Bitcoin Forum
June 18, 2019, 10:10:18 PM *
News: Latest Bitcoin Core release: 0.18.0 [Torrent] (New!)
 
   Home   Help Search Login Register More  
Pages: « 1 [2]  All
  Print  
Author Topic: Satoshi's 1m instamine  (Read 425 times)
Last of the V8s
Legendary
*
Online Online

Activity: 1162
Merit: 2209


Be a bank.


View Profile
March 24, 2018, 09:53:51 AM
 #21

Good Information, I also used to think that Satoshi  exclusively mined 1M bitcoins for himself.
Can we compare lost bitcoin same as bitcoin burnt.
No. With 'burnt' coins the proof is there.
With 'lost' ones, maybe some'll be recovered by scouting in waste-dumps, recovering hard disks or remembering passphrases.
Here's another historical thread with attempts to add up lost coins; a random post:
snipsnip
38511.76334734
+    0.37949498
38512.14284232
1560895818
Hero Member
*
Offline Offline

Posts: 1560895818

View Profile Personal Message (Offline)

Ignore
1560895818
Reply with quote  #2

1560895818
Report to moderator
1560895818
Hero Member
*
Offline Offline

Posts: 1560895818

View Profile Personal Message (Offline)

Ignore
1560895818
Reply with quote  #2

1560895818
Report to moderator
1560895818
Hero Member
*
Offline Offline

Posts: 1560895818

View Profile Personal Message (Offline)

Ignore
1560895818
Reply with quote  #2

1560895818
Report to moderator
PLAY NOW
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1560895818
Hero Member
*
Offline Offline

Posts: 1560895818

View Profile Personal Message (Offline)

Ignore
1560895818
Reply with quote  #2

1560895818
Report to moderator
1560895818
Hero Member
*
Offline Offline

Posts: 1560895818

View Profile Personal Message (Offline)

Ignore
1560895818
Reply with quote  #2

1560895818
Report to moderator
1560895818
Hero Member
*
Offline Offline

Posts: 1560895818

View Profile Personal Message (Offline)

Ignore
1560895818
Reply with quote  #2

1560895818
Report to moderator
DannyHamilton
Legendary
*
Offline Offline

Activity: 2198
Merit: 1405



View Profile
March 24, 2018, 07:48:25 PM
 #22

Good Information, I also used to think that Satoshi  exclusively mined 1M bitcoins for himself.
Can we compare lost bitcoin same as bitcoin burnt.
No. With 'burnt' coins the proof is there.
With 'lost' ones, maybe some'll be recovered by scouting in waste-dumps, recovering hard disks or remembering passphrases.

And with "destroyed" coins, they don't even exist on the blockchain any longer.

BenOnceAgain
Member
**
Offline Offline

Activity: 210
Merit: 83

🌐 www.btric.org 🌐


View Profile WWW
March 25, 2018, 01:39:35 AM
 #23

There was no premine. It was open to anyone from minute one. Hardly anyone but him cared.

That's one of the reasons why Bitcoin is so unique. A launch with that level of purity can never happen again.

Bitcoin is unique among all cryptocurrency.  Bitcoin is the true revolution, everything else is derivative.  Even Bitcoin has precursors in much of the technology, but Satoshi uniquely put the pieces together and distributed the first versions of Bitcoin and launched the blockchain, mining when Bitcoin was worthless and encouraging others to join and really to experiment, test, build, explore what we now know as a new paradigm.  Satoshi saw what could be and created it.  And when no one else saw his vision, he mined it and continued, because he believed in it.

Then following Satoshi were some of the other cypherpunks, some of which you see as people with low user ids on this forum.  They believed in the power of Bitcoin, and I have to admit that when I first looked at the technology in late 2011/early 2012 I thought it was pretty impressive and a great idea.  However, I didn't realize just how revolutionary it was, probably because of my own experience in seeing how innovative ideas that are dangerous to the status quo are too often stifled.  I believed the power of "the powers that be" would kill Bitcoin were it ever to come close to threatening their businesses.  Banking, after all, is the biggest of the big, the most deeply entrenched of all of the structures of control that have shaped civilization.  You think governments are bad?  Ok, bad example, they are.  But banks are so much worse.  The control wielded by those that control the money is immense, even governments are subservient to those powers.  But the power of the many is greater than the power of the few, and the ability to exchange information of all types (including Bitcoin blocks, but also including tweets, YouTube videos, and this very post) with all people, means that the many will defeat the few.

