Satoshi era Bitcoin wallet wakes up after 14 years, sends 50 BTC to Binance

[larry_vw_1955]

The Bitcoin wallet belongs to a miner who earned 50 BTC as mining rewards in July 2010, a time when BTC was trading at $0.05.

https://cointelegraph.com/news/satoshi-era-bitcoin-miner-sends-50-btc-binance

they always say it like it's good news. i don't see anything good about it. it seems more predatory than anything else. unloading something you got for free and making people pay $3,000,000 or so for it. that's not helping them is it?

hopefully these type of occurences will stop happening once all these people finish dumping all their wares onto the blockchain. 

[Catenaccio]

The Bitcoin wallet belongs to a miner who earned 50 BTC as mining rewards in July 2010, a time when BTC was trading at $0.05.

they always say it like it's good news. i don't see anything good about it. it seems more predatory than anything else.

They spread such news as good news, no I disagree with you. Such news is used to create panic and vague uncertainty that will early whales move bitcoin to dump on the market.

Bitcoin market is in fearful time recent weeks and you see any coincidence that such news is used again. Similar news like big whales move their bitcoin and deposit to centralized exchanges, to create fear that whales are preparing for sales on centralized exchanges.

They choose very good time to release news that can affect market participants on panic or fomo. Good news when market makers want the crowd to FOMO, and bad news when market makers want the crowd to be panic.

[larry_vw_1955]

They spread such news as good news, no I disagree with you. Such news is used to create panic and vague uncertainty that will early whales move bitcoin to dump on the market.

Bitcoin market is in fearful time recent weeks and you see any coincidence that such news is used again. Similar news like big whales move their bitcoin and deposit to centralized exchanges, to create fear that whales are preparing for sales on centralized exchanges.

They choose very good time to release news that can affect market participants on panic or fomo. Good news when market makers want the crowd to FOMO, and bad news when market makers want the crowd to be panic.

that's one hell of a KYC if you're sending 50 bitcoin to a centralized exchange just to mess with peoples' heads. These whales are no good for bitcoin. To the whales like the one in the story i have one thing to say to you: get out of bitcoin, hurry up and sell so the real market can start without you dumping your crap all over the place...

[aoluain]

 unloading something you got for free and making people pay $3,000,000 or so for it. that's not helping them is it?

hopefully these type of occurences will stop happening once all these people finish dumping all their wares onto the blockchain. 

I'm not aware of a time limit as to when or how long  you can HODL?

If Bitcoin goes to $1,000,000 in value will the people who got it at $20,000
be allowed to liquidate their wallet buy your rekoning?

Moving legacy Bitcoin to an exchange can be seen as a positive thing, its finally
moving and isnt one of those "when is it going to dump" same as the MtGox
Bitcoins. It is seen as painful by a lot of people, but its going to happen, no point
stressing over something you have no control over.

[BitGoba]

The Bitcoin wallet belongs to a miner who earned 50 BTC as mining rewards in July 2010, a time when BTC was trading at $0.05.

https://cointelegraph.com/news/satoshi-era-bitcoin-miner-sends-50-btc-binance

they always say it like it's good news. i don't see anything good about it. it seems more predatory than anything else. unloading something you got for free and making people pay $3,000,000 or so for it. that's not helping them is it?

hopefully these type of occurences will stop happening once all these people finish dumping all their wares onto the blockchain. 

Early adopters of Bitcoin mostly sold their Bitcoin. People were selling for $50 or $100, thinking they made a good deal. It's hard for early adopters to resist the price increase. This is likely the amount of BTC that was lost or forgotten somewhere.

[Cantsay]

I'm not aware of a time limit as to when or how long  you can HODL.

If Bitcoin goes to $1,000,000 in value will the people who got it at $20,000
be allowed to liquidate their wallet buy your reckoning?

I thought I was the only one that sensed some kind of hostility in Op’s post. If they were able to hold up to this day so why shouldn't they sell? To me I feel it's their reward for being able to keep it safe till now - it's true that that kind of large movement will result in price movement that might affect others but still it can't be helped.

@larry_vw_1955, why do you think Bitcoiners always advise newbies or those that are into Bitcoin to always hold if not to make profit in the future?

[Plaguedeath]

Who said it's a good news? the article mentioned it's kind of bad news.

The movement of crypto to centralized exchanges is often seen as a bearish sign, as most of the time, the use of centralized exchanges is linked with selling assets.

Although $3 Million is a good sum of money, but Bitcoin daily trading volume is around $22 Billion, so actually it almost has no effect to the price. But, their own thought or conspiracy affects more since they think Bitcoin is over, as the early holders choose to sell Bitcoin right now instead of continue to hold or sell it in the next year.

[ABCbits]

i don't see anything good about it. it seems more predatory than anything else. unloading something you got for free and making people pay $3,000,000 or so for it. that's not helping them is it?

