What if Satoshi builds a bitcoin exchange and a hard wallet? Would we be safer?

[Livingleged]

If Satoshi (this is hypothetical i am just thinking aloud) decides to create an exchange or a hardware wallet would you use it?

For me i would definitely use it because the originator of this magnificent currency would definitely know how best to protect it.

The things that if Satoshi is creating his own personal hardware wallet, he has to create it same way other companies are doing by using a firmware that will also generate the seeds it and it’s can also be compromised if there is any vulnerability or point of failure. Nobody is perfect in creating anything, just because it’s satoshi that is creating his own hardware wallet doesn’t make it immune to attack. The Firmware he may use in generating seed can also become vulnerable too.

And just like other have said, satoshi’s identity may be revealed since he will be like a company that is supposed to be registered with a central authority.

[Cookdata]

The recent large attacks on bitcoin from ColdCard Hardware Wallet to the most recent which is Ledger Hardware Wallets and Cryptobilis and many other exchanges that have been compromised got me thinking "What if Satoshi Nakamoto decided to build his own Bitcoin exchange and hardware wallet? Would that make Bitcoin safer, or would it create another problem?"


If Satoshi (this is hypothetical i am just thinking aloud) decides to create an exchange or a hardware wallet would you use it?

For me i would definitely use it because the originator of this magnificent currency would definitely know how best to protect it.

I'm just asking, how do you wake up and think this kind of things? Satoshi can create an exchange but that was never his ambition. Many developers that worked with him do one thing and that is Bitcoin. Their focus is to make sure Bitcoin is what they believes in their vision. You should read the whitepaper at least, these questions will not pop on your head.

Hardware wallets need some assembling of some parts and as a company, you can't create a hardware wallets with privacy, you can't go into hidden and be shipping a product. You need to have a physical place to create this device, you need some distributors, you need a way to ship it to customers. All these can't be done without privacy exposed. Satoshi loves privacy, he will not be interested.

If Satoshi is active on the internet, he is going to give you one advice. DIY your cold storage with an airgap. You should not depend on some companies that produce a wallet to keep your coins. Satoshi never had a hardware wallet and not for once his address were hack.

[MisFoxie]

If Satoshi (this is hypothetical i am just thinking aloud) decides to create an exchange or a hardware wallet would you use it?

For me i would definitely use it because the originator of this magnificent currency would definitely know how best to protect it.

If he actually builds an exchange then I will definitely use it. Even now I use some exchanges just for trading and buying and selling, of course I move everything from the exchange immediately after these tasks are finished.

But the hardware thing is different. Although I trust Satoshi Nakamoto, I would never trust his distributors which is why even if it were the most secure hardware wallet in the world I still wouldn't buy or use it. I trust the seed phrase generated by my own device a lot I don't need a hardware wallet.

[Nothingtodo]

Satoshi is not so stupid that he will reveal his identity and create an exchange as his own owner. Now, to create an exchange, government registration is required and one has to reveal one's identity there. If Satoshi takes this step himself, then he will definitely have to go to the government registration office and introduce himself and then create an exchange, in which case his identity will be open to everyone, which is dangerous for Satoshi. So no matter how much we think about him, he will definitely remember his safety if he is alive. Or if he comes in public, he will definitely be worried about his safety and the mafia can kidnap him at any time, so even if he is alive, there will be no publicity.

[Hatchy]

That will defeat the purpose of Bitcoin as a decentralized cryptocurrency if he's going to create one which will be forced to be a centralized due to the regulatory pressure that it will get from the government. We as part of the community will definitely follow where he goes but, I think he'll be frank to say that even he does that it will violate his privacy and so are we. I didn't even think that he'll come by and appear to save everyone from all of these incidents that we're seeing, he's contributed enough and I won't be thinking of these situational matters that includes him. He better rest and enjoy wherever he is right now.

