Traducido del artículo originalmente escrito en español por leo (npub1m2x…7v3j)

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Bitcoin: The Sacrifice of the Ego

by Leopoldo Moreno de la Cova leo (npub1m2x…7v3j)

Translated from the original Spanish by Johano (npub1xlz…e7w0)

“In the world of Bitcoin there is a saying: ‘stay humble and stack sats’, which reminds us of the importance of sacrificing the ego and patience in the world of cryptocurrency”

Satoshi Nakamoto is a venerated name in the world of cryptocurrency. He is the creator of Bitcoin, the first decentralized digital currency in the world, and responsible for initiating a revolution in the financial industry. Given the importance of his creation, it is surprising that he has never taken credit, and to this day, the identity of Satoshi continues to be a secret. The anonymity of Satoshi is perhaps the most underrated quality of this quasi-mythological figure, being the best exemplification of the sacrifice of the ego, and something that I consider that we should go into more deeply.

The ego is a powerful force that drives human behavior. It is the sense of self-esteem or self-importance of a person, and often it manifests in the necessity for recognition or credit. However, when we become too attached to our ego, it can lead to arrogance, narcissism, and a distorted view of reality. In contrast, sacrificing the ego requires humility, disinterest, and a disposition to put the needs of others above one’s own.

Instead of seeking recognition for his creation, Satoshi decided to remain in the background and to allow his invention to speak for itself. This decision was not motivated by fear or insecurity, but rather by a deep understanding of the potential impact of his creation. Satoshi was conscious that Bitcoin had the potential to transform the financial industry, enabling people to control their own money, converting them into sovereign individuals, independent from corrupt governments, partisian monetary policies, or exhaustive control. He understood that his creation was greater than any single person, including himself.

Upon remaining anonymous, he avoided any potential conflict of interest that could arise because of personal or financial gains, and in its place, he created a decentralized, transparent, and secure system, based on the economic theories of the Austrian school and distancing itself from Keynesian economic policies.

The legend of Satoshi Nakamoto transcends the technological and financial spheres; already his influence has inspired a new generation of entrepreneurs and developers. His focus on decentralization and transparency has been the basis for innovative projects in diverse sectors, such as governance, intellectual property, and data protection. The philosophy behind Bitcoin, which seeks to empower people and democratize access to financial resources, has generated a paradigm shift in the way that we think of money and value. As we advance towards a digital future, the enduring impact of Satoshi and his vision continues to be a lighthouse of inspiration for those who seek to challenge the established system and to construct a more equitable world.

In the world of Bitcoin there is a saying: “stay humble and stack sats”, which reminds us of the importance of sacrificing the ego and patience in the world of cryptocurrency. Using Bitcoin as a store of value has provided an effective strategy for building long-term wealth and resisting the volatility of the market during the last 14 years. Humility has kept us focused on the final objective of the preservation of wealth, meanwhile constant saving/stacking permits us to take advantage of market opportunities and to build a solid base for the future. From my point of view, Satoshi reminds us that the success of decntralized digital money is not about getting rich quickly but rather about the creation of wealth in a constant and responsible fashion, with a focus on preserving property rights and personal liberty.

Through analyzing all of this in detail, perhaps we should not be surprised that something has been created that safeguards property rights, freedom, and privacy like nothing that has been seen in the world before. Satoshi decided to unlink his creation from his identity.

The story of Satoshi Nakamoto is the story of our age. Prometheus brought fire to humanity. Satoshi brought us Bitcoin.

Leopoldo Moreno de la Cova is an economist.