Coinbase speaks out on risks of revealing Satoshi Nakamoto’s identity

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Coinbase has publicly announced its candidacy with the SEC to be listed on the NASDAQ.

The file mentions the identity of Satoshi Nakamoto in the list of risk factors highlighting the challenges facing the company.

Satoshi Nakamoto’s stake in BTC could shake the markets if it ever gets sold.

On February 25, Coinbase filed an application with the United States Securities and Exchange Commission (SEC) to be listed on Nasdaq . This present request also talks about the risk of revealing the identity of Satoshi Nakamoto .

Following Coinbase’s candidacy, the company released documents covering the company’s financial performance over the past few years. A list of risk factors related to cryptocurrencies has also been added.

The pseudonym of Satoshi Nakamoto

Satoshi Nakamoto is a pseudonym used to refer to the person or group of individuals who created Bitcoin . Satoshi Nakamoto is responsible for formulating the original Bitcoin white paper, titled „Bitcoin: A Peer-to-Peer Electronic Payment System“ in October 2008, with the generator block mined on January 3, 2009. From the name , the community then assumed that Nakamoto was a Japanese Individual, although the flawless use of the English language in the white paper contradicts this notion.

Although to this day, the identity of Satoshi Nakamoto remains unknown, several speculations and claims are circulating within the cryptocurrency community. Indeed, several people have been called Satoshi Nakamoto or have claimed to be the lucky one.

People such as Dorian Nakamoto , Nick Szabo (the creator of smart contracts and BitGold) and Hal Finney, whose BTC address was used to receive Nakamoto’s very first Bitcoin payment as a test, are among the candidates. That said, by far the most prominent figure in this latest media coverage is Craig Wright , the creator of Bitcoin SV . Mr. Wright has repeatedly claimed to be the creator of Bitcoin and has been criticized numerous times for his statements.

It would represent a risk for Coinbase and for Bitcoin if Nakamoto’s identity were ever revealed. The main reason is that Bitcoin investors and miners greatly appreciate the decentralized nature of the asset, with the currency not being attached to any particular individual or entity. If Nakamoto’s identity were therefore revealed, it could put off many investors and traders as the asset would lose its decentralized nature.

Coinbase even sent a copy of its SEC application including all relevant documents on Satoshi Nakamoto as a symbolic gesture.

The influence of Satoshi on the BTC market still holds

According to Satoshi’s original view, the total number of BTCs that will ever exist is capped at 21 million. Satoshi himself received a Bitcoin token as a reward for first creating the block, and then 1 million BTC which he reserved for himself as the predominant creator and first miner of Bitcoin. In total, Satoshi’s wallet address contains nearly 1.1 million BTC tokens, which is over 5% of the total bitcoin supply.

Since Bitcoin’s price is driven by sentiment and trust in the asset, it is clear that if Nakamoto’s supply of 1.1 million BTC tokens were to be released into the market, it would cause a significant drop. of the price of Bitcoin. This is proof of Satoshi Nakamoto’s influence in the cryptocurrency community after being forgotten for more than a decade.