Satoshi Nakamoto, the “pseudonymous person or group of people” who designed the bitcoin protocol in 2008, have admitted that they too are confused by the virtual currency they helped to create.
“I really don’t understand how any of this works either,” Nakamoto admitted on Bitcointalk.org today. “I get the whole decentralized part, but I have no idea how you determine how much one of these damn bitcoins is worth.”
Asked specifically about the hard limit of 21 million bitcoins the system will reach in 2140, Nakamoto said the number sounded “completely arbitrary” and acknowledged that it “makes no sense to me either.”
Current estimates have the monetary base of Bitcoin valued at over $800 million.
*This article appeared in PYMNTS.com’s 2013 April Fools Newsletter.
