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Author Topic: Satoshi era Bitcoin wallet wakes up after 14 years, sends 50 BTC to Binance  (Read 581 times)
leeboy
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July 01, 2024, 10:17:19 AM
 #41

I have dream to find some wallet from that era and cashout it. Sad that this is possible only in dreams
AVE5
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July 01, 2024, 10:35:52 AM
 #42

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.  Shocked

I don't know how to figure a problem out of this 50 Btc holder, it's certainly a good news to hear someone earned it holds such value of bitcoin when it was $0.05 until it surges to $60,000 plus.
That's really inspiring that long time holding could offer investors or bitcoin holders tangible profits.
Let's be kind, it isn't predatory at all because it's a hard earned and not free as thought. Obviously he worked for it on mining and was rewarded for a job done.
So if he wants to keep holding it, that's his choice but if asked to offload it, then he has all right to bargain a deal if the blockchain really wanted him to do so.
Please don't fume it like there's is specified maximum time to hold a bitcoin assets.

larry_vw_1955 (OP)
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July 02, 2024, 01:20:01 AM
 #43



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

there was nothing inaccurate in the article. for some reason some people here seem biased against that site. if you can write a better article go for it but i doubt you can. i doubt anyone here can. but that's beside the point.

i'm still waiting for someone to tell me they would be willing to buy those 50BTC for $3 million knowing that the person selling them paid nothing for them. anyone willing to do that? i didn't think so.   Cool
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July 02, 2024, 01:40:29 AM
 #44

Quote
there was nothing inaccurate in the article. for some reason some people here seem biased against that site.
The problem with that site is that they are known to run pay-for-print 'articles' apparently without doing ANY verification of the material.

That out of the way, nonetheless they *do* also publish legit news but I always have to take them with a grain of salt unless they include source links so folks can dig deeper.

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larry_vw_1955 (OP)
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July 02, 2024, 05:40:52 AM
 #45

The problem with that site is that they are known to run pay-for-print 'articles' apparently without doing ANY verification of the material.

how many examples are there of that though? i doubt very many. the vast majority of articles on the site seem like real articles, not "advertorials" which someone pays for.
 

Quote
That out of the way, nonetheless they *do* also publish legit news but I always have to take them with a grain of salt unless they include source links so folks can dig deeper.

their writers get paid. so i think they would be fired if they wrote factually inaccurate stories. nonetheless there was nothing inaccurate in this particular article. even though someone said the 50BTC wasn't even real and wasn't from 2010. maybe that person needs to learn how to use a block explorer...
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July 02, 2024, 06:20:13 AM
 #46

Definitely not good news!!

The fact that whales are dumping such huge amounts means herd mentality will follow suit of panic selling thinking the selling wave is upon us.

And the worst part about all this is that news tabloids are carrying this as news everywhere which I feel is bad as fear, panic will get to other hodlers.

I have dream to find some wallet from that era and cashout it. Sad that this is possible only in dreams
Lol some Luther King poetry in Crypto  Cool

R


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ABCbits
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July 02, 2024, 08:43:26 AM
 #47

No. These days, i just assume cointelegraph write either inaccurate or not detailed article.
there was nothing inaccurate in the article. for some reason some people here seem biased against that site. if you can write a better article go for it but i doubt you can. i doubt anyone here can. but that's beside the point.

It's hard for me not to make such assumption when someone share news from cointelegraph, me or someone else sometimes quickly found the problem on it. Here are few examples,
https://bitcointalk.org/index.php?topic=5450411.0
https://bitcointalk.org/index.php?topic=5467699.0
https://bitcointalk.org/index.php?topic=5452383.0
https://bitcointalk.org/index.php?topic=5497135.msg64124723#msg64124723

i'm still waiting for someone to tell me they would be willing to buy those 50BTC for $3 million knowing that the person selling them paid nothing for them. anyone willing to do that? i didn't think so.   Cool

Aside from that, not many of us have $3 million to spare to buy more Bitcoin.

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Lucius
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July 02, 2024, 10:29:51 AM
Merited by DaveF (2)
 #48

there was nothing inaccurate in the article. for some reason some people here seem biased against that site. if you can write a better article go for it but i doubt you can. i doubt anyone here can. but that's beside the point.

I totally think that you are an old member in the sense of 10+ years on the forum, but now I see that you are relatively new - maybe I should just tell you that that shittelegraph paid a bunch of members of this forum to shill their links in the past - I honestly don't have a good opinion about people who get information from such sources. It is a source for children and beginners, which is only confirmed by this news from which you created the topic.

i'm still waiting for someone to tell me they would be willing to buy those 50BTC for $3 million knowing that the person selling them paid nothing for them. anyone willing to do that? i didn't think so.   Cool

Some things are not quite arranged in your head properly - because what does it have to do with how much someone paid for something 15 years ago and how much someone will pay for it today? Why should I feel bad now if I sell BTC that I bought at a price of a few hundred $ - you seem to imply that everyone who profits from the price of BTC is some kind of scammer?

