Based on the latest data, the well-known Genesis address owned by Satoshi Nakamoto now holds over 100 BTC after someone inadvertently sent 0.10754671 BTC, valued at ,211, to the wallet. The current value of the wallet, which has never been spent, is estimated at .75 million. Another Unintentional Bitcoin Transaction Pushes up the Value of […]
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Socialfi Expands Satoshi Nakamoto’s Vision of a Defi System to Social Media, Says Kevin Lu
According to Kevin Lu, social finance, or “socialfi” — a combination of social media and decentralized finance — is an innovation that extends Satoshi Nakamoto’s vision of a decentralized financial system to social media. Although it’s not intended to replace today’s traditional social media platforms, socialfi addresses “significant value gaps in current consumer products,” said […]
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Satoshi Nakamoto’s Growing Fortune Nears Entry Into World’s Top 25 Richest Individuals
2024 has unfolded as a flourishing year for bitcoin’s valuation, as its market capitalization breezed past the trillion milestone, positioning the cryptocurrency as the world’s tenth-largest asset by overall market valuation. This uptick in price has significantly boosted the net worth of Bitcoin’s mysterious creator, Satoshi Nakamoto, elevating the value of the inventor’s holdings […]
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Mystery Transfer — Unidentified Wallet Sends $1.19 Million in Bitcoin to Satoshi Nakamoto’s Genesis Address
Two days after Bitcoin’s 15th anniversary, an unidentified wallet transferred roughly 26.917 bitcoin, valued at .19 million, into Satoshi Nakamoto’s Genesis wallet. Originating on Jan. 3, 2009, this wallet has primarily accumulated nominal dust transactions. Including the hard-coded block reward, minor dust transactions, and the recent 26.917 bitcoin deposit, the total now stands at 99.676 bitcoin, equivalent to .35 million.
Satoshi’s Genesis Wallet Receives .19 Million Boost: A Cryptic Bitcoin Anniversary Gift
An anonymous sender dispatched .19 million in bitcoin (BTC) to the “1A1zP” wallet of Satoshi Nakamoto. Originating from the “bc1q9” address, this substantial sum of 26.917 BTC was confirmed at block height 824,513. The motivation behind sending these funds to the Genesis wallet remains a mystery, especially considering the funds have become non-spendable.
The genesis block occupies a distinctive position as the inaugural block of the Bitcoin blockchain. Its 50 BTC mining reward is frozen due to not being included in the unspent transaction outputs (UTXOs) set, a peculiarity stemming from the initial coding. This outcome wasn’t necessarily deliberate but rather an artifact of the original code structure.
In the Bitcoin network, spending entails crafting a transaction that cites specific UTXOs as inputs. Absent from the UTXO set, the genesis block’s reward remains unspendable. Despite this, the wallet has continued to receive BTC over the past 15 years, including dust transactions and onchain messages, though none have matched the magnitude of the 26.917 BTC sent on Jan. 5, 2023.
The individual’s intent may have been to influence or shift market sentiment amidst a bullish phase as the community anticipates the decision on a spot bitcoin exchange-traded fund (ETF). The BTC transfer is likely not related to Satoshi Nakamoto at all, and perhaps it served as a costly beacon for attention.
In a conversation with the founder of btcparser.com who discovered the transfer, he highlighted, “In the world of Bitcoin, incoming transactions are not proof, but outgoing transactions are.” He also noted that the “1A1zP” address is fundamentally incapable of initiating outbound transfers, anchored by the protocol’s foundational rules.
What do you think about the 26.917 bitcoin sent to the Genesis wallet on Jan. 5? Why do you think someone would do that? Share your thoughts and opinions about this subject in the comments section below.
Celebrating 15 Years of Bitcoin: Unraveling Satoshi Nakamoto’s Seminal White Paper
Fifteen years ago, on a memorable Halloween night, Satoshi Nakamoto introduced the world to Bitcoin through a white paper that laid the foundation for decentralized digital currencies. Published on a cryptography mailing list, this seminal document provided a comprehensive solution to the long-standing double-spending problem without the need for a trusted third party.
A 15-Year Journey Into the Heart of Bitcoin’s Revolutionary Design
Today, 15 years later, we delve into the depths of Satoshi Nakamoto’s vision, exploring the revolutionary impacts of Bitcoin and how it has transformed our approach to currency, trust, and financial freedom. Nakamoto’s white paper, titled “Bitcoin: A Peer-to-Peer Electronic Cash System,” was a radical departure from conventional financial systems. It proposed a form of electronic cash that operated entirely peer-to-peer, eliminating the need for intermediaries such as banks or financial institutions.
