Crypto markets approaching 2019 highs; Binance Coin unstoppable, BCH still climbing and Ravecoin flying.
Crypto markets are marching slowly and steadily higher as another weekend unfolds. Total market capitalization is back over $180 billion again as it approaches the previous high for 2019. A break above resistance for the major cryptos will send cap to $200 billion pretty quickly and it could come over the next day or two.
Bitcoin has climbed a further 1.5% since the same time yesterday as it reaches its highest price for the past 24 hours at $5,330. All signals are that BTC will retest its 2019 high of $5,400 and analysts are confident that resistance here will be broken soon.
Ethereum is up by a similar amount as it returns to $175. The ETH chart has mirrored Bitcoin’s but does not seem to have the same level of momentum driving it. Ethereum has made over 5% since last weekend but gains have been slow going.
The top ten is all in the green during today’s Asian trading session but Binance Coin is running away with it again. BNB has reached a new all-time high at $24.80 as the Binance Chain mainnet gets rolled out and the token swap countdown begins. The crypto giant has been flexing its muscles lately and appears to be an unstoppable force at the moment. Since the beginning of the year BNB has made an epic 300%.
Binance Coin becomes the first cryptocurrency to pass its January 2018 high
In the past 24-hours, #BNB surged by 11.2% against the US dollar and hit $24.77 following the highly anticipated launch of the #Binance Chain mainnet, recording a staggering 309% gain year-to-date. pic.twitter.com/sYRzXwXJJi
Bitcoin Cash is up 3.5% as it climbs above $307 but the rest have only made marginal movements over the past 24 hours. In the top twenty there is also not much going on but Monero has made the most as it reaches $70.
FOMO: Ravencoin Ramps it Up
Today’s fomo spike is going to RVN which has pumped 16% with daily volume surging to $45 million. There does not appear to be anything fundamentally driving today’s pump which means it will probably dump tomorrow. Waltonchain is also on a roll at the moment with a 13% gain and Enjin Coin is close behind adding 12% today.
There are no big dumps occurring today but at the bottom of the one hundred largest cryptocurrencies at the moment is Bitcoin Gold dropping 3.5 percent.
Total market capitalization 24 hours. Coinmarketcap.com
Total crypto market capitalization is at $181 billion after adding $3 billion over the past 24 hours. Progress is slow and steady and markets are almost back to their 2019 high points. Daily volume remains healthy at $44 billion but Bitcoin dominance has dropped back below 52 percent again. Since the same time last week crypto markets have made 4 percent and are now less than $5 billion away from their highest level of the year.
Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
Bitcoin price remained well supported above the $5,200 and $5,160 levels against the US Dollar.
The price is slowly grinding higher and it may well climb above the $5,350 level.
There is a major ascending channel in place with support at $5,210 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is trading nicely in an uptrend and it could continue to climb towards $5,400 and $5,500.
Bitcoin price remained well supported on the downside above $5,200 against the US Dollar. BTC is trading nicely in an uptrend and it seems like the bulls are aiming $5,400 or even $5,500.
Bitcoin Price Analysis
In the past three days, we saw a slow and steady rise above $5,100 in bitcoin price against the US Dollar. The BTC/USD pair broke the key $5,160 and $5,200 resistance levels to settle in a positive zone. There was even a close above the $5,200 level and the 100 hourly simple moving average. Intermediately, there were a few swing moves and downside corrections, but the price remained well bid above the $5,160 level. The last swing low was near at $5,192 before the price climbed above the $5,300 level.
The price traded as high as $5,364 recently and corrected lower. It broke the $5,280 level and the 50% Fib retracement level of the recent wave from the $5,192 low to $5,364 high. However, the decline was protected near the $5,250 support and the price remained well above the 100 hourly simple moving average. The 61.8% Fib retracement level of the recent wave from the $5,192 low to $5,364 high also acted as a strong support. More importantly, there is a major ascending channel in place with support at $5,210 on the hourly chart of the BTC/USD pair.
