According to a billionaire fan of bitcoin as a currency and store of value, Satoshi Nakamoto didn’t make any profit in creating the cryptocurrency. The speech shows a different character from the creator of the main cryptocurrency towards others, especially the more centralized ones. In recent years, more than a thousand cryptocurrencies have appeared on the market and have drawn attention to their technologies, which they claim are superior to bitcoin as a currency, or even as a protocol. One that proposes to be a better currency is Dogecoin, which has the help of Elon Musk for this. Ethereum believes it can build a better protocol than Bitcoin, which gives access to smart contracts and decentralized applications. Even so, Vitalik Buterin declared he was no longer a billionaire as the market plummeted, indicating that he has profited from his creation in recent years.
“The CEOless Currency”: Billionaire Believes Satoshi Nakamoto Didn’t Profit Anything Creating Bitcoin
When bitcoin was created in January 2009, the first people who got involved with the project were cypherpunk enthusiasts, who would like to see a digital currency work in the world without state or corporate control. Thus, Satoshi Nakamoto mined the first block of the coin and several others at the beginning of the project, since in the beginning there was no bitcoin mining industry as it is currently consolidated. In any case, many of these mined coins ended up at addresses that to this day have their balances intact, that is, they have never been moved. And in 2010, when a bitcoin community was created, Satoshi Nakamoto disappeared forever. And billionaire Michael Saylor, CEO of MicroStrategy, used this to explain Bitcoin Pizza Day, which took place last Sunday (22). According to him, it took 504 days of volunteer work until Satoshi saw 10,000 BTC pay for 2 pizzas, months before he disappeared.
“On January 3, 2009 Bitcoin was born, operating without economic value for 504 days until May 22, 2010 (“Pizza Day”) when two pizzas traded for 10,000 BTC. Satoshi disappeared on December 13, 2010 without profiting at all, completing the ethical launch of the world’s first digital money.”
On Jan 3, 2009 #Bitcoin was born, operating without economic value for 504 days until May 22, 2010 (“Pizza Day”) when two pizzas traded for 10,000 BTC. Satoshi disappeared Dec 13, 2010 without profiting in any way, completing the ethical launch of the world’s first digital money. —Michael Saylor⚡️ (@saylor) May 22, 2022
In this way, bitcoin would be a kind of currency without a CEO, or even without any entity that controls it, being the only decentralized currency.
When bitcoin is criticized by centralized project owners, it is common for many to indicate that the technology of the first currency has already been surpassed. Thus, schemes that promise to be “bitcoin 2.0”, or coins that are already born with pre-mining, show at the outset that the interest is not to surpass bitcoin, but only to enrich the owner and its affiliates. Thus, the example that Satoshi Nakamoto set, and continues to set today, is that when talking about decentralized currency for the internet, serious work and transparency are needed, without profit being the main reason for creation.