Since then, Bitcoin has spawned an entire crypto economy worth .2 trillion and its own market valuation is around 0 billion on October 31, 2023. Approximately 92.99% of all the bitcoins that will ever exist have been issued, as the money supply is currently around 19.5 million BTC. The heart of Bitcoin’s innovation lies in its ability to solve the double-spending problem, a critical issue in digital currencies where the same funds could be spent more than once.
Nakamoto’s solution was the first decentralized network where transactions are verified by participants through a process called mining, utilizing a proof-of-work (PoW) mechanism. This not only ensures the integrity of transactions but also creates a system where trust is built collectively, rather than relying on a single entity. It introduced a new era of accountability in financial transactions, paving the way for what is now known as triple-entry bookkeeping.
In Nakamoto’s own words:
The network is robust in its unstructured simplicity.
Bitcoin’s allure lies in its straightforward yet robust design, characteristics that have consistently demonstrated their worth over time. To date, the network has operated without a hitch, highlighting the durability of Nakamoto’s innovative design. Since its launch on January 3, 2009, the system has achieved an impressive 99.988% operational rate.
Yet, despite its transformative impact, Bitcoin is not without its challenges; it faces criticisms over its energy consumption and crypto, in general, is under regulatory scrutiny. Additionally, it has also sparked fervent multi-year-long debates about its ability to scale. Bitcoin’s journey serves as a compelling testament to the resilience of decentralized systems and the relentless pursuit of innovation. Looking to the future, the outlook for Bitcoin and decentralized currencies is exceedingly promising.
As technological progress continues and societal views on currency and value evolve, Bitcoin’s foundational tenets of decentralization, transparency, and security remain as relevant as ever. It stands as a testament to the extraordinary possibilities that can be realized when individuals come together to create a system that wholeheartedly embraces economic freedom.
Bitcoin’s white paper can be read in its entirety here.
What do you think about Satoshi Nakamoto’s Bitcoin white paper? Let us know what you think about this subject in the comments section below.
Arkham Identifies Coinbase’s $25B in BTC; Rivals Nakamoto’s Legacy Coins
On September 22, 2023, Arkham Intelligence unveiled that it has identified addresses tied to a staggering billion from Coinbase’s bitcoin (BTC) holdings. This cache represents the most substantial BTC reserve on Arkham. The firm points out that this trove is nearly on par with Satoshi Nakamoto’s legendary 1 million coins.
Coinbase’s Crypto Cache Tops B
On Friday, Arkham Intelligence, a crypto analytics and data tracking firm, revealed that its platform now prominently displays Coinbase’s bitcoin (BTC) reserves. Taking to social media platform X, the firm announced, “Arkham has now identified B of Coinbase bitcoin reserves (1M [bitcoin]) on chain.” Arkham added:
This makes Coinbase the largest bitcoin entity in the world on Arkham, with almost 5% of all [bitcoin] in existence – about as much as Satoshi Nakamoto.
Data from Friday shows Coinbase’s coffers holding a formidable 948,383 BTC, which, at the moment, boasts a value of .16 billion. But that’s not all. Arkham’s list showcases other assets under Coinbase’s belt, pushing the company’s cumulative worth on Arkham to .09 billion. Diving deeper, Coinbase’s addresses contain approximately 1.686 million ethereum (ETH), translating to an estimated .68 billion. Additionally, they possess 68.591 million chainlink (LINK), with an approximate value of 3.96 million.
The crypto firm also holds about 222.832 million USDC and assets worth 3.93 million, or 921,875 BNB. The San Francisco-based crypto marketplace is also the custodian of 854.137 million GRT, valued at around million, and a notable 12.1 million UNI tokens, estimated to be worth about .1 million. While Coinbase boasts assets around the .09 billion mark, as highlighted by Arkham’s explorer, Binance dwarfs this with a staggering .83 billion in crypto holdings.
Stacked against Coinbase, Binance’s BTC reserve sits at a more modest 658,256 BTC, valued at an estimated .50 billion. Interestingly, Binance’s most dominant asset is tether (USDT), with Arkham indicating that the exchange possesses a significant 21.18 billion USDT. When it comes to ethereum (ETH), Binance outshines Coinbase, maintaining a remarkable 4.086 million ETH, which carries a value of .52 billion. Notably, Arkham has been in overdrive recently, pinpointing and flagging crypto assets tied to industry giants such as Grayscale and Robinhood.
What do you think about Arkham identifying Coinbase’s stash of bitcoin reserves? Share your thoughts and opinions about this subject in the comments section below.
Decade-Old Wisdom: Unpacking Satoshi Nakamoto’s Definitive Quote on Bitcoin Transaction Challenges, 13 Years On
Thirteen years ago to the day, the enigmatic creator of Bitcoin, Satoshi Nakamoto, pronounced a quote that has since reverberated across various contexts. This prominent aphorism: “If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry,” was Nakamoto’s curt response to questions surrounding the potential solutions for Bitcoin’s transaction speeds and double spending issues.