Therefore, dips towards the $5,220 and $5,200 levels remains well supported in the short term. On the upside, an initial resistance is near the $5,350 and $5,360 levels. A successful break above the $5,364 swing high is likely to open the doors for more gains above the $5,400 and $5,450 levels.
Looking at the chart, bitcoin price is clearly trading in a solid uptrend above the $5,200 support area. The bulls remain in action and there are chances of an upside break above the $5,400 resistance. On the downside, only a close below the green area at $5,160 could set the pace for more losses.
Hourly MACD – The MACD is currently placed nicely in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting lower towards the 50 level.
Major Support Levels – $5,200 followed by $5,160.
Major Resistance Levels – $5,360, $5,400 and $5,500.
After losing its major upwards momentum roughly ten days ago when Bitcoin failed to break above $5,400, BTC has been able to hold steady above $5,000 and has tepidly clawed its way upwards towards $5,300.
Now, one analyst believes that Bitcoin will incur just enough buying pressure to propel its price up towards $5,800, at which point it will face significant selling pressure that may lead to a large drop.
Bitcoin (BTC) Slowly Climbs Towards $5,400
At the time of writing Bitcoin is trading up marginally at its current price of $5,300, up slightly from its daily lows of $5,230.
Although Bitcoin has been able to post minor gains over the past several days, it is important to note that is strongest confirmed level of resistance currently exists at $5,400, as BTC has failed to make any decisive advances past this level without being swiftly pushed lower.
Despite this, Bitcoin may be currently incurring strength that will allow it to surge up towards $5,800 – at which point it will likely find greater levels of selling pressure.
XC, a popular cryptocurrency trader on Twitter, shared his thoughts on Bitcoin in a recent tweet, explaining that he expects BTC to see another “scam move” up to the upper-$5,700 region, at which point it will be pushed back down.
“Seeing weak bearish moves all across the board here, think we get one more scam move up with a harsh peak around 5777,” he explained.
Bitcoin May Be on The Verge of Incurring Massive Volatility
One pattern that traders and analysts alike have been closely watching is the “golden cross” that Bitcoin is currently en route to forming. Previously, this pattern was only hypothetical, but it now appears that BTC will in fact make this formation, which would be highly bullish for the cryptocurrency.
One analyst believes that the formation of this pattern will lead to massive volatility that could either send Bitcoin’s price surging upwards or reeling downwards – depending on whether bulls or bears take this opportunity to strike.
“$BTC. Golden cross trajectory now April 24. (Was previously April 25). Should be interesting. Lot of hype that this is the “bull run” signal. If I were a bear or bull whale, that’s when I’d strike. Bull whale rides momentum of GC traders. Bear whale destroys their morale,” B.Biddies, another popular crypto analyst, explained in a recent tweet.
$BTC. Golden cross trajectory now April 24. (Was previously April 25).
Should be interesting. Lot of hype that this is the "bull run" signal.
If I were a bear or bull whale, that's when I'd strike.
Assuming that there are not any massive price movements over the next several days that change the timing of the golden cross formation, investors and traders alike should not take the current stability in the crypto markets for granted, as it may not last for very long.
It’s no secret that over the past several decades politics in the United States have become increasingly about appealing to voter blocks, and regardless of whether or not this is good or bad, this trend may ultimately prove to be beneficial for the crypto industry.
Because the number of cryptocurrency investors in the United States is actually quite large on a percentage basis and will likely continue growing along with the markets, it is highly likely that more and more candidates for influential public offices will begin placing cryptocurrencies on their list of priorities to address.
Crypto Advocates May Ultimately Represent a Large Voter Block
According to a study published in March of last year, 8% of Americans are currently invested in cryptocurrencies. Although it is highly likely that this number has changed in the year since the report was first published, the lack of any significant changes in the overall markets has probably led this number to remain relatively stable.
Some candidates for elected offices are already taking note of the portion of citizens who are invested in the nascent technology, and although 8% seems like a small number, gaining a voter block of that magnitude for a national election could sway the results.
