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Assalamu Alaikum, how are you all? Hope everybody is well. You know I often tune in to different analytics. The tunes highlight the pros and cons of different companies or topics, their internal decisions, opportunities, and so on. So today I came up with such a tune.
We all now probably know where the bitcoin or cryptocurrency came from, the internal struggles of the cryptocurrency, and the result of the long days of hard work of the crypto community. In today's tune, we will learn about the existing civil war in the cryptocurrency community, whether institutions like banks will control bitcoins, and try to get an idea who could be the mysterious Satoshi Nakamoto. In the previous tune, we discussed the details of where the bitcoin came from, what people or organizations were involved in it. If you want, where did the bitcoin come from? Learn more about the history of cryptocurrency concepts.
The biggest concern of the cryptocurrency community about bitcoins is the block size of bitcoins. Earlier we knew that bit-coin mines are within certain blocks. All recent transactions are stored in these blocks. The size of these blocks is measured in megabytes, which contributes greatly to the bit-coin functionality. Satoshi Nakamoto has limited the size of this block to 1 MB. The reason for doing so was that he did not want anyone to create a very large block and ruin the whole system.
But as time goes on, this 1-megabyte size has created some problems, such as scaling bitcoins due to more users entering the system than before. Moreover, the payment time seems to be longer than before and at the same time, the fee is comparatively increasing. Bitcoin currently handles seven transactions per second, with 15 with PayPal and 20 with Visa.
However, Satoshi Nakamoto may have realized earlier that this could be a problem, so he wrote that the block size of the bitcoin could be increased in the future according to its scale. And this is the reason for the conflict in the community. The community is divided into two parts. One group wants the block size to be increased but the other party opposes it.
Those who want big blocks (big blockers) claim that if the block size of bitcoin is increased to more than 1 megabyte, then the transaction time will be reduced and at the same time its speed will be like the current electronic cash. But for those who want smaller blocks (smaller blockers), store value is more important, not how much time is spent on the transaction. They also said that if the block size is increased, many computers will be unable to mine bitcoins. Those who mine privately will be deprived and the mining industries will establish monopolies.
As we all know about mining, in the beginning, it was possible to do private mining, but due to the performance of GPU, high cost, etc., it becomes difficult. For those who want to keep the block size small, the idea is that increasing the block size will make mining with a personal computer absolutely impossible in some cases.
Small blockers, on the other hand, did not take the issue well and saw it as a betrayal. Since then the Bitcoin XT has not gained much popularity due to various reasons and small blockers. A source said a DOS attack was also carried out to disrupt it.
It is also known that writing about Bitcoin XT in online communities like Reddit would have banned those forums. Mike Hearn, in 2016, explained why Bitcoin XT failed. Bitcoin XT failed because the community failed. The whole system was controlled by powerful people ".
In 2016, the developers of the bitcoin community came up with a new idea called Segwit to solve the scaling problem. They come up with a smart technique to store transaction data in blocks. They remove the cryptographic signature from the block and keep only the receiver and transaction data there. Deleting the cryptographic signature leaves some extra space in the block.
A number of community developers did not like the idea, so they moved away from the core chain of bitcoins and began working on newer versions of bitcoins. In August 2016, they brought BitcoinCash. BitcoinCash comes with a block size of 8 megabytes without using the data saving technique Segwit.
But after a while the matter becomes random, the developers want to bring more changes to BitcoinCash. In 2016, a developer named Craig Wright split BitcoinCash into two parts and brought a new Bitcoin Satoshi Vision. Where there was no block size limit and there was a very low fee. It's good to say here that most people believe Craig Wright is Satoshi.
Bitcoin S.V. The community believes Bitcoin S.V. Being like mainstream real bitcoins where more transactions are possible per second and it is more flexible. However, many developers say differently! For example, copyright called Coingate Bitcoin S.V. 51% of it controls mining computing. So many critics say it could be manipulated. Some have also called it a scam.
In the end, Bitcoin has so far been divided into three main categories, namely mainstream Bitcoin, Bitcoin Cash, and Bitcoin Satoshi Vision or Bitcoin S.V.
