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  |
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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  ), 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, 2020https://cryptonews.com/news/bitcoin-price-unmoved-by-satoshi-era-btc-1k-move-7963.htmSomebody 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]
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Another investment in bitcoin by another big company  Square Says It Bought $50 Million of Bitcoin; Shares RiseSquare bought $50 million of bitcoin, undeterred by the fact that it isn’t used for many standard commercial transactions. https://www.thestreet.com/investing/square-buys-50-million-dollars-of-bitcoinSquare (SQ) - Get Report shares rose Thursday after the payments company said it bought about 4,709 bitcoins for $50 million.
That equates to $10,617 per bitcoin. Bitcoin recently traded at $10,735.
Square shares recently traded at $183.51, up 1.9%. The stock has nearly tripled this year.
Bitcoin isn’t used for many standard commercial transactions because of its volatility and because of scandals in which bitcoin disappeared.
At this point bitcoin mostly serves as a vehicle for speculation.
As for Square, it “believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company’s purpose,” it said in a statement.
The investment represents some 1% of Square’s total assets as of the end of second-quarter 2020.
Square, San Francisco, has a history with bitcoin. It launched bitcoin trading in 2018 for its Cash App customers. In 2019, the company formed Square Crypto, a team contributing to bitcoin open-source. |
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Was anything able to be learned or deduced from this?
Mostly that CSW seemed to target addresses with unspent coins that spanned what appeared to be multiple early miners based on patterns in the data making his claim even more implausible. |
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I hope this isn't actually the cause of the minor dip  Trump delays stimulus, Bitcoin dumps shortly thereafterBitcoin's correlation with traditional markets appears to continue. https://cointelegraph.com/news/trump-delays-stimulus-bitcoin-dumps-in-shortly-thereafterBack and forth discussions with regard to a second stimulus package for the people of the United States have been ongoing for months. Today, President Trump decided to push the matter back until after the 2020 presidential elections have concluded. This appears to have resulted in a price drop for Bitcoin (BTC) and other mainstream markets.
Following these tweets, the market responded in disapproval. Stocks fell noticeably, while Bitcoin dropped approximately $200 before bouncing slightly, holding a press time price of $10,577.
Bitcoin's drop seems to suggest that the asset's price continues to react in tandem with mainstream markets, at least with regard to major fiscal news. For some, this holds as antithetical to the asset's supposed role as a non-correlated store of value. |
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Number of days above 10k by year| 2017 | 33 days | | 2018 | 47 days | | 2019 | 78 days | | 2020 | 15 days and counting |
Months ago I made this post and today bitcoin surpassed its previous mark of 78th days in a single year opening above 10k and it now it has reached 79th days and it has also reached its 72nd consecutive day being above 10k. While it is true some people have been disappointed by the fact that we have not reached its previous ATH yet, there is one single conclusion we can take from all of this, the price of bitcoin over the long term is increasing and we are slowly leaving behind the 10k level, and whether this happens in a flash like in a bull run or it takes us years it does not matter since the price of bitcoin keeps increasing and its value as an investment does as well. Do you think we will be able to reach the mark of 100 days opening above 10k during this year or the price will go down before this happens? Source: https://www.coingecko.com/en/coins/bitcoin/historical_data/usd#panel good point! It is impressive how long we have been over 10k this year. IMHO it will stay above 10k for 100+ days as long as we don't see the market correction I think is coming. Stock market prices don't justify these prices given covid-19 environment. |
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Premined or Not, does it matter now? Because obviously, Satoshi had long forgot his 1M BTC.
He did not premine and I would NOT bet his ~1.3+ M are out of circulation permanently. Last time he 'spent' coins in 2010 (at least that is known to be his with a high degree of confidence) his transaction suggested his wallet was filled to the brim with his mined coins. |
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Another article on the same bill. I am not sure of the big picture 'so what' but maybe explains the recent bounce in BTC price today? Anyone have more informed thoughts on this bill?
A New Bill Proposes to Put US Crypto Exchanges Under a National Frameworkhttps://www.coindesk.com/conaway-digital-commodity-billThe bill outlines a new framework for digital currencies, treating them similarly to commodities under the Commodities Exchange Act, which governs that asset class. Under the framework, crypto exchanges would enjoy a federal jurisdiction, allowing them to operate in the entire U.S. rather than applying for 49 different state money transmission licenses. |
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I was never a fan of gold anyway  Crypto Is Beating Gold as 2020’s Top Asset So Farhttps://finance.yahoo.com/news/crypto-beating-gold-2020-top-210000278.html(Bloomberg) -- A cryptocurrency mania known as decentralized finance has helped to turn digital currencies into this year’s best-performing asset by far.
