Category Archives: Satoshi Nakamoto
If you still think bitcoin is scarce, you’re suffering from fiat brain – Blockworks
Bitcoin is not scarce and its not going to become so after the halving next week.
Dont let anyone tell you otherwise.
Yes, Satoshi Nakamoto coded Bitcoin with a supply limit of 21 million BTC. Bitcoin supply is finite. But that doesnt make BTC, the currency, at all rare.
Were largely accustomed to this by now, but one of bitcoins most appealing features is that each coin is extremely divisible, up to eight decimal places, making 100 million satoshis (sats) per bitcoin.
Dollars meanwhile only divide out to 100 physical cents, two decimal places, or at most, 1,000 mills to three decimal places.
Read more: Why is 2140 the end of bitcoin inflation?
Now extrapolate all those sats to the current circulating supply of bitcoin. 100 million sats in 19.68 million bitcoin makes 1.968 quadrillion sats. And sometime in 2140, when you and everyone you know will be floating about the great Bitcoin citadel in the sky, there will be 2.1 quadrillion sats.
The base money supply of the US dollar is currently less than $5.9 trillion and the much broader M3 is under $20.8 trillion. A quadrillion has 15 zeros, a trillion has 12.
If bitcoin is scarce, then so is the US dollar.
For what its worth, Gizmodo tried to grasp just how large a quadrillion really is with a Sour Patch Kids thought experiment in 2013. It scaled 100 candies laid out in real life to a quadrillion virtual ones across New York City, and found a jelly cube of that size covered most of Downtown Manhattan.
Its true that only 21 million people can ever own one bitcoin each. Around 1 million addresses have at least 1 BTC right now, and that number is slowly growing, although its not knowable how many of those are owned by the same person, nor how many exchange accounts have million-dollar bitcoin balances.
Read more: Heres what the current state of Bitcoin development looks like ahead of the halving
There are also 53 million Bitcoin addresses that have one satoshi or more. If the current supply were suddenly sent to those addresses, each would net more than 37 million sats ($25,500).
With this in mind, bitcoin is not scarce. Thats the fiat brain talking it automatically goes to the largest unit when considering bitcoin as a currency. Your fiat brain does the same with dollars, euros, leprechaun gold and tacos.
The reality is that sats are just incredibly cheap right now, $0.00069 each, so few consider them.
If every sat were worth the current price of a whole BTC, then an even distribution would give every human alive $16.7 billion BTC. Do the same with all addresses containing at least one sat and each would net $2.5 trillion.
A few years back, there was a push to find a symbol to represent the satoshi but nobody could really agree.
With scarcity on the fiat brains of everyone watching the Bitcoin halving next week cryptos own solar eclipse what better time to revisit the idea of pricing BTC in sats, rather than whole coins. Plenty of those go around.
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If you still think bitcoin is scarce, you're suffering from fiat brain - Blockworks
Bitcoin world faces ‘halving’: what’s happening? – New Vision
Bitcoin miners, whose computer processors run the world's most popular virtual currency, will soon face the process of "halving" -- a quadrennial phenomenon which alters the profitability of the industry.
The looming occurrence, due later this month, has helped send Bitcoin racing to a string of recent record highs so far this year.
What is Bitcoin?
Bitcoin was created in 2008 by a person or group writing under the pseudonym Satoshi Nakamoto as a peer-to-peer decentralised electronic cash system.
The virtual unit was once the preserve of internet geeks and hobbyists but it has since exploded in popularity, with mining performed by huge banks of computers.
Bitcoins are traded via a decentralised registry system known as a blockchain.
How does mining work?
Bitcoin is created, or mined, as a reward when computers solve complex puzzles to decide which miner wins the privilege to validate the block and thus receive the reward.
The system requires massive computer processing power in order to manage and implement transactions.
That power is provided by miners, who do so in the hope they will receive new bitcoins for validating transaction data on the blockchain.
Commercial mining operations often occupy huge hangers or warehouses, and consume large amounts of electricity to power and cool the computers, which is a considerable cost on top of the equipment.
What is halving?
So-called halving is when cryptocurrency-mining companies and individuals find out the reduced payment that they will receive in return for their contribution to the system's smooth operation.
The first "halving" occurred in November 2012, the second in July 2016 and the third in May 2020. The fourth is due in mid-April.
The reward was originally set at 50 bitcoins but it was subsequently reduced to 12.5 and then to 6.25. It is now expected to drop to 3.125 bitcoins.
Why reduce the reward?
The halving process slows the rate at which new bitcoins are created, and therefore restricts supply.
The reward amount has been trimmed over time in order to implement Nakamoto's overall global limit of 21 million bitcoins.
Bitcoin was designed to go against the norms of traditional currencies, which can in contrast lose value over time when central banks increase money supply to boost economic growth.
Why are prices soaring?
Bitcoin, which enjoys increasing interest from institutional investors, has blazed a record-breaking trail this year on the prospect of halving, climaxing at $73,797.98 last month.
Halving tends to send the virtual currency shooting higher on the prospect of reduced supply.
The unit has also been bolstered this year by big moves toward greater trading accessibility. US authorities in January gave the green light to exchange-traded funds (ETFs) pegged to bitcoin's spot price, making it easier for mainstream investors to add the unit to their portfolio.
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Bitcoin world faces 'halving': what's happening? - New Vision
Reddit Floats New Theory About True Identity of Bitcoin Creator Satoshi Nakamoto – Techopedia
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Reddit Floats New Theory About True Identity of Bitcoin Creator Satoshi Nakamoto - Techopedia
Who is Satoshi Nakamoto, the creator of Bitcoin? It’s not Craig Wright according to a UK judge – PC Gamer
The identity of Satoshi Nakamoto, the pseudonymous creator of Bitcoin, is the biggest mystery in the crypto world. There's been a lot of speculation as to who the person or persons behind the first and most valuable crypto really areand there are a few claimants too. The most publicized of whom is Australian academic Dr Craig Wright. However, after years of litigation, a UK high court judge has ruled that Wright is not Satoshi Nakamoto.