It sounds rude, but i feel jealousy from your statement. We don't even know whether the owner just remember he used to mine Bitcoin and manage to restore his Bitcoin or manage to hold over 14 years which isn't easy feat.

hopefully these type of occurences will stop happening once all these people finish dumping all their wares onto the blockchain. 

I doubt it'll happen when few company decide to hold Bitcoin as one of their treasury. Here's the list if you curious, https://www.coingecko.com/en/public-companies-bitcoin.

[retreat]

The Bitcoin wallet belongs to a miner who earned 50 BTC as mining rewards in July 2010, a time when BTC was trading at $0.05.

https://cointelegraph.com/news/satoshi-era-bitcoin-miner-sends-50-btc-binance

they always say it like it's good news. i don't see anything good about it. it seems more predatory than anything else. unloading something you got for free and making people pay $3,000,000 or so for it. that's not helping them is it?

hopefully these type of occurences will stop happening once all these people finish dumping all their wares onto the blockchain. 

What's there to fear about a trade worth only 3 million dollars? If someone is influenced by this, then he is a fool, because every day Bitcoin trading is worth 22 billion dollars - 3 million dollars is very small. In fact, I see news like this as motivation for us that holding Bitcoin in the long term is profitable. So there's no need to overreact to news like this.

[shield132]

The Bitcoin wallet belongs to a miner who earned 50 BTC as mining rewards in July 2010, a time when BTC was trading at $0.05.

https://cointelegraph.com/news/satoshi-era-bitcoin-miner-sends-50-btc-binance

they always say it like it's good news. i don't see anything good about it. it seems more predatory than anything else. unloading something you got for free and making people pay $3,000,000 or so for it. that's not helping them is it?

hopefully these type of occurences will stop happening once all these people finish dumping all their wares onto the blockchain. 

They don't say it like it's good news, they mentioned in their article that an old address sending many Bitcoins to an exchange address is often seen as a bearish sign because people deposit coins with the aim of selling them, to cash out.
It's not predatory either. They got it free because there was no demand on Bitcoin when they mined them, as well as there was no competition. Now the demand is very high and people are willing to pay 60K to buy a single coin. What's unusual in it? Why should he burn on donating 50 Bitcoins? Yes, he got it for free but it's completely okay to profit today from them.

Early adopters of Bitcoin mostly sold their Bitcoin. People were selling for $50 or $100, thinking they made a good deal. It's hard for early adopters to resist the price increase. This is likely the amount of BTC that was lost or forgotten somewhere.

You are right, almost every adopter sold it at a super low price and I believe no one would be able to wait till 2024 to sell them at 60K. This is definitely a lost or forgotten coins.

[Catenaccio]

that's one hell of a KYC if you're sending 50 bitcoin to a centralized exchange just to mess with peoples' heads. These whales are no good for bitcoin. To the whales like the one in the story i have one thing to say to you: get out of bitcoin, hurry up and sell so the real market can start without you dumping your crap all over the place...

They have freedom to move their bitcoins iike we are free to move our bitcoins. No good because they have 50 bitcoin, it's not fair. Imagine if I have 1 or 2 bitcoin in 2040 and people say it's no good when I move my 2 bitcoins to a centralized exchange.

I don't like it and I am sure if we have bitcoins, we have freedom to hold, to move it, whatever. Whether we are Bitcoin whales, nobody can say we should not move our bitcoins to centralized exchanges because it's no good.

Don't consider they got bitcoin in early years and hold their coins till now is easy, it's difficult and my accumulation to have 1 or 2 bitcoin will be difficult too.

[thecodebear]

The Bitcoin wallet belongs to a miner who earned 50 BTC as mining rewards in July 2010, a time when BTC was trading at $0.05.

https://cointelegraph.com/news/satoshi-era-bitcoin-miner-sends-50-btc-binance

they always say it like it's good news. i don't see anything good about it. it seems more predatory than anything else. unloading something you got for free and making people pay $3,000,000 or so for it. that's not helping them is it?

hopefully these type of occurences will stop happening once all these people finish dumping all their wares onto the blockchain. 

lol what? predatory? It's predatory for someone to sell some of their assets?? That's a bizarre take. Just a regular person deciding to sell (or at least move) some of their bitcoin. Nothing good or bad about it, just someone doing whatever they want with their money, same thing everybody does everyday.

And nobody is "making people" pay $3 million for this. It's a market. People buy and sell willingly at current market price. Also each market participant is an individual who is trying to help themselves, not other people, so your "that's not helping them is it?" comment is super bizarre. Your entire take on this is super bizarre.

[Lucius]

@larry_vw_1955, what would you do if you found a wallet from that period with at least 50 BTC in it? I'd really like to see anyone resist selling at least 1/3 of that right now and the rest at the height of the bull run.

After all, I don't see anything controversial in that, like many others who commented in this topic. There have been dozens of such cases over the past years, which only means that much less BTC was actually lost than some estimated. If those 50 BTC are bought by a rich investor, then I can only say that $3 million is too little money for so many BTC.