The Bloomberg Galaxy Crypto Index of digital coins is up about 66% in 2020, exceeding gold’s jump of more than 20% as well as returns from global stocks, bonds and commodities. A key reason for the move higher is a surge in Ethereum, which accounts for more than a third of the crypto gauge’s weight.
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Aside from DeFi, proponents of digital currencies such as Bitcoin argue they offer a store of value amid concern that huge stimulus injections to counter the pandemic will stoke inflation and weaken the dollar.  |
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Edit: I missed this news was already posted in a new thread here: Craig Wright To Face TrialLeaving post here as a cross link. Next page of the lier's saga...not a surprise at least Craig Wright's Summary Judgment Denied - Billion Dollar Bitcoin Lawsuit Heads to Trialhttps://news.bitcoin.com/craig-wrights-summary-judgment-denied-billion-dollar-bitcoin-lawsuit-heads-to-trial/On Monday afternoon, Judge Beth Bloom, from the District Court of Florida, denied Craig Wright’s summary judgment and the infamous billion-dollar bitcoin lawsuit will go to trial in January. The court published a 93-page decision on the matter, as Judge Bloom detailed that “a genuine dispute of material fact exists” for a number of the complaints. ... Longtime bitcoiner, Daniel Krawisz, said on Twitter that the court decision will be meaningful for the entire crypto market.
“Whatever happens to Craig Wright in court will matter for everybody in the whole crypto market,” Krawisz tweeted. “You can’t escape him just by staying away from BSV,” he added. A few people did not believe Krawisz’s statements as a number of crypto advocates think Craig Wright is completely irrelevant in regard to the digital currency ecosystem in general.
“I won’t be affected, at all,” one person responded to Krawisz, and another person replied “exactly zero.” |
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How exactly is he claiming that? Where's the proof? If we're talking about burning addresses, I highly doubt that 1500 BTC are burnt every day. This is some stats that shows the assumed lost coins:  So the total lost bitcoins are about 1,5 million. But, it doesn't mean that 1500 BTC were getting burnt every day for 3 years. I think something happened with a guy named MtGox and he lost hundreds of thousands... bitcoins... I agree this is dubious. Here are the two tweets (including one clarification) and the referenced report, but really no evidence of the 1,500 BTC/day burn rate. I think that is just a crazy or wishful thinking figure.   April 2020 Cane Island Research paper discusses how bitcoins can be lost: https://static1.squarespace.com/static/5d580747908cdc0001e6792d/t/5e98dde5558a587a09fac0cc/1587076583519/research+note+4.17.pdf- A user accidentally throws away hardware.
- A user loses their keys.
- A user dies without having made arrangements to transfer keys.
- A user sends bitcoin to the wrong address, one which is not currently managed, where the keys are lost or the address is otherwise defunct.
We can estimate that since 2010, about 4% of the Available Supply of bitcoin has been lost each year. This puts the current Available Supply at about 13.9 million coins, well below the 18.3 million Total Supply figure publicized. This means that about 28% of all bitcoins have been Irretrievably Lost. This figure is consistent with research conducted by Ratliff in 2014 (n. 5) and Chainalysis in 2017. |
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I'm sick of the fees on Ebay it's become totally unprofitable for some items due to the massive fees. I use Facebook marketplace but that's more for local sales.
With crypto Ebay you could have near zero fees and have a decentralized marketplace model. I know there are things on TOR etc, but I just wouldn't trust it tbh..
As an interesting historical footnote Satoshi himself was considering an 'eBay like marketplace' use-case for bitcoin when he first designed it and even had an partial framework coded in his initial release. His rational for even attempting it further illustrates his amazing vision/brilliance: Satoshi Nakamoto < satoshin@gmx.com> Wed, Mar 9, 2011 at 7:39 PM To: Mike Hearn < mike@plan99.net> There's an unfinished part of the protocol that deals with setting up publisher/subscriber channels for distributed routing via the network. What was the purpose of this? Was the idea to have a p2p market or did it have some kind of lower level function, like perhaps broadcasting expected tx fees?I was trying to implement an eBay style marketplace built in to the client. Publish/subscribe would be used for broadcasting product offers and ratings/reviews. Your reviews would be weighted by the blocks you've generated. I rightly abandoned it in favour of JSON-RPC, so other authors could implement it externally. The publish/subscribe "meet in the middle" mechanism was an interesting concept, but nothing remains that uses it. It was part of writing code to explore the most technically demanding use cases and make sure Bitcoin could support everything that might be needed in the future, given the locked-in nature of the rules once the block chain started. |
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I am one of those who agree that CBDC will help Bitcoin, because if it is true CBDC is officially used by all countries.
