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Title: Thoughts on recent move of 1000 coins mined back in 2010? Post by: DougM on October 12, 2020, 08:39:06 PM There are a number of articles on this recent move, but the following article seemed to have the most details. Highlight is that coins mined back in 2010 (when Satoshi was still actively involved but toward the end) were moved around recently meaning these coins were not lost :'( Now no one is speculating these belong to Satoshi himself (even CSW didn't claim them :D ), but I think it is a positive sign that it didn't have a significant impact on the BTC price. There is speculation on if this move is bullish or not, but I personally agree with Hans Hauge quoted below. What do others think about it?
Bitcoin Price Unmoved by Satoshi Era BTC 1,000 Move By Sead Fadilpašić October 12, 2020 https://cryptonews.com/news/bitcoin-price-unmoved-by-satoshi-era-btc-1k-move-7963.htm Quote Somebody moved at least 1,000 bitcoin (BTC) that were dormant since they were mined in 2010. Bitcoin's price, however, seems to be unfazed by the event. Twenty blocks with coinbase reward were spent on October 11, shows onchain parser Btcparser.com, with BTC 1,000 in total, in block 652,204. This was followed by another BTC 50 in block 652,229, making it a total of BTC 1,050 moved. BTC 1,000 was consolidated into a single address and re-transferred. ... Cryptocurrency trader Kirill K seems to be the first to have reported this event, saying that "another 20 bitcoin wallets mined in 2010 has awakened." Per K's analysis of "two major awakenings of elder bitcoins", that on March 11 (before the major market crash) and this latest on on October 11, they both have the same owner. His arguments are that: both were done on the 11th day of a month; BTC 1,000 were transferred; BTC was collected on a P2SH address; then it was split between multiple BECH32 addresses; and there was a wallet receiving BTC 200 both times. Hans Hauge, Head of quant strategy at Ikigai Asset Management, commented on Kirill K's post, arguing that this is an old miner transferring coins to the newer Bech32 format, which is the native SegWit (Segregated Witness) address. And though, in Hauge's opinion, old miners must be careful with transfers so as not to "spook the market," moving USD 11m "into a spot market doing billions each day should not move the needle much in either direction." "This is bullish," said Hauge. "If this guy was just planning on dumping these coins on an exchange, why bother with the new address format and chunk size? It's like he's organizing his vault."[/quote] Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: coinycoiny on October 12, 2020, 08:43:11 PM Its becoming obvious that after 10+ years, virtual currencies just aren't going to take over the world.
Long term hodlers have to sell at some point or what was the point of buying in the first place? Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: dunfida on October 12, 2020, 08:59:19 PM Its becoming obvious that after 10+ years, virtual currencies just aren't going to take over the world. Long term hodlers have to sell at some point or what was the point of buying in the first place? You do have that valid point or perspective towards bitcoin but it isnt really been pushed up to be taking over the world in the first place, even Satoshi didnt expect that his creation would really make it this big and relevant on to those who mainly supported it.For those long term holders then its up to them if they would sell it out and to know that majority will really be having that common goal or plans into our coins. Who the hell wouldnt sell out if they do saw that their holdings had already gained that much? No one has the right mind on not to think about it.On this event, then this do proves out that not all of those dormant wallets to be considered on totally lost. Some of them are just really waiting for the right moment to sell or just simply then had just found out their keys.We cant say that this one owned by Satoshi or not. Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: cabron on October 12, 2020, 09:12:34 PM Its becoming obvious that after 10+ years, virtual currencies just aren't going to take over the world. Long term hodlers have to sell at some point or what was the point of buying in the first place? They invest for long term, its not unusual but this guy must have seen it form the begining how all it will end up and that he can generate a lot of money out of his smal investment. Its amazing how he trusted the project long before it got out for all to see its potential. Waiting for 10 years is long over due though and he missed the shot when its price go all the way to its ATH. Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: KIZILAGA on October 12, 2020, 09:19:07 PM imagine you invest million of dollars into Bitcoin and everybody see when you move your coins,it is like sending money to a person but everybody knows whats in your bank account ;D Who moved this coins satoshi or another not important.it MOVED.Get the message ;) Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: claire_lovely on October 12, 2020, 09:25:52 PM Its becoming obvious that after 10+ years, virtual currencies just aren't going to take over the world. Usage has been increasing year on year and major institutions are getting involved. Cryptocurrency also doesn't have to be what takes over, but a useful alternative option which its becoming better and better at.Long term hodlers have to sell at some point or what was the point of buying in the first place? Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: Yaunfitda on October 12, 2020, 09:41:29 PM We really don't know what's the real reason behind the move, maybe he just wanted to move to a new address format or whatever, but as the article have said, the price is not unfazed by this news, and on the contrary, we are going to $12k so no negative effect. If I just say my thoughts on these kind of whale alerts, I don't like it, seems to be being used by crypto media to create FUD when they so some huge movement.
Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: jossiel on October 12, 2020, 10:08:18 PM Now it's already have been set in the mind of everyone that whenever there are huge transfers or awakening from an old wallet transferring to another wallet or exchange, there's an expected little crash. But with the news, there's no significance about that speculation and expectation like what we're thinking of most of the time.
With the quick increase that we looking at recently, this isn't the reason. There must be another reason that triggered the market and making it from $11,200 go to almost $11,700. Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: South Park on October 12, 2020, 10:17:31 PM Its becoming obvious that after 10+ years, virtual currencies just aren't going to take over the world. It does not really seem as if you read the article at all, the person moving this coins mined those coins back then and it is unlikely he bought them to begin with, if anything he just made a small investment to buy some hardware to mine those coins but that is it, also it does not seems as if he is planning to sell the coins and he is just organizing his stash, so if anything it seems he is planning to hold his coins for an even longer amount of time, and finally I do not see where you get this idea that it is obvious cryptocurrencies are not going to take over the world when the opposite is the most likely conclusion.Long term hodlers have to sell at some point or what was the point of buying in the first place? Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: DougM on October 12, 2020, 10:36:21 PM We really don't know what's the real reason behind the move, maybe he just wanted to move to a new address format or whatever, but as the article have said, the price is not unfazed by this news, and on the contrary, we are going to $12k so no negative effect. If I just say my thoughts on these kind of whale alerts, I don't like it, seems to be being used by crypto media to create FUD when they so some huge movement. I would tend to agree UNLESS it is Satoshi own coins ;)Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: Coin_trader on October 12, 2020, 10:46:40 PM imagine you invest million of dollars into Bitcoin and everybody see when you move your coins,it is like sending money to a person but everybody knows whats in your bank account ;D But no one knows the owner of that big money that moved so there still privacy. Who moved this coins satoshi or another not important.it MOVED.Get the message ;) It's Important to know for accounting purposes just like the article stated above the OP. There are tons of Bitcoin that assume to be lost coin because it was dormant for so many years so using the supply and demand, it affects the price of bitcoin. And Yes more importantly it moved because we all know what comes next. Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: GreatArkansas on October 12, 2020, 10:56:00 PM So, with this event. Are we not expecting any dump if ever Satoshi Nakamoto will move his/her Bitcoins in the future?
Because I saw a lot of conversation about the Bitcoins owned by Satoshi Nakamoto, especially when Satoshi still active and we all know that most of those Bitcoins still unmoved, they will always say that once those Bitcoins will be moved, we will experience a huge dump or another bottom before a new all-time-high. Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: JakobFugger on October 12, 2020, 11:26:53 PM Maybe he finally found the hd he was looking for. With the Bitcoin he had mined. Imagine the feeling, it must be incredible. I find it very unlikely that this is a trader's strategy, or that he will use an exchange. But he will probably realize some of the profit he made.
Or maybe someone found an old HD from another owner, his password. There are many possibilities and I believe that most have to do with some forgotten and unsaved wallet. Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: Wexnident on October 13, 2020, 12:28:12 AM Well, one thing you could probably say is whoever owns those coins knows what they could cause if they ever prepare to sell it out. He's probably just, as said by the article, organizing their wallets in preparation for slowly selling them, or just really, updating his vault. I guess the market already knows that having coins moved back then would affect the market a bit, so they didn't really overreact that much.
So, with this event. Are we not expecting any dump if ever Satoshi Nakamoto will move his/her Bitcoins in the future? There are probably two scenarios here, one is that Satoshi doesn't really care about BTC price and has no intention of joining the war of investments, and two, is just waiting for a higher price. Though it would be odd if it's the latter since just back in 2017, we peaked at somewhere around $20k, you would've honestly expected Satoshi to have moved or sold at least some coins if his/her goal was to profit. He probably has some other purpose for those coins he's currently hodling, as to what though? I doubt no one knows except for the man themselves. Because I saw a lot of conversation about the Bitcoins owned by Satoshi Nakamoto, especially when Satoshi still active and we all know that most of those Bitcoins still unmoved, they will always say that once those Bitcoins will be moved, we will experience a huge dump or another bottom before a new all-time-high. Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: Darker45 on October 13, 2020, 02:19:30 AM Long term hodlers have to sell at some point or what was the point of buying in the first place? That 1,000BTC were not bought; they were mined. If they were bought, they weren't much of an investment either. Bitcoin hadn't much worth back in those very early years. I guess you could buy a thousand BTC with a few tens of dollars. Anyway, there seems to be no intention from the owner that those BTC will be dumped. But if they will be dumped, I don't think it is enough for the price to dive. That's just a thousand BTC. Another thought of this recent move: it doesn't mean that since a certain amount of BTC is dormant for over a decade it is already considered lost or forgotten for good. Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: pooya87 on October 13, 2020, 05:11:54 AM such moves aren't happening every day but still they aren't that rare either. there are also lots of much bigger amounts of coins (not mined early days but just big) being moved around regularly. in fact billions of dollars worth of bitcoin are moved every day in total.
