Happy Birthday Satoshi (1933 – U.S. Outlaws Gold)

Bitcoin’s creator or group of creators operated as Satoshi Nakamoto, and designated his birthday pointedly to the powerful roots that ground the network’s ideals much deeper than the technology itself – to a turning point in American and World individual Freedoms.

Satoshi for Freedom

Many Americans are under the impression that their dollar is backed by gold. This has not been the case since President Richard Nixon ordered the direct conversion of gold to USD to be cancelled in 1971.

Gold had lost its status as legal tender in America on April 5, 1933, along with most other countries holding the standard during the great depression.

Issued April 5, 1933 – Persons are required to deliver  on or before May 1, 1933 all gold coin, gold bullion, and gold certificates now owned by them to a Federal Reserve Bank, branch or agency, or to any member of the Federal Reserve System.

In an email conversation with Satoshi, it is clear the major concerns were well beyond digital cash, and is cemented in his anonymity that provides no evidence of motive to profit from Bitcoin. In response to the fact that cryptocurrencies cannot solve political problems, Satoshi urges their support still as movement towards that cause:

One of the first questions from people first trying to understand blockchain technology and cryptocurrencies is, “but it isn’t backed by anything?” The concept is perceived as confusing and foreign, but this same majority takes the current system of fiat currency backed in “full faith and credit,” as something perfectly normal.

Those four words were defined in 1933 by a 19 page Pennsylvania Law School report. In contrast, the Bitcoin Whitepaper is hardly 8 pages of text, straightforward and as simple as can be for a technology that is changing society across the world.

The lack of historical knowledge and economic understanding will be the strongest impeding factor to the adoption of cryptocurrencies, but has definitely not stopped the process.