The Situation on Wednesday: The Spirit of Satoshi and the Ghosts of Decentralization

Spirit of Satoshi and Decentralisation

The basic idea held by Satoshi Nakamoto in the legendary White Paper for Bitcoin was the structure of decentralisation. A look at the past few days shows: The spirit of Satoshi dances with the ghosts of decentralization.

As regulators fire from every corner of the globe with new aspirations, hardly a day passes without announcements of new partnerships in the oft-cited emerging blockchain industry. The SEC is tearing up the bureaucrats’ heads over dozens of applications to Bitcoin ETF. Meanwhile, Ripple tries to break free from the (own) XRP tokens . On Venezuela’s roads, financial chaos rages, while the highly controversial Petro is supposed to save industry . And Binance now pays 90 percent of its employees with its own token . In between, the spirit of Satoshi Nakamoto dances with the ghosts of decentralization.

Because that was not how it was supposed to be. From the rubble of the banking crisis appeared in 2009 an ominous white paper. It spoke of an electronic peer-to-peer payment system. Without banks, without a state. Without cryptogurus and oracles , solely based on the confidence in the technique (or the mistrust of the rest).

The basic idea behind everything was therefore a decentralized organizational form. In a sense self-regulated and independent. Then came Laszlo’s million-dollar pizzas, Vitalik Buterin’s Ethereum and the brave new world of the ICOs. Because “every beginning contains a magic”. And from this everyone wanted and wants to have something. Here’s a little white paper, there a small use case, three or four investors and the money machine is done.

What comes out mostly has little to do with decentralization. Whether it’s the block producers at EOS, the Super Representatives or the Full Nodes at Bitcoin Cash – the centrality of the projects are the ghosts of decentralization.

The Spirit of Satoshi

And the spirit of Satoshi? He could not register Satoshi’s Bitcoin with Binance or one of the many other crypto exchanges. He is just too decentralized. With regard to the listing rules on Binance, a Twitter user recently realized that Bitcoin today has no chance to be listed on the Chinese Stock Exchange

It’s interesting to see where we’re coming from. If you have a decentralized cryptocurrency with a founder that disappeared you can never get listed on exchanges. This isn’t just for Binance, this is pretty much for any exchange now.

For this, the alleged CEO of Bitcoin would first have to fill out a form. Finally, the stock market needs a contact person, a “decision maker”. A cryptocurrency that delegates the trust in technology and refrains from postponing decisions to individuals will, to say the least, make it difficult.

Once again, the big problem of decentralization is revealed: it does not seem to work without new key points forming. At least as long as people are involved. It is these ghosts of decentralization that compete with the spirit of Satoshi.

But despite all attempts at regulation, government and centralization, the ghosts will not be able to chase away the spirit, which remains to be hoped for. Bitcoin is a matter of trust.

And what about the Bitcoin course?

And the Bitcoin course? The moves since last week with just under 5 percent in the downside a bit down and is currently at just under 6,500 US dollars.  Bitcoin remains currency number one – whether ghosts or not – with a total market capitalization of nearly 111 billion US dollars.


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