Bitcoin alternative’s founder accuses Satoshi of possessing 1 million coins.
Disclaimer: This article is not intended as investment advice. The information presented here is solely for educational purposes.
Ongoing discussions and debates are taking place in the cryptocurrency community regarding the merits and drawbacks of various digital assets, including Bitcoin and its creator. Recently, the founder of a new alternative cryptocurrency raised concerns that Satoshi Nakamoto’s substantial holdings of Bitcoin could potentially undermine the principle of decentralization.
The creator of “Mollars,” a new decentralized store-of-value token, did not shy away from criticizing the pioneer of digital currency. In a message shared with the Mollars subreddit community, the creator of this solution to Bitcoin’s transaction fees indirectly called out Satoshi for not embodying true decentralization.
In contrast, the creator of Mollars is releasing a store-of-value token without reserving any for themselves—for free, at least. All minted MOLLARS tokens will be paid for.
One section of the 254-word message from the mysterious developer behind Mollars seems to echo a discovery made by Bankless Times last year. According to the news source, Nakamoto has control over 1 million BTC.
When compared to government holdings, the United States government only holds 220,000 Bitcoins, most of which were confiscated from entities involved in illicit activities. There is a rumor that the Chinese government currently possesses Nakamoto’s wallet, but this speculation lacks any foundation.
The estimated net worth of Satoshi Nakamoto, based on the 1 million BTC believed to be under their control, stems from their mining efforts. When BTC reached $78,000, Nakamoto’s wealth skyrocketed to $78 billion. However, at current spot rates, this stash is worth around $40,000.
These statistics regarding the Bitcoin creator’s holdings may challenge the popular image that most people have of Bitcoin’s origins. Given that Bitcoin was initially created as a decentralized alternative to centralized banking and fiat currencies, it is understandable that some individuals have concerns about the founder owning such a significant portion of the coin.
Additionally, Bitcoin fees are relatively high. Mollars, which is currently conducting its token presale, is positioning itself as Bitcoin’s primary competitor. MOLLARS holders will also enjoy certain benefits. The project aims to be a store-of-value and plans to launch its own blockchain and develop a decentralized crypto exchange app. If Mollars successfully launches its blockchain, it could offer faster transactions and lower fees, potentially enticing users to switch from tokens like Shiba Inu or BONK to this new ERC-20 token.
Despite its ambition, Mollars is highly unlikely to challenge Bitcoin’s dominance. However, a crypto analyst named “Ari” believes that the token could experience a future rally. This prediction was made before the announcement of the new blockchain.
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