It can be said that companies like Blockstream are enough to limit bitcoin and make the idea outdated. Similarly, Blockstream is a for-profit organization. Blockstream was founded by Adam Back. Adam Back is again considered by many to be Satoshi. Why Adam Back is considered Satoshi Nakamoto will be discussed in detail later.
However, if I give my personal opinion about Blockstream, I will say that Blockstream may or may not be able to speed up transactions like Visa or Paypal by solving bitcoin issues, but their charges conflict with the concept of bitcoin. The idea of bitcoin was that there would be no middle-man, but Blockstream is changing that idea.
So this Lightning Network of Blockstream will definitely need financial regulation, will have to keep a huge amount of liquidity, will have to have a security department to prevent corruption in transactions, there is a service charge for transactions. Let's take a look at where all these features are found? Of course, such features are noticed in financial institutions or banks. So it turns out that organizations like BitStream are taking bitcoins to the companies that Bitcoin came to challenge.
AXA Insurance has invested Block 55 million in Blockstream to destroy the real purpose of bitcoin. The current CEO of AXA Insurance, billionaire Andre De Castries is also the President of Bilderberg Group. And this group has great relationships with global banking institutions. Critics say Blockstream is also receiving funding from the Digital Currency Group. Adam Back has also been widely criticized for hiring early bit-coin developers.
Since the invention of bitcoin, law enforcement groups have been searching for Satoshi Nakamoto. So far, many people have suspected him to be Satoshi Nakamoto, but no one wanted to admit it. No.
Satoshi Nakamoto After a lot of searching on the internet, I came up with two clues to get to know him. One clue is that the original code for the bitcoin was C +, another clue is that Satoshi used British English all the time in his writing and often wrote sentences with double spaces. And from these writing habits it can be inferred that Satoshi was not a group, he was a person. Let's find out now from Satoshi Nakamoto.
Dorian Nakamoto is a Japanese physicist and engineer. In 2014, an article highlighted him as the founder of Bitcoin. In this case, Dorian Nakamoto fell from the sky! He made it clear at the press conference that he had never been behind the development of bitcoin, and had never even heard of its name before.
Interestingly, Hal Finney and Dorian Nakamoto lived in the same area and that is why Dorian Nakamoto was suspected. Hal Finney, however, contracted a serious illness in 2009 and reduced email posting. Moreover, Finney used to fix bit-coin bugs most of the time. If he was Satoshi then of course he would not have made the bug himself and fixed it himself. Unfortunately, Hal Finney died in 2014. It can be said that he is not Nakamoto.
There are two main reasons why he thinks of Satoshi Nakamoto. First, his IP address location was in California, and Satoshi Nakamoto's IP address was in the same place. The second time Satoshi Nakamoto made an exchange with other cryptographers and found his wallet address, the great thing was that the first two letters of his wallet were NS. Apart from these, no similarities were found between them and Nick Szabo himself stated directly that he was not Satoshi Nakamoto.
It is also known that Nick Szabo did not know the programming language C + very well and did not use British English.
The difference between the other people and Craig Wright was that he told Satoshi Nakamoto directly. In public, he was able to give a digital signature to an address considered to be Satoshi Nakamoto's address. At the same time, being an Australian, he was matched by the British English Clue TO. Even then, there was a mystery somewhere and it became clear in 2020.
In 2020, a news portal proved that Craig Wright's claim was completely false, that he did not own the bitcoin address. Even then, many believe Craig Wright is Satoshi Nakamoto.
Another thing to note is that the code found in the first mined block matches the Adam Back behavior. He was from London and at that time he was well known for creating the trend of writing political statements in coding. He then became quite popular by writing political statements in the middle of the code on a T-shirt.
Although Adam Back has the highest match with Satoshi Nakamoto so far, many are reluctant to accept that Adam Back is Satoshi Nakamoto. We know that Satoshi Nakamoto has deliberately increased the block size of bitcoin to 1 MB, so why would Adam Back want to increase it. Where bitcoin comes from a unique concept, why would Adam Back want to ruin it through Blockstream? Blockstream is a for-profit company whose CEO is Adam Back, if he is Satoshi Nakamoto, he doesn't need any such company to make money, because the amount of bitcoins he has so far is enough to make him the richest man in the world.