All digital payments will be impacted, including Bitcoin which should also be affected. Everyone will study all E-currency,
and will definitely start learning and using Bitcoin. Then Bitcoin will become increasingly popular, and there could be mass
adoption. So indirectly Bitcoin became famous due to the coming of CBDC. People will prefer to use digital currency as payment,
because my prediction in the future financial transactions will be cashless.
I too agreed for similar reasons. IMHO, CBDC will increase awareness and adoption of 'digital currencies' in general and since CBDC are almost on opposite sides of the DC's spectrum (centralized vs. decentralized, fixed cap vs. 'at the issuing government's whim' cap, etc..) bitcoin will sought after by those seeking bitcoin's true virtues. |
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Now for something completely unexpected Kiss' Gene Simmons Tweets Cryptic Message About His Bitcoin Planshttps://news.bitcoin.com/kiss-gene-simmons-bitcoin/After multiple tweets on the subject, the exchange founder admitted that “getting people into this new system is the biggest challenge we face as an industry … It’s easier to buy bitcoin and ether if you are already in the old system. If you don’t have a bank account, it’s hard to get funds into crypto. We need to change this.” Simmons, who has 896.4K followers on Twitter, responded with a short tweet that reads: “I will. I am.” At the time of writing, his tweet has been liked 1.4K times. |
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Central bank digital currencies (CBDC) are coming fast. Recent article focuses on impact of digital yuan (likely first) to dollar, but what impact will it have on bitcoin or any? I know they are not the same thing, but will eventual widespread adoption of government issued e-currencies (a given IMHO... just when) help or hurt bitcoin? Geopolitical fallout of central bank digital currencieshttps:/Geopolitical fallout of central bank digital currenciescointelegraph.com/news/geopolitical-fallout-of-central-bank-digital-currencies China might lead the charge into the digital economy, but will being the first major economy to launch a CBDC be enough to win global reserve currency status?
As China will be the first nation to launch a CBDC, the changes a digital yuan promises for global economics and the role this plan plays in pushing for a “currency war” keeps its project in headlines |
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Probably a dip, as people would probably be more confident to allocate money to businesses/companies(and away from the hedges like gold) that are halted by the pandemic, but I'm not really sure about a "crash".
I'm personally expecting a bigger dip with gold than with bitcoin though; bitcoin has been pretty much mirroring the S&P500 for a while now.
yeah completely agree with mk4 and others....bitcoin crashed with the stock market and recovered with the stock market. It is doing well but nothing like 2017 bubble so dip maybe but it will be more of the usual volatility 'hiccups' bitcoin experiences regularly. I hope it ;crashes;... I will be first in line to buy on the short term dip. |
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If all countries can accepted crypto currencies in there various countries, as a means of payment and as a means of online exchanges, such as money is, money is anything use as a means of exchange and general acceptable. With the means I think all cryptocurrencies (bitcoin) will definitely go round the world, and will be use as a means of exchange. I will be so grateful to the creation of crypto currencies. This will also help our future generation, Remember something when we do international transfer across the countries, it may take a while to get the money to your local bank account, but with cryptocurrency you can get instant reflection if bitcoin etc is transfer to wallet,And you can make use of your coin (bitcoin ETC).
FYI You might be interested in the responses to this recent thread since 'mainstream' and acceptance are closely related --> Poll: when will cryptocurrency go mainstream? I have been pondering this question recently. While bitcoin is decentralized and not dependent on governments for its existence I believe that it is dependent on countries for its acceptance (or at least the degree of acceptance). Countries support for bitcoin varies considerably from where ownership and trade is practically illegal to more 'bitcoin friendly' countries. All governments have a fiat currency which drives its economy and bitcoin doesn't do it any favors so it is understandable that even so-called 'bitcoin friendly' countries are really just 'bitcoin tolerant'. The larger bitcoin gets the great the perceived threat to their fiat currency the more likely the country will become less tolerant. Your example of international transfers is a great one where bitcoin can do a much better job than traditional means however that isn't going to drive wide spread acceptance IMHO. It needs more use cases where it is a superior the alternatives. Take the USA which I would describe as bitcoin tolerant...Yes, I can own and trade bitcoins BUT I needed to track every exchange and report it on my taxes. That means if I was to use bitcoins to buy, say, my dinner I would have to track this micro purchase and report it as a gain (or loss) which to me is a massive barrier toward its usage. Hence it largely is viewed/used as commodity or a 'store of value' for speculative investment. In this space most countries can tolerate bitcoin because it doesn't go head to head with their own fiat currency. They just need to regulate it so they can get their proper tax cut out of any investment appreciation and they are happy. Satoshi's response to 'Bitcoins are most like shares of common stock' thread:Bitcoins have no dividend or potential future dividend, therefore not like a stock.
More like a collectible or commodity.
