Exactly 10 years ago, on October 31st 2008, Satoshi Nakamoto published bitcoin’s white paper. Ironically enough, 10 years ago, the world experienced the biggest financial collapse in recent times. With the white paper officially being released on October 31st, many experts are beginning to wonder about if there’s a hidden message by Satoshi.
Did Satoshi really have a specific reason to publish the white paper on Halloween? The creation of an invention so innovative, that it could shake the very foundations of the financial world, should be taken as anything but a coincidence. In order to look answers, it’s best to start at the heat of the financial collapse.
The epicenter of the crisis was probably when Lehman Brothers collapsed on September 15th. Many people might not remember, but the scale of the collapse was very big. The bankruptcy lead to worldwide panic and some Wall Street whales were sending people to withdraw money before the ATMs supposedly shut down.
The events from that year opened up a lot of questions. And answers had to be found, quickly. A huge number of regulations and initiatives quickly came to be in order to prevent another disaster. The political landscape was also changed, since movements like Occupy Wall Street were created.
10 years later, we could calmly look at the result of these initiatives and movements. It’s now clear to everyone that bailing the big banks will never solve the problem in the long term.
The same regulations are eroding away and the political movements aimed at the Wall Street greed and on the brink of disappearing. At this point, it’s almost unanimous that a new crisis is coming, and many experts believe it can make the 2008 collapse look like a walk in the park.
Can the hidden message have something to do with financial crises?
A few years after the crisis, Hyman Minsky’s theoretical framework showed that with the current financial system, collapses are inevitable. What’s more, they’ll each be worse than the last. Of course his claims were largely dismissed by Wall Street and Central Banks, but in recent times everyone nods in agreement when the facts speak for themselves.
Jannet Yellen, the former Federal Reserve Chairman recently highlighted the relaxation of loan standards. She also expressed her worry about the systematic risks associated with the huge amount of loans.
So that leads us back to the Halloween hidden message. After the white paper got introduced it was met with a huge wave of skepticism. Even though bitcoin was operational at the start of January 2009, the first year of its existence saw 0 to no interest.
With the rise of interest, many investors and developers, quickly started to realize that Satoshi’s creation can be the key to a new and better financial system.
This financial system offered permanent improvements and changes at the very core of own, outdated financial system. Probably the most radical change, was the potential concept of people being able to be their own bank. Still no one knows why Satoshi chose Halloween as the publication date.
More and more people do know however, that Satoshi’s invention was just the beginning. 10 years after bitcoin there are a huge amount of cryptocurrencies and blockchain has proven to be the biggest threat so far to the powers that be.
Everyone can attempt to interpret Satoshi’s hidden message their own way, but when the time is right, the answer will probably reveal itself.
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