So who is Satoshi Nakamoto? This mystery is still impenetrable.
After all, it is unknown at this time what he will do after leaving the post. It remains to be seen whether Satoshi Nakamoto will answer this question himself or someone else.
So how is it, to make this tune of today, you must do tument, stay well till the next tune, Allah Hafez?
We all now probably know where the bitcoin or cryptocurrency came from, the internal struggles of the cryptocurrency, and the result of the long days of hard work of the crypto community. In today's tune, we will learn about the existing civil war in the cryptocurrency community, whether institutions like banks will control bitcoins, and try to get an idea who could be the mysterious Satoshi Nakamoto. In the previous tune, we discussed the details of where the bitcoin came from, what people or organizations were involved in it. If you want, where did the bitcoin come from? Learn more about the history of cryptocurrency concepts.
The civil war of the bit-coin community
There is a huge community behind the creation of bitcoin or the evolution of the concept. Everyone in that community knows someone's identity and there are some characters who prefer to be hidden from the public eye. Although the idea of cryptocurrency has evolved since the 1990s, not everyone thinks the same way. Each person has thought about the transaction process in a different way. Although Bitcoin was officially launched in 2009, there are differences of opinion within the Bitcoin community. The internal conflict of that huge community is what I refer to as the "civil war of the bitcoin community." Without further ado, let's move on to the main discussion.The biggest concern of the cryptocurrency community about bitcoins is the block size of bitcoins. Earlier we knew that bit-coin mines are within certain blocks. All recent transactions are stored in these blocks. The size of these blocks is measured in megabytes, which contributes greatly to the bit-coin functionality. Satoshi Nakamoto has limited the size of this block to 1 MB. The reason for doing so was that he did not want anyone to create a very large block and ruin the whole system.
But as time goes on, this 1-megabyte size has created some problems, such as scaling bitcoins due to more users entering the system than before. Moreover, the payment time seems to be longer than before and at the same time, the fee is comparatively increasing. Bitcoin currently handles seven transactions per second, with 15 with PayPal and 20 with Visa.
However, Satoshi Nakamoto may have realized earlier that this could be a problem, so he wrote that the block size of the bitcoin could be increased in the future according to its scale. And this is the reason for the conflict in the community. The community is divided into two parts. One group wants the block size to be increased but the other party opposes it.
Those who want big blocks (big blockers) claim that if the block size of bitcoin is increased to more than 1 megabyte, then the transaction time will be reduced and at the same time its speed will be like the current electronic cash. But for those who want smaller blocks (smaller blockers), store value is more important, not how much time is spent on the transaction. They also said that if the block size is increased, many computers will be unable to mine bitcoins. Those who mine privately will be deprived and the mining industries will establish monopolies.
As we all know about mining, in the beginning, it was possible to do private mining, but due to the performance of GPU, high cost, etc., it becomes difficult. For those who want to keep the block size small, the idea is that increasing the block size will make mining with a personal computer absolutely impossible in some cases.
The origin of new bit-coins
So to solve this problem, Gavin Anderson, and Google developer Mike Hearn released Bitcoin XT together, which had a block size of 2 MB. At the same time, it could handle 24 transactions per second. So this system is very good for big blockers and installs Bitcoin XT on their PC so that their problem is solved.Small blockers, on the other hand, did not take the issue well and saw it as a betrayal. Since then the Bitcoin XT has not gained much popularity due to various reasons and small blockers. A source said a DOS attack was also carried out to disrupt it.
It is also known that writing about Bitcoin XT in online communities like Reddit would have banned those forums. Mike Hearn, in 2016, explained why Bitcoin XT failed. Bitcoin XT failed because the community failed. The whole system was controlled by powerful people ".
In 2016, the developers of the bitcoin community came up with a new idea called Segwit to solve the scaling problem. They come up with a smart technique to store transaction data in blocks. They remove the cryptographic signature from the block and keep only the receiver and transaction data there. Deleting the cryptographic signature leaves some extra space in the block.