why didn't it affect the price? because only certain types of people react to such nonsense news called weak hands and i believe that currently bitcoin doesn't have that many weak hands because they sold their coins recently due to some other FUD that scared them into doing so. which means there isn't any of them left to panic sell. Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: jrrsparkles on October 13, 2020, 05:57:06 AM Coins mined in 2010 or 2020 doesn't have any real difference, infact 1000 bitcoins in 2010 is nit really a huge amount so someone mined that coin and went to come suddenly he woke up and see what lottery he got just for doing some little thing years back.Just another news to speculate about the bitcoin and nothing more. Anyway there was 2% hike in the price in the last few hiurs so that news affected in the positive way.
Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: meanwords on October 13, 2020, 08:02:41 AM Coins mined in 2010 or 2020 doesn't have any real difference, infact 1000 bitcoins in 2010 is nit really a huge amount so someone mined that coin and went to come suddenly he woke up and see what lottery he got just for doing some little thing years back.Just another news to speculate about the bitcoin and nothing more. Anyway there was 2% hike in the price in the last few hiurs so that news affected in the positive way. That's right. I don't know how people is correlating this to being bullish and now investors are taking analyst seriously and buying Bitcoin in short term. This is just like one of those "Finding their old wallets from their old hard drives and viola they are rich now" stories and that doesn't mean they will be able to control the market price especially that 1000 can't be compared to whales who owns thousands of Bitcoin. Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: CryptopreneurBrainboss on October 13, 2020, 12:18:00 PM Quote Its becoming obvious that after 10+ years, virtual currencies just aren't going to take over the world. Long term hodlers have to sell at some point or what was the point of buying in the first place? Think again buddy, the currency industry has already been dominated by digital currency that's if you're taking of currencies that aren't fiats. Digital currency include both crypto and non crypto currency but since we're focus more on bitcoin, you can judge its success by refreshing your mind to what other projects achieve or accomplish in their first decade (10 years of existence). Don't forget the other innovations/Investions didn't have the government body, banks etc fighting them, spreading wrong information in order to discourage the citizens from engaging themselves with the technology but the case of bitcoin is different and with all this attack, it still achieved all it did with in just 10 years. The moved coins didn't show any sign of it been moved to be sold (at least for now). This is probably why there's no fud in the market. The coins just changed address so assuming if it was sold , it was done OTC and not on an exchange. Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: DougM on October 14, 2020, 09:14:46 PM Another minor movement of 2010 era mined coins. This miner mined block 90,642 back on 2010-11-09: https://www.blockchain.com/btc/tx/85fb66a417979a16c9c1730dc446ed22056342e18a675eaaebf6f2212a188296 I would agree with others speculating that these movements are simply an early miner (but not Satoshi) shifting their coins into a BECH32 address for safer keeping. Even More Satoshi-era Bitcoin Moves—What's Going on? By Liam Frost Quote Yet another cache of 50 Bitcoin that was mined in 2010 has woken up after a 10-year-long slumber. https://decrypt.co/44978/even-more-satoshi-era-bitcoin-moves-whats-going-onQuote Another batch of 50 Bitcoin (BTC)—that has been lying dormant since 2010 and is worth around $570,000 today—was moved today, according to Blockchain.com. Perhaps the recent "dusting attack" spooked the old-school wallet's owner? The block explorer’s data shows that these 50 coins were first transferred to the address on November 9, 2010, as a coinbase transaction. This means the Bitcoin was a block reward received by a miner. Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: pixie85 on October 14, 2020, 09:45:06 PM Its becoming obvious that after 10+ years, virtual currencies just aren't going to take over the world. 10 years is nothing in the life of a currency. What's 10 years when you look back at what stock market giants have achieved. In its first 10 years Apple barely made 4x gains. Long term hodlers have to sell at some point or what was the point of buying in the first place? Moving coins doesn't mean selling them! I've moved my coins many without selling or giving them away for example when I bought a hardware walet. Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: Oceat on October 14, 2020, 11:25:23 PM Its becoming obvious that after 10+ years, virtual currencies just aren't going to take over the world. 10 years is nothing in the life of a currency. What's 10 years when you look back at what stock market giants have achieved. In its first 10 years Apple barely made 4x gains. Long term hodlers have to sell at some point or what was the point of buying in the first place? Moving coins doesn't mean selling them! I've moved my coins many without selling or giving them away for example when I bought a hardware walet. Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: maxreish on October 15, 2020, 03:17:59 AM No one claiming it's Satoshi's coins it's because it was owned by the miners itself. Not an issue anymore. I mean, the movement reason can be maybe not that heavy to think that it was Satoshi who did the btc movement. We don't know the reason of that movement but perhaps this movement was just simply moving to another crypto wallet address. If not, we are seeing some huge market effects right now.
Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: Gotumoot on October 15, 2020, 07:07:29 AM At least this early miner/investor would get a huge profit by holding and being early in crypto.
Just imagine if this person totally forgot about all of the Bitcoin that he/she has mined back then and just recently remembered it because of pandemic or any other reason and facing a financial problem right now then he/she has been saved from it. Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: shoreno on October 15, 2020, 07:20:08 AM No one claiming it's Satoshi's coins it's because it was owned by the miners itself. Not an issue anymore. I mean, the movement reason can be maybe not that heavy to think that it was Satoshi who did the btc movement. We don't know the reason of that movement but perhaps this movement was just simply moving to another crypto wallet address. If not, we are seeing some huge market effects right now. how will they knew that he owns it and is he the only guy that can earn such amount i guess no but whale or any person that has an ability to accumulate a btc can too . the reason of the movement can be test or to make everyone aware that there is a huge amount owned by someone else . atleast we are still safe , he didnt dispose the coin for cash and thats why theres no dump that happen . price were not that huge to sell now , user did that can also be a sign of preparation because he thinks that there still more to come or theres a bull to come . Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: ice18 on October 15, 2020, 07:29:54 AM No one claiming it's Satoshi's coins it's because it was owned by the miners itself. Not an issue anymore. I mean, the movement reason can be maybe not that heavy to think that it was Satoshi who did the btc movement. We don't know the reason of that movement but perhaps this movement was just simply moving to another crypto wallet address. If not, we are seeing some huge market effects right now. how will they knew that he owns it and is he the only guy that can earn such amount i guess no but whale or any person that has an ability to accumulate a btc can too . the reason of the movement can be test or to make everyone aware that there is a huge amount owned by someone else . atleast we are still safe , he didnt dispose the coin for cash and thats why theres no dump that happen . price were not that huge to sell now , user did that can also be a sign of preparation because he thinks that there still more to come or theres a bull to come . Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: BuNga_cute on October 15, 2020, 08:18:35 AM I'm pretty sure this early miner is Satoshi Nakamoto, because I'm not sure if any other early miners had that much Bitcoin.
Luckily this guy just moved it, without selling it. We don't need to know the purpose of moving that much Bitcoin, the important thing is he doesn't sell it. So the market is safe for a while, maybe he is waiting for Bitcoin to return to the price of $ 19,000 to sell it. Because the current price is still very low to sell Bitcoin. Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: Lucius on October 15, 2020, 10:48:09 AM I'm pretty sure this early miner is Satoshi Nakamoto, because I'm not sure if any other early miners had that much Bitcoin. Precisely because of the mystery surrounding Satoshi, some are terribly excited when the coins from the early blocks happen to move - so we always wonder if it might be Satoshi. Although Satoshi was the first to mine, as far as I know, some others joined him very quickly and I think it was precisely these people, not Satoshi. To me, such moves are much more interesting due to the fact that the myth that such coins are considered lost is shattered. Some might wish that this is the case, but our wishes are one thing - and reality is quite another. Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: Debonaire217 on October 15, 2020, 01:24:54 PM I'm pretty sure this early miner is Satoshi Nakamoto, because I'm not sure if any other early miners had that much Bitcoin. Luckily this guy just moved it, without selling it. We don't need to know the purpose of moving that much Bitcoin, the important thing is he doesn't sell it. So the market is safe for a while, maybe he is waiting for Bitcoin to return to the price of $ 19,000 to sell it. Because the current price is still very low to sell Bitcoin. If the person behind this is really Satoshi, he will definitely not sell it even if it goes above 19,000 USD. As a creator of this such big technology, you will see its value not dependent on USD, but the value of Bitcoin itself to be used to buy things and services. You need not to compare it with the market as we all know the way back before, there is someone who bought pizza with Bitcoin, people just associated it's price now, but what is important is that the transaction was executed with Bitcoin's value and I'm pretty sure that Satoshi will do the same thing and there will be no reason of selling it. Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: BlackFor3st on October 15, 2020, 04:09:05 PM It is quite interesting why this wallet became active only this 2020 and not on the peak of the market that happened last 2017-2018.
