THE FACE BEHIND BITCOIN: HE SAID, SHE SAID
On March 6, 2014, Newsweek published an article by reporter Leah McGrath Goodman claiming to have identified the creator of the volatile digital currency Bitcoin. The article named Mr. Dorian Nakamoto as Bitcoin’s creator and reads almost like a Tom Clancy novel, suggesting that the creator of Bitcoin left clear and obvious hints to his or her identity despite an overwhelming awareness that Bitcoin’s creator intended to be anonymous. In light of the revelation, Mr. Nakamoto has vehemently denied being Bitcoin’s creator and has lawyered up to defend his position. Mr. Nakamoto claims that he didn’t even know that Bitcoin existed until February 2014, and that the accusation that he created the digital currency costs him the opportunity for gainful employment and has adversely affected the health and well being of his family.[1]
Curiously enough, Newsweek’s article includes quotes from Mr. Nakamoto’s family members including his former spouses, two of his children and his brother, who all speculate at the possibility that Mr. Nakamoto is in fact Bitcoin’s creator. Mr. Nakamoto is described as a fickle man with weird hobbies. Family members hint that Mr. Nakamoto may be a bit paranoid. They discuss his distrust of government and speculate to the possible motivation in creating Bitcoin, as a reaction to a devastating home foreclosure resulting from him falling behind on his mortgage and failing to pay taxes. Understandably, it’s possible that the home foreclosure event could have motivated Mr. Nakamoto to create a currency that does not rely on a central bank (or government backing) for financial transactions.
Bitcoin has infamously endured tidal wave momentum with the rise and fall of its value leaving investors curious to see if the fully digital currency can become stable enough to be a viable central bank-free currency. Bitcoin has been valued at more than $1,200 per coin last year to as little as $130 in late February. Naturally, onlookers are skeptical. However, despite it’s vulnerability to theft, fraud and scandal, former Federal Reserve chair Ben Bernanke has stated that virtual currencies, “may hold long-term promise.” Given that the creator of Bitcoin owns an estimated $400 million in Bitcoin, which remains untouched, it is tempting to wonder, why would anyone trade $400 million in exchange for anonymity—Or better unconditionally deny being the creator of Bitcoin?[2]
Bitcoin’s chief scientist, Gavin Andersen, who worked with the anonymous creator known only as Satoshi in 2008, says the answer is easy: he does not want to participate in the bitcoin madness. Mr. Andersen indicates “if you were to come out as the leader of Bitcoin, now you would have to make appearances and presentations and comments to the press and that didn’t really fit with Satoshi’s personality.”
Still, Newsweek reporter Leah McGrath Goodman sticks by her word: that Mr. Dorian S. Nakamoto is Satoshi Nakamoto, the named author of Bitcoin’s nine-page proposal entitled, Bitcoin: A Peer to Peer Electronic Cash System, which surfaced in 2008. She’s gathered some interesting facts to prove her hypothesis seemingly picking up the trail of breadcrumbs that leads straight to Mr. Nakamoto’s front door. Still in light of the possibility of a $400 million dollar fortune, Mr. Nakamoto exclaims, “you’ve got the wrong guy!”
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