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Home Cryptocurrency news Bitcoin

Satoshi Nakamoto May Have Considered a Bitcoin Kill Switch

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3min read
Satoshi Nakamoto May Have Considered a Bitcoin Kill Switch
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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.

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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.

Tags: bitcoinbitcointalk forumSatoshi Nakamototwitter
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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