Image Source: Physical representation of Satoshi Nakamoto as a statue at the Graphisoft Park in Budapest, Hungary
It was May 2010 when the terms "Bitcoin" and "Satoshi Nakamoto" were echoed for the first time on the corridors of the University where I was attending my postgraduate studies. Yet, I decided that period that it wasn't worth to look further on them as I was already fed up from the ponzi schemes and frauds that I came across in my life and I had an impression that bitcoin was just another online scam hoping to fraud my hard earned money from my labour. Still, the idea that I was actually wrong about that impression was strong in my mind and I tried to stay informed in the future to learn more about this project, mostly whether Bitcoin would prove to be legitimate. Few years later in 2013, as Greece has been still under severe financial crisis and under the custody of IMF and ECB in order to save the German and French banks that have been exposed in Greek banking debt, I was found in unemployment and therefore I became a strong fiat fauceteer in order to support my income while looking for a work. It was December 2013 that through Neobux, I came across Freebitco.in and I started earning my first Bitcoin Satoshi through its faucet. In fact, I was earning more than 5000 Satoshi per day that period but still I had no idea how to invest or how to withdraw them somewhere. I was just raising them for fun. Soon after, and while moving to UK, the Moon bitcoin faucet emerged and I kept earning bitcoin Satoshi without having any idea about its future. 11 years later, I am pretty convinced that Bitcoin and Satoshi Nakamoto Blockchain Revolution isn't a scam, just another online ponzi scheme that wants to steal my hard earned money.
Image Source: My Freebitco.in transactions back in 2014
For the past year that I have been trying to write articles on this platform, I have written quite many articles about altcoins and I have participated in quite few writing contests but I opted on purpose to avoid any special discussion about Bitcoin. Primarily, because I though I wasn't strong enough to write anything about the "King of the Crypto" and I didn't want to write inconsistencies just to lick your ears and write things that you enjoy to read only to tip me a nice tip on AMPL or FARM. I didn't actually fell I have the knowledge about the technology and even worse I felt, I had nothing additional to provide in comparison to the thousands of articles that have been written so far about Bitcoin, on Publish0x or anywhere else on the web. I only write articles when I believe I have something important to express and not because I am obsessed to support a writing streak of 84566679 days or publishing an article every day while writing boring things or just for having sheep-readers tipping me anything I publish. Trading analysis of any kind isn't my cup of coffee as I am not interested in cryptotrading either.
However, I have written in my previous articles few things about my thoughts on Bitcoin and I have decided to put them altogether in one article even if that sounds boring and repetitive on a just another "Who is Satoshi Nakamoto" article. I am not trying to "invent the wheel", but I will only try to provide an analysis of my online research and few PERSONAL thoughts on the same questions that arose in my mind back on 2010 on the corridors of a Greek University. You might disagree with my opinion and thoughts, however you are more than welcome to do so and possibly you can express your own opinion on the comments bellow. Above everything there are no correct answers on my questions:
Who is Satoshi Nakamoto and even worse, what is the Satoshi Nakamoto's Vision ?
Satoshi Nakamoto's Vision
As the 99.99999999% of the people currently inside and outside the cryptospace care only for the fiat profit of their investment and capital, at the same way they do for their stocks and forex trading, you might consider me as a hopeless romantic crypto-enthusiast. And this is true. I am not a trading gambler. I am not interested on cryptotrading because I see no difference between forex or stock trading and crypto-trading as soon or later what will happen is the loss of the traded capital. Fellow Greeks who have lost their money on the great Greek stock market fiasco on the early 00s can easily understand me. And if someone try to argue why I have such a strong anti-trading opinion, I indeed tried my luck in cryptotrading in the past to see how easy it was to earn money through StormGain. My trading achievement can be summarize on the following screenshot:
Total loss 300 USDT which I could invest back on September 2020 and almost buy 1 ETH. You can imagine very well the performance of my investment after taking into consideration the current rate of Ethereum. Personally I don't believe there is a way to predict the future and earn money from the future trend of an asset especially when the market has been randomly manipulated from the market whales. Either individual or institutional large holder of an asset or a cluster or them that are capable to divert the market on a specific direction according to their own interest and all that you can do is to let yourself to be pulled from their trading movements at the same way that a piece of wood is being pulled away from the shore from huge waves. I won't disagree that sometimes you might get lucky and be profitable when that piece of wood is pulled on open sea, but there are times that you will end up on a loss and on the rocks because simply you have no control of the trading outcome. It isn't you who manipulates the market with a 1000 USDT position!!! And it is the loss that hurts mostly, not the profit!
