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January 03, 2018, 07:30:53 PM |
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On this day nine years ago, quietly, bitcoin and its blockchain network were birthed with block zero, the Genesis Block. Also read: 2017: The Year of Altcoins, Forks, and Five Digit Bitcoin Prices Pseudonymous Satoshi Nakamoto, perhaps one person, maybe a group, set loose a hinge of human history: the blockchain database and its resultant cryptographic currency, bitcoin..
The first block, block zero, and its fifty bitcoin reward, now worth over 700,000 USD as of this writing, was locked, unable to be transacted, and for all time. MAY 22, 2010 COMMENTER LASZLO CONFIRMS PURCHASE OF A PIZZA FOR 10,000 BITCOIN The Great Recession metastasized from the world’s reserve currency, the United States, to all first world nations, and quickly..
The issue in the first decade of the 21st century was divorcing money and state, getting around governments and their incessant push to monitor and control and inflate. Despite previous attempts at competing currencies to government money, there was always a central point of failure, a place in its distribution or creation where it became exposed, fragile..
Without a patent, no incorporation to limit liability, no billionaire genius bankrolling the project, lacking a visionary CEO spouting words of wisdom, swanky marketing budgets were nonexistent, and exactly no government backing, bitcoin has amassed a quarter trillion in market capitalization. For sure, much of it could be chimera due to, ironically, the very same issue that gave it a reason to exist in the first place: easy government money sloshing about, distorting valuations
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