The 13th Year Anniversary of Nakamoto’s Iconic Quote
In the summer of 2010, Satoshi Nakamoto was a palpable presence in the nascent world of digital currency, busily shaping Bitcoin’s path and engaging in lively dialogues online. Within a span of two weeks – from July 2 to July 17, 2010 – Nakamoto found the time to articulate 73 thoughtful responses on specific discussions hosted on the forum bitcointalk.org. It was in this buzzing hub, on July 29, 2010, that Nakamoto memorably posted his now-famous line, “If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry,” in a thread aptly titled: “Scalability and transaction rate.”
Nakamoto’s comment was in response to the statement from another crypto proponent who said: “10 minutes is too long to verify that payment is good. It needs to be as fast as swiping a credit card is today.” Nakamoto replied by saying:
See the snack machine thread, I outline how a payment processor could verify payments well enough, actually really well (much lower fraud rate than credit cards), in something like 10 seconds or less. If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.
The Snack Machine Thread
Bitcoin’s creator left a link to the “snack machine thread,” which discusses the problem of how to enable fast transactions for small purchases like from a vending machine using BTC. The issue is that BTC transactions take some time to confirm on the blockchain, so someone could double-spend before the transaction is confirmed and get a product from a vending machine without actually paying for it. The participants discussed ideas like debit accounts, escrow services, and prepaid accounts to enable fast transactions without waiting for blockchain confirmations.
The core problem is that the Bitcoin network takes about ten minutes on average to confirm transactions, but vendors need transactions to process instantly to deliver products right away. But if transactions aren’t confirmed, people could double-spend BTC to cheat the system or vendor. In the bitcointalk.org thread, an escrow service is suggested to enable instant transfers between accounts while still doing blockchain confirmations, but this adds costs through a third party.
Nakamoto suggests a solution where a payment processor listens for double-spend attempts and alerts if it detects any before a transaction propagates across the whole network. This would prevent most double-spend attacks. Nakamoto then provides a simple example of how fast a transaction can spread throughout the network.
In this example, if one transaction has even a small head start, it will spread throughout the network faster than the other one (the double-spend). It illustrates the exponential growth of transaction propagation – an early lead can result in an overwhelming advantage due to the geometric (exponential) nature of network propagation.
“So if a double-spend has to wait even a second, it has a huge disadvantage,” Nakamoto wrote at the time. “The payment processor has connections with many nodes. When it gets a transaction, it blasts it out, and at the same time monitors the network for double-spends. If it receives a double-spend on any of its many listening nodes, then it alerts that the transaction is bad.” Bitcoin’s inventor added:
A double-spent transaction wouldn’t get very far without one of the listeners hearing it. The double-spender would have to wait until the listening phase is over, but by then, the payment processor’s broadcast has reached most nodes, or is so far ahead in propagating that the double-spender has no hope of grabbing a significant percentage of the remaining nodes.
The “snack machine thread” has played a recurring role in a multitude of discussions over time. After Nakamoto’s initial response and a subsequent, seemingly rushed reply in a separate post, his comment was notably brief. Perhaps the architect of Bitcoin felt a robust certainty in the solution previously provided in the “snack machine thread” or, quite possibly, Nakamoto was inundated with other commitments that day, leading to a more clipped response.
The exact motivations remain shrouded in mystery, but the remark about lacking the time to explain has since been conjoined with the broader narrative of Bitcoin. It’s celebrated as a poignant aphorism, encapsulating the inherent challenge in truly grasping the intricate mechanics of Bitcoin.
How do you interpret Satoshi’s wisdom today? Share your thoughts and opinions about this subject in the comments section below.
Will McAfee Disclose Nakamoto’s Identity? Crypto Will Suffer If He Did
In a series of intriguing tweets, John McAfee dropped a bombshell yesterday by claiming knowledge of Satoshi Nakamoto’s identity. McAfee intends to end speculation on Nakamoto’s identity once and for all, which he feels is necessary for the crypto space to move forward. He goes on to say he will divulge information until Nakamoto comes forward. Failing that, McAfee himself will disclose Nakamoto’s identity.
The "Who is Satoshi?" Mystery must end! First: It is NOT the CIA nor any agency of any world government. It IS a collection of people, but the white paper was written by one man, who currentky resides in the US. If he does not come forward these narrowings will continue.
— John McAfee (@officialmcafee) April 17, 2019
Satoshi Nakamoto
John McAfee’s outing of Satoshi Nakamoto has reignited speculation on crypto’s greatest mystery. At present, the only widely known report pertains to him being an unknown person, or group, who developed Bitcoin. According to a profile on P2P Foundation, which is an organization studying peer-to-peer technology, Nakamoto claims to be a Japanese resident born on the 5th April 1975.
