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

[PrivacyG]

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.

Or it belonged to a dead relative and just found it.  Or they lost the Encryption Password to it and recently found it out.  Or they simply forgot and went through an old Computer only to find out they had Millions sitting in there.  Or it was a Computer some body found in an old garbage.  Many possibilities.  But I doubt they knew about it and had this much self control.  By the time a few Dollars turn into a few Thousands, you already contemplate selling.  Imagine Dollars turning into MILLIONS and waiting for over a decade until you finally sell.  Almost impossible, psychologically speaking if you ask me.

[pooya87]

Why do some people assume that this is the only coins this person had and it is their first time on a CEX?

Maybe we are seeing an active trader who has more coins but they are tied somewhere else, or maybe they lost some money in trades that they had to go into their old reserves to send to the exchange and try to make profit.

In any case as some other users said, it is a good news. The more these old "taboo" coins move, the better. The more regularly they move the better as well because people should finally get used to the fact that 50BTC moving is 50BTC moving. It doesn't matter if it is 14 years old or 14 seconds. They also shouldn't make decisions in the market based on such silly things that happen on chain.

[satscraper]

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.

Guy  who did it (whoever it was),  it must be owned,  has the balls of steel holding  those  50 BTC for all these years. I wouldn’t have done it and sold them long before because time is flying... opportunities are squandering. In my view, there is nothing more valuable than time.

 Hope that it was not his last BTC  and he has in store the much large stash.

[GxSTxV]

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

How so? How would you handle it if you were in the position of the person who originally held those 50 Bitcoins? Perhaps you now have projects or financial issues pressing you to liquidate and urgently obtain funds that moment without any choices left for you. In such a scenario, wouldn't you consider exchanging your 50 Bitcoins to address those matters and while possibly can reinvest in Bitcoin in the future? Otherwise, you might face losses by holding onto them.
I can say that holding onto Bitcoin for 14 years, especially after seeing significant profits like those and having that big amount of Bitcoin achieving ATH multiple time, seems very challenging for anyone to not do anything.
While these scenarios are only assumptions, and we can’t really get the true reasons behind wallets waking up and activate each time. Therefore, it's probably better not to worry or stress about its impact on the market, as there's little we can do to change it positively.

[o48o]

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.  

Why they should be helping anyone? It's their bitcoin and they can sell it when ever they want. They don't owe anything to anyone. An who is saying it's good news? Because i can't find anything like that from this article, and i have literally never heard anyone claiming that something like this would be good news. In what way you think "they" are saying it?

It's a 3 million of sell pressure for sure, and it's newsworthy because it's an ancient wallet, but that's peanuts these days and markets eats it up.

And why it seems to me like you are dissing these old whales? "They got it for free". How many times i've heard this from people who can't hold bitcoins over one cycle.

[Synchronice]

It's funny that he decided to use Binance instead of decentralized exchange. Now Binance knows one of the OG hodler of Bitcoin and I'm also curious to know who he is.

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?

It's nor good nor bad, why does it matter for you? There is a very high chance that someone recovered their very old Bitcoin wallet and I believe that person will be very happy to become a billionaire, his life will dramatically change while yours won't be affected by his discovery of old Bitcoin wallet. 50 BTC is not capable to negatively or positively affect the market.
I am personally shocked that he risked and deposited whole 50 Bitcoin to Binance. What if they confiscate his coins? If I were him, I would send no more than 1 BTC per deposit.

[JoyMarsha]

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. 

As for this type of occurrence, it will not stop happening. It will be happening from time to time as long as the crypto market exists. Don't expect it to all happen in a hurry because it will never. There will be some bitcoin whales who like to sell at the peak of the market, others would like to do the same upper years, and some other times. Like that, it goes for the whales to be dumping their huge amount of bitcoin in the market.

[SamReomo]

Like everyone else I also believe that it's a good news not a bad one. The miner who sent 50 BTC to Binance was among those smart guys who joined Bitcoin in its early days and such miners deserve what they got after holding their coins for long term.

