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[Author's Note: This article is a draft collected by the editorial board of "How to Invest in Digital Currency". In order to ensure the quality of the final book, it is provided to Babbitt for review by friends in the cryptocurrency circle and readers. We hope that everyone will give us advice and put forward various criticisms, improvements, and suggestions, so as to play the role of collective wisdom in creating classics in the decentralized era.] On May 2, 2016, 46-year-old Australian Wright Craig announced to many global media that he is the founder of Bitcoin, "Satoshi Nakamoto". He is a computer scientist and entrepreneur with a doctorate in law and a master's degree in statistics. He seems to have studied cryptography. Seeing the excitement and excitement on the Internet, as if he had found a sense of belonging like Jesus and God, I felt depressed and distressed. Hey, this is the truth about the currency circle that I often cannot mention to my professional partners of the same age: naivety, ignorance, anarchy, superstition, blind action, thinness, paranoia, self-righteousness, code control, etc. It is really not an easy thing to make friends in their 50s with a historical perspective understand the impetuousness and radicalism of the digital currency circle, and it is even more futile to make them interested in who Satoshi Nakamoto is. But the author is obsessed with it and unknowingly falls into the currency circle? It seems that it is mostly due to my preference and obsession with investment, or my deep expectation of the rise of a great power. I often write alone, and I have endless love for coins. This time, when Wright Craig came out to make a fuss, I was extremely frustrated and solemnly warned the cryptocurrency circle as follows: There are countless versions of Satoshi Nakamoto on the Internet. At that time, I was sure that the 64-year-old Japanese man wearing wide-rimmed glasses and looking a little haggard on Baidu Encyclopedia must be him. However, with the in-depth study and understanding of the Bitcoin protocol mechanism, especially in the past 7 years, its almost perfect protection of the self-credit system has formed a mining industry of a huge financial empire, and the self-closed loop that maintains the safe operation of the distributed blockchain system without the need for third-party authentication has made it increasingly difficult to associate the creation of such a great monetary practice project with just a specific individual. So as soon as Wright Craig announced that he was Satoshi Nakamoto, I felt disgusted and despised the noise in the media.
So who is Satoshi Nakamoto, the founder of Bitcoin?
The author has published many bold speculations about "Satoshi Nakamoto" on Babbitt, BitTimes, and Weibo: He is definitely not a certain person, but a large hidden organization that includes government, finance, banking, exchange rate, reserve currency, computer experts, encryption engineers, and other public management and research institutions. "Satoshi Nakamoto" is only the spokesperson of this organization. After they have tested and practiced the Bitcoin protocol mechanism and all the problems that may be encountered in the development of blockchain countless times, they finally believe that it can be safely launched. They borrowed a mobile or anonymous IP address to release this Pandora's box to the world. From the content of Satoshi Nakamoto's dialogue in the forum for more than two years, it can be perceived that "it" has never been emotional, not excited, calm, and talks about things step by step. After confirming that Bitcoin can finally survive freely, it quietly left. This is obviously not in line with the psychological and behavioral performance of a normal individual. I often find it funny and ridiculous to translate Satoshi Nakamoto into "中本聪". No matter how bad the translation is, no matter how twisted and fanciful the translation and transliteration are, there will not be such a big deviation. I have no time to investigate who was the first to translate "organization spokesperson Satoshi Nakamoto" into "中本聪". In short, I feel that this is a little trick of behavioral science, which makes you instinctively induce a subconscious feeling: "Smart people in China or Japan" "Chinese people are smart" - Bitcoin must have been invented by the Chinese, and "it has nothing to do with the United States or XX"? Why is this? I hate people who love conspiracy theories all the time, but in the seven years since Bitcoin was born, it has deeply rooted its life and ideas in the world and captured a group of emerging elites. As the world's second largest economy, China and its people can't even figure out the founder of Bitcoin and its motives. Isn't it dangerous? Therefore, this chapter adopts a completely open mind and a mind of a hundred schools of thought to make an in-depth analysis of whether Bitcoin is an American conspiracy. Maybe the whole standpoint and conjecture are completely wrong, but it is also an effective exploration! 