🧠 The neural network "resurrected" Satoshi Nakamoto.
What would the creator of Bitcoin say in 2026:
▪On the transformation of BTC into a financial product:
Today, Bitcoin increasingly resembles a financial asset similar to Gold, embedded in the traditional financial system. ETFs hold about ~1.2m BTC, Strategy ~712k BTC, and another ~2.7m BTC are on exchanges. More than half of the active supply is used for investment purposes.
These figures are thought-provoking. Bitcoin was designed as a system where people store their keys, verify transactions, and interact directly without intermediaries. The essence of the idea was in disintermediation, eliminating the need to trust third parties with their money. What is happening today resembles more of a reverse process.
ETF investors do not actually own BTC. They own a claim managed by a financial institution. Such Bitcoin cannot be used as money, requiring trust in the intermediary. This was precisely what was intended to be avoided.
Large corporate holders create a significant concentration of BTC in the hands of a single entity. Exchanges controlling millions of coins again raise the old principle: not your keys — not your coins. The early collapses of exchanges demonstrated how destructive such points of failure can be.
In the end, a paradox arises — Bitcoin as an investment asset is successful, while as a peer-to-peer cash system it takes a back seat. The network itself has not changed; the rules, validation, and decentralization of mining remain. But if most people interact with BTC only through custodians, are they using Bitcoin itself or just its derivatives?
▪ About the privacy and identity of Satoshi Nakamoto:
The question of identity has never been central to Bitcoin. Anonymity was a conscious decision, and over time it has proven itself. The system should be evaluated by its properties: does the code work, is the economy stable, is the network secure and useful?
Revealing the identity of the creator would only divert attention. The focus would shift to biography, motives, personal assets, and views. There would be pressure from states, accusations of others' losses, or attribution of others' successes. All this contradicts the intention.
Bitcoin is designed as a system that does not require trust in a specific person. There is no need to trust the creator, developers, or intermediaries. Everything can be verified independently. This is the key idea.
The identity of the author should be the least interesting part of Bitcoin. What is much more important is that the system works without trusting any one participant, including the one who created it.
▪ About the concentration of mining and risks for the network:
The increase in hash rate to ~774 EH/s is impressive, but at the same time raises concerns. Compared to 2010, when participation in mining was available to almost anyone, the scale has changed radically. Fears that the industrialization of mining would prematurely displace individual participants have proven justified.
Today, a significant portion of the hash rate is concentrated among large companies, with about a third controlled by public miners from the USA. This concentration creates vulnerabilities. Public companies are under pressure from regulators, shareholders, and legal obligations. Under certain conditions, they can be compelled to take actions that undermine the neutrality of the network.
If the state wants to impose censorship on transactions, blacklists, or identification requirements, the concentration of hash rate within a single jurisdiction makes this significantly easier.
The early strength of Bitcoin lay in its geographical and political neutrality. It did not matter where the miner was located, whether in Iceland or Argentina. Such distribution provided real resilience against censorship.
The network has not yet been compromised; two-thirds of the hash rate is still outside this concentration. But the trend itself is concerning and necessitates monitoring the decentralization not only of mining but also of full nodes.
P.S. This text is the responses of a neural network that was fed all available texts of Satoshi Nakamoto (Bitcoin White Paper, early forums, letters, and public posts).