I think we are getting it wrong. Centralised exchanges are not the only types of exchanges available. If Satoshi were to create an exchange, for instance, I would expect it to be decentralised and built around blockchain technology, allowing people to trade cryptocurrencies transparently without relying on a central authority. But then, don't think it makes much sense to assume that Satoshi would create an exchange, as his main focus was Bitcoin. I would be more interested in seeing a wallet designed by him, although we already have many secure wallets available today.

Let's not mistake Satoshi for a perfect designer. Even if he created a wallet, it could still have flaws and security vulnerabilities. I think OP is imagining a wallet that is completely safe from hacks and attacks, but no wallet can guarantee that level of security.

[tabas]

That will defeat the purpose of Bitcoin as a decentralized cryptocurrency if he's going to create one which will be forced to be a centralized due to the regulatory pressure that it will get from the government. We as part of the community will definitely follow where he goes but, I think he'll be frank to say that even he does that it will violate his privacy and so are we. I didn't even think that he'll come by and appear to save everyone from all of these incidents that we're seeing, he's contributed enough and I won't be thinking of these situational matters that includes him. He better rest and enjoy wherever he is right now.

I think we are getting it wrong. Centralised exchanges are not the only types of exchanges available. If Satoshi were to create an exchange, for instance, I would expect it to be decentralised and built around blockchain technology, allowing people to trade cryptocurrencies transparently without relying on a central authority. But then, don't think it makes much sense to assume that Satoshi would create an exchange, as his main focus was Bitcoin. I would be more interested in seeing a wallet designed by him, although we already have many secure wallets available today.

Let's not mistake Satoshi for a perfect designer. Even if he created a wallet, it could still have flaws and security vulnerabilities.

Yes, there are also the decentralized exchanges but the point is going into the centralized ones because of how liquidity is if it's with the dexes. I agree with you that, it's more interesting to see a wallet developed by him. But we're too assuming a lot from him when he's chosen to remain quiet somewhere and we have no idea if he's going to come back.

I think OP is imagining a wallet that is completely safe from hacks and attacks, but no wallet can guarantee that level of security.

Right. Base on his question, we need satoshi but I don't think so. He's left everything depending on the community and safety of our funds will our responsibility.

[Dreadboost]

I will not use it. Bitcoin was built for decentralization, which is the reason.
If Satoshi created a hard wallet that is high-security and open source I will use it, and it will be the most trusted wallet.
If he builds an exchange that doesn't align with the main reason why Bitcoin was developed. I will take it that someone has accessed Satoshi's wallet and it isn't the real Satoshi. There are a lot of ifs, though, because nothing of this manner will happen.

[HustleZ]

[…]

People dont trust bitcoin just because satoshi made it, they trust it because of the things it provides. So in the future if satoshi makes an exchange ( which is impossible ) so this doesn’t mean that we will be safer. Exchanges are generally centralised, so how do you think that a centralised system will be safer than a decentralised network. We shouldn’t trust a thing just because satoshi made it but we should judge it on the basis of what it demands and what it can provides, if it has loopholes a person should avoid it no matter how much trusted person made that.

[aoluain]

We often hear that Bitcoin gives us financial freedom and theWhat if Satoshi Nakamoto decided to build his own Bitcoin exchange and hardware wallet? Would that make Bitcoin safer, or would it create another problem? ability to control our own money. However, when it comes to buying and securing Bitcoin, many of us still depend on third party services.

We buy Bitcoin on exchanges, leave some of our funds on those platforms, and purchase hardware wallets from manufacturers to protect our private keys.

The recent large attacks on bitcoin from ColdCard Hardware Wallet to the most recent which is Ledger Hardware Wallets and Cryptobilis and many other exchanges that have been compromised got me thinking "What if Satoshi Nakamoto decided to build his own Bitcoin exchange and hardware wallet? Would that make Bitcoin safer, or would it create another problem?"


If Satoshi (this is hypothetical i am just thinking aloud) decides to create an exchange or a hardware wallet would you use it?

For me i would definitely use it because the originator of this magnificent currency would definitely know how best to protect it.

