Adam Back, the inventor of the Proof of Work system that forms the basis of Bitcoin (BTC) and CEO of Blockstream, has put an end to the debate surrounding the identity of Satoshi Nakamoto, the biggest mystery in the crypto world.
Back, once again categorically denying claims that he is Satoshi, argued that the anonymity of Bitcoin’s founder is an advantage for the system.
In the interview, Back explained his connection with Satoshi, recalling that Bitcoin’s technical documentation (whitepaper) referenced his self-developed Hashcash system. Back stated, “I believe I was the first person to receive an email from Satoshi in August 2008. He was referencing a system I had designed ten years earlier,” indicating that he only had professional communication with the founder.
According to Back, Satoshi’s digital footprint dried up when he withdrew from the forums in 2011-2012. The renowned cryptographer stated that there has been no new data flow for 14 years, and that all current claims are merely speculation and linguistic analysis. He predicts that Satoshi’s identity could only be revealed in two specific situations:
- The notable spending habits of heirs as a result of an inheritance event.
- They will have to carry their coins in the future to protect against the threat of quantum computers.
Adam Back argues that Satoshi Nakamoto’s disappearance is the greatest strength that sets Bitcoin apart from other assets. He states that Bitcoin shouldn’t be seen as a company or a startup with a CEO, adding, “Having a figure like Elon Musk or Linux founder Linus Torvalds at the helm would cause people to constantly ask them for their opinions or demand system changes. Bitcoin’s decentralized and neutral nature makes it easier for it to be accepted as a global currency.”
When asked whether he had increased his personal security following claims that he was Satoshi, Back pointed to kidnappings and violent incidents in the crypto world. He stated that security is now a serious consideration for top executives in the sector.
*This is not investment advice.