1. The person named “Satoshi Nakamoto” is basically a fabrication (1) Such a great historical feat must be led by someone or the result of a long-term research and development by a team. It requires long-term testing and promotion before it can be accepted by society. So it is impossible to find this organization, this person, this IP address, the mailbox for publishing papers and discussing opinions, and which laboratory? I often wonder why a living person who invented such a great currency revolution can really disappear from the face of the earth? American journalists have an extremely free and persistent "muckraking" spirit. Nothing can escape their eyes. Seven years have passed, and Satoshi Nakamoto has still disappeared. It can only be said that there must be some kind of force that is influencing and preventing them from exposing; (2) Assuming that this is a completely decentralized anarchic monetary system, the first to suffer a severe blow is the international monetary system and the global public's dependence on the dollar. The entire United States is facing the risk of bankruptcy, which is what the US government and Wall Street fear the most. The FBI is not just there to do nothing and will definitely arrest him as soon as possible. However, the top monopoly of the United States and its tacit approval of the spirit of civil freedom and democracy will also cause Satoshi Nakamoto to appear in a prison somewhere. But the fact is that he has always been as erratic as God. (3) "Satoshi Nakamoto" may really exist. He is indeed a world-class "computer password + blockchain + financial currency" genius. All the protocol rules he formulated are perfect and have caused a global sensation and response. The 1 million bitcoins he initially owned through mining are worth 3 billion today. Because of the anonymity of bitcoin, as soon as his identity is exposed, he will be afraid of robbers or kidnappers. Even a thief sneaking into his room and threatening him can make his wealth disappear without a trace in a few minutes. This anonymity makes him dare not show up. Obviously, this conjecture is too far-fetched. If he is not God, he would never believe that Bitcoin is worth 3,000 yuan seven years ago. (4) Bitcoin has gone through a seven-year journey since its birth, from nothing to something, from being believed by few people to almost becoming an international value reserve option for many investors. The blockchain technology it invented is igniting a huge industry, but what is amazing is that all of Bitcoin's protocol mechanisms were created overnight and have never changed. After experiencing many catastrophic blows and doubts, it is still running strong and healthy. More importantly, many of the problems that Bitcoin has encountered in its later development seem to have been foreseen and prevented in the initial protocol mechanism. It is really hard to imagine that such a nearly perfect self-confidence system can be successfully developed by a single individual through experiments in a limited time? Based on the above analysis, the author tends to believe that the Bitcoin issue cannot be simplified to the behavior of a certain "Satoshi Nakamoto" computer geek with anarchist and liberal tendencies. This must be a major revolution that affects the course of human history and the collective behavior of a huge force. Is it really a conspiracy? 2. Only the US government has the motivation to create Bitcoin The birth and development of any great revolutionary event must carry the mission of promoting the progress of human history and have a more perfect and harmonious mechanism. After the whole society was astonished by its creativity, why did Bitcoin fail to arouse the tolerance of governments, the deepening of private investment, the popularization of physical applications, and the innovation and transformation of financial services? Only some venture capital and radical financial celebrities participated and shouted, so that it faltered. I think the biggest reason is: The whole society has become ignorant and anarchic because of the superstition and worship of the creativity of the Nakamoto team! This obsession that deviates from people's common sense has made rational investors vigilant and suspicious, and dare not intervene rashly. This article aims to provide a way of thinking - how can we entrust the progress of the whole world to a computer engineer who occasionally has inspiration, or the hidden team behind him? It is time for us to calm down and carefully and critically study its purpose, motivation and theoretical framework, and the mechanism of its survival. Otherwise, this thing will not only fail, but may also bring endless disasters to mankind. Why did they create Bitcoin? The current financial system has become extremely convenient after being equipped with network technology. Centralized charging has solved the biggest problem of "trust and endorsement" in the financial system. Bitcoin transactions are not fast, and P2P and anonymity have led to the flourishing of gray transactions and hacker extortion. Is their starting point for a currency revolution, or just for the top hackers to make money? Is it to resist the unfairness of the international currency US dollar exploitation and the monopoly of legal currency exploitation by adopting the blockchain technology POW mechanism to fairly issue currency? Or is it to share the value income of currency mining and issuance through blockchain technology? Is it to resist the centralized control of sovereign governments? Or is it to formulate Bitcoin rules and protocols by itself and become the new overlord of the world financial system controlled by computer code, centralized wallets, and bugs? Is it to resist the unfairness of the current charging system for financial services? Or does it want to take the global transaction fees generated by wallet transfers or competing payment methods for itself? Why would they condone the evil of anonymity? Why would they mobilize the anarchist youths around the world to cheer for this initiative? Aren’t they afraid that at any moment when your wallet is transferring money in and out, hackers will steal all your assets from your computer without any way to trace them? If kidnappers come to your house and threaten you for ten minutes, your wealth will disappear without a trace? Or corrupt officials and bank executives will make huge amounts of money vanish in a day? We have finally led the people of the world out of the dark rule of