Why people sending transitions to Satoshi's first bitcoin wallet

[shahzadafzal]

What I would add as a reason is that some may think that Satoshi will one day show up and send them something back

Interesting that's a very good point it's true people might be thinking may be Satoshi will send them something back.

But people indeed have been sending bitcoins to this address like a wishing well.

It's been discussed on bitcointalk since 2012 or may be even earlier.

https://bitcointalk.org/index.php?topic=70553.0

And the address for the 50 BTC generated is here:
 - http://blockexplorer.com/address/1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa
Not only has that coin not been spent, it has received nearly a dozen "tips", adding more than .11 BTC to its balance.

Others have done it, so why not consider doing it for the luck of it.
Make a wish when you tip The Satosh via the Wisdom Well. Possibly the only wishing well on the internet that may never be converted to fiat.
~Bruno~

and yes many followed and tipped some bitcoins

I sent ~.0268 yesterday.
Satoshi, I wish you'd buy my house.  

I've tipped The Satosh 0.0424242 BTC, then declared my wish:

Someone sent full 4 BTC in 2013-01-27, as of today it worth $190,747.60, that must be the highest wishing well donation ever.
https://www.blockchain.com/btc/tx/db9e8d8a112437a5fc620c969cc76f3683e98475737c286d62002369f0f46fe5


Another interesting thing on 25 Feb, 2021 in Coinbase IPO official SEC filing they mentioned this address under Satoshi Nakamoto


https://www.sec.gov/Archives/edgar/data/1679788/000162828021013355/coinbase-possx1.htm

but we cannot say these coins are "frozen forever", as OP did.

Well to be honest I said that based on the facts and Satoshi's nature, since he did not move his coins in 12 years. I'm aware that Satoshi created his first wallet he must have access to it too but is he going to spend it? I think no.

I'm sure I'm not the only one who thinks so.

Possibly the only wishing well on the internet that may never be converted to fiat.

has anyone ever thought of the possibility that the coins are just lost. its very likely satoshi will never get them.

Possibly the only wishing well on the internet that may never be converted to fiat.

Now I'm feeling urge to send some sats a Satoshi.


Regarding quantum computers and if they able to break Bitcoin cryptography, do you still think bitcoin would be worth any thing? Also I do believe since its an open source before "quantum supremacy" is reached a simple soft fork to bitcoin will be a click away.

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[noormcs5]

Do you think that quantum computer will come into existence in the nearest future

Talking about quantum computers capable of solving the ECDLP and recovering/stealing lost coins. In the near future? Absolutely not. At some point in the future? Almost certainly.

Only coins which have been sent to outputs which cannot be spent, such as OP_RETURN outputs, are provably lost. Coins sent to burn addresses or lost addresses with no known private keys are not provably lost and may be recovered in the future. It will take decades or more, but we cannot say these coins are "frozen forever", as OP did.

If ever this happens that you are able to recover the coins from the burn addresses or reserves the transactions or find the private keys through Quantum computers, consider that time to be the end of the bitcoin and crypto currencies.

By that time, maybe we have something more secure which we are not aware of yet, but as of todays knowledge, any manipulation in the bitcoin blockchain will send bitcoin back to 100$ per coin.  

[BlackHatCoiner]

Regarding quantum computers and if they able to break Bitcoin cryptography, do you still think bitcoin would be worth any thing? Also I do believe since its an open source before "quantum supremacy" is reached a simple soft fork to bitcoin will be a click away.

Obviously and we will switch to a quantum resistant algorithm before it's too late. I keep reading these hypothesis' where quantum computers become strong enough to make bitcoin worthless. Bitcoin is a consensus-based project. We aren't left to the sake of God; we're fixing whatever doesn't work.

The danger with quantum computers concerns only those abandoned P2PK addresses most of which are doomed to be emptied maliciously in the future.

[shahzadafzal]

Someone sent full 4 BTC in 2013-01-27, as of today it worth $190,747.60, that must be the highest wishing well donation ever.
https://www.blockchain.com/btc/tx/db9e8d8a112437a5fc620c969cc76f3683e98475737c286d62002369f0f46fe5

Found another transaction sending ~39 bitcoins, but not sure if this one counts.

