Since China cracked down on crypto transactions last week, a portal showing a list of all bitcoin owners in the world has been widely shared. The portal claims that the Chinese government owns 194,775 bitcoins, which are reportedly derived from the Plustoken crypto scam. The problem with the source of the list is that the ownership verification is very uncertain, and no other information other than guesswork is provided.
Do China or Bulgaria really hold billions of bitcoins?
Since China issued some statements about citizens handling cryptocurrency through offshore exchanges and explaining that the process is illegal, a web page has a list titled “Who owns all bitcoins?” Has been shared on social media and cryptocurrency forums.
The reason people share it is because they speculate that China is banning Bitcoin while hoarding 194,775 Bitcoins from the Plustoken crypto scam. The list of all bitcoins also provides a link to the source. The Chinese source comes from an article published by theblockcrypto.com on November 27, 2020.
The source is an article written by Wolfie Zhao, with the editorial titled “Chinese police seized $4.2 billion in cryptocurrency from the Plustoken Ponzi scheme.” The article also contains a court order that explains the details of the case and lists the conspirators involved.
Although the article and judgment stated that the Chinese government did confiscated various amounts of Bitcoin, Ethereum, Litecoin and other tokens, this does not necessarily mean that the Chinese government still holds these encrypted assets. There is no conclusive evidence that the Chinese government holds approximately 194,775 Bitcoins today.
The Chinese government must prove ownership, but it will not and cannot judge whether the nation-state has sold these assets. The blockchain monitoring tracker (blockchain parser) at least has a glimpse of whether it is worth thinking about. The Chinese government will have to publicly display and move the coins so that the world can view or prove the ownership of the funds through the use of private keys and signature verification.
If the Chinese government’s sources are considered legitimate, then one can also assume that Bulgaria owns 213,519 Bitcoins. There are many articles about the mystery behind the confiscation of these coins by the Bulgarian government, but to this day, it is still controversial whether they are still owned by Bulgaria.
There is evidence that Bulgaria probably auctioned 200,000 BTC collections, but some people still believe that it belongs to the Bulgarian government. It is also assumed that the Ukrainian government owns 46,351 Bitcoins, but that number comes only from the public disclosure form of Ukrainian civil servants.
Password verification and proof of reserve
There is no way to verify whether the Chinese government or the Bulgarian government still owns these bitcoins seized from criminal acts. Similarly, China or Bulgaria must publicly prove ownership or prove that they can transfer these funds. These countries can sign a message related to a specific address holding the aforementioned amount of Bitcoin, but no government will do so.
Some sources on the list of who owns all bitcoins From tweet And other articles related to Tim Draper and Michael Saylor and others. Unless these people prove ownership by moving the aforementioned amount of Bitcoin, or they sign a message related to the private key of the encrypted asset, the list of these people’s approximate Bitcoin holdings is meaningless.
In the Bitcoin world with private keys and signatures, the real proof of ownership and proof reserves is very easy. One day, over time, the signature proof of Bitcoin reserves may become more dependent, because you can’t believe what the government says, or someone on social media says they own thousands of Bitcoins.Bitcoin supporter Nick Carter Discussed the importance of proof of reserve in an editorial, which emphasized:
Certificate of Reserves + Certificate of Liability = Certificate of Solvency
In his introduction to the topic of proof of reserve, Carter pointed out, “If I can do one thing to improve the industry, it is to convince every custodial service provider in the cryptocurrency field to adopt a conventional proof of reserve program.” Almost anything that exists today Any individual or organization can use Bitcoin (and other crypto assets) to prove reserves. Without reserve proof, everything else is just speculation, rumors, and unproven evidence.
This will include every crypto custodian who has not deployed a method of proof of reserves, or claimants who simply claim that they own a certain amount of bitcoin. Just as we will not accept unverified cryptographic proofs of individuals claiming to be Satoshi Nakamoto, the same can be said for these so-called lists of Bitcoin owners. The fact is that if there is no cryptographic proof, every list of “people who own Bitcoin” will be questioned and ignored as pure speculation.
What do you think of a list of Bitcoin owners claiming to show the specific ownership and approximate number of Bitcoins owned by an individual or organization? Please tell us your thoughts on this topic in the comments section below.
Tags in this story
Bitcoin Bulgaria, Bitcoin ownership, Bitcoin national debt, BTC ownership list, Bulgarian Bitcoin, China, Chinese Bitcoin, Chinese Bitcoin holdings, encryption verification, debunking list, Michael Sayler, Nick Carter, private key, Reserve certification procedures. , Reserve Proof, Signature, Tim Draper, Ukrainian Bitcoin, who holds all Bitcoin
Image Source: Shutterstock, Pixabay, Wiki Commons, who owns all Bitcoin? List through kevinrooke.com/bitcoin, list Bitcoin Treasury Hodlings through @ecoinometrics,
Disclaimer: This article is for reference only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author bears direct or indirect responsibility for any damage or loss caused or claimed to be caused by the use or reliance on any content, goods or services mentioned in this article.