A number of community developers did not like the idea, so they moved away from the core chain of bitcoins and began working on newer versions of bitcoins. In August 2016, they brought BitcoinCash. BitcoinCash comes with a block size of 8 megabytes without using the data saving technique Segwit.
But after a while the matter becomes random, the developers want to bring more changes to BitcoinCash. In 2016, a developer named Craig Wright split BitcoinCash into two parts and brought a new Bitcoin Satoshi Vision. Where there was no block size limit and there was a very low fee. It's good to say here that most people believe Craig Wright is Satoshi.
Bitcoin S.V. The community believes Bitcoin S.V. Being like mainstream real bitcoins where more transactions are possible per second and it is more flexible. However, many developers say differently! For example, copyright called Coingate Bitcoin S.V. 51% of it controls mining computing. So many critics say it could be manipulated. Some have also called it a scam.
In the end, Bitcoin has so far been divided into three main categories, namely mainstream Bitcoin, Bitcoin Cash, and Bitcoin Satoshi Vision or Bitcoin S.V.
Bank intervention in Bitcoin
Now we will try to find out, will the banking system ever interfere in Bitcoin? A company called Blockstream was formed in 2014 when the scaling of bitcoins was widely discussed. The purpose of this was two, 1) Sales side to enterprise service, 2) Monthly fee to be paid and there will be transaction charges. Simply put, they basically came up with the idea of solving the bit-coin network problem by blocking transactions outside the blockchain and preventing miners from paying. This system is called Lightning Network and they do not use any blockchain.It can be said that companies like Blockstream are enough to limit bitcoin and make the idea outdated. Similarly, Blockstream is a for-profit organization. Blockstream was founded by Adam Back. Adam Back is again considered by many to be Satoshi. Why Adam Back is considered Satoshi Nakamoto will be discussed in detail later.
However, if I give my personal opinion about Blockstream, I will say that Blockstream may or may not be able to speed up transactions like Visa or Paypal by solving bitcoin issues, but their charges conflict with the concept of bitcoin. The idea of bitcoin was that there would be no middle-man, but Blockstream is changing that idea.
So this Lightning Network of Blockstream will definitely need financial regulation, will have to keep a huge amount of liquidity, will have to have a security department to prevent corruption in transactions, there is a service charge for transactions. Let's take a look at where all these features are found? Of course, such features are noticed in financial institutions or banks. So it turns out that organizations like BitStream are taking bitcoins to the companies that Bitcoin came to challenge.
AXA Insurance has invested Block 55 million in Blockstream to destroy the real purpose of bitcoin. The current CEO of AXA Insurance, billionaire Andre De Castries is also the President of Bilderberg Group. And this group has great relationships with global banking institutions. Critics say Blockstream is also receiving funding from the Digital Currency Group. Adam Back has also been widely criticized for hiring early bit-coin developers.
Who could be the mysterious Satoshi Nakamoto
This time we will discuss Satoshi Nakamoto. Satoshi, the inventor of the bitcoin, is suddenly lost and reported in a crypto email. Since he used an anonymous email address, no one knew his real identity. There is still a mystery as to who this Satoshi Nakamoto is.Since the invention of bitcoin, law enforcement groups have been searching for Satoshi Nakamoto. So far, many people have suspected him to be Satoshi Nakamoto, but no one wanted to admit it. No.
Satoshi Nakamoto After a lot of searching on the internet, I came up with two clues to get to know him. One clue is that the original code for the bitcoin was C +, another clue is that Satoshi used British English all the time in his writing and often wrote sentences with double spaces. And from these writing habits it can be inferred that Satoshi was not a group, he was a person. Let's find out now from Satoshi Nakamoto.
Dorian Nakamoto
Dorian Nakamoto is our first suspect to find out who the real Satoshi is. Although there is not enough evidence to call him the real Satoshi, he is mentioned here because he has some connection with the next person.Dorian Nakamoto is a Japanese physicist and engineer. In 2014, an article highlighted him as the founder of Bitcoin. In this case, Dorian Nakamoto fell from the sky! He made it clear at the press conference that he had never been behind the development of bitcoin, and had never even heard of its name before.