Let's just hope that this move will trigger the bull season and not to crash the market because we are in the middle of the season as of this moment and a single move can easily change the market whether it will crash hard and no bull to happen or it will grow further and bull will be triggered. And what is good is that there is no information yet that those bitcoin were being dumped. Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: DougM on October 15, 2020, 10:35:58 PM I'm pretty sure this early miner is Satoshi Nakamoto, because I'm not sure if any other early miners had that much Bitcoin. These mined coins do not follow his pattern and were mined late in 2010 (just a month or so before Satoshi's last post here in December 2010 I believe) so there were definitely more miners on board at this time. Luckily this guy just moved it, without selling it. We don't need to know the purpose of moving that much Bitcoin, the important thing is he doesn't sell it. So the market is safe for a while, maybe he is waiting for Bitcoin to return to the price of $ 19,000 to sell it. Because the current price is still very low to sell Bitcoin. That said it is estimated that Satoshi has 1.3+ million coins mined and I personally don't believe they are lost/burned. Things will get very interesting when coins believed to be his are moved or sold. :o Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: CryptopreneurBrainboss on October 16, 2020, 04:42:02 AM I'm pretty sure this early miner is Satoshi Nakamoto, because I'm not sure if any other early miners had that much Bitcoin. Luckily this guy just moved it, without selling it. We don't need to know the purpose of moving that much Bitcoin, the important thing is he doesn't sell it. So the market is safe for a while, maybe he is waiting for Bitcoin to return to the price of $ 19,000 to sell it. Because the current price is still very low to sell Bitcoin. Sorry to disappoint you but there's no chance this old mined coins were that of Satoshi. Satoshi wasn't the only one mining bitcoin as of then. We had other enthusiast too that believe and backed the technology, dedicating their time to keeping the blockchain active by mining even though they were doing so at lost or very little profit. Remember bitcoin wasn't as marketable as it currently is back then. The motives behind the changes of address aren't known yet therefore all the predictions out there are just mere assumption. If you think the coins haven't been sold don't forget whales from the early days hoping not to affect the market with their decision-making sell their coins OTC and not on exchanges to avoid panic since they know their wallet address are been monitored. Early adoption don't have to wait for any market conditions before they offload their bags if they're interested in selling so the statement regarding the user waiting for bitcoin to return to its previous highs isn't valid. S/he can sell now and still be at outrageous gains. Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: South Park on October 16, 2020, 09:14:34 PM So, with this event. Are we not expecting any dump if ever Satoshi Nakamoto will move his/her Bitcoins in the future? It will depend on the reason of why those coins are moving, if satoshi came back and he moved his coins just to reorganize his stash or to at least confirm the number of coins that he has at his disposal I do not think a crash will happen and maybe the price will go up due to the return of satoshi, however if a hacker somehow got his hands on several of the private keys of satoshi then the story could be different and a small reduction on the price may be coming as people then will wonder if there are other hackers out there that have access to the coins that we believe belong to satoshi.Because I saw a lot of conversation about the Bitcoins owned by Satoshi Nakamoto, especially when Satoshi still active and we all know that most of those Bitcoins still unmoved, they will always say that once those Bitcoins will be moved, we will experience a huge dump or another bottom before a new all-time-high. Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: gentlemand on October 16, 2020, 09:22:48 PM Pathetic that these moves can drop prices. And pathetic that people think just because something hasn't moved for a while it is guaranteed toast. I have txt files with 15yr old wifi passwords still stored away. Why would I throw away anything Bitcoin related from back in the day?
I'm sure a ton of coins are lost. I'm sure it's not the ones we expect them to be. If you were an early miner you're likely to be a pretty meticulous and committed noodler. If they'd all been pissed up beauty therapists then maybe. I do not believe they were. Title: Re: Thoughts on recent move of 1000 coins mined back in 2010? Post by: XCANA on October 16, 2020, 09:29:44 PM Basically, there is room for everyone to make a good profits from Bitcoin investment, those who hold their worth eleven years ago shouldn't be held and tag satoshi stash. There are those who have long time been investing into Bitcoin and other cryptocurrencies and when they choose to pick a profit then don't talk. Those who invest in Bitcoin, years ago will have good profits to take home.
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