I am indeed a hopeful romantic crypto-enthusiast since 2013, when I first started to explore the crypto world, and I have been tremendously intrigued from the fact that Satoshi Nakamoto decided to remain anonymous whereas today taken into consideration the current Bitcoin value and popularity, that entity could have been considered the most famous and (fiat) billionaire entity of the world.
And I believe that Satoshi Nakamoto's achievement is the development of a technology outside the system to fight the system. I believe that, Satoshi Nakamoto developed the bitcoin project by gathering and assembling together existing technologies for ZERO financial return so far. I am confident that, Satoshi Nakamoto didn't develop Bitcoin so that you can trade and gamble of its price on crypto-exchanges in order to earn but mainly to lose your hard earned inflationary fiat money. Nevertheless, it is well said that if you want to demolish an old and wrecked house or entity you need first of all get out of it and start tearing it down from outside. Therefore, I am 100% confident that Satoshi Nakamoto has started a similar process for the existing corrupted centralised financial system by developing a technology outside and independent of it and not within it and certainly for non-profitable reasons. I am not sure if Satoshi Nakamoto's Vision will be successful or not. This is not my motivation. The establishment is very strong and it won't give up easily and would try any possibly way to counter-fight Satoshi Nakamoto's Vision. What I really know is that I am still a strong supporter of Satoshi Nakamoto's Vision for a decentralised economy outside the current corrupted centralised system.
Image Source: Satoshi Nakamoto's subtle message on the Genesis block was taken from "The Times" 3/1/2009 front page.
On February 11, 2009, Satoshi Nakamoto wrote on the P2P Foundation Forum, the following:
"The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts."
And that explains a lot about Satoshi Nakamoto motivation of developing Bitcoin. And apart the altruism that could surround Satoshi Nakamoto's choice of remaining anonymous, I believe there is another vital reason behind this decision as the current politico-economical system would have been delighted to find out who the REAL Satoshi Nakamoto is, the main threat of their establishment. On that scenario, I wouldn't be surprised if they would start throwing mud on Satoshi Nakamoto's face through the media they control, or they would try to establish a legal action against Satoshi, not necessarily for the development of Bitcoin! Therefore, I am completely convinced that the REAL Satoshi would never make a public appearance again, although in Part B I make a more specialised analysis about that.
We have all seen what is currently happening with Julian Assange and the global debate over the legal verdict of his activities or the imprisonment of the owner of KickAsss Torent Artem Vaulin from a Polish Court. During my online research, I have also found an interesting story on wired.com with title "Bullion and Bandits: The Improbable Rise and Fall of E-Gold" about a Miami-based oncologist called Douglas Jackson who launched on early 00s -many years before Satoshi Nakamoto, his project called E-GOLD and he has been hunted by the US Federal Investigation Bureau and the US Securities and Exchanges Commission over frauding.
The Satoshi Nakamoto Vision and Regulation
So someone might say that the only safe solution is to surrender Satoshi Nakamoto's Vision and regulate Bitcoin for the common good and make it just another digital asset like stocks, forex, bonds, mutual funds etc. An article over a year ago, back on January 2021 on with title "Janet Yellen suggests 'curtailing' cryptocurrencies such as Bitcoin, saying they are mainly used for illegal financing" suggests that
the Democratic Biden administration could be hostile to cryptocurrencies and ramp up regulation. Watchdogs around the world, from the European Central Bank to the UK's financial regulator, have recently expressed concerns about cryptocurrencies like Bitcoin.
I don't want to talk about American politics, I am not an American citizen and I don't vote on the American elections but this is definitely a great joke for people who supported Democrats after branding their policies "cryptofriendly" and in favour of Bitcoin. Hilary Clinton, Joe Biden and the rest of Democratic politicians are only part of the same centralised political system who they might claim that they are "cryptofriendly" in order to "fish" few votes of cryptoenthusiasts but in fact I believe they aren't. They are just another side of the same centralised fiat coin.