Moreover, as this number grows – which it undoubtedly will, assuming that the crypto markets continue to expand – it will be critical for candidates to acknowledge these investors by presenting solutions to the regulatory problems the industry currently faces.
Presidential Candidate Andrew Yang Advocates for “Do No Harm” Crypto Regulations
Recently, Andrew Yang – a candidate running for the presidential office in the 2020 race as a Democrat – laid out his thoughts on cryptocurrencies, lambasting New York state’s BitLicense while advocating for a “do no harm” approach that allows the United States to remain on the forefront of innovation in the rapidly evolving industry.
In the post, Yang explains that the crypto market’s growth over the past several years has outpaced the government’s response, making now a critical time to begin implementing regulatory frameworks.
“Cryptocurrencies and digital assets have quickly grown to represent a large amount of value and economic activity. This quick growth, however, has outstripped the government’s response… It’s time for the federal government to create clear guidelines as to how cryptocurrencies/digital asset markets will be treated and regulated so that investment can proceed with all relevant information,” Yang explained.
Although the term “regulation” may scare some ardent cryptocurrency advocates, Yang further explained his position by describing the controversial BitLicense in New York as “onerous.”
“Some states have onerous regulations in the space, such as NY’s BitLicense. Navigating this has had a chilling effect on the US digital asset market,” he wrote.
As to how he plans to go about implementing the proposed regulatory framework, Yang explains that if he were to be elected, he would offer better definitions for what a token is and when it is a security, and would clarify the tax implications of buying, selling, and trading crypto, among other things.
All this would be done with the goal of creating “clear guidelines in the digital asset world so that businesses and individuals can invest and innovate in the area without fear of a regulatory shift.”
Although Yang may currently be somewhat of a dark horse in the presidential elections, his friendliness towards cryptocurrency has already garnered him publicity and support amongst crypto investors and may spark a larger trend of other mainstream presidential candidates laying out similar frameworks to incubate growth within the crypto markets.
The story of what Binance CEO Changpeng Zhao has been able to accomplish a little under two years has been nothing short of incredible. Having launched in July of 2017 amidst stiff competition from well-established rivals and a feverishly bullish market driven by Bitcoin hype, rather than pose a challenge for Zhao, the combination was a catalyst for wild success.
In a new data visualization making its way around social media platforms, it shows the growth of trading volumes across top exchanges since the beginning of 2017. It also demonstrates just how rapid Binance’s rise to the top has been.
Binance Comes Out Swinging, Quickly Becomes King of Crypto Trading Volume
Before these recent events unfolded, Binance gained a reputation for thwarting hacking attempts, and in general being a positive contributing member of the crypto community, offering up hacker bounty programs, donating to charities, and much more.
A new data visualization designed by Blocktown Capital, shared via Twitter, shows Binance’s incredible journey to the top through the growth of cryptocurrency trading volumes across top exchanges in the crypto market.
The video shows that Bitfinex had once enjoyed a comfy number one spot throughout most of 2017. It’s not until December when Binance really explodes onto the scene, and rockets past most competitors. It was the Bitcoin bubble peak and the following capital outpouring into altcoins seeking “the next Bitcoin” that made Binance an interesting proposal, but it was Changpeng Zhao’s vision, leadership, and connection with the cryptocurrency community that’s helped his company solidify a position as a leader in the market.
Like Data Viz? Check Out This Crypto Top Ten
It’s not clear who inspired who or that the data visualized across the two videos are simply coincidental, it’s a fun way to digest historical data. Similar to the above video depicting crypto trading volume growth across exchanges, the below does the same across the top ten cryptocurrencies by market cap over the last 6 years.
Just 10 years ago first #Bitcoin transaction was sent and it’s astonishing to see industry growth and how many new assets have gained traction.
