Thoughts on recent move of 1000 coins mined back in 2010?

[DougM]

There are a number of articles on this recent move, but the following article seemed to have the most details.  Highlight is that coins mined back in 2010 (when Satoshi was still actively involved but toward the end) were moved around recently meaning these coins were not lost    Now no one is speculating these belong to Satoshi himself (even CSW didn't claim them   ), but I think it is a positive sign that it didn't have a significant impact on the BTC price.  There is speculation on if this move is bullish or not, but I personally agree with Hans Hauge quoted below. What do others think about it?


Bitcoin Price Unmoved by Satoshi Era BTC 1,000 Move  By Sead Fadilpašić October 12, 2020
https://cryptonews.com/news/bitcoin-price-unmoved-by-satoshi-era-btc-1k-move-7963.htm

Somebody moved at least 1,000 bitcoin (BTC) that were dormant since they were mined in 2010. Bitcoin's price, however, seems to be unfazed by the event.

Twenty blocks with coinbase reward were spent on October 11, shows onchain parser Btcparser.com, with BTC 1,000 in total, in block 652,204. This was followed by another BTC 50 in block 652,229, making it a total of BTC 1,050 moved. BTC 1,000 was consolidated into a single address and re-transferred.
...
Cryptocurrency trader Kirill K seems to be the first to have reported this event, saying that "another 20 bitcoin wallets mined in 2010 has awakened."

Per K's analysis of "two major awakenings of elder bitcoins", that on March 11 (before the major market crash) and this latest on on October 11, they both have the same owner. His arguments are that: both were done on the 11th day of a month; BTC 1,000 were transferred; BTC was collected on a P2SH address; then it was split between multiple BECH32 addresses; and there was a wallet receiving BTC 200 both times.

Hans Hauge, Head of quant strategy at Ikigai Asset Management, commented on Kirill K's post, arguing that this is an old miner transferring coins to the newer Bech32 format, which is the native SegWit (Segregated Witness) address. And though, in Hauge's opinion, old miners must be careful with transfers so as not to "spook the market," moving USD 11m "into a spot market doing billions each day should not move the needle much in either direction."

"This is bullish," said Hauge. "If this guy was just planning on dumping these coins on an exchange, why bother with the new address format and chunk size? It's like he's organizing his vault."[/quote]

[coinycoiny]

Its becoming obvious that after 10+ years, virtual currencies just aren't going to take over the world.

Long term hodlers have to sell at some point or what was the point of buying in the first place?

[dunfida]

Its becoming obvious that after 10+ years, virtual currencies just aren't going to take over the world.

Long term hodlers have to sell at some point or what was the point of buying in the first place?

You do have that valid point or perspective towards bitcoin but it isnt really been pushed up to be taking over the world in the first place, even Satoshi didnt expect that his creation would really make it this big and relevant on to those who mainly supported it.For those long term holders then its up to them if they would sell it out and to know that majority will really be having that common goal or plans into our coins.
Who the hell wouldnt sell out if they do saw that their holdings had already gained that much? No one has the right mind on not to think about it.On this event, then this do proves out that not all of those dormant wallets to be considered on totally lost. Some of them are just really waiting for the right moment to sell or just simply then had just found out their keys.We cant say that this one owned by Satoshi or not.

[cabron]

Its becoming obvious that after 10+ years, virtual currencies just aren't going to take over the world.

Long term hodlers have to sell at some point or what was the point of buying in the first place?

They invest for long term, its not unusual but this guy must have seen it form the begining how all it will end up and that he can generate a lot of money out of his smal investment. Its amazing how he trusted the project long before it got out for all to see its potential.

Waiting for 10 years is long over due though and he missed the shot when its price go all the way to its ATH.

[KIZILAGA]

imagine you invest million of dollars into Bitcoin and everybody see when you move your coins,it is like sending money to a person but everybody knows whats in your bank account 

Who moved this coins satoshi or another not important.it MOVED.Get the message 

[claire_lovely]

Its becoming obvious that after 10+ years, virtual currencies just aren't going to take over the world.

Long term hodlers have to sell at some point or what was the point of buying in the first place?

Usage has been increasing year on year and major institutions are getting involved. Cryptocurrency also doesn't have to be what takes over, but a useful alternative option which its becoming better and better at.

