We are all Satoshi
Bitcoin’s intrinsic value is misunderstood, but it doesn’t matter.
Bitcoin does not exist, it is a mirage, a dream. They are just numbers in the matrix, an illusion. Bitcoin is not backed by anything, no government would back it up and is scorned by the association of the world’s central banks. Only cyberpunks, libertarians or anarcho-capitalists and people who want to get rich impressed by its large profit margins compared to other assets buy it. All this is true and it is the reason why Bitcoin changes and continues to change the world forever.
What is more difficult to understand is that US dollars are also a great illusion. After leaving the Gold Standard, US dollars are not backed by anything other than the sea of faith of fools who use it as payment and other fools who in turn accept it as payment. The main difference is that, at least for the moment, the illusion, in the case of dollars, helps us in some way to create a somewhat manageable exchange and barter system … Obliged by the state, we all sometimes accept ourselves than paper money, which they call money (Latin denarius) as a monetary instrument.
The US dollar is what is known as a “fiat” currency. Fiat is Latin for “let there be,” as in Fiat lux, let there be light; therefore, there be soles, pesos, dollars, and yen. In his definition is also his downfall since the temptation of the leaders of the states for the money maker has historically been irresistible. An obvious result of this debauchery is inflation: the purchasing power of $ 1 in 1960 is now just under 10 cents. We all know the case of hyperinflation in Venezuela, Zimbabwe, Lithuania, Argentina, Peru, Russia, Poland, Brazil, Germany, etc. Mentioned that the main reason for great empires like Rome or Constantinople was the excessive act of creating coins of different values to confirm the liquidity of the empire, I would not call it a novice mistake and what is still happening now.
This chaos is the basis of the creation of the defined Austrian economy, putting the state in control of the country’s financial system that leads to a global catastrophe sooner or later. The human being is unpredictable and unable to achieve without need and competitiveness. Nationalizing money is a slow death and announced by liberal economists for decades.
The solution to this great problem came thanks to technology, the creation of the first private currency (Bitcoin) and the safest and fastest transfer system in history (Blockchain)
All the common arguments against cryptocurrencies like bitcoin and the Blockchain technology that underpins them invariably fail to take into account this fact, the fragile nature of ordinary money. Cryptocurrencies cannot be understood even a little by anyone who thinks money is real, solid, or “backed” by more than human trust in institutions whose stability is always uncertain. A US dollar is “backed by” “the full faith and credit of the United States.” It is very difficult, almost impossible to argue this feature to a Keynesian. For “Debt is something we owe to ourselves.” — Paul Krugman. What orates?
The theory behind bitcoin is that the records produced by a distributed computer network can be tamper-proof, which theoretically guarantees the soundness of a currency better than governments. And so far, despite some substantial bumps along the way, the Blockchain system on which Bitcoin is based has proven this theory.
Scams and thefts exist and will exist as long as the full market information is not adopted, in the early year bitcoin scams were overwhelming. There’s no doubt that the prospect of instant wealth, close enough to touch, can drive people crazy. Keep in mind, however, that greed’s propensity to produce crime and insanity did not cause the value of gold to evaporate. Many scammers claimed to be Satoshi to start their fortune undercover by promising to invent something better than bitcoin, as is the case with Craig Steven Wright and his BSV (Bitcoin Satoshi Vision) a most grotesque but incredibly profitable scam for early adopters. It is very likely to disappear in the next phantom cryptocurrency purge that is based only on speculation and not on a real foundation of technological and economic change. We are all witnessing the great predominance of Bitcoin in the cryptocurrency market and it is for its strong roots and the same innovation that led it to the throne that it holds.
A few months ago Craig Wright announced to the world that he was Satoshi Nakamoto, nobody with a bit of gray matter on his head would believe such blasphemy, this did not remain here since after obfuscating big names and characters of the Blockchain ecosystem and after several complaints about fraud and manipulation, a judge ordered that it be shown that the keys and their content since the creation of bitcoin are his property. Well, this did not happen and it never will, since it was never his keys and he is obviously not Satoshi. And this was verified in a message left by 145 keys (which he presumed to own) on the Blockchain network:
“Craig Steven Wright is a liar and a fraud. He does not have the keys used to sign this message. The Lightning Network is a significant achievement. However, we must continue to work to improve capacity on the chain. Unfortunately, the solution is not simply change a constant in the code or allow powerful participants to force others. We are all Satoshi “
Because in the end, we are all Satoshi, even if the real or the real Satoshi showed up, it would not really matter, Bitcoin separates the role of the state and money. That is its intrinsic value, that is its true wealth. We are all Satoshi.
Stay safe. Manage your risk and get comfortable in the chaos.
Ceegix - Christian Galíndez Beltrán
