Satoshi Nakamoto, the identity of whom is one of the biggest enigmatic story. He is a computer programmer who invented the digital currency bitcoin cryptography. Nakamoto is believed to own up to roughly one million bitcoins as of 24 May 2017, with a value of estimation at approximately $6 billion USD as of September 2017.
As of 18 August 2017, this is worth over $6,012,000,000.
Satoshi Nakamoto is the name of the unknown person or persons who designed bitcoin and created its original reference implementation. The name is a pseudonym which indicates man, woman or even a group of people.
The reason the name “Satoshi Nakamoto” became tied with Bitcoin is that it was listed as the author of a white paper that was distributed to the cryptography mailing list.
Analyzing the ledgers, programmer Sergio Demian Lerner determined a person who is likely Satoshi Nakamoto only spent about 0.0005% of his acquired wealth or approximately 500 bitcoins.
Since the creation of this bitcoin, Nakamoto is an unknown person in 2008. But in 2015, Satoshi Nakamoto was nominated for a Nobel Prize in Economic Sciences by Bhagwan Chowdhry, a professor of finance at UCLA.
Unveiling Nakamoto’s identity could have an enormous impact on bitcoin’s economics and internal politics than solving the mystery. As a part of the implementing this bitcoin, they also devised the first blockchain database. They were the first to solve the double-spending problem for digital currency. They were active in the development of bitcoin up until December 2010.
Nakamoto published a paper on The Cryptography Mailing list at metzdowd.com describing the bitcoin digital currency in October 2008. It was titled Bitcoin – A Peer-to-Peer Electronic Cash System. In January 2009, Nakamoto released the first bitcoin software that launched the network and the first units of the bitcoin cryptocurrency, called bitcoins. Satoshi Nakamoto released the Version 0.1 of Bitcoin software on Sourceforge on 9 January 2009.
“Nakamoto has the power to tank the currency if he wants to” says Matt Green, a cryptocurrency professor at Johns Hopkins University. It has a limited supply of 21 million which is predicted to be reached by the year 2140. Nakamoto’s 1 million bitcoins are worth 5% of the entire cryptocurrency.
“The thing about bitcoin is if you control a million of them, you have the ability to flood the market at any point. Think of them as rare baseball cards. They’re valuable because they’re rare. If somebody could dump hundreds or thousands of Mickey Mantle trading cards, rare ones, onto the market, they wouldn’t be worth so much anymore,” said Green.
Ben Yu, a bitcoin investor living in San Francisco, says Nakamoto’s stake in bitcoin is extremely high. Yu’s calculation worked out. U.S. government holds the most gold reserves of any other entity in the world, at about 8,000 tonnes.
“If bitcoin fulfills its role of becoming a global currency, than Satoshi Nakamoto would likely be the richest person in the world and also hold a proportionately higher share of the ultimate supply of bitcoin than something like the U.S. government holds in gold today,” said Yu.
But for now Satoshi Nakamoto is willing to come forward. His anonymity is an indication of privacy, protection and peace—three things that likely appeal to the owner of one million bitcoins.