“What would happen if Satoshi Nakamoto moves his bitcoins?” Was one of the questions that the president of the NGO Bitcoin Argentina Rodolfo Andragnes and the co-founder of Signatura, Franco Amati, received during their participation in a webinar organized by LaBitConf on January 13, 2020.
“Satoshi Nakamoto” is the pseudonym used by the creator (s) of Bitcoin (BTC) to participate in Internet forums and other areas related to its development. There are 1 million BTC that would have apparently been mined by him in 2009 and 2010 and they would be in his power ever since.
Andragnes took the floor to respond to the person who made the query and mentioned that it is a possibility that needs to be analyzed. “Everybody says that million bitcoins will never move, or that Nakamoto died, or that it was Hal Finney, or in our fantasy we think that Satoshi is the best person in the world…” he said.
But what if Satoshi isn’t as good as we think, or if he’s Craig Wright, or if he ends up moving those bitcoins? Andragnes wondered. “Imagine Satoshi selling all of his BTC and flooding the market,” he added.
After raising the hypothetical scenario, this Argentine who learned about cryptocurrency in its first years of existence due to the fact that a long time ago he had casually registered the domain bitcoins.com, speculated about what could happen with Bitcoin.
If one understands that Bitcoin cannot be multiplied freely, that Bitcoin cannot be adulterated, etc., the only thing that such a scenario would cause is a short-term impact. Did Satoshi move his bitcoins? We are all scared! Satoshi put them back on the market and lowered the price? Uh, we all freaked out! But then Bitcoin can be recovered. Those BTC have already come out of that ‘freeze’ and that makes it resilient. That risk ceases to exist.
Rodolfo Andragnes, president of the NGO Bitcoin Argentina.
Andragnes explained that, in Bitcoin, when a risk disappears, it becomes a solid foundation of new trust. Source: Screenshot, Zoom.
After saying that, Andragnes mentioned that the price of BTC can go up and down repeatedly. Sometimes, he said, these drops are due to a perceived risk. “When that risk disappears, it becomes a solid foundation of new confidence and that new confidence leads to a new scenario,” he explained.
I name, as an example, the fears that the bitcoiner community had in 2017 before the hard fork that gave rise to Bitcoin Cash (BCH). “There was a huge doubt about what was going to happen in that scenario and if this new currency and BTC were going to compete and one would destroy the other,” Andragnes recalled. “None of this happened, and as a consequence the subsequent forks had no impact at all,” he concluded.
Will Quantum Computing Destroy Bitcoin?
Another risk posed by a webinar participant was if quantum computing could destroy Bitcoin. In this case, Amati was in charge of giving his answer.
It is a fairly repeated theme, I see it in people who do not understand anything about the subject (non-coiners) who talk about quantum computing as if it were something that kills Bitcoin and also in beginners. But quantum computing, when it arrives, the truth is that it will break not only Bitcoin but everything in terms of security algorithms and cryptography. Bitcoin is probably the least of those problems.
Franco Amati, co-founder of Signatura.
After saying this, the renowned Argentine bitcoiner mentioned the advantages of Bitcoin that, he said, they will allow you to cope with quantum computing. “The changes are usually gradual and whenever a cryptographic algorithm breaks it is seen to come with time and we are still far from quantum computing,” he said, then adding that “beyond all this, Bitcoin is upgradeable.”
“If the cryptography of the algorithm that Bitcoin uses, which does not resist quantum computing, is broken, it can be exchanged for another,” Amati explained. In any case, he clarified that “most developers and people who understand Bitcoin are not worried about that, because there are more important problems at the moment, before quantum computing.”
According to Amati, consensus can be reached that will allow Bitcoin to respond to any threat. Source: Zoom screenshot.
Amati described Bitcoin as a social construct and explained how, although it is not easy to reach a consensus, the protocol would end up being updated to face any threat.
Bitcoins versus altcoins
Although the exponents clarified that they would only answer about Bitcoin, the questions about different altcoins (cryptocurrencies that are not BTC) did not stop arriving at the Zoom chat, the platform on which the webinar was developed.
“It is not that we are maximalists of Bitcoin”, Andragnes said on this matter, adding: “really the vast majority of altcoins are very far from offering something similar to what BTC offers in terms of security, development type, ecosystem … of everything”.
The founder of the NGO described the creation of Satoshi Nakamoto as “almost a safe bet, whenever one talks about the world of cryptocurrencies.” For him, on the other hand, “everything else is a roulette wheel and, as an investment, some may take a big leap but they don’t have any of the bases and fundamentals that make Bitcoin solid and reliable.”
Andragnes used an analogy to strengthen his explanation: «Bitcoin is a turtle that is only thinking of being money, of being a store of value, of moving very slowly without you realizing it, and with a hard shell … and underneath is that organism alive”. He clarified that he does not reject the existence of other cryptocurrencies, although he attributes different roles to that of Bitcoin.
Amati accompanied this explanation. “Bitcoin is probably the most conservative of all cryptocurrencies,” he said.
An exponent left the webinar before starting
The webinar was also going to feature the participation of lawyer and market analyst Carlos Maslaton, who left the Zoom room before the presentation formally began.
Apparently, the noise coming from participants who could not be silenced and problems writing in the chat, caused the anger of this exponent. “This is the last time I agree to participate in a Zoom where my team does not have the command of the transmission,” he later wrote on his Twitter account.
Hours later, Maslaton announced that He will present his part individually on January 14. This technical analyst promised to make “short, medium and long term predictions” in a presentation entitled “Bitcoin: attacks in the middle of the bull market”.