12 years ago today, Satoshi Nakamoto left the Bitcoin community forever

Satoshi Nakamoto, the mysterious creator of Bitcoin, was last active on the venerable Bitcointalk forum 12 years ago, after which he left the Bitcoin community forever.

To the report Crepito Potito, Nakamoto didn’t want to be just a hidden and mysterious figure. Instead, the creator of the world’s largest cryptocurrency wanted to focus on an open-source project and give more credit to contributing programmers.

More than a decade later, Satoshi Nakamoto’s identity remains an unsolved mystery. The creator of Bitcoin was significantly involved in the development of Bitcoin from 2008 to 2010. In a recent message to the Bitcoin community, Nakamoto added the topic “Added some DoS restrictions, removed safe mode” to the Bitcoin Talk thread. In the latest message, he emphasized that there is more work to be done.

Nakamoto was active in this forum at a time when Bitcoin was trading at $0.2 and the network was not at all immune to DoS attacks. A few days earlier, Nakamoto expressed displeasure over the idea that WikiLeaks was using Bitcoin donations, when the cryptocurrency’s network was very small. This action of WikiLeaks took place following the financial blockade of the United States; Because payment companies like PayPal, MasterCard, and Visa stopped providing services to non-profit whistleblower organizations like WikiLeaks.

The financial collapse of 2008 was triggered by the government’s financial assistance to banks and the beginning of the cycle of economic austerity. In its aftermath, public trust in governments and organizations declined, and Bitcoin emerged as a response to this global crisis of legitimacy.

What has changed since then?

There have been many changes in the nature of Bitcoin. From its early days, Satoshi Nakamoto predicted that the layers built on top of the Bitcoin blockchain (like the Lightning Network) would allow it to expand its definition of a stablecoin. Programmability is one of the many factors that its addition potentially makes Bitcoin an optimal framework for the creation and development of the third generation of the web (Web3).

Taproot’s ambitious update launched in November of last year basically paved the way to accelerate the provision of DeFi services through the Bitcoin network.

Also read: One year after updating Teprot; Will Bitcoin finally make its way to DeFi?

2022 was a rather chaotic, unstable and financially difficult year, with several bankruptcies including the unfortunate collapse of the multi-billion dollar Terra ecosystem and the disastrous bankruptcy of the FTX exchange. However, Bitcoin remained stubborn. Also, the acceptance rate of Bitcoin and other digital currencies has grown by more than 800% in the last year.

Let’s not forget, Bitcoin has been accepted as legal tender in El Salvador and the Central African Republic, and speculation is rife that many other countries are likely to follow suit.