Legendary researcher and prominent figure in Bitcoin’s community, Sergio Demian Lerner, believes that Satoshi Nakamoto won’t ever use his bitcoins because of his altruistic intentions.
Satoshi Won’t Use His Coins
Satoshi Nakamoto, the pseudonymous creator of Bitcoin, is believed to have mined 1.1 million BTC back when the network was first launched.
A well-known researcher, Sergio Demian Lerner, who is also the designer of the second layer Bitcoin protocol RSK, discovered privacy flaws in Bitcoin’s code and came up with the so-called Patoshi pattern.
According to it, back in the very early days of Bitcoin, a miner used a slightly different algorithm to mine 1.1 million bitcoins. A lot of people believe that this is Satoshi Nakamoto.
One of the pressing questions that a lot of people are afraid even to consider is what would happen to BTC’s price if Satoshi decides to sell his 1.1 million bitcoins. It would probably be catastrophic for the price.You Might Also Like:
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Lerner, however, believes that this won’t be the case because Satoshi was altruistic and is never going to spend his coins.
The Mystery Intensifies
As CryptoPotato recently reported, an interesting BTC transaction happened in May, where 50 BTC mined in the first months of the network’s existence were transferred for the first time. This amount has been dormant for more than ten years, and it caused many to wonder if that wasn’t Satoshi.
Soon after that, however, it was discovered that the block that rewarded those 50 BTC didn’t fall within the Patoshi pattern, making it highly unlikely that this was him.
Yet, the market tanked soon after as Bitcoin lost more than $1,000 of its value in a few hours, showing how people are easily panicked in a scenario of the kind.
In any case, it’s also worth noting that Satoshi Nakamoto is unlikely to have an incentive to dispose of his holdings. After all, the network that he came up with is capable of reshaping the entire economic system, and if he sells his BTC, it more or less means that he doesn’t have faith in it.Enjoy reading? Please share: