{"id":375144,"date":"2019-03-18T20:00:09","date_gmt":"2019-03-18T20:00:09","guid":{"rendered":"https:\/\/ktsl888.com\/?p=375144"},"modified":"2019-03-18T15:11:57","modified_gmt":"2019-03-18T15:11:57","slug":"satoshi-nakamoto-may-have-considered-a-bitcoin-kill-switch","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/satoshi-nakamoto-may-have-considered-a-bitcoin-kill-switch\/","title":{"rendered":"Satoshi Nakamoto May Have Considered a Bitcoin Kill Switch"},"content":{"rendered":"

With so little known about the person or group behind the mysterious pseudonym Satoshi Nakamoto<\/a>, it\u2019s difficult to imagine the motivation behind designing and developing the first-ever peer-to-peer electronic cash system with Bitcoin.<\/span><\/p>\n

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\u2019s 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<\/a> useless if it were stolen.<\/span><\/p>\n

Was Satoshi Nakamoto Considering Ways To Render Bitcoin Useless if Stolen?<\/span><\/h2>\n

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\u2019s deflationary, decentralized money, protected by cryptography and consensus, in order to prevent governments from ever seizing control over an individual\u2019s funds.<\/span><\/p>\n

Related Reading | Fundamentals Grow While Bitcoin Price Stagnates, Where Does BTC Go From Here?<\/a><\/strong><\/em><\/p>\n

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\u2019s 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.<\/span><\/p>\n

https:\/\/twitter.com\/btcdjs\/status\/78951680?s=12<\/p>\n

A tweet from a Twitter<\/a> 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.<\/span><\/p>\n

\u201cImagine if gold turned to lead when stolen.\u00a0 If the thief gives it back, it turns to gold again,\u201d the quote reads.<\/span><\/p>\n

https:\/\/twitter.com\/deaterbob\/status\/19276289?s=12<\/p>\n

Satoshi appears to be using gold as an example for what might be possible with Bitcoin.<\/span><\/p>\n

Related Reading | Precious Metals Firm Drops Crypto: Is the Bitcoin Digital Gold Narrative In Trouble?<\/a><\/strong><\/em><\/p>\n

The quote was taken from a 2010 BitcoinTalk forum post<\/a> 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.<\/span><\/p>\n

\n

\u201cImagine someone stole something from you.\u00a0 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?\u00a0 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?\u00a0 If they give it back, you can re-activate it,\u201d Satoshi said.<\/span><\/p>\n<\/blockquote>\n

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\u2019s ability to create world-changing technology, it\u2019s 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\u2019s come so far in just short ten years.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

With so little known about the person or group behind the mysterious pseudonym Satoshi Nakamoto, it\u2019s 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\u2019s 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\u2019s deflationary, decentralized money, protected by cryptography and consensus, in order to prevent governments from ever seizing control over an individual\u2019s 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\u2019s 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\/78951680?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. \u201cImagine if gold turned to lead when stolen.\u00a0 If the thief gives it back, it turns to gold again,\u201d the quote reads. https:\/\/twitter.com\/deaterbob\/status\/19276289?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. \u201cImagine someone stole something from you.\u00a0 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?\u00a0 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?\u00a0 If they give it back, you can re-activate it,\u201d 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\u2019s ability to create world-changing technology, it\u2019s 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\u2019s come so far in just short ten years.<\/p>\n","protected":false},"author":517,"featured_media":375148,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,900,3765,4257],"class_list":["post-375144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcointalk-forum","tag-satoshi-nakamoto","tag-twitter"],"acf":[],"yoast_head":"\nSatoshi Nakamoto May Have Considered a Bitcoin Kill Switch<\/title>\n<meta name=\"description\" content=\"Satoshi Nakamoto may have been researching a way to render Bitcoin useless if the asset was stolen by another party, essentially designing a kill switch.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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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\u2019s 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\u2019s 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. 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