In this unique visualization by DataLight, you can track the top-10 crypto assets by market cap, from crypto’s early days until today. pic.twitter.com/JIYT3KagwD
Bullish projection cement our assertion of shifting sentiment from bearish to bullish
At spot rates, the crypto market is far from the $880 billion valuation of late Dec 2017. Even so, as Bitcoin (BTC) prices recover, bottoming up and closing above $5,000, odds are the next wave would thrust BTC above $6,000 as our trade conditions become valid.
Bitcoin Price Analysis
That there is a movie dedicated to crypto shows how the public is aware of Bitcoin and other leading coins. The truth is that this new-age investment is worth it. Institutions are shifting their stand from conservative and angling at clipping part of this burgeoning market.
Concurrently, regulators are drafting laws supportive of blockchain applications while at the same time protecting investors. Their decision is bullish. After 2017 parabolic rise where investors from all over the world channeled their hard-earned monies to projects that are emerging to be frauds only to be followed by a cold winter that wiped out more than $600 billion in the space draining investors’ will to participate further fuelling the sell-off, the cautious stand adopted by these practical regulators was necessary.
Presently, the market is recovering, and as prices range above $5,000, analysts expect this state of affairs to continue for sometimes.
Luckily, their projections are positive, waiting for a stronger break and close above $6,000 as prices rally towards $8,000 the longer the range mode.
Josh Rager, a popular cryptocurrency analyst on Twitter, had this to say:
“The longer $BTC ranges between $5,000 to $5,200, the stronger support it becomes after the next push up. Though this equally becomes a stronger resistance if a breakdown occurs. IMO, Bitcoin likely stays in the price range of this chart for weeks to come.”
Price wise, Bitcoin (BTC) is up 4.6 percent. However, it is poised to add more in days ahead now that prices are trending above $5,000 thanks to events of early April.
In line with our last BTC/USD trade plans, buyers are in control, but once there is a conclusive reversal of Apr-11 bears confirming buyers of Apr-2, then traders should align their position in expectation of the next wave that would lift prices above $5,500 towards $6,000 as reiterated before.
Note that the momentum is high and as prices reverse from the 38.2 percent Fibonacci retracement mark anchored on the break and close above $4,500 from Apr-2 through to Apr-10. The only move that nullifies this course are losses below $5,000, with high volumes exceeding those of Apr-11.
Our anchor bar is Apr-11, and it has high volumes of 19k. Recent averages stand at 9k, but if prices close above $5,500 with equally high volumes above Apr-10 highs, then conservative traders can initiate longs with targets at $6,000.
Adoption will propel XRP prices above the current range
Wind is an advocate of Ripple, and his company is one of the many funded by Xpring. If there is adoption, XRP prices would likely edge higher as demand for the third most valuable coin spike.
Ripple Price Analysis
As we have reiterated in our analyses, cryptocurrencies need adoption to thrive. Day-to-day use means acceptance, and if one coin goes mainstream, then its value will surely skyrocket. We are talking about 10X gains and even $579 the ever-supportive XRP army believe the coin is worth.
Even so, XRP is struggling and yet to close above essential resistance levels perhaps bogged down by fundamental factors. Note that the market is up and lifting altcoins is Bitcoin, which is steady above $5,000.
However, Ripple (XRP) is under-performing despite temporarily rallying yesterday. From a fundamental point of view, development around XRP use case will surely lift prices. A case in point is Wietse Wind’s development and acceptance of an XRP Payment App that got the nod from Apple and Google Play store allowing XRP holders to spend the coin.
Right on time! Our XRPayments app was just accepted by Google and Apple. You can get the app now from the Apple iOS or Google Play store, and start accepting $XRP for payments in your physical store!
What is unique is that payment is directly from the ledger or via the XRPTipBot and all you have to do is specify the amount in any currency and the app will convert that into XRP.
From price action, Ripple (XRP) is down 1.1 percent, reversing yesterday’s gains. Even so, we retain a neutral but bullish stance aware that once prices rally past 34 cents, then the first wave of buyers shall be free to initiate their longs with primary targets at 40 cents. It is easy to see why.