Recently, I had some very interesting discussion with [Cryptorat] about the regulation of cryptocurrency on his article with title "Will the UK Tax laws eat into your Cryptocurrency gains? Crypto asset tax 40% in future?" as follows:
I agree that BTC wasn't designed for tax avoidance or for the "trying to get rich in inflationary fiat without being taxed" dream, although there is no relevant application of crypto-taxation on a "Peer-to-Peer Electronic Cash System" without the need of any kind of intermediary, according to Satoshi Nakamoto's paper. For what I am certain is that HMRC and the rest of taxation organisations of the establishment are waiting "like a cat" in the corner to find an opportunity to nullify Satoshi Nakamoto's Vision. Although I am not an accountant to have a specialised opinion and [Cryptorat] is right that tax avoidance is a criminal offence, I am confident that taxation is viable only for the exchange of assets for which there is a consensus from the centralised authority like it happens with fiat money, stocks, property etc. You can't tax something which you can't control or you can't provide consensus just like it happens with decentralised cryptocurrency! For more information about HMRC (Her Majesty Revenue and Customs) which is the tax service on the United Kingdom, policy on cryptoassets can be found on the relevant page with title "Tax on CryptoAssets".
For Satoshi Nakamoto Vision, mass adoption of bitcoin doesn't mean commercialisation of bitcoin into a digital asset of the centralised establishment. As I have mentioned above, Bitcoin was designed and developed outside the establishment for Peer2Peer (P2P) transactions according to Satoshi Nakamoto's paper with title "A Peer to Peer Electronic Cash System", not B2C, B2B, B2G transactions where the "B" side is part of a centralised (G) system! How is it possible for a limited company (located in ANY country of the world apart from El Salvador) to receive an amount of Bitcoin from its customers (paying even with their crypto Visa card, which is becoming the new great trend in the crypto-world, either on Lighting network or not) to be obliged by the law to declare that amount to the same tax service that doesn't provide consensus on that transaction? How hypocritical is that ? The game changer on this scenario was the official adoption of Bitcoin from El Salvador centralised goverment and authority as a legal tender providing consensus on ALL transactions taking place on the MainNet especially after hosting a node of the network. More information can be found on my article with title "The Salvadorian Revolution of Bitcoin".
Altcoins for me are called altcoins because they haven't been developed outside the centralised establishment but inside, in organisations entitled as limited companies of the establishment liable to annual income assessments and taxation. Even worse, nobody of the so-called crypto-entrepreneurs of the altcoins is brave enough to donate 100% of his project for the common good to the crypto-community and vanish his identity from the entire world just like Satoshi Nakamoto did (at least until now) and DAOs (Decentralized Autonomous Organizations) are just a demonstration of pseudo-socialism as these crypto-founders are still the main key holders and decision makers of their governance tokens. They only care for their personal profit and fame under the illusion of socialism and collaboration. The same values that Satoshi Nakamoto has chosen to deny. The same applies for the so-called "cryptoInfluencers" or "cryptoEvangelists" aka individuals who are trying to capitalize Satoshi Nakamoto popularity to serve their personal interest for fame and profit but they are unable to share Satoshi Nakamoto Vision and aren't brave enough to cover their identities in order to influence the crowds. We all know who they are.
And here I would like to note down that the famous Pizza 1st Bitcoin Commercial Transaction is actually an urban crypto-myth spread on social media possibly from those who are pumping Bitcoin price for their own interest. The true story is that that pizza bitcoin transaction wasn't a B2C transaction but a P2P (Peer-to-Peer) transaction. In fact, that Miami-based developer Laszlo Hanyecz exchanged 10,000 BTC with 2 Pizzas with the then 19 year old Jeremy "Jercos" Sturdivant who accepted Laszlo's offer on an IRC channel and bought them with fiat currency from a pizza shop. I am certain that if that Miami-based pizza shop had received directly 10,000 BTC for the 2 pizzas, he would have been obliged to declare that amount to the American Tax Service which until today doesn't provide consensus on Bitcoin and simply it can't because Bitcoin has been developed outside the current politico-economical system! And for the American or any other national and centralised tax service, it is more likely that it would accept a tax declaration on a foreign fiat currency i.e. AUD (AUstralian Dollar) rather than in Bitcoin!
Transaction id: a1075db55d416d3ca199f55b6084e2115b9345e16c5cf302fc80e9d5fbf5d48d
Jercos' Address: 17SkEw2md5avVNyYgj6RiXuQKNwkXaxFyQ
Lazlo's Address: 1XPTgDRhN8RFnzniWCddobD9iKZatrvH4
Therefore, a fair and viable solution for the taxation and control of cryptocurrency, could have been the operation of cryptocurrency blockchain nodes from the national governments of the modern capitalistic system. But, I guess this is what CBDC (Central Bank Digital Currency) means ...
