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Satoshi Nakamoto Emerges from the Shadows After Five Years — an Uptober Boost for BTC?

Last Updated October 3, 2023 12:04 PM
Teuta Franjkovic
Last Updated October 3, 2023 12:04 PM

Key Takeaways

  • A Twitter account claiming to be associated with the purported pseudonymous individual or group behind Bitcoin’s creation, Satoshi, has tweeted.
  • The user has agreed to share fresh perspectives and opinions that were not included in the original BTC whitepaper.
  • This marks the first time the account has shown activity in five years since 2018.
  • Some speculate that Craig Steven Wright is the account’s owner and that he is toying with it.

After nearly five years of dormancy, the verified account @Satoshi  has reappeared on the massive social media site X (previously Twitter), igniting discussion as users try to decipher the purpose and maybe identify the genuine identity of the person. It comes at an interesting moment because the price of Bitcoin (BTC) is increasing, similar to how it typically performs in October.

Return of @Satoshi After a Five-Year Absence

Satoshi Nakamoto’s verified Twitter account, @Satoshi, broke five years of silence, referring to Bitcoin as a ‘predicate machine,’ with ‘predicate’ denoting a property or connection. This tweet garnered over 3.2 million views. The account’s previous tweet dates back to October 31, 2018.

The user plans to spend the coming months researching other important Bitcoin-related issues not addressed in the original Bitcoin whitepaper. Satoshi Nakamoto, the pseudonymous creator(s) of Bitcoin, authored the BTC whitepaper and developed the initial implementation of the reference protocol.

Since the true identity of Satoshi Nakamoto remains unknown, it’s unclear if the @Satoshi account truly belongs to him. Notably, this marks the account’s first tweet since 2018, drawing attention from individuals, organizations, and even Kraken Exchange, as they seek to unveil its owner.

Suspicion Amongst Crypto Community

The tweet in question has garnered significant attention, amassing over 1.5 million views. It delves into concepts not covered in the original Bitcoin whitepaper. However, the account’s connection to the elusive Bitcoin founder is highly improbable, considering X’s policy allowing anyone to obtain a verified badge through a paid subscription, a feature introduced by the platform’s new owner, Elon Musk.

Discussions and rumours have been going around in the Bitcoin world, and responses have ranged from intrigue to scepticism. Many users and organisations have contributed, including eminent analyst Adam Cochran  and the Kraken  exchange. Many have cautioned against clicking any links that the account could provide because a scammer can hide behind the account.

Naturally, the majority of people think that the actual Satoshi Nakamoto wouldn’t use an app that would compromise their security or subscribe to a function that puts their anonymity at danger, clearly labelling the account as phoney and possibly a larp effort.

BSV Jumps After Satoshi’s Tweet

The value of Bitcoin SV (BSV) , a cryptocurrency that split off from Bitcoin, significantly increased shortly after the message from the @satoshi Twitter account. Over the previous day, BSV’s price increased by 11%, outpacing both Bitcoin and Ethereum.

Bitcoin SV (BSV), a cryptocurrency that separated from Bitcoin Cash (BCH) in November 2018, is tied to the Nakamoto identity controversy. It was developed by a team led by Wright, who claims to be Bitcoin’s creator. BSV supporters argue that its white paper outlined a more ambitious vision than what Bitcoin and its forks currently pursue, with their primary objective being the restoration of the original Bitcoin protocol.

Bitcoin jumped over $28,000 even though, at the time of writing, it’s price was down  by 2.61%.

Will The real Satoshi Please Stand Up?

The elusive Satoshi Nakamoto, who authored the groundbreaking Bitcoin whitepaper in 2008 and gradually withdrew from the public eye around 2010, has remained a mystery, sparking ongoing speculation about their true identity and whereabouts. The recent reappearance of Satoshi has reignited debates and suspicions.

One prominent figure claiming to be Satoshi is Craig Wright, who has publicly asserted his role in Bitcoin’s creation as the person behind the pseudonym. However, the broader media and cryptocurrency community widely disbelieve these claims from the Australian computer scientist and entrepreneur.

The latest announcement, some agree, came from Wright himself.

This could evidentially become truth since, just around the time when the ‘Satoshi’s’ tweet came live, another thing happened that suggested that Wright’s residual supporters are separating themselves from his contentious claims.

The public announcement  of Christen Ager-Hanssen’s resignation as group CEO of nChain Global was one of the worst blows to the company. The resignation of Ager-Hanssen revealed internal disputes within nChain and cast doubt on Wright’s assertion that he is Satoshi Nakamoto, the mysterious person who created Bitcoin.

A leaked email  allegedly from Calvin Ayre, a major financier and supporter of Craig Wright, revealed Ayre’s deep skepticism and dissatisfaction with Wright’s legal issues and claims. Ayre expressed concern about the ongoing legal battle, stating that for the COPA court action to succeed, Wright had to prove his connection to the original Bitcoin created by Satoshi Nakamoto. Ayre cautioned that if this condition wasn’t met, he would cease his financial support for Wright’s legal efforts.

Deaton Joins the Thread Too

Prominent members of the Bitcoin community have shown interest in this unfolding drama. Pro-Ripple attorney John Deaton joined the conversation  on Twitter, sharing his reservations about Wright’s claims and emphasizing the enduring complexity of the Satoshi Nakamoto mystery, which has seen numerous individuals put forth as potential Satoshis over the years.

Despite the uncertain outcome, this dispute marks a significant turning point in the ongoing legal battle surrounding Craig Wright’s assertion of being Satoshi Nakamoto, carrying substantial implications for the cryptocurrency industry.

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