First, notice that the 34 cents tag not only marks the tops of the recent consolidation but is also the 61.8 percent Fibonacci retracement mark. Therefore, if buyers are successful in driving prices, then bulls of Jan 30 would be back in a trend continuation phase.
After that, chances are prices will expand towards 40 cents as buyers of early April flow back in a wave that will finally unlock bulls, breaking free from the last four months consolidation with caps at 40 cents and supports at 30 cents.
In light of recent developments, our anchor bar is Apr-11. Behind the drawdown is a spike in transactional volumes causing prices to fluctuate by wide trade ranges.
With high volumes accompanying the bear bar—32 million, bull trend confirmation must be at the back of equally high transaction volumes exceeding recent averages of 20 million and ideally above 32 million. Once these trade conditions are valid and prices trend above Apr-11 highs, then aggressive traders can begin loading up with modest targets at 40 cents.
The untimely death of QuadrigaCX CEO Gerald Cotten has left $190 million worth of customers’ crypto funds inaccessible. Many theorized that Cotten faked his demise to disappear with the money. But according to his former friend and colleague, the late entrepreneur was not capable of taking such drastic measures.
Adam O’Brien told Global News that before his death, Cotten had mused him about being kidnapped for having access to a multimillion-dollar fortune. The Edmonton-based bitcoin entrepreneur claimed that Cotten was expecting troubles from every corner – that he was assuming that “something might happen.”
“Gerry was holding, we know, over $100 million, almost $200 million in funds,” O’Brien asserted. “That makes people do some pretty crazy things. And I think Gerry was aware of that.”
Dead Man’s Switch
Cotten’s widow Jennifer Roberston wrote in her affidavit that Cotten died of Crohn disease while taking a humanitarian trip to India’s Jaipur town. The local police issued a no objection certificate, confirming the circumstances surrounding Cotten’s demise, before sending his remains to Nova Scotia. The conspiracy theories about Cotten faking his death ended right there.
But the fact that Cotten did not pass down the passwords of wallets that held $190 million of customers’ funds with a trustworthy party raised doubts.
“I think here we do have one leg up in a dead man’s switch,” O’Brien said. “A dead man’s switch would be something that Gerry would have had to set up before he passed away.”
Crypto exchange #QuadrigaCX is facing accusations of lying about their CEO Gerald Cotton’s death to orchestrate what people believe is an exit scam from Day One. https://t.co/jEPiguUxBJ
A dead man’s switch is a computer program which transfers a human operator’s security credentials to a priorly designated receiver over non-activity for a specified period. So, for instance, the operator dies unexpectedly or fails to interact with his machine for a long time, a dead man’s switch automatically passes down the information to the next person in line, ensuring that data remains accessible to a human.
So far, investigators have unable to find out whether or not Cotten had a dead man’s switch system in place. If yes, it was necessary to find the person who might have gained access to QuadrigaCX missing millions following Cotten’s death. It was particularly stressing since one of the co-founders associated with the Canadian exchange had a criminal record in the US. Legal documents proved that the accused Omar Dhanani had changed his name to Michael Patryn to conceal his past.
Globe and Mail has found booking photos that clearly show Quadriga cofounder Michael Patryn is in fact convicted felon Omar Dhanani. https://t.co/XWLZfwcY3a
It isn’t a secret that the past few weeks in the crypto ecosystem have been tumultuous ones. As Bitcoin (BTC) rallied past $5,000, sparking claims that the bottom is in, Australian cryptographer Craig Wright and his crew, all fans of Bitcoin Satoshi’s Vision (BSV), found themselves in a few tussles on Crypto Twitter. It wasn’t exactly pretty.
The online beef went so far that Wright looked to bring the discourse to the real world, purportedly sending letters of intent to sue/bring legal action against his countless critics. Ethereum creator Vitalik Buterin and Hodlonaut, the creator of the Lightning Network Torch project and a catalyst for newfound adoption, were two entities reportedly served.