An interesting discussion about "How CBDCs could change the Future of Payments" was organised by the The Institute For the Future of the University of Nicosia, an interdisciplinary research Centre of University of Nicosia. A good compromise between the old establishment and the Satoshi Nakamoto Vision would have been if the Central Bank Authorities either if this European Central Bank, Bank of England, of Federal Reserve issue only a specific limited amount of digital version of their currency just like it happens with Bitcoin. If the so-called "Digital Euro", "Digital Pound" or the "Digital Dollar" have a fixed issued supply of let's say 21 million then we can say that the old establishment has been synchronized with the Satoshi Nakamoto Vision. However, I strongly doubt if they would ever do it, as the centralised establishment uses inflation in order to manipulate and control the crowds through poverty and overconsumption by bombardizing our minds through the media with advertisements of unecessary goods or services that we are supposed to need to buy with an inflationary currency. And i am very confident that if we had a limited supply of currency either crypto or fiat then we would have been more cautious and mindful in spending it to buy unnecessary goods or services marketed through the media and we would have tried to become more self-resilient. Who would have spent his Bitcoin today to buy a pizza ?
Finally, I read an interesting post of CZ Binance on Binance blog with title "CZ FAQ 5 - Why Binance Embraces Regulations" where he writes on his own words and in a rather manipulative style the following:
“Regulation is bad for crypto.” Please don’t hold such a simplistic view. The real world is a gradient scale on multiple vectors, but it is still very simple. Good regulations will be good for crypto. Bad regulations will be bad for crypto. Having good regulations that protect consumers while encouraging innovation is important for growth of the industry.
I know some die-hard crypto OGs will hate what I am about to say next. These crypto OGs hate anything that is slightly centralized. They want to only live in the fully decentralized crypto utopian island.
Lastly, today most regulators are only looking at a small section of the crypto market, the centralized exchanges. The industry is much more than that, there is DeFi, NFTs, GameFi, fan tokens, metaverse and much more. We hope by working closely with regulators, we can help to bring regulations that protects consumers and attracts innovation."
Honestly, It was a great disappointment for reading CZ Binance's opinion on regulating crypto as it is obvious CZ Binance is more concerned about his fiat account in banking organizations in Switzerland or anywhere else in the world owned by the establishment rather than his personal Bitcoin wallet and obviously he is unable to fully understand Satoshi Nakamoto's Vision. If CZ Binance wants to regulate bitcoin then this won't be bitcoin ($BTC) anymore but something else, possibly he can fork it as Regulated Bitcoin ($BTR) and co-operate with central authorities in running its nodes. And then we can easily become "consumers" of CZ Binance digital goods, according to his blog.
My personal opinion is that if we trade cryptocurrency for the fiat profit of it or if we use it through centralised custodial wallets aka limited companies, and "cryptocards" (to temporarily fulfil our overconsumption needs of this Capitalistic World), that can easily be regulated and controlled from the system, and generally speaking, we treat cryptocurrency as centralised digital assets just like stocks, forex, or mutual funds, then the system has a very strong argument against Satoshi Nakamoto's Vision. And I won't exclude myself from that since I have to admit that towards my quest on the cryptoworld, I already use a variety of custodial wallets and centralised platforms that require a KYC-verification in order to benefit from their interest-based cryptoactivities. And, I can understand that for people with a mortgage, kids, bills and a hell loads of obligations over their heads, Satoshi Nakamoto's Vision simply doesn't work.
Possibly I am just another hopeless romantic crypto-enthusiast and the regulation of Bitcoin would probably oblige me to buy a cold crypto wallet and store my REAL Bitcoins there hoping one day that Satoshi Nakamoto's Vision will become a reality. But until then, Satoshi Nakamoto's Vision would have failed and limited to what CZ Binance brands "die hard crypto OGS who live in a fully decentralized crypto utopian island. I want to believe that I am one of them as I remember the words of Gary Gensler defining "cryptography" while teaching on MIT as
"communication in the presence of adversary"
If you believe that my article has been extremely political, according to Satoshi Nakamoto, Bitcoin has been created for unconventional politico-economical reasons.
***END OF PART A***
***Disclaimer: All information found on this article is for informational purposes only. I do not provide any personal investment advice so please make your own research before proceeding to any investment/trading action.***
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