Coinbase considers Bitcoin creator Satoshi Nakamoto a threat – but why?
Popular bitcoin exchange Coinbase wants to go public. Within the company’s filing with the US Securities and Exchange Commission, it was revealed that the San Francisco-based giant considers a comeback by Coin creator Satoshi Nakamoto a serious risk to its business.
But why is the crypto exchange afraid of the mysterious person or group behind the pseudonym?
Coinbase fears comeback of Satoshi Nakamoto
Coinbase has long been a leader in the cryptocurrency space, offering one of the most downloaded and accessible apps for Apple’s iPhone and Android smartphones. Its institution-centric platform, Coinbase Pro, has become the go-to for major players – as it says of Tesla, Square and others.
The company’s overall momentum, combined with the Bitcoin Billionaire cryptocurrency trend rising so quickly, forced the brand to go public this week after long-running rumours. In the prospectus filed with the SEC, Coinbase considers Satoshi Nakamoto, among others, a potential business risk.
Other risks include hacks, quantum computing and other issues that would affect the overall health of the market, which Coinbase says its business is tied to. But why, according to the SEC filing, is Coinbase so concerned about „identifying Satoshi Nakamoto, the pseudonymous person or persons developing Bitcoin?“ (Bitcoin at $100K by May?)
The answer lies in the coins themselves.
Satoshi Nakamoto is said to be the owner of wallets containing more than 1 million BTC, a significant portion of the asset’s hard-coded and limited supply. At current bitcoin prices (To buy bitcoin cheap platform comparison), Nakamoto would be among the top twenty-five billionaires, according to the „Forbes real-time list of the world’s richest people“.
But no one knows for sure who that person or persons might be, or whether they might one day return to sell their coins. As creators of the asset, they would probably not intend to disrupt the network or the integrity of the market itself, nor would they intentionally do anything harmful.
However, uncertainty is a major component of FUD, and almost as fear-inducing as fear or doubt.
Not knowing what will happen in the „what if“ scenario could cause a sell-off of the speculative asset one way or another, which is why Coinbase points to business risk.
To date, no one is sure who Satoshi Nakamoto is – whether it is a group or an individual, or whether they are/were alive today.