However, given his perfect English, with the use of colloquialisms, some speculate he is not Japanese. Or in the very least, a member of his team originates from the British Commonwealth.
Following the timeline of his last known actions, he continued to contribute to the coding of Bitcoin until mid-2010. It was then Gavin Andresen received control of the source code repository and network alert key. After that, Nakamoto’s involvement with Bitcoin ended.
The mysterious circumstances of his sudden disappearance have only added to Bitcoin’s allegorical notoriety. But, this hasn’t stopped speculation on several names including Nick Szabo, Craig Wright, Dorian Nakamoto, and Hal Finney. With some even claiming Bitcoin is a US Intelligence project.
John McAfee
According to McAfee, the secret of who Nakamoto is perpetuates a pointless exercise. To which, the entire crypto industry would benefit from knowing his identity. In one of his tweets, he said:
“I protected the identity of Satoshi. It’s time, though, that this be put to bed. Imposters claim to be him, we are spending time and energy in search of him – It’s a waste. Every day I will narrow down the identity of Satoshi until he reveals himself, or I reveal him.”
However, given McAfee’s past form for sensationalism, it’s fair to question whether he knows Nakamoto’s true identity. But, at the same time, McAfee’s cypherpunk credentials do stack up, giving plausibility to his claims. Especially so, considering his active involvement in the industry during Bitcoin’s formative years.
Nakamoto Wants Anonymity
Whether McAfee will out Nakamoto, or not, this much is clear, Nakamoto wishes to remain anonymous. According to Alex Lielacher, his motives for anonymity are based on safeguarding the Bitcoin project and allowing it to operate on its own merit. He wrote:
“it is arguable that he remained anonymous in order to avoid the possibility of him becoming the de facto leader of the system and, thereby, having people place their trust in him as the creator as opposed to the ledger. Moreover, any announcement by Satoshi would likely be regarded as investment advice by those who held the digital currency and may have resulted in price movements.”
What if Satoshi Nakamoto or the group wanted to remain anonymous for a good cause…???
— GCC JOEL (@kiwimalayale) April 17, 2019
Image courtesy of CoinSutra.
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Legendary Investor Gary Shilling Won’t Invest in Bitcoin, Cites Satoshi Nakamoto’s Anonymity as an Issue
In a recent interview with Business Insider, legendary investor and analyst, Gary Shilling, explained why he won’t be investing in Bitcoin anytime soon, calling it a “Black Box.”
Shilling’s comments are the latest in a long string of negative commentary from traditional investors regarding Bitcoin’s status as both a currency and an investment, with prominent investors like Warren Buffet and Charlie Munger all echoing similar sentiments.
The 2018 crypto market crash and persisting bear market certainly haven’t helped prove these nay-sayers wrong.
Shilling: Bitcoin is a “Black Box”
One of Shilling’s greatest complaints regarding Bitcoin is that the creator of it – Satoshi Nakamoto – is an anonymous figure, which Shilling feels creates a lack of transparency for the technology.
“I’m just very suspicious of things that are not very transparent… And if I can’t understand it, I don’t want to invest in it,” Shilling explained.
Furthermore, he also drew parallels between Bitcoin’s recent price performance and that of the South Sea Bubble, an infamous stock scam in the early 18th century where the South Sea Company’s stock skyrocketed on false claims, rumors, and speculative investments before crashing to zero.
According to Shilling, one such event that could send Bitcoin spiraling downwards would be the mysterious Satoshi Nakamoto, who reportedly owns 980,000 Bitcoins, selling his holdings.
Other Traditional Analysts Disagree with Shilling’s Assessment of Bitcoin
Although many traditional analysts are quick to dismiss Bitcoin and cryptocurrency as being a scam, many traditional market analysts who are more open to emerging technologies hold opinions about crypto that oppose Shilling’s.
Mohamed El-Erian, the chief economic advisor at Allianz, discussed the future of cryptocurrencies at a conference last November, and bullishly explained that increased adoption and the entrance of more institutional investors into the markets are a couple reasons why cryptocurrencies are here to stay in the long-run.
“I think cryptocurrencies will exist, they will become more and more widespread, but they will be part of an ecosystem. They will not be dominant as some of the early adopters believed them to be,” he said, adding that it is highly unlikely that they will replace fiat currency any time soon.
El-Erian, who was formerly the co-chief investment officer at PIMCO, disclosed that he owns 0 worth of Bitcoin purely as an experiment to test the process of buying and transacting with the cryptocurrency.
Featured image from Shutterstock.
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