Satoshi Nakamoto released his Bitcoin white paper on October 31, 2008. At that time, the economic crisis prevailed throughout the world, especially in the United States. While the emergence of Bitcoin in general has been interpreted as a response to this global crisis, a different interpretation of the issue has come from Dan held, the developer of Kraken. Dan Held explained that he believed there were two reasons behind Nakamoto publishing his Bitcoin white paper on that date.
Dan Held, known for his comments on Bitcoin, brought a different interpretation to the October 31 date Satoshi Nakamoto chose for the white paper. Held said he believed Nakamoto had published the white Paper, a reference to Samhain, the Celtic festival, and Martin Luther King’s 95 Theses.
Celtic festival Samhain effect
Dan Held has stated that he believes Nakamoto may have made a reference to Samhain, which is primarily a Celtic festival. “Both represent the end of the old and the beginning of the new, ” said Held, who said that Martin Luther King also published his 95 Theses on the same date.” said.
Held said Samhain, the religious festival of the Celts, represents the end of the harvest season and the beginning of winter. He noted that the Catholic Church accepted this date as Saint’s day in order to attract more people to it, which is also celebrated today as Halloween.
Influence of Martin Luther
Dan Held mentioned the 95 Theses that Martin Luther nailed to the church door on October 31, 1517. Along with this thesis, which he wrote against the authority of the pope of the era, Luther King began a reform process that would change the whole world with his thoughts.
Like Martin Luther, Nakamoto also reacted to existing financial institutions, Satoshi explained:
“The basic problem of traditional coins arises from the trust required for their work. It is necessary to rely on the central bank to ensure that the value of currencies does not fall. But when we look at the history of fiat coins, we see that there are many breaches of trust.
We have to trust the banks to keep our money and transfer it, but they give it to us in exchange for a loan.”
Bitcoin fiat is the end of money, the beginning of a new system
Held explained the emergence of Bitcoin by establishing a link between the presence of blockchain and the printing press. “Bitcoin’s blockchain functioned like a printing press that allowed Martin Luther King’s ideas to spread, ” Held said, noting that Satoshi had researched and used 40 years of technology to create BTC.” made the comments.
Along with this technology, he said, Bitcoin is accessible and transferable by everyone in the world, as in thesis 95.
“Both Satoshi and Martin Luther preferred the date of October 31 because of its feature, which symbolizes the end and the beginning again. Both observed that people were trapped by old systems and proposed changing the existing authority to address this.
Bitcoin represents the end of fiat money and the beginning of a new monetary standard.”