To you, it would be logical for everyone to sell at the price at which they bought it? Huh

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DaveF
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July 02, 2024, 10:46:04 AM
 #49

there was nothing inaccurate in the article. for some reason some people here seem biased against that site. if you can write a better article go for it but i doubt you can. i doubt anyone here can. but that's beside the point.

I totally think that you are an old member in the sense of 10+ years on the forum, but now I see that you are relatively new - maybe I should just tell you that that shittelegraph paid a bunch of members of this forum to shill their links in the past - I honestly don't have a good opinion about people who get information from such sources. It is a source for children and beginners, which is only confirmed by this news from which you created the topic.

i'm still waiting for someone to tell me they would be willing to buy those 50BTC for $3 million knowing that the person selling them paid nothing for them. anyone willing to do that? i didn't think so.   Cool

Some things are not quite arranged in your head properly - because what does it have to do with how much someone paid for something 15 years ago and how much someone will pay for it today? Why should I feel bad now if I sell BTC that I bought at a price of a few hundred $ - you seem to imply that everyone who profits from the price of BTC is some kind of scammer?

To you, it would be logical for everyone to sell at the price at which they bought it? Huh

Well we could just stop selling & trading BTC altogether and that would solve the problem of what to value it at.
Perhaps we could just use some paper things that the government prints that tell us how much they are worth by having numbers printed on them.
Yeah....that's it.

But every time one of these old blocks moves there are going to be people who want to read more into it.

But in the end if they have a sell @ $75000 it's $3750000 which is a lot of money to be sure. But, it's a rounding error in the amount of BTC traded every day. In both BTC and fiat amounts.

-Dave

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bitmover
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July 02, 2024, 10:48:38 AM
 #50

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.


Imagine how hard and  complex it was to setup a mining software in 2010.
There were no guides like "how to download bitcoin core and mine your first 50 btc" in 2010.

This person might even have contributed to the network in a way you can't imagine, so we can all be here using it.

If there were no early adopters, there simple wouldn't be any adopters or users like us now.

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pooya87
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July 03, 2024, 03:58:44 AM
 #51

their writers get paid. so i think they would be fired if they wrote factually inaccurate stories. nonetheless there was nothing inaccurate in this particular article.
Maybe in a perfect world where journalism isn't dead, but not in this world. Nowadays all these "news sites" care about is views and if an article can get them more of it, they don't care if it is factual or not. That's the reason why the concept of "clickbait" exist and is very popular. "Satoshi wallet woke up" is a perfect clickbait.

BTW for the lazy, this is the output from 2010 that was spent and the tx that spent it 6 days ago
https://blockchair.com/bitcoin/transaction/bb4b7668c5a2186d8af355205fa3671571ffe124e76008df724ebcadb07ded6a
https://blockchair.com/bitcoin/transaction/bd7ef846fecc13d9230fda9ea27843f3d030d67a4de79f12f8aaed4061242d04?i=0

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July 03, 2024, 10:01:28 AM
Merited by Lucius (1)
 #52

Quote
how many bitcoins did he get for free? 1000?
I would not call it "free". To get a new coin, you had to mine a block, with at least 2^32 leading zeroes. If you do it on your CPU, it is far from free. If your CPU is from 2009 or 2010, then it can take quite long time.

https://www.metzdowd.com/pipermail/cryptography/2009-January/014994.html
Quote
Code:
You can get coins by getting someone to send you some, or turn on
Options->Generate Coins to run a node and generate blocks.  I made
the proof-of-work difficulty ridiculously easy to start with, so
for a little while in the beginning a typical PC will be able to
generate coins in just a few hours.  It'll get a lot harder when
competition makes the automatic adjustment drive up the difficulty.
Generated coins must wait 120 blocks to mature before they can be
spent.
See? Getting a single block by a single miner was not advertized as "every 10 minutes you will get something", but rather "in just a few hours". And those "few hours" were considered "quick". To generate 1,000 coins, you would need at least 20 blocks. Which means, you wouldn't just magically generate 1k BTC, out of thin air. No, you will start grinding new 80-byte block headers, and after around a week, there is a chance, that you will get that amount.

More than that: if you measure the time between blocks in 2009, then you will get something, which is closer to 15 minutes, than to 10 minutes. Which means, that even the minimal difficulty was considered quite high at that time, because it took a lot of months, to even observe the first difficulty adjustment, when everyone used CPUs to mine blocks.

