Re:Validating Satoshi (Or Not)
by vectorpush on Tuesday May 03, 2016 @02:22PM
(#11623012)
> If I were disrupting the banking industry
This is a quintessential example of bitcoin hyperbole. Please offer an example of how bitcoin is disrupting the banking industry.
I see where you're coming from, but I doubt the finance industry is worried that they're going to be put out of business - if anything, right now they view Bitcoin as another source of revenue. There have been a lot of inventors that have killed off much bigger businesses, and I can't think of any that wanted to stay anonymous.
Oh, I don't think the entire industry will be. There's a large class of necessary & billable activities that the blockchain doesn't impact. But transaction / settling fees aren't zero revenue either.
The more immediate explanation was probably "he or she or they knew the first use was going to be facilitating illegal transactions and didn't want to be associated."
Bitcoin is way, way too small to disrupt banking. The total value of the M2 money supply of USD is $12,500 billion. Bitcoin's total value is only around ~$40 billion. That may seem large, but it is puny compared to the banking industry.
If I were disrupting the banking industry, I wouldn't be too eager to forgo anonymity either. That's a lot of money that stands to be lost for some already very rich people.