December 17, 2013 2:32 pm

Idea behind Bitcoin

One of the first places where Satoshi Nakamoto mentioned bitcoin was at the When you register there, you have to give your birthdate. Satoshi gave April 5th 1975. There might, at first, seem nothing unusual about that.

It’s easy to look through history, find some event that took place on April 5th and then attach some kind of significance to it. Pharrell Williams was born that day – perhaps Satoshi was a Pharrell Williams fan and wanted him to sing the theme tune in the bitcoin movie, should there ever be one.

But, for those who study their money, April 5th was one of the most significant dates in history. On that day in 1933, President Franklin D. Roosevelt signed Executive Order 6102, which made it illegal for American citizens to own gold.

Roosevelt confiscated Americans’ gold, gave them dollars in exchange, then de-valued those dollars by 40%, pushing the gold price upwards from $20 to $35. He did this to devalue US debt as a means to deal with the Great Depression – but some say he effectively stole 40% of Americans’ money.

There are many who regard this action as one of the most unconstitutional things the US government has ever done. It was direct theft by government from the people with no democratic process.

While the American constitution clearly states that only gold and silver should be money, suddenly those who owned gold faced imprisonment of five to ten years if they did not hand theirs over to the government.

Perhaps this is too small of a straw to clutch. After all, Satoshi didn’t say he was born in the year 1933. He gave the year 1975.

He could have put 1933 as his birthdate – but that would mean he was an unlikely 75 when he designed bitcoin. 1975 made him a rather more believable 33 in 2008.

So what happened in 1975?

1975 was the year it became legal for American citizens to own gold again.


Bitcoin in general – short presentation
Bitcoin is not an investment – It’s the revolution
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