[Yaunfitda]

We really don't know what's the real reason behind the move, maybe he just wanted to move to a new address format or whatever, but as the article have said, the price is not unfazed by this news, and on the contrary, we are going to $12k so no negative effect. If I just say my thoughts on these kind of whale alerts, I don't like it, seems to be being used by crypto media to create FUD when they so some huge movement.

[jossiel]

Now it's already have been set in the mind of everyone that whenever there are huge transfers or awakening from an old wallet transferring to another wallet or exchange, there's an expected little crash. But with the news, there's no significance about that speculation and expectation like what we're thinking of most of the time.

With the quick increase that we looking at recently, this isn't the reason. There must be another reason that triggered the market and making it from $11,200 go to almost $11,700.

[South Park]

Its becoming obvious that after 10+ years, virtual currencies just aren't going to take over the world.

Long term hodlers have to sell at some point or what was the point of buying in the first place?

It does not really seem as if you read the article at all, the person moving this coins mined those coins back then and it is unlikely he bought them to begin with, if anything he just made a small investment to buy some hardware to mine those coins but that is it, also it does not seems as if he is planning to sell the coins and he is just organizing his stash, so if anything it seems he is planning to hold his coins for an even longer amount of time, and finally I do not see where you get this idea that it is obvious cryptocurrencies are not going to take over the world when the opposite is the most likely conclusion.

[DougM]

We really don't know what's the real reason behind the move, maybe he just wanted to move to a new address format or whatever, but as the article have said, the price is not unfazed by this news, and on the contrary, we are going to $12k so no negative effect. If I just say my thoughts on these kind of whale alerts, I don't like it, seems to be being used by crypto media to create FUD when they so some huge movement.

I would tend to agree UNLESS it is Satoshi own coins 

[Coin_trader]

imagine you invest million of dollars into Bitcoin and everybody see when you move your coins,it is like sending money to a person but everybody knows whats in your bank account 

But no one knows the owner of that big money that moved so there still privacy.

Who moved this coins satoshi or another not important.it MOVED.Get the message 

It's Important to know for accounting purposes just like the article stated above the OP. There are tons of Bitcoin that assume to be lost coin because it was dormant for so many years so using the supply and demand, it affects the price of bitcoin. And Yes more importantly it moved because we all know what comes next.

[GreatArkansas]

So, with this event. Are we not expecting any dump if ever Satoshi Nakamoto will move his/her Bitcoins in the future?
Because I saw a lot of conversation about the Bitcoins owned by Satoshi Nakamoto, especially when Satoshi still active and we all know that most of those Bitcoins still unmoved, they will always say that once those Bitcoins will be moved, we will experience a huge dump or another bottom before a new all-time-high.

[JakobFugger]

Maybe he finally found the hd he was looking for. With the Bitcoin he had mined. Imagine the feeling, it must be incredible. I find it very unlikely that this is a trader's strategy, or that he will use an exchange. But he will probably realize some of the profit he made.

Or maybe someone found an old HD from another owner, his password. There are many possibilities and I believe that most have to do with some forgotten and unsaved wallet.

[Wexnident]

Well, one thing you could probably say is whoever owns those coins knows what they could cause if they ever prepare to sell it out. He's probably just, as said by the article, organizing their wallets in preparation for slowly selling them, or just really, updating his vault. I guess the market already knows that having coins moved back then would affect the market a bit, so they didn't really overreact that much.

So, with this event. Are we not expecting any dump if ever Satoshi Nakamoto will move his/her Bitcoins in the future?
Because I saw a lot of conversation about the Bitcoins owned by Satoshi Nakamoto, especially when Satoshi still active and we all know that most of those Bitcoins still unmoved, they will always say that once those Bitcoins will be moved, we will experience a huge dump or another bottom before a new all-time-high.

There are probably two scenarios here, one is that Satoshi doesn't really care about BTC price and has no intention of joining the war of investments, and two, is just waiting for a higher price. Though it would be odd if it's the latter since just back in 2017, we peaked at somewhere around $20k, you would've honestly expected Satoshi to have moved or sold at least some coins if his/her goal was to profit. He probably has some other purpose for those coins he's currently hodling, as to what though? I doubt no one knows except for the man themselves.