And it is not all. Even if you got your first 50 BTC "for free" (as you call it), then you cannot immediately move them somewhere else. First, you can see a single confirmation, and you wonder, if your block will be reorged or not. Then, the confirmation counter starts increasing, and you can get your coins 20 hours later (because it was 120 blocks at the very beginning, but later it was changed into 100 blocks). Which means, that you cannot "just get 1000 coins, and move them immediately". No, you have to wait something around 20 hours, to have everything confirmed (100 blocks for coinbase maturity today, and 20 more blocks, if you mined it sequentially). But: if you didn't get a sequence of your blocks, then one block may have 10 confirmations, and another may have 27 confirmations. Which means, that instead of waiting just 100 blocks, you have to wait in practice 200 or 300 blocks, because there are other blocks in between, so your "1000 BTC" is not confirmed all at once, but instead you can see it being confirmed over time.

After a few days, bitcoin was running pretty stably, so I left it running. Those were the days when difficulty was 1, and you could find blocks with a CPU, not even a GPU. I mined several blocks over the next days. But I turned it off because it made my computer run hot, and the fan noise bothered me. In retrospect, I wish I had kept it up longer, but on the other hand I was extraordinarily lucky to be there at the beginning. It's one of those glass half full half empty things.
See? It was definitely not "free". Many CPU miners worried about breaking their computers, because of overheating. And would you risk mining some almost-worthless coin, where for 10k BTC you can buy a pizza? Would you risk damaging your PC for a slice of pizza?

More than that: even today, there are still some places, where you can mine at difficulty one, and successfully get some blocks. For example, testnet3 and testnet4 allow such things. Those coins are worthless by definition, but you can experience it first hand, how many blocks can be mined on your CPU, how long it can take, how many of your blocks may be reorged, how long you have to wait to move your coins somewhere else, and so on.

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July 03, 2024, 11:47:22 AM
 #53

Quote
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.
Let's see: https://mempool.space/address/049444b2993ebf3659b018aad7913606185707d6adcf86c57ae55d77455d8ed665e514cb2b268890afa81b1e67cabd4b2834390a4b7599d85b392b195713baf69e

Code:
SHA-256(049444b2993ebf3659b018aad7913606185707d6adcf86c57ae55d77455d8ed665e514cb2b268890afa81b1e67cabd4b2834390a4b7599d85b392b195713baf69e)=5c76097627895f4df93149a13b8b56980a486f13ec4b0d8fc3c4458280076dec
RIPEMD-160(5c76097627895f4df93149a13b8b56980a486f13ec4b0d8fc3c4458280076dec)=f3ada618038e660a7b8163c273610a59c9f9f274
decodescript 76a914f3ada618038e660a7b8163c273610a59c9f9f27488ac
{
  "asm": "OP_DUP OP_HASH160 f3ada618038e660a7b8163c273610a59c9f9f274 OP_EQUALVERIFY OP_CHECKSIG",
  "desc": "addr(1PDTDwpgRPdQaCcp3Th6zaMASgcCcm3Jcm)#4ta3gykt",
  "address": "1PDTDwpgRPdQaCcp3Th6zaMASgcCcm3Jcm",
  "type": "pubkeyhash",
  "p2sh": "3AxYsfj7YaoJo3jPDgyz9xMVBbFmF1sWBh",
  "segwit": {
    "asm": "0 f3ada618038e660a7b8163c273610a59c9f9f274",
    "desc": "addr(bc1q7wk6vxqr3enq57upv0p8xcg2t8ylnun5srjrra)#mcfghxkc",
    "hex": "0014f3ada618038e660a7b8163c273610a59c9f9f274",
    "address": "bc1q7wk6vxqr3enq57upv0p8xcg2t8ylnun5srjrra",
    "type": "witness_v0_keyhash",
    "p2sh-segwit": "36yzgMBn3RnUhouDqjyyBkLdJqAj8yeLbf"
  }
}
Which means, that people just cannot properly see the difference between P2PK and P2PKH.

Edit: Also note that while coins from P2PK were moved, those from P2PKH were left untouched. Which also means, that if Satoshi (or some other early adopter) would ever come back, it is likely to see how coins from https://mempool.space/address/04678afdb0fe5548271967f1a67130b7105cd6a828e03909a67962e0ea1f61deb649f6bc3f4cef38c4f35504e51ec112de5c384df7ba0b8d578a4c702b6bf11d5f are moving, but also with https://mempool.space/address/1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa staying where they are.

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July 03, 2024, 01:59:44 PM
 #54

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.  Shocked


Lol what. Somebody who has Bitcoin from that era probably holds a lot more. If he wants to sell some (at an extraordinary ROI by the way) to enjoy life then good for him. Everybody gets Bitcoin at the price they deserve. Don’t be salty!

