In January 2011, Finney noted the more speculative conversation taking place in the community’s early days, saying those with bitcoin should think about how they could put that potential wealth to work in a positive way. “Since we’re all rich with bitcoins, or we will be once they’re worth a million dollars like everyone expects, we ought to put some of this unearned wealth to good use.”
Nice sentiments!
You have to realize that it was difficult for early Bitcoin adopters (myself included) to really HODL, despite what we knew and made forum posts about.
Quite simply life gets in the way of these things. Hal and his family were most certainly not billionaires either and sold a lot of Bitcoin to pay for his care.
...
Herewith, the first Bitcoin (BTC) Exchange prices and how they were calculated ...
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http://newlibertystandard.wikifoundry.com/page/2009+Exchange+Rate-
http://newlibertystandard.wikifoundry.com/page/Exchange+RateIts a copy of the original website which was at the free domain service wetpaint, although the above is as I remember it.
...
Here is another earlier post from Hal on sourceforge in response to Satoshi ...
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https://sourceforge.net/p/bitcoin/mailman/message/21312757/Re: [bitcoin-list] Bitcoin v0.1 released
From: <hal@fi...> - 2009-01-11 03:16:43
Satoshi Nakamoto writes:
> Announcing the first release of Bitcoin, a new electronic cash
> system that uses a peer-to-peer network to prevent double-spending.
> It's completely decentralized with no server or central authority.
>
> See bitcoin.org for screenshots.
>
> Download link:
>
http://downloads.sourceforge.net/bitcoin/bitcoin-0.1.0.rarCongratulations to Satoshi on this first alpha release. I am looking
forward to trying it out.
> Total circulation will be 21,000,000 coins. It'll be distributed
> to network nodes when they make blocks, with the amount cut in half
> every 4 years.
>
> first 4 years: 10,500,000 coins
> next 4 years: 5,250,000 coins
> next 4 years: 2,625,000 coins
> next 4 years: 1,312,500 coins
> etc...
It's interesting that the system can be configured to only allow a
certain maximum number of coins ever to be generated. I guess the
idea is that the amount of work needed to generate a new coin will
become more difficult as time goes on.
One immediate problem with any new currency is how to value it. Even
ignoring the practical problem that virtually no one will accept it
at first, there is still a difficulty in coming up with a reasonable
argument in favor of a particular non-zero value for the coins.
As an amusing thought experiment, imagine that Bitcoin is successful and
becomes the dominant payment system in use throughout the world. Then the
total value of the currency should be equal to the total value of all
the wealth in the world. Current estimates of total worldwide household
wealth that I have found range from $100 trillion to $300 trillion. With
20 million coins, that gives each coin a value of about $10 million.
So the possibility of generating coins today with a few cents of compute
time may be quite a good bet, with a payoff of something like 100 million
to 1! Even if the odds of Bitcoin succeeding to this degree are slim,
are they really 100 million to one against? Something to think about...
Hal
RIP Hal
...
Its sickening to think that the likes of Craig Wright, who has publicly denounced Hal and also effectively tried to hijack the Bitcoin BTC project from its true originators, is still proliferating his sham.
