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Author Topic: The birth of Bitcoin  (Read 846 times)
InvestONEr (OP)
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April 27, 2015, 04:33:46 PM
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Who knows the full story?
ndnh
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April 27, 2015, 05:10:59 PM
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Who knows the full story?

Satoshi
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April 27, 2015, 05:28:22 PM
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The idea for a currency outside a MMORPG came from playing RuneScape and Tibia.
You could generate value by mining in RuneScape, see the similarity?
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April 27, 2015, 07:00:24 PM
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I wrote an article once,

A History of Bitcoin

The biggest thing to hit the global market since the invention of currency is the word “Bitcoin”. What started merely as an alternate electronic payment system soon became the wonder of modern economy. With all the ups and downs of the Bitcoin market, most of us probably don’t know about its history. So let’s look at how it all started.

It All Began with “A Paper”

October 2008


Satoshi Nakamoto (which may be a pseudonym for a group of people) published a paper regarding a breakthrough in electronic currency. The paper contained an outline of a peer-to-peer electronic currency system which uses software code to authenticate and protect transactions. The idea was to remain anonymous from any centralized bank or government treasury.

The Currency of the Times Began

January 2009


As Bitcoin started its journey, many began to voice theories about why it was created in the first place. Many views were brought forth at that time. Most of them stated that it was simply a response to the global financial crisis, which was a vital concern during that period.

Bitcoin for Appetite

May 2010


The bitcoin frenzy started when a user of the online currency posted a photo of pizza, claiming that he bought it using bitcoin. This happened just after the bitcoin marketplace was established. Bitcoin was quite cheap at that time, and the pizza cost that person 10,000 bitcoins.

Safety Concerns

July 2011

Question marks were raised when bitcoin accounts started to become the victim of hacking and theft. People started to think that bitcoins or virtual currencies were just as vulnerable as the hard currency of the period.
Getting Legit, Putting Everything Aside

July 2012

By July 2012, Bitcoin was up and running, but mainly relegated to corners of the Internet. It was largely used in black markets for selling illegal goods. But there were signs of hope as some enterprising groups paved the way for its legitimacy by organizing a trading network for the currency. One of the biggest groups was Coinbase, a Silicon Valley start-up aiming to finance bitcoins.

The Amount Got Bigger and Bigger

April 2013

At the start of 2013, the bitcoin market was skyrocketing and by April, the total market cap of bitcoin passed the billion-dollar mark. This amount paid for any kind of hard currency let alone crypto currency was news. An amount that large turned the bitcoin market from an electronic payment system to a global media sensation.

The main reason behind this huge market surge was the recent economic crisis in the European Union. People were tempted by a currency that was free from any kind of government regulations. But clearly, most of the uses for bitcoin were illicit, including a huge amount of online gambling. And then there was Silk Road, a perfect anonymous marketplace for controlled substances and narcotics.

New Proposal Arrived

July 2013


The Winklevoss twins, who owned nearly 11 million dollars worth of bitcoin, brought a new proposal to the table. They wanted a stock-like system for bitcoin, where any investor could trade bitcoins. The plan was to have an exchange-traded fund to track a basket of stocks, or in this case bitcoins. It was a comprehensive attempt to protect bitcoin and other online currencies from regulatory questions and enforcement actions.

Mt. Gox arrived on the scene as the world’s largest trading exchange for bitcoins. It was registered in the Treasury Department as a money services business and is held to the terms of money-laundering regulations.

Stakes Were High

September 2013


By September 2013, there were many services, like SecondMarket, which provided the bitcoin users with an opportunity to buy shares of red-hot private companies like Twitter. And there was also betting on the future price of bitcoin provided by the Bitcoin Investment Trust.
Silk Road Got Shut Down

October 2013

F.B.I. agents arrested a 29-year-old man named Ross Ulbricht, accusing him of being the mastermind of the Silk Road marketplace. Silk Road, a bitcoin black market that began in 2011, was an underground online marketplace for drug dealers where substances like marijuana, LSD and prescription pills were traded in large amounts.

