Wu: Satoshi Nakamoto should not come out; it is the most objection heard. The reason is that the currency price will plummet when Satoshi Nakamoto comes out. When he came out, the Bitcoin system became centralized. That is the mainstream view in the Bitcoin community.
Whether the currency price will fall or not depends on what. First, why did it fall, Satoshi Nakamoto came out, and Bitcoin was centralized. This proposition does not hold. Because the Bitcoin technical community has developed a sound community governance mechanism, and there is a set of rules for the revision process, the third top maintainer, Vladimir van der Laan, left without appointing a successor. As a result, five people control the multi-sig private key. In the eyes of the so-called people who regard decentralization as a god, there is no longer the highest person in charge. The Bitcoin system is perfect from the perspective of decentralization.
The question is what? According to the Wall Street Journal, four Bitcoin core members have resigned in the past 18 months. In August 2022, Van der Laan left office, and Bitcoin did not fall or rise sharply because of van der Laan’s departure.
Four people resigned, and even the top person in charge left. Of the initial 17 people, there are only five people now. The biggest reason is that the “salary” is too low. Is the income far below the industry standard reasonable for such a large project? At this rate, if only one person stays, it will only be a matter of the next few years. Is there one person left who is not centralized? Why did Satoshi Nakamoto come out to be centralized? How unreasonable!
The resolution of this problem is good for Bitcoin. Who can solve it? There must be a new community mechanism and distribution mechanism. That is not a minor modification. Minor revisions are just system maintenance, the leader is not important, and it is harmful. But in the design of new community mechanisms and distribution mechanisms, leaders are critical. The new community and distribution mechanisms can solve the incentive problem of programmers; who can do this? Satoshi Nakamoto.
Centralization should be divided into time and place. Then, naturally, there are good and evil, which cannot be generalized. Totalitarianism is bad, and is anarchism. But the totalitarian government still exists, and there is no shadow of anarchism.
The reasons that affect the coin price are positive and negative. How do you know that it will definitely fall when Satoshi Nakamoto comes out? What Satoshi Nakamoto does will determine the rise and fall of the coin price. If he does Vitalik’s same work, it may fall. From another perspective, Vitalik has always been there, and the market has accepted him. Binance is centralized; isn’t it accepted?
Repeat, whether Satoshi Nakamoto will fall or rise depends entirely on what he does. If the market goes down, great! Definitely, an opportunity to stock up.
I want to create an opportunity for Satoshi Nakamoto to make his fulgurate debut and increase the price of bitcoin.
Wu: You are right. So why is Satoshi Nakamoto always invisible?
These are three questions: stealth, right? Is invisibility good or bad for Satoshi Nakamoto? The third is to come out at the right time.
As we said earlier, the most important issue is legal issues, and there are legal gray areas. Now this problem does not exist. EOS founder BM (Daniel Larimer) has also left the project, but he is not invisible.
First of all, invisibility and participation in projects are two concepts. For Satoshi Nakamoto, the community is his most significant obstacle to coming out. In the past, it was publicized that it was good to have no control, but once he came out, he actually controlled it. Has anyone thought about what I said above, the Bitcoin maintenance crisis? Community governance determines Bitcoin’s fate, and it’s time for Bitcoin’s community governance to be rebuilt.
Second, has anyone considered the cost of Satoshi Nakamoto’s invisibility? When we have uncertain responsibilities in our heads, we feel restless in our hearts, and the restlessness in our hearts will cause serious harm to people’s health. We need privacy, but no one will wrap himself up tightly. Human beings need regular social interaction. It is the sacrifice of Satoshi Nakamoto.
In the early days of stealth, it is now judged that the advantages outweigh the disadvantages. My evaluation is as follows:
Fairer;
Contributing to the community’s natural evolution;
Marked the end of Bitcoin’s experimental period.
Now there are still 6.6% of Bitcoin to be mined, which is less than the inflation rate of the United States in 2022, and the market has entered a new stage.
From 2009 to 2022 is the production process of Bitcoin and smooth production without accidents is the goal. This goal has been achieved. The current product development requires almost no main network development except for the second-layer technology. The maturity of the system means that the first half is over. In the second half, all the concepts and approaches of the first half have to be rethought. The rest of the job is aimed at promoting bitcoin.
Marketing must first be done by someone, and the skills required are completely different from those of production, so it should be market-oriented. It is the general law of product production and marketing. Bitcoin is the product, and the Bitcoin system is the development tool. In the production and debugging phase of the Bitcoin system, Satoshi Nakamoto is very important, and technical personnel are very important. In the stage of product operation and maintenance, the disappearance of Satoshi Nakamoto has more advantages than disadvantages, and technical personnel are still very important. But when all bitcoins are produced, bitcoin enters the second half, and the situation is reversed. The importance of market personnel has risen, and the importance of users has risen. The rules of the game are completely different. The rule that Satoshi should disappear no longer applies. Technical personnel are less important than market personnel.
