Who is Martti Malmi? Why did Satoshi trust Him?
Is Martti Malmi Bitcoin Legend? Read The Untold Story of Satoshi’s Right Hand.
Martti Malmi, also known online as Sirius-m, played a crucial role in Bitcoin’s early development. His work and dedication helped shape the future of this revolutionary cryptocurrency. Here’s a look at why Martti Malmi is considered a Bitcoin legend.
Early Discovery and Mining
Born in 1988, Martti Malmi began programming at the age of 12. He studied computer science at the University of Helsinki and was influenced by the Pirate Party in Sweden, which focused on technological progress and freedom. This led him to reach out to Satoshi Nakamoto and offer his help with Bitcoin.
In May 2009, Martti Malmi discovered Bitcoin when it was still in its infancy and nearly worthless. At the time, he began mining Bitcoin and assisted Satoshi Nakamoto with code reviews.
Balancing his college studies, Martti spent his spare time working on Bitcoin, showing his early commitment to the project.
Defending Bitcoin
Martti made one of the first defenses of Bitcoin in an article for Anti-State.org. He argued that Bitcoin could separate money from state control and defended it against critics who questioned its value.
At that time, Martti was the only developer apart from Satoshi. In his free time, he contributed by adding bug fixes and features, and Satoshi personally thanked him for his work.
His early support was crucial in establishing Bitcoin’s credibility.
Working with Satoshi
Satoshi Nakamoto relied heavily on Martti for his writing. Martti compiled the first Bitcoin FAQ on forums and made strong arguments about Bitcoin’s potential value.
Even when Bitcoin was worth nothing, Martti saw its potential as a hedge against central banks and believed it was a smart investment.
Milestones in Bitcoin History
The First Bitcoin Trade
In October 2009, Martti completed the first-ever Bitcoin trade, selling 5,050 BTC for $5. This transaction set a market price for Bitcoin and was a pivotal moment in its history.
As of July 2024, 5,050 BTC is worth $325,416,849, with Bitcoin priced at $64,438.98.
Launching Bitcoin Exchanges
By 2010, Martti launched his own Bitcoin exchange, stocking it with over 30,000 BTC that he had mined.
His exchange helped onboard hundreds of new users and played a significant role in Bitcoin’s early adoption.
Support from Satoshi
Later in 2010, Satoshi Nakamoto sent Martti a $3,000 donation to support his exchange. At the time, this amount could have bought 500,000 BTC, showing the value Satoshi placed on Martti’s contributions.
Significant Sales and Advocacy
In 2011, as Bitcoin’s value started to rise, Martti sold over 10,000 BTC and used the proceeds to buy an apartment in Helsinki. This was one of the first significant real-world purchases made with Bitcoin.
Continued Advocacy
Martti continued to advocate for Bitcoin, explaining its decentralized nature to the press in 2013 and promoting its principles of freedom and privacy. His ongoing support helped shape public perception of Bitcoin.
Ongoing Projects
Today, Martti is involved in his own Nostr startup and continues to hold Bitcoin. His belief in Bitcoin’s success remains strong, and he continues to contribute to the cryptocurrency community.
Privacy and Anonymity
Satoshi’s emails with Martti Malmi in May 2009 reveal Bitcoin’s intrinsic value. Satoshi explained that like gold, Bitcoin’s value comes from people valuing it, despite it being practically useless in the real world, making it perfect money.
Satoshi and Martti valued privacy, discussing ways to buy Bitcoin anonymously. They explored ideas like using Liberty Reserve, a digital currency platform that allowed anonymous transactions, highlighting their commitment to privacy in Bitcoin’s early days.
The Craig Wright Controversy
Although Martti is no longer directly involved in Bitcoin, he recently testified against Craig Wright, who claims to be Satoshi Nakamoto.
Martti’s testimony, which included his email correspondence with Satoshi, helped reveal inconsistencies in Wright’s claims.
Legacy and Reflection
Martti Malmi’s early contributions to Bitcoin were vital in its development. He was a pioneer in Bitcoin-to-fiat transactions and founded early exchanges.
Despite selling a large portion of his Bitcoins, he remains a strong supporter of the cryptocurrency and continues to work on projects related to decentralization.
Martti’s story reflects the impact of early believers in Bitcoin and the transformative power of the cryptocurrency. His contributions and commitment have left a lasting mark on the Bitcoin community.