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July 03, 2024, 02:08:33 PM
 #55

I don't see the problem here. The person wanted to move his/her BTC to an exchange and probably sell it which makes a lot of sense since it's his/her money at the end of the day. Nothing problematic about this at all.

There are a lot bigger things that crypto investors have to worry about it in comparison in my honest opinion.

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July 03, 2024, 09:41:15 PM
 #56

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.

From that era, he definitely has more assets than Bitcoin. I know many complain about seeing old accounts and early adopters coming back and exchange their coins but for me, it is good news since there will be more coins to save from being lost forever. Having less coins have its advantage but having a large amount off the market will make people less secure and worried about their funds.
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July 03, 2024, 11:32:36 PM
Last edit: July 03, 2024, 11:42:47 PM by larry_vw_1955
 #57


Lol what. Somebody who has Bitcoin from that era probably holds a lot more. If he wants to sell some (at an extraordinary ROI by the way) to enjoy life then good for him. Everybody gets Bitcoin at the price they deserve. Don’t be salty!

Everybody thinks like you do, that is it fine for someone to dump their bitcoins for $60,000 each when they paid nothing for them except a tiny amount of electricity. But then ask them if they had a list of what the sellers' cost basis was for the bitcoin would they choose to cash out the person who paid zero or would they choose to buy from someone who had paid a reasonable price like say $55,000? i think the answer is clear.

so lets just be honest and agree that we don't want to pay full price to someone who got their bitcoins for free. if it was in our control we would not cash them out unless they offered a DISCOUNT.



After a few days, bitcoin was running pretty stably, so I left it running. Those were the days when difficulty was 1, and you could find blocks with a CPU, not even a GPU. I mined several blocks over the next days. But I turned it off because it made my computer run hot, and the fan noise bothered me. In retrospect, I wish I had kept it up longer, but on the other hand I was extraordinarily lucky to be there at the beginning. It's one of those glass half full half empty things.
See? It was definitely not "free". Many CPU miners worried about breaking their computers, because of overheating. And would you risk mining some almost-worthless coin, where for 10k BTC you can buy a pizza? Would you risk damaging your PC for a slice of pizza?

so the larger your profit, the larger the discount would be expected. if not, good luck selling your bitcoin because i don't think in general people want to cash out people who made a huge profit unless there is something in it for them too...bitcoin hides that from people though. so the sellers can dump their wares and make infinite % profit  Shocked kind of a loophole if you ask me but buyers need to wisen up. when you hear about some satoshi era wallet sending 50BTC to coinbase, don't buy any bitcoin on coinbase for a long time...demand accountability. demand to know the cost basis of the bitcoin you are buying.

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July 03, 2024, 11:39:45 PM
 #58

That's a really palpable statement you got there OP, I don't see how you can be so negative about this? Are you that bitter and jealous that someone's making more money than you after all the time that you've been in the bitcoin community and still not get to the 1 bitcoin mark because of prices? That's a really sad attitude towards someone, just because they were lucky enough to be an early adopter of bitcoin doesn't mean that it's a discredit to them to have this ability to sell that bitcoin because they felt like it, it's really crazy what you're trying to stir here OP, why attack this guy? It's not like he got that bitcoin out of doing something wrong to other people.
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July 03, 2024, 11:45:15 PM
 #59

That's a really palpable statement you got there OP, I don't see how you can be so negative about this? Are you that bitter and jealous that someone's making more money than you after all the time that you've been in the bitcoin community and still not get to the 1 bitcoin mark because of prices? That's a really sad attitude towards someone, just because they were lucky enough to be an early adopter of bitcoin doesn't mean that it's a discredit to them to have this ability to sell that bitcoin because they felt like it, it's really crazy what you're trying to stir here OP, why attack this guy? It's not like he got that bitcoin out of doing something wrong to other people.

the thing he is doing wrong is not completely his fault but when he sends his bitcoin to some CEX, he's kind of trying to do it in secret so no one knows. and let his bitcoin blend in with everyone elses. the difference is that he paid nothing for his bitcoin. it's infinite % profit. so yeah, we shouldn't take too kindly to people like him. i know you disagree and that's fine. but that's my position is i don't want to buy bitcoin from someone like that. i can't support it in good faith.  Shocked
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July 03, 2024, 11:47:06 PM
 #60

hopefully these type of occurences will stop happening once all these people finish dumping all their wares onto the blockchain.  Shocked
It's theirs, it's their right, so you don't need to bother price wont go down low because of them. I was even amazed that such users still exists despite of so many downs and lows of bitcoin on the past years before reaching this height.

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