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Bitcoin’s Deviations from Satoshi’s World

“Advanced Studies of Financial Technologies and Cryptocurrency Markets” has just been published. I have written Chapter 6, “Bitcoin’s Deviations from Satoshi’s World” (pp 101-116). It discusses how Bitcoin has deviated from the world that Satoshi Nakamoto’s original thesis envisioned as it spread and expanded. The summary is as follows:


After several years of the proposal and implementation of Bitcoin by Satoshi Nakamoto, people in the world were enthusiastic about crypto-assets. However, the market prices of crypto-assets are too unstable to use as a payment method. After many cyber-attack incidents, the confidence in the security of crypto-asset exchanges has also been compromised. Satoshi proposed Bitcoin to realize anonymous payment to protect individual privacy. Actual crypto-assets have changed from the original concept. The main reason for this deviation was the reality that ordinary investors cannot manage their secret keys securely. In this chapter, the reasons for this deviation are investigated.

The book has been available online since the end of July. The book was edited tirelessly by the first editor, Lukáš Pichl, Senior Associate Professor at International Christian University, and I had received several kind comments on my manuscript. However, Dr. Pichl died suddenly of a cerebral hemorrhage in April of this year, when he was in the final stages of his editing work. It was a great pity, although we had only known each other online.

Since then, there has been some stagnation, but I’m happy to say that this book is now ready to be published as Pichl’s last work.