monarchs, churches, kings, and emperors, and let all assets come into the light. Does Satoshi Nakamoto want to destroy the world? Of course, the most terrifying thing is that the financial tycoons behind the scenes who control the U.S. state machine, in order to deal with the resistance of countries around the world to the international currency, the U.S. financial system will be the first to transplant digital currency, and then abandon the U.S. dollar, allowing it to depreciate indefinitely, turning the U.S. dollars held by creditor countries into waste paper, in order to save the United States, which is essentially facing the threat of bankruptcy. . . . . We haven’t figured out these most basic questions, so we can only say that we are still in a state of extreme ignorance! Any major invention and creation in the world first has a strong motivation and purpose. It is normal to be full of utilitarianism. However, believers in the currency circle are always willing to regard Bitcoin as an ideal social vision for mankind to move towards democracy, freedom, fairness, justice and transparency. The author always feels that it is too vague and unreasonable. It is hard to imagine that such a huge, meticulous, brain-burning system involving many professional levels can be supported by one person alone. It must require multi-channel collaboration through a large number of experiments, countless failures and corrections to achieve the expected success. According to common sense, there will never be a certain individual who, without certain financial resources and experimental scene support, is destined to bear all the risks of failure and loss, and is willing to believe that the bytes born in a simple and lonely computer software game will become currency and wealth! It is also impossible to maintain the practice and persistence as always since the publication of the paper in 2008, which has not seen any value. The key is, how can one person make Bitcoin "accomplished overnight" in 7 years? Therefore, the creation of Bitcoin is by no means the will and motivation of a certain individual, and certainly not the result of the so-called idealists’ pursuit of a perfect social vision. So, who has the motivation to develop Bitcoin with decentralized P2P distributed ledger verification? All centralized governments must not have such motivation. Centralization has almost become the purpose of their governance. How can they allow the emergence of exchange media other than central bank currency within their sovereign jurisdiction? It is simply a rebellion? Why do all those developed countries such as the United Kingdom, Japan, France, and Germany, which have balanced internal and external debts or even hold more debts, invent a decentralized Bitcoin? How can they collect taxes if they can't even figure out who the holder is? How can they measure past assets and wealth? Moreover, the electronic currency systems of online banking, credit cards, and mobile payments in all these countries are already very convenient and fast. Why do they need a mysterious and slow blockchain confirmation? Who exactly had the strong desire to create Bitcoin? ——America, it must be America! Only Bitcoin can save America! Only the US government knows best: after countries around the world realize that the dollar hegemony determined by the Bretton Woods Treaty is an international conspiracy, the dollar, an international reserve currency that has deviated from the gold standard, will sooner or later withdraw from the stage of history like the British pound hegemony in the past. This will inevitably lead to the largest dollar debt redemption event in global history. The United States, which owes domestic and foreign debts of up to 17 trillion US dollars, has enjoyed a happy life purchased with US dollar banknotes for many years, but all of this will have to be repaid sooner or later. It is almost a trend for the United States to be on the verge of bankruptcy. Under such circumstances, if the US government continues to insist on the dollar's unified monetary system, it will be unable to resolve the tragedy of the entire country being liquidated. If the US government allows the dollar to depreciate indefinitely in order to default on international debts, domestic creditors will rise in rebellion due to the depreciation of their rights; if the dollar is kept from depreciating and debts are repaid fairly, even if all US government assets are sold, it will not be enough to offset the global debt it has owed over the past 70 years through a Ponzi scheme. However, if a brand new currency such as Bitcoin could be issued, and its revolutionary and advanced decentralized nature could be highlighted as much as possible, and the trust of global investors could be gained, and people could be guided to hold new international digital currencies as the main choice for cross-border trade exchange payments and settlements, then the international currency status of the U.S. dollar would continue to weaken. As the peak of redemption approaches and expectations of dollar depreciation continue to increase, U.S. citizens who hold original U.S. dollar debt could gradually exchange their personal rights for Bitcoin in the process of participating in Bitcoin investment, and allow the U.S. dollar to continue to flow overseas. Since the international debts held by various governments are mainly accounting rights such as U.S. Treasury bonds, various governments lack the courage to convert their huge dollar claims into Bitcoin, and secondly, they do not have the conditions to directly exchange U.S. dollar cash for Bitcoin. In other words, before domestic creditors in the United States finish exchanging dollars for Bitcoin, the U.S. government will continue to keep the accounting of creditor countries trapped.