Although it wasn’t confirmed whether or not the said letters reached the desks of their targets, the crypto community quickly expressed their distaste for such an act. After Hodlonaut’s Twitter page was shuttered, users across the cryptosphere began to rally to the user’s side, shunning Craig Wright, Canadian entrepreneur Calvin Ayre, and their legal team for enlisting such a scare strategy.
After Peter McCormack, Matt Odell, and other prominent Bitcoiners bashed the BSV camp, Changpeng “CZ” Zhao joined in on the action. In a brief Twitter post, the Binance chief executive asserted that if there was any more of this “s*it,” writing in reference to the legal action, he would delist the crypto asset that Wright holds so dear. And it appears he wasn’t kidding.
Binance, Blockchain.Com, And ShapeShift Shun Bitcoin SV
As NewsBTC reported on Monday, days after Zhao’s promise, the Malta-registered exchange actually took action, making good on its semi-threat. Binance posted a blog post that morning, which outlined that BSV doesn’t meet its standards, and would thus be delisted by April 22nd, just over a week away. Hours after Binance’s announcement, other prominent crypto startups followed suit.
In a statement of approval, Erik Voorhees, an anti-establishment figure that heads the instant crypto trading platform ShapeShift, claimed that his firm stands by Binance. He claimed that within 48 hours of him publishing the tweet, ShapeShift would remove support for trading Bitcoin Satoshi’s Vision. Hours later, wallet provider Blockchain.com followed suit.
Similarly to how Voorhees made his announcement, the San Francisco-based fintech firm’s chief executive, Peter Smith, revealed on Twitter that in the next thirty days, his firm will “close out support for BSV transactions,” adding that users of the Bitcoin derivative should “go somewhere else.”
Binance’s and Blockchain’s removal of BSV is arguably a huge blow, as the two firms are the biggest exchange and the most widely-used crypto asset wallet respectively. But this might be just the tip of the iceberg. In a poll published early Monday, the team at Kraken, the fourth largest BTC exchange as per Bitwise’s list of bonafide platforms, asked if they should follow Binance’s footsteps. The response to the poll was overwhelmingly positive, with more than 70% of 50,000 voters requesting for BSV’s removal from the popular site.
Considering that Binance, ShapeShift, and Blockchain have set a precedent for the sudden removal of a cryptocurrency, and a leading Bitcoin fork no less, Kraken may soon follow through.
Well Within Exchanges’ Rights
While the delistings from the aforementioned upstarts have been widely lauded, Calvin Ayre of the BSV camp recently took to Twitter to express that Binance’s sudden act, for instance, is “illegal and corrupt.” But is this true?
According to industry lawyer Jake Chervinsky, no, far from. The commentator explained that per his knowledge of crypto’s ins and outs, “crypto exchanges are private companies,” thus meaning that have no obligation to keep an asset on their platform, adding that if “broad social consensus” is pushing for a firm to take action, “there’s nothing bad [with that].”
As far as I'm concerned, crypto exchanges are private companies under no obligation to list any particular asset & there's nothing bad about a delisting based on broad social consensus.
Some people complaining today were also calling for delistings of scam ICOs two years ago.
Alistair Milne, a Bitcoin investor, echoed this sentiment, writing that no coin, even Bitcoin itself, has an inherent right to liquidity, fiat on-ramps/off-ramps, wallets, and infrastructure.
No coin has a right to liquidity or functional exchange markets No coin has a right to fiat on/off ramps No coin has a right to wallet support We are currently seeing which exchanges/businesses have a moral compass and which hide from the difficult decisions#delistbsv
Although the removal of BSV is well within exchanges’ rights and could be deemed logical from a business standpoint, respected analyst Alex Krüger argued that this imbroglio hasn’t done much to aid the reputation of crypto. In fact, he quips that from the perspective of institutional stakeholders, the “Satoshi squabble” and BSV delisting makes the industry look “like a children’s playground,” instead of a cohesive group of professionals.
Almost everybody in crypto may be celebrating the delisting, yet from the perspective of institutional investors, the Satoshi squabble and the delisting should make the industry look like a children's playground.
