Bitcoin Better-off Without Satoshi Around
Regardless of whatever reference is made today to the person of the supposed creator of Bitcoin, Satoshi Nakamoto, the co-founder of a crypto data platform thinks the leading cryptocurrency has grown beyond the need to have him around.
Bobby Ong, the co-founder of Coingecko in Malaysia, says having a leading figure like Satoshi for the cryptocurrency may impede its growth.
He states via LinkedIn: “…Bitcoin has grown and matured to a stage beyond the need to have Satoshi around. I would say that Bitcoin is better off without Satoshi around as it is then free to grow without a central authority figure giving his opinion on the best way forward for Bitcoin. It has grown without a leader for the past few years and is better off that way for the years to come.”
Ong’s comment comes as the case against Craig Wright, who had claimed to be the creator of Bitcoin, rages on. Also, there was a reported activity of a new Bitcoin deposit in the genesis block raising suspicion some is using it though known to be hard coded into the client hence unspendable. Like Satoshi, Ong says:
“Bitcoin is more than just Craig Wright at this point in time. Unless Craig can move the Bitcoin that were mined by Satoshi, it will be hard for anyone outside the Bitcoin SV circle to believe his claim that he is Satoshi Nakomoto – too bad if he is not the sole custodian of the main Bitcoin wallet.”
The fear is not expected to impact the industry especially in Asia where young people are showing a growing interest in cryptocurrencies. Though the sentiment may not be as hyped as it was during the late 2017 bull run, Ong says he’s sure people will start to take notice again if Bitcoin continues to hit all-time high again as “early signs that those who left in 2018 are returning to trade on cryptocurrencies” already.
Asia as crypto hotbed
“Yes, we will most definitely see Asia becoming a hotbed for crypto projects due to the decentralized nature of this industry where there’s no need for an entrepreneur to be based in Silicon Valley to raise funds with alternative options available such as ICO and IEO,” Ong says adding that the favourable crypto regulations in many Asian countries is most encouraging to Asian entrepreneurs and the growth of the industry in the region.
He believes the rising conduct of initial exchange offerings (IEOs) will appeal to a global audience and not just an Asian audience. “However, how long can the IEO interest be sustained is a separate question altogether,” says Ong who sees CoinGecko as an example of a crypto startup that has thrived being based in Asia.
“I think a lot will depend on large exchanges curating quality IEO projects well. We have seen many exchanges in the rush to capitalise on the IEO trend, onboarding project that were not stellar and this risk causing investors to lose money and interest. Curation of high-quality projects for IEO on exchanges will be key in sustaining interest over time.”