TL;DR
Bitcoin’s creator warned WikiLeaks against using it in 2010, fearing government interference. Ironically, both WikiLeaks and Bitcoin benefited from the eventual adoption of the cryptocurrency as a fundraising tool.
Story
Satoshi Nakamoto, Bitcoin’s enigmatic creator, urged WikiLeaks not to accept Bitcoin donations in 2010. Ironically, this plea stemmed from fear, not foresight. Bitcoin, then nascent, was vulnerable—a digital house of cards susceptible to government attack.
WikiLeaks, facing a financial blockade by traditional institutions, saw Bitcoin as a lifeline. Nakamoto, however, envisioned a different fate: government pressure crippling the fledgling cryptocurrency, echoing past crackdowns on disruptive technologies.
This premonition mirrored the anxieties surrounding early internet platforms, where regulatory uncertainty loomed large. Like a fragile seedling, Bitcoin needed time to grow, to establish a robust network less prone to manipulation or collapse. Nakamoto’s fear wasn’t unfounded—a 51% attack† could have easily crippled the network in its infancy. This echoes the vulnerabilities seen in the 2008 financial crisis‡, where interconnectedness magnified systemic risks.
This clash of perspectives reveals a deeper tension: idealism vs. pragmatism. WikiLeaks, desperate for survival, embraced the immediate potential of Bitcoin. Nakamoto, prioritizing long-term stability, cautioned against premature adoption. Both were right, in a way. WikiLeaks did benefit from Bitcoin’s fundraising capabilities, while Bitcoin gained greater adoption following its use by WikiLeaks.
The story of Satoshi’s plea offers a valuable lesson: even revolutionary technologies have their limits. Blind faith, particularly in the face of regulatory uncertainty and systemic fragility, can be disastrous. It’s a cautionary tale reminding us that new does not always mean better, and sometimes, patience is the wisest investment.
‣ 51% Attack: When a single entity controls the majority of a cryptocurrency’s computing power, potentially allowing them to manipulate transactions and double-spend coins. ‣ 2008 Financial Crisis: A global financial meltdown triggered by the collapse of the U.S. housing market, highlighting the dangers of interconnectedness and unregulated financial instruments.
Advice
Don’t blindly follow hype. Understand the risks before investing, especially in new technologies.