Even if the story proves to be incorrect, that doesnt mean it shouldnt have been investigated. Identifying the true Nakamoto is not an idle curiosity, it is of significant public interest. As the first person to use Bitcoin, Nakamoto holds large amounts of the currency. No one knows exactly how much, but because all bitcoin transactions are recorded on a public ledger, analysis suggests it could be as many as one million – around eight per cent of the present total number of bitcoins and valued at around $650 million, given current prices. For a currency that is supposed to be decentralised, that puts a large amount of power in Nakamotos hands. It is frowned upon for other currencies based on Bitcoin to be distributed like this. Should Nakamoto decide to sell these holdings, prices will tumble as the market floods with bitcoins. If Bitcoin is to be taken seriously, as it increasingly is, this could be a pivotal moment in which Nakamoto, whoever that is, should provide assurances that the whole thing wont be brought crashing down.
Posted on: Mon, 10 Mar 2014 08:11:32 +0000
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