[Darker45]

Long term hodlers have to sell at some point or what was the point of buying in the first place?

That 1,000BTC were not bought; they were mined. If they were bought, they weren't much of an investment either. Bitcoin hadn't much worth back in those very early years. I guess you could buy a thousand BTC with a few tens of dollars.

Anyway, there seems to be no intention from the owner that those BTC will be dumped. But if they will be dumped, I don't think it is enough for the price to dive. That's just a thousand BTC.

Another thought of this recent move: it doesn't mean that since a certain amount of BTC is dormant for over a decade it is already considered lost or forgotten for good.

[pooya87]

such moves aren't happening every day but still they aren't that rare either. there are also lots of much bigger amounts of coins (not mined early days but just big) being moved around regularly. in fact billions of dollars worth of bitcoin are moved every day in total.

why didn't it affect the price? because only certain types of people react to such nonsense news called weak hands and i believe that currently bitcoin doesn't have that many weak hands because they sold their coins recently due to some other FUD that scared them into doing so. which means there isn't any of them left to panic sell.

[jrrsparkles]

Coins mined in 2010 or 2020 doesn't have any real difference, infact 1000 bitcoins in 2010 is nit really a huge amount so someone mined that coin and went to come suddenly he woke up and see what lottery he got just for doing some little thing years back.Just another news to speculate about the bitcoin and nothing more. Anyway there was 2% hike in the price in the last few hiurs so that news affected in the positive way.

[meanwords]

Coins mined in 2010 or 2020 doesn't have any real difference, infact 1000 bitcoins in 2010 is nit really a huge amount so someone mined that coin and went to come suddenly he woke up and see what lottery he got just for doing some little thing years back.Just another news to speculate about the bitcoin and nothing more. Anyway there was 2% hike in the price in the last few hiurs so that news affected in the positive way.

That's right. I don't know how people is correlating this to being bullish and now investors are taking analyst seriously and buying Bitcoin in short term. This is just like one of those "Finding their old wallets from their old hard drives and viola they are rich now" stories and that doesn't mean they will be able to control the market price especially that 1000 can't be compared to whales who owns thousands of Bitcoin.

[CryptopreneurBrainboss]

Its becoming obvious that after 10+ years, virtual currencies just aren't going to take over the world.

Long term hodlers have to sell at some point or what was the point of buying in the first place?

Think again buddy, the currency industry has already been dominated by digital currency that's if you're taking of currencies that aren't fiats. Digital currency include both crypto and non crypto currency but since we're focus more on bitcoin, you can judge its success by refreshing your mind to what other projects achieve or accomplish in their first decade (10 years of existence).

Don't forget the other innovations/Investions didn't have the government body, banks etc fighting them, spreading wrong information in order to discourage the citizens from engaging themselves with the technology but the case of bitcoin is different and with all this attack, it still achieved all it did with in just 10 years.

The moved coins didn't show any sign of it been moved to be sold (at least for now). This is probably why there's no fud in the market. The coins just changed address so assuming if it was sold , it was done OTC and not on an exchange.

[DougM]

Another minor movement of 2010 era mined coins. This miner mined block 90,642 back on 2010-11-09:
https://www.blockchain.com/btc/tx/85fb66a417979a16c9c1730dc446ed22056342e18a675eaaebf6f2212a188296

I would agree with others speculating that these movements are simply an early miner  (but not Satoshi) shifting their coins into a BECH32 address for safer keeping.

Even More Satoshi-era Bitcoin Moves—What's Going on? By Liam Frost

Yet another cache of 50 Bitcoin that was mined in 2010 has woken up after a 10-year-long slumber.

https://decrypt.co/44978/even-more-satoshi-era-bitcoin-moves-whats-going-on

Another batch of 50 Bitcoin (BTC)—that has been lying dormant since 2010 and is worth around $570,000 today—was moved today, according to Blockchain.com.
Perhaps the recent "dusting attack" spooked the old-school wallet's owner?
The block explorer’s data shows that these 50 coins were first transferred to the address on November 9, 2010, as a coinbase transaction. This means the Bitcoin was a block reward received by a miner.