But how would we know it was the real Satoshi? How would you know to place trust in that.
If Satoshi for example moved coins in the related wallets would that be enough proof that
it was real? would you be wondering if someone else got hold of the wallet? what happened
if it was the real Satoshi and something happened and he* and you couldnt access the platform
where your coins were stored?

The best scenario is to take control of them yourself, that way if done as best you can - YOU
have control of them.

The real Satoshi would not endorse such a move. The general consensus is to not leave them
ONLINE and to take control of your funds.

Its up to everyone to try and find the best anonymous way of doing that. There are other ways
to create a wallet without using a hardware wallet, something I have not done myself.

[GeorgeJohn]

We often hear that Bitcoin gives us financial freedom

This is a misconception, Bitcoin doesn't not give a financial freedom, but it can give rise to financial autonomy..But people misunderstood Bitcoin obligations, so they define Bitcoin with what they assume, and that's why when ten [10] people gives a definition of bitcoin due to what they comprehend, they will give different definitions and theories about bitcoin....

What if Satoshi Nakamoto decided to build his own Bitcoin exchange and hardware wallet? Would that make Bitcoin safer, or would it create another problem?

If this happens they will be a lot of controversies all over internet space, and it will make people to have doubts in bitcoin, and a lot people will seen bitcoin as a centralized currency instead of decentralized currency...let me say it will trigger a massive shockwave across the countries that's lover of bitcoin...

[ZAINmalik75]

Why is no one talking about Bitcoin Core, which was originally developed by Satoshi himself? So technically, Satoshi did create his own wallet. When it comes to an exchange, he would have never done that probably because his intention wasn't to make money out of all this, if that was his intention, he wouldn't abandon his coins like that and leave or stay anonymous forever, because if he was someone who would be hungry for money and fame, he would create the project, take every credit for it, earn a lot of money from it, and then eventually retire as per his wish.

Now, if we talk about the safety of our assets when using wallets and exchanges, I personally think that if a person wants, they can always use ways to keep their assets that would keep them safe from such attacks. We can take the coldcard attack as an example. Even if the attackers managed to find a vulnerability in the software and used it to steal the funds, any user who had a passphrase with their wallet would never lose their funds to such an attack.

[Cryptomultiplier]

I still think that if Satoshi comes into the mix once more, what he creates would still be decentralized still, but what we must understand here is that Satoshi knew that the success of Bitcoin is the fact that it depends on independent developers who check and balance each other and P2P protocols checks that ensure security.
Besides him coming back as a red target, might see him face a lot of indictment and prosecution because then he becomes known.

[HelliumZ]

If the creator of Bitcoin reveals his identity right now and creates an exchange and hardware wallet, it will have a big impact on the Bitcoin market and this impact will be long-lasting in the market. If a person who is hiding suddenly reveals his identity, then everyone will definitely recognize him. Moreover, if he reveals his identity, the government will arrest him and confiscate the Bitcoins he has. He may even have to go to jail for tax evasion. If such a Bitcoin creator goes to jail right now, think about how the government can treat him.

[snowpega]

I think whatever Satoshi has delivered to us in the form of Bitcoin is more than enough for us to enjoy.
Why do we people always have more and more expectations? Don't you think his vanishing makes Bitcoin a stronger asset in the digital space? What if someday he announces he is creating an exchange for Bitcoin users? What do you think the consequences of this will be?

This sends a clear message that he is alive, and whatever amount is in his dormant Bitcoin wallet can come back into the market. This can create uncertainty in the market. And, obviously, no one wants such a situation to occur.

On the other hand, I don't think everyone uses CEX platforms to hold their Bitcoin for the long term or even to buy Bitcoin. There are many other ways to escape the CEX system that we, as crypto space users, really don't like. Privacy matters more if you really understand the crypto space. DYOR!

