This week our experts brought you the following insights based on their experience as investors, entrepreneurs & executives.
Monday Ilias Hatzis our Greece-based crypto entrepreneur (Founder & CEO at Kryptonio a “keyless” non-custodial bitcoin and cryptocurrency wallet, that lets users manage bitcoin and crypto, without private keys or passwords and Weekly Columnist at Daily Fintech) @iliashatzis wrote Who is the real Satoshi? Does it really matter when $10.5 billion were stolen in 2021?
In Budapest, there is a statue of the mysterious Satoshi Nakamoto. The statue has a plain face, wrapped in a bronze hoodie that is marked with the bitcoin logo. When people look at the statue’s face, because it is heavily polished to make it reflective, they see their own faces mirrored back at them. Anyone may be Satoshi. Well, not anymore. A few days ago, a US court ruled in favor of Craig Wright against the family of the late David Kleiman, his business partner, and computer forensics expert, which claimed that together they co-created bitcoin. Wright who has been claiming for years to be the inventor of bitcoin is now entitled to Satoshi’s fortune, 1.1 million bitcoin mined, worth around $50 billion. Many in the crypto community are skeptical of Wright’s claim, in part because he has not moved any of the early bitcoin mined by Satoshi. He might be Nakamoto but he also might not, it remains to be seen. The truth is, who cares anymore if Craig Wright is Satoshi? If he is we certainly appreciate his vision. But bitcoin is open source and everyone can contribute to improving it and many have over the last 13 years, putting it on a course far beyond a single person’s effort.
Editor note: This is a big win for Craig Wright but Ilias concludes that it has little impact on the future of Bitcoin.
Tuesday Bernard Lunn, CEO of Daily Fintech and author of The Blockchain Economy wrote:Bitcoin in El Salvador Part 2. Sustainable Electricity from volcano to sun
If you want to annoy a Bitcoin fan, talk about the electricity cost of mining killing the planet.
El Salvador is showing why this is lie by using renewable volcano energy to generate electricity to power Bitcoin mining.
Whether the renewable energy source is volcano, or sun or wind or tides or geothermal geysers, the problem for most electricity is the same – how do you transport the energy to where it is needed? That problem is easily solved if the user of the electricity is Bitcoin mining – you simply install the Bitcoin mining gear next to the volcano (or sun or wind or tides or geothermal geyser). This applies to any data center not just Bitcoin mining. The truth that many in the West find unpalatable is that a lot of of the renewable energy sources (volcano, sun, wind, tides, geothermal geysers) are located in poorer countries in the Rest of the world. Think of solar energy in sub Saharan Africa.
Editor note: Read this 4-parter to understand the narrative behind the next Bitcoin bull market.
Rintu Patnaik, an Insurtech expert based in India is not available this week, so Howard Tolman, a well-known banker, technologist and entrepreneur in London, wrote: The Increasing Importance of Credit Enhancement Insurance
Need to get a leveraged project of the ground? You may well need the help of the worldwide insurance market. Credit enhancement insurance and other techniques are increasingly being used to help oil the wheels of capital allocation and spreading the risk.
Editor note: The intersection of lending and insurance is an interesting space.
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