With close to $7 billion Bitcoins in circulation today, the recent stumble and fall of Mt. Gox, one of the larger Bitcoin exchanges in the world, sent the virtual currency system screeching to a halt and many asking, what is Bitcoin? Many who were not aware of Bitcoin and who do not venture much into the world of virtual currency were puzzled, but did not know what to think of the news. However, Bitcoin’s tumble has affected several markets, brought many of its exchanges to a stop and is plausible reason behind the search for its creator.
When Bitcoin first came to being, no one really knew who the creator was. The name Satoshi Nakamoto, first thought to be a fictitious person, circulated the halls in conversation as companies and investors climbed the bandwagon of the newly burgeoning digital currency system.
Bitcoin enjoyed smooth sailing for some time, but when access to trading was shook up, exhanges took a hit through fluctuations in trading and hackers set to work to capitalize on the inner workings of digital money. Everyone sat up and took attention. It seems only Binary Options Broker deals are safe for online trading.
People want to know who created this inventive, yet volatile version of what is considered “money”, so blame could be placed. With so many invested in Bitcoin and many unable to withdraw when Mt. Gox fell, citing engineering and system issues, it’s easy to see why so many wanted to find the founder, who was sitting on millions in Bitcoins himself.
Newsweek recently revealed that they identified a man in Southern California, named Dorian Satoshi Nakamoto, as the founder of Bitcoin. Nakamoto, hounded by reporters on Thursday, denied any affiliation, stating he is simply a model-train enthusiast.
This statement eclipses a conversation Nakamoto had earlier with Newsweek reporter, Leah McGrath Goodman, in which he stated, “"I am no longer involved in that and I cannot discuss it." Goodman claims this clearly indicates his involvement.
Later, in a statement to the AP, Nakamoto shared the following, "I'm saying I'm no longer in engineering. That's it," he told the AP. "And even if I was, when we get hired, you have to sign this document, contract saying you will not reveal anything we divulge during and after employment. So that's what I implied."
Developers working closely to the core of Bitcoin claim to have no knowledge of who the founder is, stating on their website, they only had electronic interaction with him.
The Bitcoin Foundation, a group that advocates for Bitcoin and promotes the use of digital currency said, “…We have seen zero conclusive evidence that the identified person is the designer of Bitcoin."
So, even though it seems the world, or more appropriately Newsweek, has found who we can consider to be the founder of Bitcoin, many still argue he is not the same person. Yes, the name matches. Yes, his strong mathematical background seems to indicate that he could be the one. However, in this frantic and unnecessarily hounding revelation and exposure, what has the general public gained?
A creative mind seeking to quietly bring a new system to fruition, choosing to stay humble and hidden, has now been taunted and revealed for no apparent reason.