Bitcoin Pioneer Gives Away $100 Million Worth of Digital Coins


Bitcoin pioneer Jeff Garzik has given away $100 million worth of assets to developers as the leading cryptocurrency may have not grown into a means of payment as he had initially envisaged.

November 12, 2018 | AtoZ Markets – One of Bitcoin’s early pioneer, Jeff Garzik, has revealed that he has given away over $100 million worth of the asset and he has not regretted his action.

While speaking in an interview with Bloomberg, he also gave his speculation on who Satoshi Nakamoto is, the real creator of the number one digital coin. 

Bitcoin is Not What He Envisioned It would Be

The pioneer, as per Bloomberg, noted that even though the flagship cryptocurrency has not met his expectations, he is proud of what it has achieved thus far since its creation 10 years ago.

Garzik, who has given away 15,678 bitcoins, currently valued at more than $100 million was quoted as saying:

As a father, I enjoy watching my kids grow up, even as they make mistakes or grow in ways that I wouldn’t expect.

According to Garzik, the reason for giving away his 15,678 bitcoins about seven years ago in developer bounties was to spur work on the software. 

Bitcoin is Still a Good Asset

At the same time, while Nakamoto’s vision is yet to materialize, he believes that the number one cryptocurrency is fine with it being treated as an asset like gold. Here is how the pioneer described Bitcoin as something of a living entity:

It’s an organism. It’s something that evolves. It hasn’t evolved in the direction of high-volume payments, which is something we thought about in the very early days: getting merchants to accept bitcoins, but on the store-of-value side, it’s unquestionably a success.

The pioneer recalls that when Bitcoin reached $1 back in 2011, a party was held to celebrate the achievement. Garzik further added that it was initially a question of whether the digital coin would survive at all. So far, there’s no question of that today.

Garzik Speculates: Late Dave Kleiman was Satoshi Nakamoto

Moving further, in a bid to reveal who Bitcoin’s creator is, Garzik hinted in a recent phone interview that he knows who it may be. According to his “personal theory”, Dave Kleiman who died in 2013, an ex Florida sheriff’s officer who became a computer forensics expert, is the real Nakamoto. 

He further added:

 It matches his coding style. This gentleman was self-taught, and the bitcoin coder was someone who was very, very smart, but not a classically trained software engineer.

Who Is Jeff Garzik?

Garzik, 44, has been in the crypto sphere since July 2010 after he read a blog post about BTC. He worked directly with Satoshi Nakamoto, via private email and the Bitcointalk forum. He started writing code for the digital coin and soon became the third-biggest contributor to Bitcoin’s code after Bitcoin’s unidentified creator, and developer, Gavin Andresen.

The pioneer had worked for BitPay, a cryptocurrency exchange and is still on its board, including the boards of blockchain-technology company BitFury, and the Linux Foundation. 

The 44 years old continued coding for Bitcoin until 2016, and then shifted his focus to his own ventures, Bloq Inc., a startup Garzik co-founded. With Andresen on the advisory board, the firm now has 30 employees and clients among Fortune 50 companies including cryptocurrency-focused firms.

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