Hal Finney
In the previous tune, I said that Hal Finney was one of the first parts of the cryptocurrency movement. Even with him is Satoshi's first bitcoin transaction. Not only that, Satoshi and Finney used to fix various bugs of bitcoin. Many think Hal Finney could be Satoshi Nakamoto.Interestingly, Hal Finney and Dorian Nakamoto lived in the same area and that is why Dorian Nakamoto was suspected. Hal Finney, however, contracted a serious illness in 2009 and reduced email posting. Moreover, Finney used to fix bit-coin bugs most of the time. If he was Satoshi then of course he would not have made the bug himself and fixed it himself. Unfortunately, Hal Finney died in 2014. It can be said that he is not Nakamoto.
Nick Szabo
Another person suspected to be Satoshi Nakamoto is Nick Szabo. He earned a degree in computer science from the University of Washington, as well as a vast knowledge of law and economics. Moreover, from the beginning, he was involved in all movements with cryptocurrency. In the previous tune, I mentioned that he was one of the contributors to DigiCash.There are two main reasons why he thinks of Satoshi Nakamoto. First, his IP address location was in California, and Satoshi Nakamoto's IP address was in the same place. The second time Satoshi Nakamoto made an exchange with other cryptographers and found his wallet address, the great thing was that the first two letters of his wallet were NS. Apart from these, no similarities were found between them and Nick Szabo himself stated directly that he was not Satoshi Nakamoto.
It is also known that Nick Szabo did not know the programming language C + very well and did not use British English.
Craig Wright
The most controversial of the suspects is Craig Wright. He was an Australian scientist at the same time he had multiple major degrees. Craig Wright was first suspected as Satoshi Nakamoto in 2015.The difference between the other people and Craig Wright was that he told Satoshi Nakamoto directly. In public, he was able to give a digital signature to an address considered to be Satoshi Nakamoto's address. At the same time, being an Australian, he was matched by the British English Clue TO. Even then, there was a mystery somewhere and it became clear in 2020.
In 2020, a news portal proved that Craig Wright's claim was completely false, that he did not own the bitcoin address. Even then, many believe Craig Wright is Satoshi Nakamoto.
Adam Back
The most talked-about personality in recent times is considered to be Satoshi Nakamoto, Adam Back, although he did not deny it. Among the suspects so far, Adam Back has the most similarities with Satoshi. Adam Back is one of the pioneers of the cryptocurrency journey that I mentioned in a previous tune with Bitcoin. He did his Ph.D. in Computer Distribution System, and this greatly increased his chances. The mining algorithm was very similar to the Hashcat he created in 1997. Adam Back also used British English when writing, and even giving double space like Satoshi Nakamoto is a perfect match. Moreover, Adam Back was also very proficient in C + language, the programming language with which bitcoins were created.Another thing to note is that the code found in the first mined block matches the Adam Back behavior. He was from London and at that time he was well known for creating the trend of writing political statements in coding. He then became quite popular by writing political statements in the middle of the code on a T-shirt.
Although Adam Back has the highest match with Satoshi Nakamoto so far, many are reluctant to accept that Adam Back is Satoshi Nakamoto. We know that Satoshi Nakamoto has deliberately increased the block size of bitcoin to 1 MB, so why would Adam Back want to increase it. Where bitcoin comes from a unique concept, why would Adam Back want to ruin it through Blockstream? Blockstream is a for-profit company whose CEO is Adam Back, if he is Satoshi Nakamoto, he doesn't need any such company to make money, because the amount of bitcoins he has so far is enough to make him the richest man in the world.
So who is Satoshi Nakamoto? This mystery is still impenetrable.
Last word
In this long tune, we learned about the conflict between the bitcoin community, as well as how Blockstream is trying to destroy the bitcoin concept.After all, it is unknown at this time what he will do after leaving the post. It remains to be seen whether Satoshi Nakamoto will answer this question himself or someone else.
So how is it, to make this tune of today, you must do tument, stay well till the next tune, Allah Hafez?
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