Earlier this year is seemed that a great mystery had been solved and we could finally put a name to the face of Satoshi Nakamoto. Satoshi Nakamoto is the name used by the unknown person or persons who designed and created bitcoin. Although Nakamoto has claimed to be a man living in Japan, supposition has fallen on a number of computer scientists from the U.S. and Europe as the real Nakamoto. When an Australian academic and entrepreneur named Craig Wright, announced himself as Nakamoto it seemed to be the end of the manhunt, but, over the following days, the proof he offered was torn apart and Wright has since retired from public view before his claims could be satisfactorily proved or disproved.
Bitcoin is a digital currency or cryptocurrency that is not backed by traditional financial centres of banks or governments. Bitcoins can be traded for goods or services with vendors who accept Bitcoins as payment. Bitcoin-to-Bitcoin transactions are made by digitally exchanging anonymous, heavily encrypted hash codes across a network which monitors and verifies the transfer of Bitcoins between users. Each user’s Bitcoins are stored in an electronic device called a digital wallet which also holds each address the user sends and receives Bitcoins from, as well as a private key known only to the user. Bitcoins can be used by opening a transfer request from a Bitcoin address in the customer’s wallet to a Bitcoin address in the vendor’s wallet. A number of influential industries have already invested heavily in the cryptocurrency market with iGaming companies behind sites such as www.bitcoinpokies.com becoming particularly devoted to this relatively new currency. As Bitcoin continues to become the currency of choice in a range of industries, speculation over the identity of its’ creator refuses to go away.
Wright revealed his identity to the BBC, the Economist and GQ stating that he needed to expose himself in order to dispel damaging rumours affecting his family, friends and colleagues. Yet it now seems that there were less noble financial factors that compelled Wright to convince people he was the creator of Bitcoin. Wright was apparently under extreme pressure from business investors who stood to profit from him if he could be attested to be Nakamoto.
These investors had signed a deal with Wright, which saw them pay off his debts and make financial commitments to fund Wright’s future research and development program. From the investors’ point of view, committing some investiture into Satoshi Nakamoto’s future projects would sound like a very sound investment, yet it’s not clear how these investors became so certain that Wright was indeed Nakamoto. It’s possible and now seems likely that these investors did not carry out due diligence and were in fact blinded by the possible returns that could be garnered from the Nakamoto name.
Despite Wright’s claims of not wanting the notoriety or the attention, he has gone to a lot of trouble to construct a reality of himself as Satoshi Nakamoto without actually providing conclusive proof. The longer this proof fails to materialise the more arduous it is to come to the conclusion that Wright is, in fact, Nakamoto. Most of the evidence presented as proof of his claims revolves around blogs, emails and associations to others thought to be involved during the inception of bitcoin, but nothing concrete. If Wright created Bitcoin, he should have access to the keys that power the earliest bitcoins mined on his computer. Those coins have never moved in bitcoin’s seven-year history, even though at one time they were worth as much as a billion dollars on the Bitcoin Price Index Chart. It’s this cryptographic evidence that is required for Wright or anyone else to be confirmed as the true creator of this digital currency.
Wright’s claims continue to be treated with scepticism and his name will likely prove to be just a footnote on the long saga of attempting to identify Nakamoto. In the wake of another failed effort to identify the bitcoin creator, the public is once again left to wonder who’s really behind the popular cryptocurrency and why doesn’t he reveal himself.