June 21, 2024
Crypto

Founder of Bitcoin alternative calls out Satoshi for holding 1m coins


Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

There are ongoing debates and discussions within the cryptocurrency community regarding the strengths and weaknesses of various digital assets, including Bitcoin and its founder. Recently, the creator of a new alternative crypto said Satoshi Nakamoto’s large holdings of Bitcoin could potentially contradict the principle of decentralization.

Mollars founder believes creators should not take free tokens

The creator of a new, decentralized, store-of-value token named “Mollars” has held no punches against the forefather of digital currency. In a message shared via the subreddit community of Mollars, the creator of the solution to Bitcoin’s transaction fees calls out Satoshi indirectly for not being decentralized.

Instead, the creator of Mollars is releasing a store-of-value token without taking any of his creation for himself — at least not free. All tokens minted of MOLLARS will be paid for.  

In a portion of the 254-word message, the mysterious developer behind the Mollars token takes this jab at Bitcoin’s creator:

“… though I ponder if one can say ‘total supply’ when talking of BTC when Satoshi walked away with at least 1-Million tokens for himself, and these transaction fees are not so easily traced.”

How many Bitcoins does Satoshi Have?

His words appear to paraphrase something discovered by Bankless Times last year. 

According to the news source, Nakamoto controls 1 million BTC.

How many tokens do governments have?

In comparison, the United States government holds only 220,000 Bitcoins.   

Most of these were confiscated from entities participating in various illegal activities. 

There’s a rumor that the Chinese government has Nakamoto’s wallet today, but this “chatty patty” talk has no foundation.

What is Satoshi Nakamoto’s net worth?

The 1 million BTC believed to be held by Satoshi came from his “mining efforts.”   

When BTC soared to $78,000, Nakamoto’s wealth soared to $78 billion.

This stash is now worth around $40,000 at spot rates.

The statistics regarding the Bitcoin creator’s holdings may differ from the image most people have in mind when thinking about Bitcoin’s founding. 

Given that Bitcoin was initially intended as a decentralized alternative to centralized banking and fiat currencies, it is understandable that some may have concerns about the founder holding a large amount of the coin.

More about Mollars

Moreover, Bitcoin fees are relatively higher.

Mollars, currently conducting its token presale, is basing its launch on Bitcoin’s biggest rival.

MOLLARS holders will also receive benefits. 

Designed to be a store-of-value, the project will launch its chain and develop a crypto exchange dapp. 

If Mollars launches its blockchain

If Mollars launches a blockchain, it would be faster and offer low fees.

Accordingly, users would likely shift from  Shiba Inu or BONK to the new ERC-20 token.

For this reason, a crypto analyst “Ari” thinks the token will also rally in the future. 

This was before today’s announcement of the new blockchain.

Even while ambitious, MOLLARS is highly unlikely to challenge the dominance of Bitcoin. 

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