Ray Youssef – CEO of the bitcoin peer-to-peer trading platform Paxful (which ironically means “peaceful”) – is resorting to some rather harsh and fiery tactics to potentially uncover the mystery behind bitcoin’s creator Satoshi Nakamoto.
Is Youssef Being Serious?
It sounds like Nakamoto is driving every cryptocurrency enthusiast to madness. As reported by Live Bitcoin News earlier this morning, a post emerged over the weekend from someone claiming to be the reclusive inventor of bitcoin. In the post, the writer claimed to be a national from the Middle East who was now living in London and had changed his name to James Caan.
Many, including crypto entrepreneur Jeff Garzik, scowled at this idea. Garzik has purportedly communicated with the real Nakamoto over the years via email and says that the writing style associated with the man is very different from what he saw in the post.
Now, it’s quite possible that Nakamoto is changing his writing patterns somewhat to throw his followers off. Maybe this is the real person and he’s simply trying to retain some level of anonymity while putting other questions at rest. Still, Garzik – and several others – remain unconvinced.
Either way, they don’t seem to be driving themselves insane with the idea. Youssef, on the other hand, appears very eager to rid the world of the mystery behind Satoshi Nakamoto once and for all. In a recent tweet, Youssef called on his followers – industry leaders like Coinbase executive Brian Armstrong and Roger Ver, playfully referred to as the “Bitcoin Jesus” – to “burn Satoshi’s” bitcoins and rid the world of his presence once and for all.
The message says:
Let’s burn all of Satoshi’s 980,000 [bitcoins]. [One] million less coins and we lay Satoshi to rest in peace.
The proposal appears rather unorthodox… And heavy, to say the least. We all are wracking our brains regarding who Nakamoto is, but to suggest that such a large sum be burned (more than $10 billion in USD) and that a lifetime of hard work and earnings be dispatched in a matter of minutes is scary and over-the-top.
Several people immediately jumped to Nakamoto’s defense, with one Twitter user responding:
So, the bitcoin creator doesn’t deserve this money? Whoever he may be or has been? What a totalitarian and egoistic idea.
How It Might Be Done
Another individual wrote:
It’s an idea as stupid as CZ’s idea to roll back the chain after the Binance hack.
While destroying that many bitcoins is a possibility, Youssef would need permission across the entire bitcoin network to do this. Otherwise, the result would be a splitting of the bitcoin network into two separate entities, where Nakamoto owns BTC on one side but not the other. At the same time, a lot of questions would ultimately dissipate, and the market could probably be in safer hands.
Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.
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