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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Satoshi Nakamoto May Have Considered a Bitcoin Kill Switch

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
3 mins read

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With so little known about the person or group behind the mysterious pseudonym Satoshi Nakamoto, it’s difficult to imagine the motivation behind designing and developing the first-ever peer-to-peer electronic cash system with Bitcoin.

One goal was clear: create a decentralized cryptocurrency that cannot be controlled by governments. To do that, Nakamoto built in certain fail-safes into Bitcoin’s blueprint, including cryptography, decentralization, a proof of work consensus, a hard-capped supply and more. And according to speculation over what Satoshi meant in a quote being shared around social media could suggest that he or she was considering ways to render Bitcoin useless if it were stolen.

Was Satoshi Nakamoto Considering Ways To Render Bitcoin Useless if Stolen?

Ten years ago, following the wake of the 2008 economic crisis, Satoshi Nakamoto designed what is the closest thing to a perfect currency the world has ever seen. It’s deflationary, decentralized money, protected by cryptography and consensus, in order to prevent governments from ever seizing control over an individual’s funds.

Related Reading | Fundamentals Grow While Bitcoin Price Stagnates, Where Does BTC Go From Here?

As long as an individual retains their private keys, no one else can control their Bitcoin. In the rare case if someone did gain control over someone else’s Bitcoin, possibly by the way of theft, Satoshi may have been researching a way to render that Bitcoin useless. And if the person who rightfully owned the Bitcoin ever regained control of it, the Bitcoin would be restored to its former value and use.

https://twitter.com/btcdjs/status/1107635761178951680?s=12

A tweet from a Twitter account dedicated to Satoshi Nakamoto quotes has crypto Twitter stirring today, as top crypto speculators discuss what the mysterious entity had meant when the thought was shared.

“Imagine if gold turned to lead when stolen.  If the thief gives it back, it turns to gold again,” the quote reads.

https://twitter.com/deaterbob/status/1107633239819276289?s=12

Satoshi appears to be using gold as an example for what might be possible with Bitcoin.

Related Reading | Precious Metals Firm Drops Crypto: Is the Bitcoin Digital Gold Narrative In Trouble?

The quote was taken from a 2010 BitcoinTalk forum post about moving funds into escrow in order to complete transactions where both parties are satisfied. In the post, Satoshi sheds more light into his thinking process.

“Imagine someone stole something from you.  You can’t get it back, but if you could, if it had a kill switch that could be remote triggered, would you do it?  Would it be a good thing for thieves to know that everything you own has a kill switch and if they steal it, it’ll be useless to them, although you still lose it too?  If they give it back, you can re-activate it,” Satoshi said.

In the months following the comment, Satoshi vanished from the Internet and ceased all communication with the public and anyone involved with Bitcoin. Given Satoshi’s ability to create world-changing technology, it’s incredible to stop and think of just how much further their development support and leadership could have taken Bitcoin. Even without him or her, it’s come so far in just short ten years.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Strict editorial policy that focuses on accuracy, relevance, and impartiality
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