Mr. McDonald is an innovator in the area of hedge funds.
He was arrested in 2007 when a competitor released information to the news media that put the whereabouts of $800 million in question.
Mr. McDonald devised a way to use a spreadsheet in combination with a decentralized network to eliminate this concern going forward.
Mr. McDonald started working against the problem and started what would become Bitcoin as soon as he was arrested.
Satoshi Nakamoto is the name of a neighbor.
Mr. McDonald wanted to keep the identity of the creator blotted out for ideological and tangible reasons.
Mr. McDonald recruited Hal Finney from a programming website.
Hal is the first person to receive Bitcoin from team Satoshi.
Hal secretly mined a hundred million bitcoin and over time he realized he could never spend the money.
Hal Finney is said to have died of ALS 8-28-2014 but team Satoshi says he’s still around. He can’t reveal he is alive because it would put him at risk.
Mr. McDonald was sent to serve 4 years in jail in 2011 and this is when everything went bonkers. He ultimately served 10 months in. Canadian penitentiary and has been banned from financial markets.
Mr. McDonald went on to battle Ethereum for the fastest-processing coin nearly making a deal with the US Govt to create a coin which would duplicate all financial transactions on Earth.
Mr. McDonald said this goal was never in the playbook. Bitcoin was made to be used by financial institutions and not for every day purchases by consumers.
Bitcoin enables a financial firm to keep track of precisely where their money is at. This would have prevented Mr. McDonald from having to go to prison and take on a pseudonym.
Mr. McDonald says Bitcoin is failing because it was made into a penny stock by those interested in short term gains.
There was originally going to be millions of times more Bitcoin in the system.
By limiting the number of Bitcoin the cryptocurrency functions as a gold standard. Mr. McDonald is very concerned that a new gold standard could accidentally take over under the disguise of innovation. He says this was never intended.
The gold standard is basically the “golden” rule. The one who has the gold makes the rules for the world. And those without gold starve.
The gold standard is not compatible with the modern era. “It was not good for any era,” Mr. McDonald says.
A monetary system friendly to loans is much better. This allows the government to help people rather starve in the streets and turn into lunatics who then support lunatic politicians like Adolf Hitler.
Satoshi is concerned. He says he’s got his eye on a new digital gold standard and a crypto-Hitler.
To alleviate their own concerns Satoshi is staying ahead of the game. They are working with the Saudi Arabian royal family to create a system of borrowers and lenders in the crypto space. This will put the Crypto Hitler back under the bed with the other monsters.
Satoshi is working on a way to change Bitcoin so it performs the intended role. Again, Bitcoin should be used by financial institutions, which lend Bitcoin to consumers on a crypto network designed to handle more volume rapidly. Or the banks could lend cash with the loan contracted in Bitcoin.
In either case, transactions under $100 shouldn’t occur on the Bitcoin network.
The missing piece of the Crypto puzzle is borrowing and lending, and everything crypto will be easier to understand once that’s complete.
Satoshi Nakamoto is Mr. McDonald and his team.
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