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For the past year Nathaniel Popper has been working on a book about the history of Bitcoin and writes in the NYT that it is hard to avoid being drawn in by the almost mystical riddle of Satoshi Nakamoto’s identity. Popper has his own candidate for founder of Bitcoin, a reclusive American man of Hungarian descent named Nick Szabo. Szabo worked in a loosely organized group of digital privacy activists who over decades laid the foundation for Bitcoin and created many parts that later went into the virtual currency. Bitcoin was not a bolt out of the blue, as is sometimes assumed, but was instead built on the ideas of multiple people over several decades. Several experiments in digital cash circulated on the Cypherpunk lists in the 1990s. Adam Back, a British researcher, created an algorithm called hashcash that later became a central component of Bitcoin. Another, called b money, was designed by an intensely private computer engineer named Wei Dai.
It may be impossible to prove Satoshi’s identity until the person or people behind Bitcoin’s curtain decide to come forward and prove ownership of Satoshi’s old electronic accounts and at this point, the creator’s identity is no longer important to Bitcoin’s future. Since Satoshi stopped contributing to the project in 2011, most of the open-source code has been rewritten by a group of programmers whose identities are known. According to Popper whoever it is, the real Satoshi Nakamoto has many good reasons for wanting to stay anonymous. Perhaps the most obvious is potential danger. Satoshi Nakamoto most likely collected nearly a million Bitcoins during the system’s first year. Given that each Bitcoin is now worth about $240, the stash could be worth more than $200 million. That could make Satoshi a target. "With his modest clothes and unassuming manner, Mr. Szabo could be the kind of person who could have a fortune and not spend any of it," concludes Popper, "or even throw away the keys to the bank."
[ Editor's note: The "b money" link does not appear to work. ]
(Score: 1, Insightful) by Anonymous Coward on Monday May 18 2015, @01:00PM
Nobody gives a fuck. It also doesn't matter. Bitcoin failed. Average users can't download 25 GB of blockchain data, and this goddamn number will only continue to grow, even with the few Bitcoin stragglers who are left. The only other option is to use some centralized third party service, which DEFEATS THE WHOLE PURPOSE OF USING A DECENTRALIZED CURRENCY! All of this is totally irrelevant. The Bitcoin bubble burst. Just like Ruby on Rails, the reality didn't live up to the hype. And now nobody cares about it, aside from a few kooks and crazies.
(Score: 2) by MichaelDavidCrawford on Monday May 18 2015, @05:14PM
I'd like to set up a bitcoin wallet sometime but I don't want to leave the entire balance in the hands of a network-connected box.
Not even my own.
Yes I Have No Bananas. [gofundme.com]
(Score: 3, Interesting) by demonlapin on Monday May 18 2015, @07:43PM
(Score: 1) by tftp on Monday May 18 2015, @08:31PM
Actually, you don't even need money.
(Score: 1) by tftp on Monday May 18 2015, @08:30PM
The only other option is to use some centralized third party service, which DEFEATS THE WHOLE PURPOSE OF USING A DECENTRALIZED CURRENCY!
It doesn't have to be centralized. In fact, BTC is well served by a vast network of smaller, but fully trustworthy exchanges - like Mt. Gox, for example. They will never fail you, even though they are unregulated and free from government's oversight. Your money will be stored in a wallet on their servers, but that's OK because they are super-secure, protected by the latest cryptographic ciphers, like double ROT13.