Without Martti Malmi, Bitcoin and cryptocurrencies may never have been developed.
But who exactly is Martti Malmi and does he know who Satoshi Nakamoto is?
Who is Martti Malmi?
Martti Malmi was born in 1988 in Finland. He first became interested in computer programming at the age of just 12, and he ended up studying software engineering at the University of Helsinki.
It was while at university that Malmi started to investigate the role technology could play in revolutionising society and moving away from centralised power in the hands of governments.
His research led him to the Bitcoin white paper, with him quickly getting in contact with Satoshi Nakamoto to get involved.
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Reflecting on his decision, he said in 2015: “I was looking into the possibility of decentralised monetary systems as a means of actually changing the world for the better – giving people the control over their own life and money.
“Bitcoin, recently published, was the only completely decentralised and feasible option out there.”
Malmi was the second developer behind Bitcoin after Satoshi Nakamoto, putting him at the forefront of the cryptocurrency movement.
He is credited for turning a lot of the theory about Bitcoin into reality. He was one of the first Bitcoin miners and he was responsible for turning the protocol into a cross-platform protocol, making Bitcoin more accessible.
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The Fin also played an important role in explaining Bitcoin to those interested in the project. He produced a document that answered many basic questions about the cryptocurrency such as “Is Bitcoin safe?” and “Why should I use Bitcoin?”.
He also set up the first Bitcoin community forum, facilitating discussions on the development of the cryptocurrency.
However, Malmi’s role in Bitcoin’s only lasted a few years. He quickly withdrew from the Bitcoin project after Satoshi Nakamoto disappeared too.
He said of his decision: “I gradually withdrew from the Bitcoin community.
“I found the atmosphere less inspiring and exciting than in the early days, when none of Bitcoin’s potential had realised yet.
“On the other hand, by then Bitcoin already had lots of skilled coders who would keep it running, whereas some other projects didn’t.”
While Malmi is active on Twitter, he has kept a low profile ever since, giving few media interviews.
What is Martti Malmi’s nickname?
Martti Malmi was often better known by his nickname “Sirius” while developing Bitcoin.
The name was largely inspired by the crypto developer’s love Harry Potter. He had used the alias for playing a game based on the magical wizarding world from the age of 13.
Malmi also saw the nickname as a play on worlds because Bitcoin was a “sirius business”.
Does Martti Malmi know Satoshi Nakamoto?
Martti Malmi and Satoshi Nakamoto are thought to have only ever spoken over email.
The pair first became acquainted when Malmi sent the Bitcoin founder an email simply stating: “I would like to help with Bitcoin, if there’s something I can do.”
With no interaction between the two developers other than over the internet, it took a long time before Malmi even realised that the person he was talking to was using a fake name.
“We never talked about anything personal and it took me long to realise Satoshi was a pseudonym,” he told a forum in 2015.
“The whitepaper and the code spoke for themselves, regardless of the person behind them.”
It means that Malmi knows little more about the founder of the world’s first ever cryptocurrency than anyone else.
The two appeared to stop communicating when Nakamoto chose to step away from Bitcoin.
Malmi has quipped that if the pair were still in touch: “I would ask Satoshi to tell people to stop asking if I’m Satoshi. The joke is getting old.”
Martti Malmi’s net worth
Martti Malmi missed out on being a billionaire after selling all of his Bitcoin very early on.
Between 2009 and 2010 he mined 55,000 tokens. At Bitcoin’s peak value of $68,789.63 in November 2021, those coins would have given Malmi an eye-watering net worth of over $3.5billion.
However, instead, he sold most of his coins before 2012.
The developer wrote on social media December 2020: “I’d be a *billionaire* now if I hadn’t sold the 55,000 Bitcoins I mined on my laptop in 2009-2010 way too early (mostly before 2012).
“That is regretful, but then again, with the early Bitcoiners we set in motion something greater than personal gain.”
He said he had no choice but to sell most of his Bitcoin holdings “when finding a new job took longer than expected”, adding: “You don’t need to be rich to lead a perfectly good life.”
While Malmi’s actual net worth is unclear, it can be assumed from his statement that it is a rather modest amount.
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