philipma1957
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'The right to privacy matters'
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August 05, 2015, 02:31:46 AM |
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About time he gets around to spending them. The sooner those mystery coins are in circulation the sooner they can get priced in the market and Bitcoin can take off. There is probably a lot of fear that if the market got too high in the future, say in the $10,000 per BTC range those millions would suddenly be shaken loose and the market dump.
Very good point they hang over the heads of all of us like the sword of Damocles . |
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franky1
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Activity: 4256
Merit: 4523
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August 05, 2015, 02:32:35 AM |
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satoshi only has 50 BTC?  I thought he has 1 million of them. He has a lot, estimated to be a little more than 1 million. However, his Bitcoin is spread over several hundreds, maybe thousands, of addresses when he was mining Bitcoin in the early days. nope.. its far less than 1million.. in the first few days he was throwing away addresses purely for debugging. so lots are just lost. then people like hal finney joined him in mining along with another 6 in those very early days.. by the end of 2009 there were more than a dozen people mining.. so not that much stayed in satoshi's hands |
I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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Amitabh S
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Activity: 1001
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August 05, 2015, 03:22:48 AM |
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satoshi only has 50 BTC? I thought he has 1 million of them. He has a lot, estimated to be a little more than 1 million. However, his Bitcoin is spread over several hundreds, maybe thousands, of addresses when he was mining Bitcoin in the early days. nope.. its far less than 1million.. in the first few days he was throwing away addresses purely for debugging. so lots are just lost. then people like hal finney joined him in mining along with another 6 in those very early days.. by the end of 2009 there were more than a dozen people mining.. so not that much stayed in satoshi's hands How did this bug happen? I haven't seen any details by bc.i. Somehow bc.i showed a fake tx. How? Whats the tx hex? Wat this signed properly? etc etc.. May questions. |
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franky1
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Activity: 4256
Merit: 4523
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August 05, 2015, 03:38:37 AM |
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How did this bug happen? I haven't seen any details by bc.i.
Somehow bc.i showed a fake tx. How? Whats the tx hex? Wat this signed properly? etc etc.. May questions.
there is no bug in bitcoin.. there was however a bug in the website known as blockchain.info where it displayed data wrong.. this is more evidence that people should stop trusting centralised services.. because even if they have good morals and ethics, they can still mess up |
I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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achow101
Staff
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Activity: 3430
Merit: 6705
Just writing some code
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August 05, 2015, 03:43:30 AM |
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How did this bug happen? I haven't seen any details by bc.i.
Somehow bc.i showed a fake tx. How? Whats the tx hex? Wat this signed properly? etc etc.. May questions.
I think they were sybil attacked. My idea of how they were attacked is as follow: Somehow bc.i was disconnected from all of the nodes they had previously been connected to. Then an attacker proceeded to perform a sybil attack by attempting to make sure that bc.i's node was connected only to the attacking nodes. The attacker then created an orphan chain starting at block 1 and fed that to blockchain.info. Then they included several transactions which spent the early coins and made it seem as if Satoshi had moved his Bitcoin. Since many people use bc.i, they were tricked into thinking that Satoshi had moved his coins. What I posted above is absolutely what happened, but is what I think is most likely to have happened. |
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coinpr0n
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August 05, 2015, 06:45:41 AM |
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How did this bug happen? I haven't seen any details by bc.i.
Somehow bc.i showed a fake tx. How? Whats the tx hex? Wat this signed properly? etc etc.. May questions.
I think they were sybil attacked. My idea of how they were attacked is as follow: Somehow bc.i was disconnected from all of the nodes they had previously been connected to. Then an attacker proceeded to perform a sybil attack by attempting to make sure that bc.i's node was connected only to the attacking nodes. The attacker then created an orphan chain starting at block 1 and fed that to blockchain.info. Then they included several transactions which spent the early coins and made it seem as if Satoshi had moved his Bitcoin. Since many people use bc.i, they were tricked into thinking that Satoshi had moved his coins. What I posted above is absolutely what happened, but is what I think is most likely to have happened. I don't think so. It's not necessary to go through all that. My theory... BC.i deals with a ton of tx's constantly. The problem seems to lie in their pushtx API. Polling a full node for every time transaction they receive a transaction is not feasible - it would be very slow. So, they must be implementing their own backend system for receiving these transactions. This API backend implementation is probably not doing all the checks it should be and ends up accepting invalid txs. /Theory |
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errornone
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Activity: 98
Merit: 10
error
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August 05, 2015, 10:57:55 AM |
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satoshi only has 50 BTC? I thought he has 1 million of them. He has a lot, estimated to be a little more than 1 million. However, his Bitcoin is spread over several hundreds, maybe thousands, of addresses when he was mining Bitcoin in the early days. oh ok. Thank you for that. |
error
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TinEye
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August 05, 2015, 11:48:57 AM |
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satoshi only has 50 BTC? I thought he has 1 million of them. He has a lot, estimated to be a little more than 1 million. However, his Bitcoin is spread over several hundreds, maybe thousands, of addresses when he was mining Bitcoin in the early days. nope.. its far less than 1million.. in the first few days he was throwing away addresses purely for debugging. so lots are just lost. then people like hal finney joined him in mining along with another 6 in those very early days.. by the end of 2009 there were more than a dozen people mining.. so not that much stayed in satoshi's hands for how he mined alone, because the diff was very low around 1 if i'm right, which mean that you can mine something like 10k bitcoin or even more, a day, right? and with that rate he only need 3 months to accumulate 1M, i think he was very near 1M or more if it wasn't for some coins that he might lose |
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shane
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August 07, 2015, 02:43:01 PM |
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AtheistAKASaneBrain
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August 07, 2015, 02:59:08 PM |
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How did this bug happen? I haven't seen any details by bc.i.