I see nothing bad or offensive in doing something like that because that miner is not the only one who made profit because he/she mined Bitcoin. There have been many miners who made profits and they highly deserve the revenue they generate after mining and holding their Bitcoin.

[larry_vw_1955]

lol what? predatory?

yes, predatory. preying on people that need to own some bitcoin for some reason.

It's predatory for someone to sell some of their assets??

it depends what price they paid for the asset. but if they got it for free and are selling it for $60,000 per pop, no one would think that is a fair ecosystem.

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.

there is no way that is just a "regular person". it might even be satoshi or one of his cronies. they've been sitting around just waiting to sell something they got for free to people for $60,000. that could be considered to be a scam just saying. and there's no way that satoshi won't be in on the action at some point. how many bitcoins did he get for free? 1000?  

@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.

i would feel like a douchebag for selling it but that's exactly what i would do. take the $3,000,000 and let someone else become the bag holder.

also i think they need to go back and re-verify the bitcoin source code just to make sure that bitcoins aren't just appearing out of nowhere because there seem to be alot of these stories lately. which makes me think either someone is able to create blocks of bitcoins due to some bug or the supply cap really is not 21 million. to people buying bitcoin they better be careful. there's people out there looking to get PAID.  

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.

its not jealousy but it's more about what i think is people getting taken advantage of. if you bought a car from someone for $5 and sold it to someone for $50,000 you probably would not want the buyer knowing how much you paid for it because that wouldnt make them feel too good would it?

that's why i like to propose an idea. put a cap on how much someone can sell their bitcoin for. say 25% higher and that's it. that would stop alot of market manipulations and turn bitcoin into more of a use-case based thing than it is now with people just treating it like a game of monopoly.

or require of all exchanges to show the cost basis of the bitcoin to the buyer of any particular bitcoin they are looking at buying. that would allow them to make more informed decisions about whose bitcoin they want to buy and whose they want to stay away from!

[adaseb]

I am pretty sure this is the same whale which has been selling all year. He is selling similar batches around the same time. It’s not satoshi because most of his were in 2009 and not 2010 like this individual.

Is it good news or bad? Well obviously we assumed those wallets were lost long time ago and assumed there was less supply due to lost coins but when these addresses move their coins it means they had their private key all along.

[GbitG]

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?

What's that all about? Would you have the same stance for Satoshi if he appeared all of a sudden and started moving his Bitcoin or even selling some? Would you say he is dumping the crap that he got for free on people and taking money for it? You don't make any sense. The thing they got for free is popular now, people are paying money for something worthy at present and not for what it was 1.5 decades ago.

As per your theory, all developers and people who create new projects are charging people money for what they got for free because the tokens they generate aren't bought but they got them for free through their TGEs. That is not how you take this. They have those coins because they mined them when it was almost worthless and they kept them for so long, they deserve what they are getting. Put yourself in their place and think.

[m2017]

they always say it like it's good news. i don't see anything good about it.

It depends only on your personal perception of the news.

it seems more predatory than anything else.

It's a market, baby, and nothing more predatory than making money on Wall Street.

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

This was then available for free due to almost zero demand for this type of asset ($0.05), and only among tech geeks. Now, the demand is global and almost every investor wants to have this asset in their portfolio.

With such views, it is surprising that you still remain on bitcointalk.

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

There will always be those who sell and those who buy. It's the market, baby. It's time to understand how this market functions.

[Kruw]

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

Did no one bother to verify the address in this article?

https://mempool.space/address/1PDTDwpgRPdQaCcp3Th6zaMASgcCcm3Jcm

This address isn't from 2010 and never had 50 BTC. It's fake news.

[jcojci]

Even if some people sends more than 50 BTC to Binance, I will not sell my Bitcoin, especially in this price. I still wants to wait for the next ATH of Bitcoin pric so I will holds my Bitcoin until that time comes. Maybe you can tells to other people out there to sells their Bitcoin but you can't force them to sell it if they still wants to hold their Bitcoin.

Bitcoin price will increase soon so many investors and us still holds Bitcoin and not gets tempts or panic because the Bitcoin price is down. We still believe that Bitcoin price can increase in the right time.