At the time of this transaction, 38.97634708 BTC was sent with a value of $218.46. The current value of this transaction is now $1,838,830.00.

https://www.blockchain.com/btc/tx/0590c372e7b90c5cc17855ac444032ba7726eb559bb9cf488e38fa6cdc4fcc40

[o_e_l_e_o]

Regarding quantum computers and if they able to break Bitcoin cryptography, do you still think bitcoin would be worth any thing?

We will fork to a quantum resistant algorithm long before quantum computers pose a serious threat. And once quantum computers can break elliptic curve multiplication, then pretty much the entire internet will be at risk. If bitcoin isn't worth anything, then neither will fiat.

Once vulnerable coins are stolen and dumped on the market, then the price will certainly take a hit, but it will be temporary and bitcoin will not become worthless.

The danger with quantum computers concerns only those abandoned P2PK addresses most of which are doomed to be emptied maliciously in the future.

It concerns all coins in addresses with exposed public keys, which includes many reused addresses.

[mynonce]

Regarding quantum computers and if they able to break Bitcoin cryptography, do you still think bitcoin would be worth any thing?

... And once quantum computers can break elliptic curve multiplication, ...

Not only quantum computers, it is also possible, that they will find a way to calculate secp256k1 curve faster. Some are trying to find a way:

Calculating Satoshi's coins
https://bitcointalk.org/index.php?topic=5347791.msg57395610#msg57395610

Satoshi mined, and he mined a lot to let the network run. And the mined coins he marked.

Think of it as sunken ships with these mined coins as their cargo.

And we want to salve these ships and recover the coins.

[Lucius]

Interesting that's a very good point it's true people might be thinking may be Satoshi will send them something back.
But people indeed have been sending bitcoins to this address like a wishing well.
It's been discussed on bitcointalk since 2012 or may be even earlier.
https://bitcointalk.org/index.php?topic=70553.0

Thanks for the interesting information, it seems that the whole thing already has a historical context and we could call it Satoshi digital fountain of luck⛲ The need for people to be connected to the creator in some way is stronger even than the potential profits that some have obviously sacrificed - although in 2012 there were very few people who could even imagine how much the price of BTC would increase in the future.

My idea is actually based on the fact that some believe that Satoshi will one day show up and share his BTC, and some certainly believe that this way is good for drawing attention to them. However, from everything written here, it can be concluded that one day someone could still discover a way to get possession of these coins - and then no one will be able to claim that he is Satoshi, because most people who participated in the development of BTC will likely to be dead by then.

[ChiBitCTy]

Yeah I have never understood why people would simply throw away money. As others have stated this kind of feels like the same type of thing as people throwing coins in a wishing well (which is also ridiculous). Personally I’d never waste a cent (I literally pick all monies up off the ground dirty or otherwise), but to each is own. Okay

[Leviathan.007]

There is maybe not any real reason for transferring bitcoins to this address, that's just like some people throwing money into fountains and there is not any reason for it to make sense, or these bitcoins they send to this address can be some kind of appreciation to satoshi for his works, however, these coins are very much valuable and considering the current price of bitcoin, this can be still not normal to see people are doing this to their money and throw their money into this address, or in another theory, this can be some kind of bitcoin burn buy people who own lots of bitcoins.

[CryptoWebDirectory]

Up to 68.52796861 BTC now.. My guess would be that people do this as a "thank you" or for good luck. There are lots of superstitious people out there and lots who have gotten rich because of bitcoins. Maybe they feel contributing some back (maybe even X amount of each transaction they do with bitcoins) will bring them continued success and prosperity. Who really knows...Maybe it's Satoshi burning is own coins, lol..

[fiulpro]

If people are sending those bitcoins to that address then it does mean that no one would be using those coins for a really really long time which does mean that they can used to provide stability to the whole bitcoin network, they can be termed as *lost coins* but this time they are also as a *thank you* gift to Mr. Satoshi who might use them whenever he wants.

Just look at the positive side. They are making the network, stronger, more stable, showing appreciation is actually good. Why do you think people give money to Churches etc ? To pay respects right? In our world, paying respect for many people is very much equivalent to paying the entity cash or any investment, the people responsible for their good fortune or someone they might show appreciation to. ( Very common in certain cultures as well)