Somehow bc.i showed a fake tx. How? Whats the tx hex? Wat this signed properly? etc etc.. May questions.
I think they were sybil attacked. My idea of how they were attacked is as follow: Somehow bc.i was disconnected from all of the nodes they had previously been connected to. Then an attacker proceeded to perform a sybil attack by attempting to make sure that bc.i's node was connected only to the attacking nodes. The attacker then created an orphan chain starting at block 1 and fed that to blockchain.info. Then they included several transactions which spent the early coins and made it seem as if Satoshi had moved his Bitcoin. Since many people use bc.i, they were tricked into thinking that Satoshi had moved his coins. What I posted above is absolutely what happened, but is what I think is most likely to have happened. I don't think so. It's not necessary to go through all that. My theory... BC.i deals with a ton of tx's constantly. The problem seems to lie in their pushtx API. Polling a full node for every time transaction they receive a transaction is not feasible - it would be very slow. So, they must be implementing their own backend system for receiving these transactions. This API backend implementation is probably not doing all the checks it should be and ends up accepting invalid txs. /Theory I haven't researched what happened in dept but my theory is someone random that's pretty smart accidentally (or willingly) found the exploit and used it to try to fake a panic sell by making people think Satoshi was about to dump his fortune. |
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S4VV4S
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August 07, 2015, 03:00:36 PM |
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satoshi only has 50 BTC? I thought he has 1 million of them. He has a lot, estimated to be a little more than 1 million. However, his Bitcoin is spread over several hundreds, maybe thousands, of addresses when he was mining Bitcoin in the early days. nope.. its far less than 1million.. in the first few days he was throwing away addresses purely for debugging. so lots are just lost. then people like hal finney joined him in mining along with another 6 in those very early days.. by the end of 2009 there were more than a dozen people mining.. so not that much stayed in satoshi's hands for how he mined alone, because the diff was very low around 1 if i'm right, which mean that you can mine something like 10k bitcoin or even more, a day, right? and with that rate he only need 3 months to accumulate 1M, i think he was very near 1M or more if it wasn't for some coins that he might lose Actually it's 7200 coins per day (back then), and he wasn't mining alone. Hal Finney himself said that when Satoshi announced the release of the software he grabbed it straight away and started mining. He actually gave a lot of input to Satoshi regarding the software AFAIK. EDIT: I haven't researched what happened in dept but my theory is someone random that's pretty smart accidentally (or willingly) found the exploit and used it to try to fake a panic sell by making people think Satoshi was about to dump his fortune.
coinpr0n gave a link (a couple of posts above yours) to the excplaination of what happened by the guy that did it  |
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Shattered
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August 07, 2015, 03:10:21 PM |
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I wish people with this amount of higher level thinking would stop wasting their talents on detrimental things that give crypto a black eye. Scary sounds in the night scare sheep - Average people see stories like this and run away. |
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|Bitcoin|
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August 07, 2015, 03:25:13 PM |
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If blockchian.info was real the price of btc gonna spark very fast. I dont know if it will fall or rise. I juat hope that satoshi nakamoto keep is keys to juat himself.
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unamis76
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Merit: 1009
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August 07, 2015, 05:31:48 PM |
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Wow, what an amazing explanation  |
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juankburke
Newbie
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Activity: 31
Merit: 0
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August 08, 2015, 03:24:30 AM |
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its funny how people get excited whenever satoshi nakamoto is mentioned or his wallet or coins are mentioned lol
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Yamato no Orochi
Full Member
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Activity: 120
Merit: 100
HYPOCRISY!
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August 08, 2015, 07:46:02 AM |
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its funny how people get excited whenever satoshi nakamoto is mentioned or his wallet or coins are mentioned lol
no surprise there because this forum is comprised of bitcoin users and satoshi is the creator of bitcoin. |
for rent. 10BTC a month.  |
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eternalgloom
Legendary
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Activity: 1792
Merit: 1283
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August 08, 2015, 10:46:07 AM |
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Got me exited for a bit, too bad it was fake though.
Now I'm wondering if we will ever see his coins move or if he will just keep them there forever.
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bitcoinmasterlord
Legendary
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Activity: 1148
Merit: 1006
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August 09, 2015, 02:54:02 PM |
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I can't believe how amateurish the persons behind blockchain.info are. I mean they have this great domain name and a really old and established project that many are using. But then they go ahead and do so many errors that it is not funny anymore.
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