Ten years ago, on the 31st October 2008, someone by the name of Satoshi Nakamoto published a white paper titled Bitcoin: A Peer-to-Peer Electronic Cash System. A couple of months later the first Bitcoin was mined, and the network was officially created.
If you’re looking for a good Halloween story, then look no further. What started as an idea outlined in a white paper is now changing the global economic system. Let’s have a look at how some of the symbolism around Halloween is reflected in the birth of Bitcoin.
Was the Bitcoin whitepaper intentionally released on Halloween?
The tradition of Halloween varies between cultures and continents. The general themes are the presence of dead spirits, and the birth of something new. The Bitcoin white paper could have been published on this date intentionally to reflect that symbolism.
Two Halloweens ago, CCN wrote an article about just that. In it, they also explain how the 31st October used to be the day marking New Year in ancient Britain. That would make sense, as the harvesting season is coming to an end and winter is fast approaching.
The death of the old system and the birth of a new one
The last global financial crisis hit its peak in 2008. The result was the fall of some big banks and the bailout of others. The subprime mortgage crisis also left many American families quite literally out in the cold. A political activist movement called Occupy Wall Street formed and, well, occupied Wall Street. People weren’t happy.
The banking industry had gambled with their homes and jobs, and the political class seemed to not only cover for them but rewards them. The system had failed the average person, and they were hungry for something new. Perhaps the loss of trust in the banks was exactly what was needed to make people open to the idea of Bitcoin.
Of course, many were skeptical then just like there are skeptics today. But they’re dwindling in number. Now it’s the banks themselves that are beginning to incorporate blockchain technology into their systems. Whether the decentralized model of Bitcoin will be able to completely revolutionize the financial ecosystem remains to be seen — but it’s well on its way to do just that.
The proponents of the old financial model have every reason to be scared of Bitcoin and other cryptocurrencies.