The anonymous nature of the bitcoin was the main advantage that drug dealers received by using this marketplace. This made it harder for law enforcement agencies to find any trace of this operation, let alone shut it down. But in the end, they were able to shut down the operation.

First Bitcoin A.T.M Opened in Vancouver

November 2013

At one end, the bitcoin community was being threatened by security questions and on the other hand, the world’s first bitcoin ATM was set up at a trendy coffee shop in Vancouver, British Columbia. The ATM used a barcode scanner and hand scanner to confirm identity. Users could transfer funds from a virtual wallet to their smartphone. To prevent money laundering and other fraud, the maximum transfer amount was limited to $1,000 a day.

Regulators Took Bitcoin into Consideration

On November 18 at a Senate hearing, Federal officials indicated the real benefits of the digital currency, despite all the avenues provided for money laundering and illegal activity. It was a clear indication that the bitcoin revolution was beginning to attract the attention of the government.

Value Surpassed $1000

January 2014

At this point bitcoin was beyond anything that Satoshi ever dreamed of, as the market price touched the $1000 mark. The total market price of bitcoins was more than $7 billion. With all the questions hanging on the bitcoin community, bitcoin was running at its own pace and reaching all kinds of landmarks. Specialists predicted the market to touch the $1000 mark and it did.
Market Stabilized Again

March 2014

Although people expected the bitcoin value to rise sky-high in 2014, it faltered again. The price dropped down to the $500 mark. Now the market is back in balance, with bitcoin prices rising ever so slightly and steadily.

Bitcoin has come a long way since it began its journey and it certainly had its difficulties on the way. But that didn’t stop it from establishing a global community. One thing is for certain; with this huge market in the balance, bitcoin will be a part of the global economy and it will make way for a completely new era of digital currency.

RodeoX
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April 27, 2015, 07:06:09 PM
 #5

You first hear about this stuff in the cypherpunks electronic mailing list during the 1990's. If you are old like me anyway.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf
Free bitcoin in ? - Stay tuned for this years Bitcoin hunt!
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April 27, 2015, 07:37:47 PM
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Is Satoshi only the name of a coin or is there a human named Satoshi? I have been hearing about him/it but thought epople are just joking  Cheesy

InvestONEr (OP)
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April 28, 2015, 10:15:41 AM
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Is Satoshi only the name of a coin or is there a human named Satoshi? I have been hearing about him/it but thought epople are just joking  Cheesy

The name "Satoshi Nakamoto" was randomly picked from a list of technical people.
ndnh
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April 28, 2015, 11:16:05 AM
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Is Satoshi only the name of a coin or is there a human named Satoshi? I have been hearing about him/it but thought epople are just joking  Cheesy

You know this, right?

https://bitcointalk.org/index.php?action=profile;u=3
erikalui
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April 28, 2015, 11:32:20 AM
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No I dint know about this member. Thanks for the profile link  Smiley

But he is inactive since 2010  Undecided

ndnh
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April 28, 2015, 11:54:14 AM
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No I dint know about this member. Thanks for the profile link  Smiley

But he is inactive since 2010  Undecided

LOL! You are unaware of who founded Bitcoin? Tongue
Satoshi Nakamoto? Why do you think the smallest unit of Bitcoin is named satoshi?

btw, that is my alt.  Grin
erikalui
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April 28, 2015, 12:10:22 PM
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LOL! You are unaware of who founded Bitcoin? Tongue
Satoshi Nakamoto? Why do you think the smallest unit of Bitcoin is named satoshi?

btw, that is my alt.  Grin

No. I only know who is the Prime Minister of my country as that's some useful information for me  Cheesy

Great to know that it was your alt  Tongue Although I don't believe you  Grin

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April 28, 2015, 01:44:13 PM
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InvestONEr (OP)
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April 28, 2015, 06:56:20 PM
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He is not Satoshi.. Wink

/2539
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April 29, 2015, 03:30:16 AM
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but history need to known for future
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May 09, 2015, 07:09:25 PM
 #15

'Satoshi' was most likely a team.

I doubt one person could have pulled it off.

Bottom line is we will never get the specifics, we can speculate all we like.

Let us be greatful for the code and all the thousands of hours of time spent by core developers to perfect it to where it is now.

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