Andragnes considers it necessary to analyze what would happen to Bitcoin in different scenarios. The president of Bitcoin Argentina wondered whether Satoshi was not as good as people think.
Someone asked a question to Rodolfo Andragnes, the president of the NGO Bitcoin Argentina and the co-founder of Signatura. That person wanted to know what would happen if Satoshi Nakamoto moved his bitcoins.
The creator of Bitcoin used the pseudonym “Satoshi Nakamoto” to participate in Internet forums and other areas related to its development. He apparently mined 1 million BTC between 2009 and 2010 and has kept them with him since then.
Andragnes replied to the person who posed the question and said that that possibility needs some analysis. “Everyone says that those 1 million BTC will never move, that Nakamoto died, or that he was Hal Finney. In our fantasy, we think that Satoshi is the best person in the world,” he said.
The president of the NGO Bitcoin Argentina wondered whether Satoshi was not as good as people think. He also has doubts about whether he is Craig Wright or he will eventually move those bitcoins. “Imagine Satoshi selling all of his BTC and flooding the market,” he added.
This Argentine knew the pioneering cryptocurrency in its beginning as he happened to register the domain bitcoins.com a long time ago. After raising that hypothetical scenario, he speculated about what could happen to Bitcoin.
Andragnes also mentioned that the price of Bitcoin can go up and down repeatedly. He said that those drops are a consequence of some risk that the community perceives. “Once that risk disappears, it becomes a solid foundation of new confidence, which leads to a new scenario,” he explained.
For example, he mentioned the Bitcoin community’s fears before the hard fork that gave rise to Bitcoin Cash (BCH) in 2017. “There was a huge doubt about what would happen and whether this new currency and BTC would compete until only one survived,” Andragnes recalled. “Nothing happened and, as a result, the subsequent forks had no impact,” he concluded.
Bitcoins Versus Altcoins
Some other people asked Andragnes about altcoins, that is, cryptocurrencies other than BTC. Concerning this matter, he replied that “the vast majority of altcoins are very far from offering something similar to BTC. The main cryptocurrency has advantages in terms of security, development type, and ecosystem.”
The creation of Satoshi Nakamoto is “almost a safe bet, whenever people talk about the world of cryptocurrencies,” stated the founder of the NGO. He considers that “everything else is a roulette wheel and some may take a big leap as an investment. However, “they do not have any of the same bases and foundations that make Bitcoin solid and reliable.”
“Bitcoin is a turtle that wants to be money and a store of value, as well as move very slowly without anyone noticing it. Underneath that hard shell, there is a live organism,” he explained. He made it clear that he accepts the existence of other cryptocurrencies, but he attributes roles different from those of Bitcoin to them.
Amati concluded by saying that “Bitcoin is probably the most conservative of all cryptocurrencies,” he said.
By Alexander Salazar