We have already written about the genesis of Bitcoin. We will return to the cycle on its history. Today, however, together with prof. David Yermack, we will consider whether the main cryptocurrency was in general a response to the financial crisis.
Bitcoin was born as a consequence of the recent financial crisis and the increase of distrust towards banks. At least this legend has grown around cryptocurrency. However, prof. Yermack questions this thesis.
“Bitcoin was launched in 2009, but it was the culmination of many years of attempts to create a digital currency on a peer-to-peer basis,” said David Yermack, a professor of financial and business transformation at New York University.
How was it?
Satoshi Nakamoto in his famous white paper of October 31, 2008, noted that the network trade is burdened and dependent on the so-called “Third party”. Whether the banks were openly attacked remains an open question, which we described HERE.
Yermack notes that “its [BTC] launch time could only help attract users.”
So Nakamoto only sensed a good moment? BTC was not to be at all a response to the degeneration of the financial system?
Maybe it was, but there is evidence for something else. In the article Boom on Bitcoin, Maria Bustillos wrote, among others “Nakamoto was very clearly motivated in his efforts by the effects of the 2008 financial crisis.” The argument is an unencrypted message left on the blockchain on January 3, 2009, after extraction of the first 50 bitcoins.
Who was Nakamoto?
Determining the truth about Nakamoto and his motives is difficult because the creator of Bitcoin and Blockchain himself has disappeared. After writing 575 posts on the forum bitcointalk.com, he finally fell silent on Monday, December 13, 2010. There is a lot of theory who he is or was (because we do not know if he is still alive).