Here Are Three Things That May Toebijten to Satoshi – s Fortune – The Merkle
Satoshi Nakamoto is the person or persons who are responsible for the creation of Bitcoin by releasing its whitepaper ter 2008. This person, or collective, also wasgoed responsible for the majority of the mining at the beginning of Bitcoin’s existence. Spil a result, their private keys hold about 980,000 Bitcoins, which have bot left untouched since Satoshi exited the community. What is the future of this fortune?
Script 1: Quantum Computing Makes Satoshi’s Fortune Vulnerable
There are a few projects dedicated to cracking private keys from public keys ter the Bitcoin space. One of them is the Large Bitcoin Collider, which has bot the subject of some controversy te the past. Despite the toneelstuk that has surrounded it, the Collider has successfully cracked a few private keys. However, the computing power required to do so is unfeasible for any large-scale attack on specific wallets, at least presently. Quantum computing will be a different matter altogether, however.
Quantum computing will one day menace the Bitcoin network. For active members of the community, it won’t be a problem at all, since fresh SHAs that are quantum resistant will be developed and deployed. However, inactive users who don’t update their wallets – including Satoshi and his 980,000 Bitcoins – this could be a real problem. Private keys could be cracked, and the associated coins could then be transferred to attackers’ wallets. Satoshi’s fortune may be stolen.
Screenplay Two: Satoshi Comes Back
At current Bitcoin prices, Satoshi Nakamoto is worth about US$14 billion, cosily putting them among the top 250 richest individuals ter the world. While Satoshi may not have bot terribly interested te returning ter the past, spil Bitcoin’s price resumes to grow, this may become more and more tempting, especially if the possibility I outlined above comes true. If Satoshi is wealthy enough that they don’t worry about those 980,000 Bitcoins, they vereiste be pretty well off already. Having said that, US$14+ billion is enough that I think anyone would be tempted to attempt and protect it from thieves.
If Satoshi comes back , wij will be te for an interesting time. This figure has become somewhat religious ter nature, and many people will assign them (clearly unwanted) responsibility for the fate of the network. “ What would Satoshi do? ” seems to underpin many arguments ter any debate that arises ter the Bitcoin community. For this reason, I truly hope that Satoshi never comes back. Proof-of-personality is unattractive and, frankly, dangerous for crypto-communities. It’s all meant to be distributed.
While I doubt Satoshi will come back, even to keuze their fortune, it is still possible.
Script Three: Satoshi Never Comes Back, Quantum Computing Doesn’t Menace Their Keys
It is theoretically possible that quantum computing i) won’t toebijten, or ii) won’t toebijten the way that wij think it will. Screenplay 1 is not possible, and script Two is unnecessary. Honestly, this is what I hope will toebijten. I don’t want Satoshi to come back, but I also do not want their coins to be stolen. Of course, I realize this means I am okay with the fact that almost 1 million of the 21 million Bitcoins that exist will be locked up and lost forever. This has its own set of issues, but that’s for another article.
About The Author
Dariusz is a Digital Anthropologist who has bot closely following the world of cryptocurrencies since 2014. He has bot somewhat of a crypto-evangelist, attempting to educate more people on the titillating field of cryptocurrency. During his time at University Collegium London, his Master’s dissertation focused on how communities inhabit, modify, and create virtual places via social media.