One of the most exciting faces of Satoshi Nakamoto is that he has yet not withdrawn his tokens. It was predicted once that his collection is around 1M – 2M btc. Majority of that has not been taken out.
His popular accounts & wallets have never been touched. This untouched aspect brings us to the following questions:
- Is Satoshi alive now & just witnessing his invention expand, knowing well that taking those btc might create a panic?
- Are the personal keys kept somewhere, or… are they intentionally erased? With bigger power comes bigger responsibility and those.
- What if he hid the personal keys as a property and it is the Legend of satoshi nakamoto’s pirate hidden keys of the time?
Is it possible that Satoshi Nakamoto lost his key?
Logically, Satoshi Nakamoto is (in every likelihood) dead, or in captivity, hidden or unable to trace his keys to the account.
An opinion states that he is hidden. He can be seen as someone who resides with his pet alone, not a fan of too much housework, grows plants in the seasons, hiding his identity from the world, even from his neighbours. He is living incognito, completely out of touch. It is possible that he is just waiting for his creation to reach $1,000,000.
If the personal keys are actually destroyed, then it ought to be tedious for him to verify that he/she/they, whosoever has used the name, are who they approve to.
Maybe if Satoshi is alive, then the keys might also be intact. Why it still hasn’t been withdrawn or utilised , that’s another thing to debate about.
If this guy or organisation is no more, then will the 1 million btc be beyond regulation for good?
All the bitcoins will reach out of regulation for good. Unless someone gets hold of his personal keys.
Bitcoin is an independent register. Therefore there’s none to store the personal keys of users. There’s no method to get it if it’s lost. So it’s really necessary to secure support.
If the personal keys are lost, one would not be able to utilise the bitcoins. As all the transfers are verified by the keys.
There are several bitcoins that are not in & neither will ever get in regulation because of likely problems.
Another halt, if the money is transferred to some nonexistent public wallet, the crypto would be deleted forever. It will be taken from the account & stored to the nonexistent public wallet that is owned by none.
And it’s usual to have these issues because it’s almost impossible to penetrate the protected area secured by the bitcoin system. Better to read the crypto-profit.io, the system underneath of bitcoin. It would be actually simple to grasp these theories.
Another answer to the question could be,
If enough significant quantum mechanics is present, present public keys would be modifiable to the coupled personal key and the money in the wallets will be opened. There are no public keys openly accessible to people that could be utilised to misuse the funds?
In case, if a transfer from your wallet had got its public key exposed to others (which is alright, till we don’t possess strong quantum systems). The addresses that possess his coins have never got a transfer history. So no way his coins are at risk. Well, in previous days mined money was given out to proper public keys rather than double hashed accounts. Satoshi earned the majority of his coins in those early days.
If Satoshi Nakamoto is no more, then his 1 million Bitcoin will be beyond regulation, unless:
- He has handed over his personal keys to anyone else.
- He has scripted down his private keys. And some fortunate guy in his family or group earns that.
The mentioned scenario is applicable for any random person who has forgotten his key. Afterall, in Satoshi’s own words, “Forgotten coins make other’s coins value a bit more, just like a donation to everyone.”