There are very few products in modern times that don’t need marketing. Gold Doesn’t Need Marketing. Is It a Role Model for Bitcoin? Wrong! Wrong! Wrong!
Wu: I would also like to ask what problems Bitcoin faces, and to figure out the problem, we can figure out why Satoshi Nakamoto came out.
First, the prospect of Bitcoin’s natural evolution is, at best, gold.
Gold is an ownerless system, and it is also a natural evolution. If people want it abolished, it will be repealed. Have you ever seen Gold Revolt? Does it have the ability to resist? Can Bitcoin’s natural development fortune be better than that of gold?
What’s more, it can’t replace gold. There is no such thing as pie in the sky. Naturally developed projects and projects with insufficient marketing will eventually be kicked off the stage by competitors. This situation would have happened long ago if it weren’t for Satoshi Nakamoto’s foresight and the opponent’s super-weak level. Because Bitcoin is interdisciplinary, there are many experts in a specific field, but few people really stand at the height of Satoshi Nakamoto.
If Satoshi Nakamoto does not come out of the mountain, Bitcoin can be benchmarked against gold. At present, gold is the leader, and Bitcoin is the second. The second is less than 10% of the gold. If there is no significant change, the maximum market value of the second is 30% of the gold. At the current price, gold will rise by 10%, and Bitcoin will need double. I don’t think this is Satoshi Nakamoto’s goal.
Second, the four-year halving is insufficient to drive Bitcoin’s exponential rise.
Many believe that a four-year halving is enough to drive Bitcoin up. If Bitcoin maintains an exponential rise for four years, it must have the energy to drive the exponential rise. Where does the power come from? The number of people and the amount of money must increase exponentially. The volatility of Bitcoin is not as stable as big blue chips such as Apple.
In contrast, Bitcoin is a paradise for speculative funds. From the volatility, it can be seen that Bitcoin’s “trading depth” is not enough; that is, there is not enough money. The reason is that the attention of mainstream funds is insufficient; only the safe-haven funds are paying attention. The number of bitcoin holders is less than half of that of Ethereum. How can Bitcoin rise if these questions are not resolved? Dreaming of marrying a daughter-in-law-a beautiful idea. How to promote the exponential growth of Bitcoin? It is only possible if Satoshi Nakamoto leads the hard work of the Bitcoin community.
Third, there are many non-technical problems to be solved.
I said in the previous article that the Bitcoin technical solution is perfect, but there are also regrets; for example, there is no foundation, which is not as good as Ethereum. There is no incentive for maintenance technicians. There are no rewards for older contributors, most notably Laszlo. “I’m poor and need a donation,” he tweeted. He is a figure in the history of Bitcoin, so poor.
Another example is that Bitcoin is too expensive; who can decide to move the decimal point to expand Bitcoin? It also includes the establishment of the Bitcoin user community, the establishment of the foundation, and so on. These require Satoshi Nakamoto to come forward to have enough influence.
Wu: These problems exist and need to be solved. Satoshi Nakamoto came out to solve these problems.
Satoshi Nakamoto solved the above problems but was far from reaching his purpose. I said that Satoshi Nakamoto was going to make his debut. The timing is right first. That is, whether the market time has come. The current explosion of banks and the chaos of the blockchain, as well as the inflection point cycle of Bitcoin, all constitute market opportunities for him to come out. The timing is right; the most obvious sign is someone handing the ladder. Represents the potential demand of the market. He can’t appear on the stage like Satoshi Auburn. We have provided all the plans and will wait for the bride to get on the sedan chair.
Wu: Do you have a plan?
My Satoshi Nakamoto series of articles is the solution. Simply put:
First of all, Satoshi Nakamoto must abide by the community’s rules.
Now the Bitcoin community is a technical community, not a user community. No user community means that users cannot participate in the decision-making of the Bitcoin system. Bitcoin’s technical community proposal mechanism is very complete. When Satoshi Nakamoto appeared, his proposal had to go through the process.
Therefore, the first purpose of Satoshi Nakamoto is to build a good Bitcoin community and become a model of community civilization.
The second purpose is to realize the Bitcoin standard US dollar (Hong Kong dollar) standard.
The rise of Bitcoin requires big applications, not payment; it is a paradise for stablecoins. The Bitcoin standard is large enough as an application and the most suitable application for Bitcoin. A detailed discussion can be found at the linked site.
Third, Satoshi Nakamoto fulfilled his promise to realize the dream of transforming the world.
The realization of the Bitcoin standard is the largest application in the world, and it requires the appeal of Satoshi Nakamoto and the community’s joint efforts. Then he can retire again. But no stealth is needed.
The above are the reasons why Satoshi Nakamoto came out of the mountain.
Wu: I look forward to your analysis of how to get out of the mountain.
Good.
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