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Author Topic: The Bitcoin 100+ - The Internet's Richest Bitcoiners  (Read 6313 times)
Steve
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May 18, 2011, 06:22:33 PM
 #21

I'm kind of interested about the dynamics of the early genesis of the block chain...Satoshi could have been the sole miner for a month before he let anyone else know about it and would have a amassed ~216,000 btc ...what would have been the reaction of the second person?  I think if it were me, I would have said "Satoshi, that's a really nice bit of code you wrote, but how about we start over with a new block chain." Wink   ...Satoshi, realizing there would be two competing block chains and his might lose out would probably have been agreeable.  Then what about the third person that joined two weeks later?  That person might have said, great idea, but I have 5 people ready to start mining on a new chain, so you two might want to consider restarting your mining activities on it.  A fourth person might have advertised among their social network and recruited 25 people to start a new chain.  At some point, you get to a critical mass working on a chain where it is not feasible for new miners to overcome and that chain become *the* chain.  I know it didn't actually play out like this, but it's interesting to think about.

(gasteve on IRC) Does your website accept cash? https://bitpay.com
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Transactions must be included in a block to be properly completed. When you send a transaction, it is broadcast to miners. Miners can then optionally include it in their next blocks. Miners will be more inclined to include your transaction if it has a higher transaction fee.
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May 18, 2011, 06:24:44 PM
 #22

I'm kind of interested about the dynamics of the early genesis of the block chain...Satoshi could have been the sole miner for a month before he let anyone else know about it and would have a amassed ~216,000 btc

Satoshi annouced the project the same day the genesis block was written, and there were other miners in less than 24 hours.  The data is still there, go check for yourself.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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