Krüger continued, writing that a delisting’s equivalent in traditional markets could take the form of an investment bigwig dumping assets of a company “perceived to be ‘misbehaving’ environmentally.” This, of course, is a nonsensical and overblown reaction to a potential non-issue.
The analyst’s argument is somewhat sound in that yesterday’s debacle accentuate that the cryptocurrency industry can often be disjointed, controversial, and hard to comprehend, but some claim that BSV’s downfall will be a net benefit for this space. As Cardano co-founder & IOHK chief executive Charles Hoskinson explained, Binance’s delisting of BSV is a clear sign that cryptocurrency doesn’t stand for bullying and fraud, and the mark of an end of “this dark chapter in crypto’s history.”
While Calvin Ayre & Co. have begged to differ, claiming that Binance’s leadership are adolescent, the majority of stakeholders in this space have agreed with Hoskinson’s comment, and signal boosted the message with their personal spin.
I'm really proud of CZ and binance. They stood up for the entire commun ity against bullying and fraud. I hope more exchanges follow and we can end this dark chapter in Crypto's history https://t.co/16KEfOqsxP
In a series of intriguing tweets, John McAfee dropped a bombshell yesterday by claiming knowledge of Satoshi Nakamoto’s identity. McAfee intends to end speculation on Nakamoto’s identity once and for all, which he feels is necessary for the crypto space to move forward. He goes on to say he will divulge information until Nakamoto comes forward. Failing that, McAfee himself will disclose Nakamoto’s identity.
The "Who is Satoshi?" Mystery must end! First: It is NOT the CIA nor any agency of any world government. It IS a collection of people, but the white paper was written by one man, who currentky resides in the US. If he does not come forward these narrowings will continue.
John McAfee’s outing of Satoshi Nakamoto has reignited speculation on crypto’s greatest mystery. At present, the only widely known report pertains to him being an unknown person, or group, who developed Bitcoin. According to a profile on P2P Foundation, which is an organization studying peer-to-peer technology, Nakamoto claims to be a Japanese resident born on the 5th April 1975.
However, given his perfect English, with the use of colloquialisms, some speculate he is not Japanese. Or in the very least, a member of his team originates from the British Commonwealth.
Following the timeline of his last known actions, he continued to contribute to the coding of Bitcoin until mid-2010. It was then Gavin Andresen received control of the source code repository and network alert key. After that, Nakamoto’s involvement with Bitcoin ended.
The mysterious circumstances of his sudden disappearance have only added to Bitcoin’s allegorical notoriety. But, this hasn’t stopped speculation on several names including Nick Szabo, Craig Wright, Dorian Nakamoto, and Hal Finney. With some even claiming Bitcoin is a US Intelligence project.
According to McAfee, the secret of who Nakamoto is perpetuates a pointless exercise. To which, the entire crypto industry would benefit from knowing his identity. In one of his tweets, he said:
“I protected the identity of Satoshi. It’s time, though, that this be put to bed. Imposters claim to be him, we are spending time and energy in search of him – It’s a waste. Every day I will narrow down the identity of Satoshi until he reveals himself, or I reveal him.”
However, given McAfee’s past form for sensationalism, it’s fair to question whether he knows Nakamoto’s true identity. But, at the same time, McAfee’s cypherpunk credentials do stack up, giving plausibility to his claims. Especially so, considering his active involvement in the industry during Bitcoin’s formative years.
Nakamoto Wants Anonymity
Whether McAfee will out Nakamoto, or not, this much is clear, Nakamoto wishes to remain anonymous. According to Alex Lielacher, his motives for anonymity are based on safeguarding the Bitcoin project and allowing it to operate on its own merit. He wrote:
“it is arguable that he remained anonymous in order to avoid the possibility of him becoming the de facto leader of the system and, thereby, having people place their trust in him as the creator as opposed to the ledger. Moreover, any announcement by Satoshi would likely be regarded as investment advice by those who held the digital currency and may have resulted in price movements.”
What if Satoshi Nakamoto or the group wanted to remain anonymous for a good cause…???