Crazy Bitcoin Conspiracy Theories

Conspiracy theories are some of the most interesting things that people can think of. These stories are interesting enough to make you stop for a second and think. Today, we’ll be going over some of the craziest Bitcoin conspiracy theories.

The mysterious founder of Bitcoin

Let’s start with the biggest mystery that started it all. The inventor of Bitcoin has always been unknown. Although we have to thank this person for the very first cryptocurrency and blockchain technology, no one really knows Satoshi Nakamoto’s true identity. How can it be possible to hide the identity of someone THIS influential? Most people believe Satoshi Nakamoto to be a pseudonym. Some people even believe in the possibility of him being a female or a group of people.

Some of the crazier theories include Satoshi being neither a male nor a female. There are theories that it could be an it. There were claims that he may have been a bot, where they called it “Robo Satoshi”. 

Another interesting take on this was when a Russian IT entrepreneur named Natalya Karpersky claimed that Satoshi Nakamoto was a code name for a group of US cryptographers. It was unclear how she got to that conclusion, but her claims definitely received some attention. There was also a theory floating around that the Chinese government was responsible for creating Bitcoin, aiming to help China lessen their reliance on the US dollar. China also seemed to really embrace bitcoin in the early years, adding fuel to the conspiracy fire. It ended up not being plausible because the government eventually ended up cracking down on cryptocurrencies.

Time traveling Satoshi Nakamoto

If you don’t know what a block hash is, it’s a randomly generated code that documents each new block that’s mined and added to the blockchain ledger. Last June 2018, there was a block hash that lit a spark in the eyes of everyone in the crypto community.  (00000000000000000021e800c1e8df51b22c1588e5a624bea17e9faa34b2dc4a)

So what’s the relevance of this code? First of all,  the zeros at the start of the code mimic the “Genesis Block”, or the first block that was ever mined. Second, according to an article on Medium, the 21e8 that comes after the zeroes signify “an exceptionally simple theory of everything.” According to the article, the 21e8 of the function relates to physics theory called E8 Theory, a theory that attempts to describe all known fundamental interactions in physics.

Basically, a very important identifier was created and that this hash function is extremely rare, making it significant.

The conspiracy theory comes in when people thought about what could possibly create this special code. People think it may have something to do with time travel, as the code is so improbable it would take a lot of time to achieve it. People think that it’s an indication that someone from the future has mined it.

Some people think that it is Satoshi himself since the mathematical coincidences are too strong for it to be anyone else. People also think that it has something to do with Quantum computing and hackers.

Fed-coins

In an article written in December 2017, the peak of bitcoin, an author on FXSTREET named Michael Pento talked about how curious it was for him that the US Government and Federal Reserve have becomes so “enamored with cryptocurrencies”. He also mentioned how the authority figures have been reluctant to shut cryptocurrencies down. Back then, the Know Your Customer and Anti-Money Laundering regulations weren’t implemented and the governments were still figuring out what to do. Pento believed that the governments were purposely orchestrating an environment where cryptocurrencies can flourish. He also believed that the governments had ulterior motives to crush private cryptocurrencies altogether, creating the “Fed-coin”. This coin would utilize the blockchain like bitcoin, but with the government having complete control and with it replacing physical currency altogether. In turn, they aimed to create a monetary system that is 100% electronic money, 100% controlled by the government.

What do you guys think about these conspiracy theories? Do you think they’re too crazy to believe? Share your thoughts in the comment section down below!