But in the end, the critical point of collapse will surely come. The Federal Reserve can completely sacrifice the credit of the old me to save the United States [the new me has long become the master of Bitcoin], print a large amount of US dollars to repay debts, and directly devalue the US dollar to 1/100-1/10000-1/1000000. In this way, the US dollar debt accumulated by the Chinese government for more than 30 years will become a bubble, and the US government will rely on Bitcoin to successfully survive this crisis. Therefore, the author has always firmly believed that Bitcoin must have been created by the US government, and its motive is to save America! 3. All creations are a call from history, and will cleanse original sin and promote human progress. If we continue to dwell on the reflections on "Satoshi Nakamoto", our trust in Bitcoin will soon be crushed. Let's return to the rolling trend of historical progress. Regardless of the purpose and motivation of the birth of Bitcoin, its epoch-making innovation itself is a great revolution. The pace of historical progress will eventually crush the original sin, and through improvement, upgrading and perfection, it will bring new progress and development to mankind. I will not go into details here. It is enough to just look at the interpretation of the following major historical events of mankind: (1) The purpose of the U.S. moon landing project: to challenge the Soviet Union, to deter the world, to achieve aerospace hegemony, to occupy outer space, etc.;
Results: Promote human spaceflight, satellite launches, launch vehicles, meteorological and geological monitoring, remote sensing, GPS systems, etc.;
(2) Purpose of the Internet: U.S. military combat defense, real-time communication within military bases;
Result: triggering a new era of the Internet;
(3) Purpose of GPS global satellite positioning system: global military combat command system, remote sensing monitoring, world hegemony;
Result: Became a pioneer in surveying, mapping, geographic information and civil navigation;
(4) Possible purpose of digital currency: replacing the US dollar as the new international reserve currency and saving the United States;
Expected results: To achieve fairness, equity, transparency and sufficient decentralization in the issuance and trading of international reserve currencies, so that all people can enjoy the initial value of currency issuance, destroy the economic plunder of the US dollar international currency on countries around the world, resist the monopoly and exploitation of legal tender, eliminate bank short credit loans, and ban inhumane inflation, facilitate decentralized instant transaction payments in the Internet era (P2P), ensure the security of wealth accounting (distributed general ledger blockchain), reduce the cost of printing and issuing coinage and paper money (digital circulating currency), reduce transfer fees, especially cross-border exchange expenses (wallet software is unimpeded on the global network), promote new emerging online consumption trends such as rewards, tips, donations, reasonable gambling, selection, and rewards (combination of blockchain and wallet addresses), and make payments in the e-commerce era faster and more convenient, etc. From the perspective of history and nature, no matter how cruel and heroic the rise and fall of empires, how bloody the competition between countries, enterprises and individuals, and how hidden and sinister all the selfish desires and motives are, as long as they are innovated and developed, they will ultimately be a transformation and advancement of human society as a whole. And the hand of nature always has a kind of magic that transforms all those revolutions that start from narrow motives into submission and harmony. If so, whether Bitcoin and Satoshi Nakamoto are American conspiracies, there is no need to worry about it. We don’t have to see a former superpower completely bankrupt to feel at ease, right? Still believe it, digital currency will definitely make the future world more perfect and harmonious!
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