[larry_vw_1955]

Did no one bother to verify the address in this article?

why would we need to? the people that wrote this article did that. and there's other articles about it too i'm sure.

https://mempool.space/address/1PDTDwpgRPdQaCcp3Th6zaMASgcCcm3Jcm

This address isn't from 2010

yes it is.

and never had 50 BTC. It's fake news.

yes it did. the 50BTC was a "block reward" that it received on July 14,2010. find a better block explorer...

[ABCbits]

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.

its not jealousy but it's more about what i think is people getting taken advantage of. if you bought a car from someone for $5 and sold it to someone for $50,000 you probably would not want the buyer knowing how much you paid for it because that wouldnt make them feel too good would it?

I definitely can see some buyer wouldn't feel good if they know the seller obtain the goods for almost nothing. But with your example, i think the buyer don't getting taken advantage of, if the average market price for that car is around $50000.

that's why i like to propose an idea. put a cap on how much someone can sell their bitcoin for. say 25% higher and that's it. that would stop alot of market manipulations and turn bitcoin into more of a use-case based thing than it is now with people just treating it like a game of monopoly.

or require of all exchanges to show the cost basis of the bitcoin to the buyer of any particular bitcoin they are looking at buying. that would allow them to make more informed decisions about whose bitcoin they want to buy and whose they want to stay away from!

I simply disagree with your idea, especially when there's already too much regulation about exchanging cryptocurrency which reduce people's privacy.

Did no one bother to verify the address in this article?

https://mempool.space/address/1PDTDwpgRPdQaCcp3Th6zaMASgcCcm3Jcm

This address isn't from 2010 and never had 50 BTC. It's fake news.

No. These days, i just assume cointelegraph write either inaccurate or not detailed article.

[Pi-network314159]

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 think you are wrong in this. If you were in the position of this person that recovered his bitcoin holding of 14 years, you would be happy as well and not thinking in such a manner you are thinking. Each an every one HODLing bitcoin is doing that to make profit in the future, and I guess his very lucky to have been a early adopter because he has already made $3m for free which he didn't even buy compeard to people who buy and HODl now. Selling this amount wount even do anything to the Market. if you think 50 btc will make the market dip so low I think you are wrong because some cases that are higher than this has happened yet the market experienced a slit dip and increased again. That should bother you. What should bother you now, is for you to buy and HODl so that you will also make profit when the time comes. Since you are not an early adopter that got it for free, Maybe you will only make profit from your investment and not mining.

[Lucius]

~snip~
No. These days, i just assume shitcointelegraph write either inaccurate or not detailed article.

Has it ever been different? From the very beginning it was a source of bad and unverified information, and nothing has changed until today. If someone is building a story around 50 BTC from 2010 it just shows how desperate they are - the whole thing is so trivial that it didn't deserve to be mentioned.

[dzungmobile]

Has it ever been different? From the very beginning it was a source of bad and unverified information, and nothing has changed until today. If someone is building a story around 50 BTC from 2010 it just shows how desperate they are - the whole thing is so trivial that it didn't deserve to be mentioned.

Cointelegraph is a good source to expose newbies to this market and I admit that I was exposed like this. To say it means nothing, it is not true but I agree with you and ABCbits that that e-newspaper is shit with very low quality articles.

I wrote some where some years ago in this forum that it's a shit e-newspaper and I stopped reading news on Cointelegraph for years. I actually have changed myself and read less and less news year by year. When I know how news is used to direct the market, I have less demand on reading news and I am no longer interested in news.

[ABCbits]

~snip~
No. These days, i just assume shitcointelegraph write either inaccurate or not detailed article.

Has it ever been different? From the very beginning it was a source of bad and unverified information, and nothing has changed until today.

No, i'm aware cointelegraph create poor article for long time. Although many years ago, i didn't realize it was that bad.

If someone is building a story around 50 BTC from 2010 it just shows how desperate they are - the whole thing is so trivial that it didn't deserve to be mentioned.

I agree. In addition, they also have habit of turning tweet of public figure into "news".