The problem is that the alternative for micro purchases to the vast majority (of people living in the USA at least) is a touch act to follow even if you ignore the tax tracking issue. Credit cards are widely accepted, easy to use, and even pays me money back to use it (yes I am blessed in that I can pay off all my CC debt). Sure, they are susceptible to fraud but largely I am not held liable when it occurs unless I am grossly negligent. Can bitcoin really compete with that use case? Satoshi outlines an interesting 'fringe' use case that unfortunately won't lead to universal acceptance, but is interesting Bitcoin would be convenient for people who don't have a credit card or don't want to use the cards they have, either don't want the spouse to see it on the bill or don't trust giving their number to "porn guys", or afraid of recurring billing.
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In my opinion, a world war is literally the worst thing that can happen to humanity, with or without bitcoin.
Wars happen because countries can't pay up their debts, so they "pay up" this way. (Again, in my opinion, no misunderstandings)
In a war, the fiat loses its value. I had a discussion with a friend about what could happen to bitcoin in a war. He said that it will surely collapse. I am not so sure about it.
Although, think about it for a while. In a world war, the last thing someone has is access to the internet. Would bitcoins lose their value?
History has shown that gold is the money that "reborns" fiat. At least after a war. I would like to read some thoughts.
Interesting but dark question! If a third world war it is hard to imagine it won't escalate to involve nuclear weapons so I agree the outcome would "literally the worst thing that can happen to humanity" and nothing like the outcome of the two world wars in terms of utter devastation IMHO. Given that bitcoin is largely 'electronic' being completely reliant on computers to operation and currently its energy consumption now comparable to Czech Republic* I would think the mining industry would be devastated at the very least so how would transactions get verified? I am pretty bitcoin would be forgotten and we would return back to barter system or at least something that doesn't rely on world wide network of computers to still be functioning. * Bitcoin’s Energy Consumption Grows, Now Comparable to Czech Republicpower consumption of the entire Bitcoin network, Bitcoin is currently estimated to use 67.927 terawatt-hours (TWh) per year, as of Thursday
...Bitcoin's energy consumption now ranks above Switzerland, Kuwait, and Algeria on that list. |
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As far as I know, Grayscale is by far the biggest player in the BTC ecosystem. As per the a ttached spreadsheet they now control more than 2% of the entire BCT supply. Square is getting bigger, and other competitors just started taking steps in this direction, given the huge amount of money to be made. Yet, the pressure is not against the newly mined bitcoin, but against the total supply. So a lot has to be done. But nonetheless, I expect this business growing steadily over the next quarters. Remember that bitcoin is still tiny. The entire market cap of Bitcoin is equal to the market cap that Amazon raised in the month of July only(more or less 220 billions). . And technically, Satoshi also owns 1 million coins, so he's also the biggest player in Bitcoin ecosystem, though he's disqualified cause he's inactive now. Still, holding 2% of supply is pretty big. I wonder if there's any entity that holds 2% of all gold in the world? Most notable ones are the Index Provider being Tradeblock and Coinbase as custodian.
This means all the computations are executed on the back of Tradeblock price computations (more details on this later) and that the assets are held on a cold wallet at Coinbase.
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It looks like you are a typical long-term holder, for two years you didn't check the Bitcoin price development.
If we look at the trading chart two years ago Bitcoin which was priced at $ 6000, of course now Bitcoin is in
good shape or Bitcoin is on the right track to get to an all time high price. Hopefully, the current Bitcoin price
correction will not last long. Because I am still optimistic that this year Bitcoin will be able to touch the price
of $ 15,000.
I long on BTC and also hope to see $15K this year too, but I am frustrated how much BTC has been tracking stocks, especially tech stocks this year and I am expecting another correction since there is really nothing to justify the stock market recovery with COVID impacting almost every sector (devastating is some!) If anything I would think BTC is viewed as a hedge given COVID has little direct impact (indirect of course since the world's economies are significantly impacted). Anyway, there are a number of articles highlighting the recent correlation, but this one has a decent chart: Both bitcoin and tech stocks have tumbled – how much worse will it get?As I sidenote, that other bubblicious asset – bitcoin – has this year been behaving like a tech stock. Here’s the Nasdaq in black, with bitcoin overlaid in red.  But here’s the question we all want to know the answer to: what happens next? Is this the beginning of something bigger, or a temporary blip – a mere aberration? The volumes and violence of this correction make me inclined to favour the former. I know that the stockmarket and the economy are two very different beasts, but they are related, and the fact that we are in the biggest recession for probably 50 years, maybe even a hundred, inclines me to believe that the fundamentals aren’t totally bullish for stocks. That said the money printer will go “brrr”, and when it does, inflation manifests itself in the stockmarket. |
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