[Ryu_Ar1]

The recent large attacks on bitcoin from ColdCard Hardware Wallet to the most recent which is Ledger Hardware Wallets and Cryptobilis and many other exchanges that have been compromised got me thinking "What if Satoshi Nakamoto decided to build his own Bitcoin exchange and hardware wallet? Would that make Bitcoin safer, or would it create another problem?"

The positive and negative impacts are certainly here but we can see the initial problem that will probably happen is that more and more people will force satoshi to show himself.
When he creates a stock exchange then indirectly he will also be required to continue to make himself a part of his stock exchange indirectly then he will be more active than usual. So there will definitely be a lot of people who target him, especially to make him curious about his identity.

But apart from that, I don't think we need to argue any further about this, especially if you look at the question you made, it's also just a possibility that will never happen.
Satoshi will still continue to be anonymous and he will never reappear with a trivial reason for his interest in creating an exchange because it is an action that will make the already built bitcoin turmoil move in terms of focus so that he will not reappear with such a ridiculous reason (creating an exchange or hardware wallet).

[I_Anime]

Satoshi building a centralized Bitcoin exchange would be ironic because Bitcoin was designed to eliminate the need for trusted third parties in financial transactions. Bitcoin was built to give us the ability to hold and transfer value without relying on a financial institution ( like our traditional banking system) allowing us to maintain control of our assets through our private keys .

Many do make use of centralized exchanges wrongly. Centralized exchanges are not for holding asset , rather are for easy purchasing of assets. Using exchanges has helped reduced some risks that comes with or associates with direct p2p trading . So custodial wallet is for purchasing not for longterm holding , long term holding is for that of non custodial wallet .

[Hazink]

If Satoshi (this is hypothetical i am just thinking aloud) decides to create an exchange or a hardware wallet would you use it?

For me i would definitely use it because the originator of this magnificent currency would definitely know how best to protect it.

When the central bank of a country is in charge of anything that has to do with money printing money and setting monetary policy, people still use it even as it's centralized, because it's under a body they trust. It's the same way without question if there was a dedicated bitcoin wallet built by the founder himself excluding the popular bitcoin core wallet, we could have been using it not even a question if trusting it, if you trust bitcoin enough to buy it, you will also trust the wallet enough for that.

If there was a dex exchange under his name and supervisor with enough liquidity, I don't see any reason why I would abandon it to go risk my funds under a system that's built with the same idea I ran from (centralized)

[Jegileman]

If Satoshi (this is hypothetical i am just thinking aloud) decides to create an exchange or a hardware wallet would you use it?

For me i would definitely use it because the originator of this magnificent currency would definitely know how best to protect it.

When it has to do with compromising one’s personal privacy, I don’t think that Satoshi will build such thing. The exchange and hardware wallets that has faced hacks and many challenges wouldn’t have been able to operate effectively if they want to stay anonymous. Bitcoin itself is decentralised and one of its core features is privacy and security.

If this two cannot be adhered to, it will really mean that the reason for its invention has been sabotaged. Satoshi wouldn’t build something like that and even though something like that is built now, with the knowledge and information people already have about crypto exchange and hardware wallets, they won’t be convinced to use them.

[coinlary]

Nope.

He or they are humans just like everyone here. You think we wouldn't have suffered an attack in one way or the other if Bitcoin had no contributors and mainteners since when he/they  left ? Who can even proof they left -theymos and co I guess

Ledger hardware wallet doesn't fit in this context, it is a supply chain attack, not an attack as a result of exploited vulnerability as in Coldcard wallet.

BTW, I don't think they will create an exchange but you're free to lose yourself in the realm of imagination.

[Richbased]

This is part of the reasons why he said he has moved on to other things so that nobody will start suspecting that he has a hidden agenda for creating bitcoin. If Satoshi had created his own exchange wallet don't you think that people will see it that he intends to do an exit scam in the future? Satoshi wants this bitcoin project to succeed that is why he was anonymous so that it wouldn't raise any suspicion of any kind. I think it's high time we stopped imagining things about Satoshi Nakamoto.