[Felicity_Tide]

they always say it like it's good news. i don't see anything good about it. it seems more predatory than anything else. unloading something you got for free and making people pay $3,000,000 or so for it. that's not helping them is it?

hopefully these type of occurences will stop happening once all these people finish dumping all their wares onto the blockchain. 

This is indeed not a good news, but what can we do?. I can't say it's a free money because they work for it in some kind of way, because the hash power of their computer did the work, and they didn't get the computer for free. Moreover, this shows how important early knowledge is to those who seek.

I don't think this occurrence will stop anytime soon. This wallet that was recently revived was a dormant wallet till the owner decided to transfer the funds to a centralize exchange. There are so many dormant wallets that are currently inactive, but with time, the owners will start moving their funds.

But what surprises me is why the owner choose to move his/her funds at this point in time when Bitcoin price is far below it's ATH.

[DaveF]

Not a big deal at all there are 1000s if not 10s of 1000s of people sitting on these 50BTC blocks and also the 25BTC blocks after the 1/2ing back then.
Someone could have decided to retire. They are now 14 years older and my need the money for something.

Could have been trading and selling for years and have millions and millions and millions of dollars sitting in their bank and totally forgot about this block and moved something found an old PC and went, oh yeah I think there is some BTC on this, probably just 50BTC or 100BTC so just pocket change but lets see.

It's a very very very (add a lot more very) minor amount in daily trading. which is over 350000BTC

-Dave

[PrivacyG]

they always say it like it's good news. i don't see anything good about it. it seems more predatory than anything else. unloading something you got for free and making people pay $3,000,000 or so for it. that's not helping them is it?

I disagree.

It is good news.  All that Bitcoin is distributed back to other people.  Chances are, MANY more other people than just one entity considering the amount.  Besides, Bitcoin is circulating so it is working as it should.

I find it kind of dubious how people hope the people who Mined Bitcoin back when Bitcoin was unknown lost their belongings just so we could profit today.  If anything, I think they deserve that Money more than we do.  Thanks to them, Bitcoin exists today.  If you found a decade old Wallet with MILLIONS in it, would you not take the Money out of it?  Any of us would.  I believe it is a deserved win.

hopefully these type of occurences will stop happening once all these people finish dumping all their wares onto the blockchain. 

If every body who still has Bitcoin from that era sells off or loses their Coins, then there will be newer 'oldest dormant Wallets' that would do the same thing.  In 2040 you may see Wallets from 2013 selling massive amounts.  You can not stop that, it is an infinite cycle unless Bitcoin dies out and there is no body who sells.

[Text]

Is the price movement from this single wallet enough to truly disrupt the entire Bitcoin market?

There's no clear definition of who qualifies as a real participant, everyone has a right to be in the market, whales included. The market will do what the market does, we can't control individual actions, but we can focus on our own strategies and be aware of potential volatility.

[Smack That Ace]

The Bitcoin wallet belongs to a miner who earned 50 BTC as mining rewards in July 2010, a time when BTC was trading at $0.05.

https://cointelegraph.com/news/satoshi-era-bitcoin-miner-sends-50-btc-binance

they always say it like it's good news. i don't see anything good about it. it seems more predatory than anything else. unloading something you got for free and making people pay $3,000,000 or so for it. that's not helping them is it?

hopefully these type of occurences will stop happening once all these people finish dumping all their wares onto the blockchain. 

Early adopters of Bitcoin mostly sold their Bitcoin. People were selling for $50 or $100, thinking they made a good deal. It's hard for early adopters to resist the price increase. This is likely the amount of BTC that was lost or forgotten somewhere.

As long as they make a profit, it doesn't matter what price they sell bitcoin at. Furthermore, the future is unpredictable so it won't be too bad for those selling bitcoin while it has value 50$ or 100$.
Many investors now like to criticize and call early investors stupid for selling their bitcoins too early. But I bet you that even if you had the opportunity to buy bitcoin at $0.05, you would soon sell it when it reached $1 let alone hold it until it reached $10 or 50$.

Like many predictions and many people believe that bitcoin will touch 1 million in the future, but how many people can buy from now and hold until then or will we sell them soon when it reaches 100k$? We are only good at criticizing others but we are no different from them.

[PhillipDe78]

The wallet owner has had a lot of self-control. For 14 years, he has looked at his wallet without doing anything. Maybe he has never needed money, or maybe something prompted him to look at it right now. We don't know for sure.

[Z-tight]

hopefully these type of occurences will stop happening once all these people finish dumping all their wares onto the blockchain.  

You don't want people to sell their coins? What does it matter to anyone when they mined it and what it cost them to mine it, it is their BTC, and they have the freedom to do whatever they want with it. Early adopters contributed so much to the network, even if it was just believing in BTC and mining it, so many people in their time also heard about BTC, but called it a scam, so i don't think it is right for someone to be jealous of an early adopter who sold some of their coins.