Satoshi Nakamoto Funding MimbleWimble Devs

in grin •  9 months ago 


So Random...

It was just four days ago that I made the claim that Satoshi Nakamoto was the inventor of MimbleWimble protocol.

... what if Nakamoto is still fighting the man? Who is the author of MimbleWimble privacy protocol? If that's also the work of Nakamoto...

I've actually made this claim before as well. It makes a lot of sense that the creator of Bitcoin is also the designer of MimbleWimble. There aren't very many people in this world that are willing to work that hard and not take credit for it.

With Bitcoin, you could make the argument that Satoshi still controls all those premined coins. With MimbleWimble, the gesture is even more generous because the protocol was given away completely free of any strings attached.

top privacy coins.jpg

I'm willing to bet that Nakamoto thought Bitcoin was going to be a lot more private than it actually is today. Everyday it becomes more entrenched in the mainstream digital data economy.

Blockstream has centralized its development.
Exchanges have centralized transactions and implemented KYC.
Mining is centralized.
Nodes are being tracked.
From Nakamoto's perspective, things are not looking great for Bitcoin.

And the Bitcoin: Satoshi's Vision fork must be particularly offensive.
As it solves absolutely none of these problems.

Bitcoin's censorship resistance

is both a blessing and a curse; a feature and a bug.

What a lovely dichotomy.


Andreas Antonopoulos agrees...

Privacy is the primary concern of the cryptosphere going forward...
Not scalability as most people often try to push.

Which is why this transfer is so curious.

What caused me to write this post?

Did Bitcoin Creator Satoshi Nakamoto Just Move 50 BTC?

The BTC was donated to the team developing Grin, a new cryptocurrency that is focused on confidential transactions, hiding transaction values and making it hard for third parties to track activity.

Considering my previous stance, I have to assume: yes.

It uses a private transaction technology called MimbleWimble which is also being tested on Litecoin.

All the more reason to be bullish on Litecoin.
Although it will run on a sidechain rather than the main chain.

Lee quickly traced the origin of the coins, saying they were mined back in 2010 and had been dormant for nine years.

Wow... and we all know what the 50 BTC is...
A single block reward from way back in the day,
possibly mined on a laptop,
now worth near half a million dollars.
Very interesting.

If Satoshi wanted to reveal himself, he would sign a message with the genesis key. Anything short of that is most likely fraudulent.

LOL... um... what?

Yeah, he doesn't want to reveal himself.
That would be really really fucking stupid.

Can you imagine if Nakamoto proved he made this transfer? It would spark a manhunt and the Grin dev team would be caught in the middle of it. What a silly thing to say/do. Why does everyone assume Nakamoto is some vapid chump who needs to take credit for things? So much projection on this front. Maintaining plausible deniability is a requirement of fighting the establishment.

cold reading.jpg

What's going to happen next?

I think like me, Nakamoto realizes Bitcoin stands to absorb the entire legacy economy. As the Andreas Antonopoulos video explains, the legacy economy doesn't need privacy because they already have it. Therefore, Bitcoin will gain no privacy going forward and all the small players will be subject to being tracked and scrutinized.

Think Bitcoin Maximalism is bad now?

Just wait until every country and corporation on the planet competes to get more. The Whitewalkers are coming.


Think decades.

Another analogy by Andreas: Bitcoin is a Formula 1 race car driving on a wet dirt road stuck in the mud; getting laughed at and passed by the people riding in their horse and carriage.

When this is no longer the case and Bitcoin actually has the proper roads infrastructure, central banks are going to be wiped off the face of the Earth. Bitcoin will become the new face of centralized oppression.

It is at this time that I think Satoshi will turn on his own creation. He will sign a message proving he's the one who wrote it. He will tell everyone to abandon Bitcoin in advance, and then he will dump his million premined coins onto the market in spectacular fashion.

Because fiat is dead at this point, the money can only travel in one direction: to the alt-market. I wonder which projects he'll choose to fund, and who will follow in the wake.

Should be interesting if I live to see it. I imagine there will be a lot of carnage in the meantime with the central banking system collapsing and the military industrial complex lashing out all across the globe during the deathrattle.



I FOMOed into Grin slightly during the summer. Bought like $100 worth of coins now worth $30. Am I salty? Not really. I somewhat expected the outcome. In the light of these recent events I'm more bullish than ever.