Bitcoin is a great example of what can emerge when people work toward a shared goal and strongly believe in something.  Bitcoin has value because we value it.  I know that sounds cliche, but I believe that to be the case for anything of value.  If nobody wanted to buy the Hope Diamond, it would be worth nothing.  In May of 2010 was the first known Bitcoin purchase of a real-world item, the infamous Bitcoin pizza (actually the wiki is telling me two pizzas) for 10,000 BTC.  At that time, these pizzas had more value to laszlo than the BTC, or at least he wanted pizza more and felt that 10,000 BTC was a fair trade (based on the price of the pizza, each BTC was worth $0.0041 at that time).  From that point forward, Bitcoin proved that it can be used as a form of money.  As more people got involved in mining it, and more people studied the economic model around Bitcoin (~21M BTC, 50 BTC block reward, halving, etc.), it began to establish value through the same supply and demand dynamics, as well as through the store of value properties that underlie a currency.

No one (at least known to the public) knows how many BTC Satoshi mined, though I do believe some of the estimates are based on sound reasoning.  I hope he is happy with his creation and his great contribution to humanity.  In the years and decades ahead, the creation of Bitcoin and its blockchain will be recognized as a turning point in human history.  I also hope that he has earned enough money from addresses that maybe we don't know about to live comfortably.

I believe that as long as Bitcoin remains true to its purpose and the people involved with it believe in its power, that it will never cease to be relevant.  It will live in monetary history in perpetuity, like gold.  The dedicated people who maintain Bitcoin are really contributing to something far greater, the reshaping of society around principles of decentralization and the removal of power from the few, giving it to the many.  If Bitcoin were to "fail", it could cast doubt on this overarching aim.  But so long as the people that maintain Bitcoin continue to do so with integrity, and that the software and the blockchain and protocols it implements are maintained to keep up with the pace of change, Bitcoin will remain the true gold standard.  I believe that they will.

Best regards,
Ben

Dream it. Plan it. Build it.
Need help with your project? [MY WEBSITE] | [MY COMPANY] | [BLOG] | [TWITTER] | [LINKEDIN] | [EMAIL]
Want to help support the blockchain charity I'm building? [LEARN ABOUT BTRIC] | [DONATE] | [TWITTER] | [EMAIL]
vit05
Hero Member
*****
Offline Offline

Activity: 672
Merit: 523



View Profile
March 25, 2018, 04:43:49 AM
 #24

Bitcoin is still an experiment. It is a social, economic and technological experiment. And this after almost 10 years of the paper. We do not have version 1.0 yet. Everyone who is participating in this experiment will be very well rewarded if it is a success. And that is why the vast majority participate.

Now, when Satoshi created the code, the idea that he could be well recompensed in the future simply did not exist. What he mined was just to continue his early studies and the costs far outweighed any rewards he might have. Since the market was non-existent.

He did not plan, as it is now very common, to accumulate an amount before the coin was adopted to finance his life or his work with Bitcoin. We do not know how organized he was, but it is quite likely that he would lose the seeds of the wallets over time. That supposed value he would have accumulated should never be interpreted the way you did it.


Nearly all bitcoins still exist.  Relatively few have been destroyed.  I think the total amount of destroyed bitcoins is less than 150 BTC.


There are at least 2196BTC burnt: https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr (Counterparty), https://blockchain.info/address/1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa (Genesis), https://blockchain.info/address/1111111111111111111114oLvT2 (smallest possible Hash160) and https://blockchain.info/address/1QLbz7JHiBTspS962RLKV8GndWFwi5j6Qr (largest possible Hash160)

Most of the early mined coins are still sitting on the addresses they were sent to during mining. if i remember correct

This is very interesting, this amount is quite small. If compared to how many dollars are annually destroyed by use, the difference should be exorbitant.

Pages: « 1 [2]  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!