The old system collapses
Satoshi Nakamoto published the white paper on October 31, 2008. It was during a time of despair for many amidst the 2008 financial crisis. In this trust-based world, trust had vanished.
But why October 31? Why this date? It surely is not because Satoshi Nakamoto liked Halloween; it must have a deeper meaning. All of Satoshi's actions reflect careful rigor.
Satoshi Nakamoto had been researching Bitcoin for at least a year and a half before releasing the white paper.
I believe I have addressed all these little details during the past year and a half of coding, and there are many. Functional details are not covered in this article, but the source code is about to be released — Satoshi.
On August 18, 2008, Satoshi Nakamoto registered Bitcoin.org through anonymousspeech.com. Throughout 2008, Satoshi was prepared, waiting to press the send button. What was special about October 31?
Out with the old, in with the new
I believe Satoshi Nakamoto published the Bitcoin white paper on October 31 to commemorate the ancient Gaelic festival 'Samhain', which is also the day Martin Luther nailed his 95 Theses to the church door. Both represent the end of an old era and the beginning of a new one.
Samhain represents the end of the harvest season and the beginning of winter.
In the early Catholic Church, in order to gain followers, some festivals like Samhain were adopted, and on October 31, 835, 'Halloween' was established. This is what we call 'Halloween' or 'All Hallows' Eve', an important festival in the Catholic world.
On October 31, 1517, Martin Luther nailed his Ninety-Five Theses to the door of the Castle Church (St. Mary's Church). Luther was very angry at the idea that sinners could reduce their sins by payment or unpaid labor. Under the Pope's rule, these were seen as part of the church's treasury, allowing those in power to continue living luxurious lifestyles at the expense of the people. Luther undermined the Pope's authority with his Ninety-Five Theses, beginning the process of religious reform. Luther's ideas became very popular and spread across the world through the newly invented printing press, forever changing the course of history.
Similarly, Satoshi Nakamoto was outraged by the massive betrayal of existing financial institutions:
The fundamental problem with traditional currency is that it requires trust to work. We must trust that the central bank will not devalue the currency, yet the history of fiat money is full of betrayals of this trust. We must trust banks to safeguard our funds and transfer them electronically, yet they lend out funds during credit bubbles while reserves are pitifully low. — Satoshi
Satoshi Nakamoto leveraged 40 years of technological advancement to create Bitcoin. Bitcoin's blockchain allows anyone in the world to access and transfer it, just as the printing press allowed Martin Luther's ideas to spread.
Satoshi Nakamoto and Luther both carefully chose October 31 to announce their ideas, a day that symbolizes death and rebirth. Both saw these legacy systems as imprisoning people and suggested overturning existing authority as a solution.
Bitcoin marks the end of fiat currency and the beginning of a new currency standard. Let us bravely move forward and build a new world.
"Now it is theirs, and the future I have worked for is mine." — Nikola Tesla