It's important to note that, like Steem, it costs less than $50 to own a millionth of these projects. I might throw down another $100 just for kicks, or maybe I'll dip my toes into the other MimbleWimble project: Beam. I have a friend who recommended it over Grin. He likes the community more.

The value of privacy has not even become close to being realized by the general public.

And, if I'm being honest, I thought it never would. However, the zombies seem to be waking up. People actually care that companies like Facebook are fucking up big time. It's a very surprising turn of events.

Satoshi lives!

The inventor of MimbleWimble is funding MimbleWimble networks out of pocket.
My wild speculation continues!

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I wish I could get access to these privacy coins but unless they get included in Coinbase, which they seem they most likely won’t, then alas they are out of reach. Would be wild times if Satoshi came and dropped his bitcoin and sank the crypto market.

In this hypothetical situation I think Bitcoin would still have a huge dominance advantage and it would actually level everything out a bit. The crypto market can't sink because the crypto market is the only market. I imagine every asset would be tokenized at that point.

Idk man.... From the original Bitcoin Whitepaper, the work "privacy" only comes up 6 times.... Here is the mentions for reference

10. Privacy
The traditional banking model achieves a level of privacy by limiting access to information to the parties involved and the trusted third party. The necessity to announce all transactions publicly precludes this method, but privacy can still be maintained by breaking the flow of information in another place: by keeping public keys anonymous. The public can see that someone is sending an amount to someone else, but without information linking the transaction to anyone. This is similar to the level of information released by stock exchanges, where the time and size of individual trades, the "tape", is made public, but without telling who the parties were.
As an additional firewall, a new key pair should be used for each transaction to keep them from being linked to a common owner. Some linking is still unavoidable with multi-input transactions, which necessarily reveal that their inputs were owned by the same owner. The risk is that if the owner of a key is revealed, linking could reveal other transactions that belonged to the same owner.

I don't see it going both ways here...
In terms of true privacy, I think Satoshi knew, nothing online is private.

I don't see it going both ways here...

Not sure what you mean exactly.

True privacy could be achieved, but we'd likely have to decentralize the Internet itself, which would certainly involve a lot of work and resistance. Everyone needs a burner phone with physical switches for mic, GPS, and camera.

Lol, Beam is one company, isnt it?

I don't know anything about Beam other than it's an implementation of MimbleWimble and my friend recommended it. I convinced him to start mining Ethereum in 2018. He's really into the whole mining scene. Personally I bought Grin because buying Beam was a lot harder.

What? Beam is even harder? Imo buying grin is already hard..
Did you use tradeogre? or found something with more liquidity?

No, I had a KuCoin account,
the poor-man's Binance.

Unrelated to your post...

What do you think about creating a crypto community when these things eventually launch?

I'm a little confused about the question.
What kind of community would we create in response to things launching?

I can tell you that my community building skills are about a zero out of ten.
I see myself more as a brainstormer and a programmer.
At the same time, I try to surround myself with people of complimentary skills so, who knows.

The community and SMT features. I was thinking of putting together a crypto community. You would be an asset.

I would only engage in utility tokens that have a clear plan for adding valuable governance features. Personally I think that dapps should start out as controlled by a centralized entity; A lone developer or a small group of developers. They make all the decisions.

Then as time goes on a token must be created to scale up and essentially sell the project to the community using it. Or perhaps more accurately the community would be paid to continue developing and securing the project.

I think most tokens that get created are redundant and unnecessary cash-grabs. We should be focused more on merging existing communities together than on forking out and diluting our value creation. The more people we can get to agree on a set of rules (consensus) the better.

I tried to explain this stance in my Diamond Development post last year.
So many forks and no merges... sad.

I'm certainly open and interested in discussing this more in depth.
Do you have anything specific in mind?

Nope, just thinking out loud and hoping to get a group of like minded crypto enthusiasts together. :) It's all very abstract at the moment, not conceptualized much at all. We are likely a ways off from being able to do much of anything anyways.

Sounds good, I'll keep an open mind.

Hey @edicted can I ask how you got your grin off the exchange? I bought some grin yesterday from kucoin but finding it difficult to get the coins onto my Ironbelly mobile wallet. Any advice would be greatly appreciated. Love your work!

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It's only like $30 so I haven't tried yet.
Still sitting on the exchange :(

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