Bank transfers, especially international bank transfers, can be incredibly complicated with many players both directly and indirectly involved. This on the surface makes lots of sense but when you consider that in the US alone there are around 6,800 federally insured financial institutions and that there are over 200 sovereign nations that this quickly becomes an unworkable approach. Something else that many don’t realize is that not all banks belong to these organizations. As a result there is a routing problem that’s not dissimilar to the routing problems on the internet — there are many ways those funds might get transferred from dan kaminsky bitcoin location to another each with their own cost and performance penalties.
But if only some banks belong to these organizations and every bank doesn’t have an account with each other how do they facilitate the interbank transactions? Over the years numerous attempts have emerged to modernize the banking system but interests are entrenched and something as fundamental as banking doesn’t change overnight. The efforts that have been successful have either looked like new products for banks to sell or solve immediate and tactical cost structure issues in their businesses. One of the reasons I like Bitcoin is it represents a model where this slop and inefficiency can be removed which can dramatically speed up the financial system at the same time it has the potential to significantly reduce costs to all the players in the ecosystem and in the process kick off a new wave of innovation. What value can a third-party provide users when browsing the web? Menu IconA vertical stack of three evenly spaced horizontal lines.
Given that the crypto-currency’s value has skyrocketed in recent weeks thanks to the crisis in Europe and a spate of good publicity, you’d think we’d know the answer. But the identity of its creator — or creators — remains one of the Internet’s great mysteries. Until his disappearance from the Web, around the spring of 2012, Nakamoto was a visible participant on cryptography forums, where he discussed Bitcoin freely, and published a nine-page paper outlining the details of the project. But there’s near universal consensus that “Satoshi Nakamoto” doesn’t exist. Instead, a worldwide guessing game has sprung up over who’s behind the Nakamoto handle. In 2009, the New Yorker’s Joshua Davis set out to answer the question, and may have come close. He narrowed it down to a man named Michael Clear, a grad student at Trinity College, Dublin who’d been named the school’s top computer science student as an undergrad.
Davis noted Nakamoto’s Bitcoin treatises included numerous Britishisms. He was hired by Allied Irish Banks to improve its currency-trading software, and he co-authored an academic paper on peer-to-peer technology. Clear was well versed in economics, cryptography and peer-to-peer networks. Davis eventually forces Clear to say, “I’m not , but even if I was I wouldn’t tell you. And there is now no real trace of him on the Internet.
Meanwhile, other theories have sprung up. 20100042841 are Neal King, Vladimir Oksman, Charles Bry, and all three have filed numerous patent applications over the years. We’ve performed our own cursory search. New York or London, who are deeply experienced software developers. As of deadline, he had not provided further information. It’s possible we’ll never know who Nakamoto really is. But if Bitcoin’s value keeps going up, it may be hard for its inventor to stay low for long.