conspiracy possible, sorry.
Read more wikipedia (again a two-people project that has became one of the greatest things of Humanity) and see less X-files! ;)
Check out this article abot blockchain:
https://steemit.com/blockchain/@moodleman/no-you-don-t-understand-the-blockchain-the-cap-theorem-limitation
If the major governments of the world decide to make it illegal to trade, mine, or transact in bitcoins it goes the way of the dinosaur. Not saying that is expected, I am just saying I wouldn't underestimate the power of those that have the ability to make the rules.
Interesting idea, but I do not think it was the US government as the current monetary system works too well for them. The governments needs the money created by inflation to finance it's debts.
It could be a rival government like China of Russia who wanted to create a rival to the dollar.
What makes me think it was a group of people is the deflationary aspect built in the currency. Value preservation is a priority for individuals, not governments. The group could have been backed by high worth individuals as these would definitely benefit from an instrument like bitcoin. This would explain where the original ressources came from.
Those were some of my reservations as well. The US is currently enjoying a huge advantage over the rest of the world by having their currency as the world's reserve currency. It is certainly possible that a country or two got together and said lets figure out a way to even the playing field for the rest of us...
I agree on you erlik, China would be more likely. Still there are arguments, the US is in deep debt to China and the US $ is basically controlled by china. China could flood the market with their $$'s. US finance would be in deep crisis and the US-Dollar no longer the global lead currency.
I track with you up to a point.
What are your thoughts on humans trading and bartering outside of digital currencies altogether?
We could trade without the GovmntCoin by just handing over a loaf of bread for a few summer squash.
Sure it wouldn't be "allowed" but black markets will always exist.
I have recently thought the same about BTC origins after watching a 60 Minutes episode on Stuxnet
That is very true. There may be the risk of fines or imprisonment to do so, and guess what currency those fines will have to be paid in? However, you are right there will always be black markets.
They can't fine and imprisonment everyone. That is the grand illusion all people must realize.
They don't have to. You do it enough times and the rest fall in line.
I don't think this idea will work long term for civilization especially considering what humans have already built up. Most of the amazing infrastructure and achievements we've had has been facilitated at least in part by the fact that we can exchange a single agreed upon unit of value in exchange for goods or services we need or want. If you needed something in the barter system, you have to not only find someone who has what you need but someone who has what you need and needs what you have. This sounds like a nightmare, especially when you needs a lot of different goods or commodities to say make a product or something. Having a universally agreed upon store of value like dollars or bitcoin makes things extremely convenient because it gives you the flexibility of A) storing value for later use, B) when you use it later, it can be exchanged for virtually any goods or services. For those reasons I think money is extremely important and is here to stay my friend.
Very good post..the government is watching.
This post is getting more interesting...and making me feel as if am ready a thriller spy novel..which I like a lot. I always belive that Bitcoin is the current KIng of Cryptos however, the beautiful one is not yet born: a better one will surely come. For Social media, steemit will be the king as I indicated here in by blog: Why Steemit will disrupt social media and make socializing profitable again : https://steemit.com/steem/@charles1/why-steemit-will-disrupt-social-media-and-make-socializing-profitable-again
In any way, we are in a good place and will surely be successful in any situation. Upvoted . Keep it up
I hope so. I think Bitcoin will either get regulated by major governments or they will replace it with something else. The second option would not be a good outcome for most of the cryptos that are alive and thriving today.
I agree, however how can government regulate what they can not control?people might reject the government imbosed crypto ie people of the world ..United states dont control the world.
Once again you raise some interesting arguments. there is no doubt there has been a war on cash over the past ten years, trying to force people away from cash and onto electronic payments. Cash cannot be controlled and cannot be influenced by negative interest rates but anything electronic can be. Look at India's recent removal of high denomination bank notes, dressed up as anti fraud and money laundering!
I am still sceptical about Satoshi though!
I think we all :)
I do not think Bitcoin was created by any government.
There could be be two groups involved, which are on the suspects list for having provoke bitcoin,
of one of these is a group centers around the Trinity College, another is a bunch of loosely affiliated international collaborators.
Both of these groups are on the record with indicating to bitcoin with papers & software.
But both groupps haven't admitted so far openly that they were involved of creating bitcoin.
If you read the papers they published in the run-up to bitcoin then there is pretty clear that these two groups had the technical ability
and the means to execute that idea.
It's certainly possible.