The lawsuit was brought by a conglomerate of cryptocurrency companies called the Crypto Open Patent Alliance (COPA). It sought a judgment preventing Wright from continuing to claim he was Satoshi Nakamoto, and using this recognition to expand his influence over the sector.
Reporting from The Guardian includes quotes from Jonathan Hough KC, a lawyer representing COPA. He argued that Wrights claim that he created Bitcoin and wrote its whitepaper was a brazen lie and elaborate false narrative supported by forgery on an industrial scale. He also added there are elements of Dr Wrights conduct that stray into farce.
The group argued Wright's supporting evidence included provably forged documents, backdated edits and even traces of ChatGPT usage, even though ChatGPT was not released until years later.
The judge overwhelmingly agreed, unusually issuing a verdict immediately after the conclusion of the case. According to court reports, Justice Mellor said Im prepared to say this: Dr Wright is not the inventor of bitcoin" and "Dr Wright is not the author of the bitcoin white paper and he is not the person who adopted the name Satoshi Nakamoto.
Wright has spent years claiming he invented Bitcoin, fighting lawsuits across different jurisdictions. One of the well-known examples involved defending against a fraud lawsuit filed in 2018 by the estate of Dave Kleiman, a US computer scientist. Kleiman died in 2013 and some even suggest he could be Nakamoto himself. Wright lost the lawsuit and was ordered to pay $100 million in damages.
Well over a decade has passed since Satoshi Nakamoto's last publicly known message was posted to the Bitcointalk forums. The message gave no hint that he would be going anywhere. Did he die? Did he wish to step away in order to promote decentralization? Or was "Satoshi Nakamoto" a group that subsequently disbanded?
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Satoshi Nakamoto leaves behind dormant wallets estimated to contain as many as 1.1 million Bitcoins. That amounts to some $75 billion at Bitcoin's current price. If Wright was Satoshi Nakamoto, accessing those early coins would have strengthened his case immensely. He never did.
We may never know who the real person or persons behind Bitcoin are, but if Justice Mellor's judgment is the final word, the saga of "Faketoshi" is done and dusted.
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Two potential outcomes for Bitcoin if Satoshi Nakamoto’s true identity is revealed By Investing.com – Investing.com
The mysterious identity of 's creator, Satoshi Nakamoto, has been a topic of discussion and speculation since the cryptocurrency's inception. The possibility of unmasking Nakamoto has sparked intense debate within the crypto community, with many speculating about the potential outcomes for Bitcoin if the figure behind it were to be revealed.
Satoshi Nakamoto is the pseudonymous person or group that created the cryptocurrency Bitcoin. The true identity of Satoshi Nakamoto remains unknown, and there has been much speculation and investigation into who or what group is behind the pseudonym.
The name first appeared in a paper published in 2008 that detailed the design of Bitcoin. Satoshi is said to have stayed active in Bitcoins creation and the blockchain until around 2010 but hasnt been heard from since. Despite various claims and theories, the true identity of Satoshi Nakamoto continues to be shrouded in mystery.
Most believe Satoshi Nakamoto holds around 1.1 million BTC. However, this is only an estimate, with some speculating it is between 600,000 and 1.1 million, worth between approximately $43 billion to $80 billion at current rates. This amount is said to be spread across various addresses, and it is believed that these bitcoins were acquired as a reward for mining during the early days of Bitcoin.
Despite the widespread belief that these addresses belong to Satoshi Nakamoto, it is impossible to confirm with 100% certainty.
As mentioned, there have been various attempts at unmasking Satoshi Nakamoto, while some people have also come forward claiming to be the Bitcoin creator.
For example, recent reports about a UK court case involving Craig Wright have brought significant attention to the elusive identity of Satoshi Nakamoto.
A UK High Court ruled on Thursday that Wright, an Australian computer scientist, is not Satoshi Nakamoto, despite his claims to the contrary. Wright was taken to court by the Crypto Open Patent Alliance (COPA) to stop him from suing Bitcoin developers. COPA asked for a ruling that Wright was not Satoshi.
Judge James Mellor, presiding over the case, said there was overwhelming evidence that Wright was not Satoshi. "Dr Wright is not the author of the Bitcoin white paper," said the judge. "Dr Wright is not the person who adopted or operated under the pseudonym Satoshi Nakamoto in the period 2008 to 2011."
COPAs members include Twitter founder Jack Dorsey's payments firm Block. Dorsey tweeted the judges comments on Thursday.
So, what would be the impact on Bitcoin if Satoshi Nakamoto was to be unmasked?
Gady Kohanov, the founder of BitcyClub, an educational app designed to help novice investors learn how to predict asset price movements of cryptocurrencies and commodities, told Investing.com that Satoshis anonymity adds to the allure and uniqueness of Bitcoin, contributing to its mystique and widespread adoption.
Kohanov believes the decision to conceal the identity of Bitcoin's creator was intentional and reflects a deep understanding of human behavior, as people tend to judge products based on their creators rather than evaluating the solutions they offer.
Poking the bear often leads to undesirable consequences, said Kohanov. I predict that if the world continues to obsess over uncovering the identity of Satoshi Nakamoto, we may be inviting trouble.
If the veil of secrecy surrounding Bitcoin's creator is lifted, it could shatter the idealized image that many hold of the cryptocurrency, he added, explaining he sees two potential outcomes if Satoshi Nakamoto's true identity is revealed.
Firstly, Bitcoin may lose its mystique and appeal as a secure and unassailable digital asset, argues the BitcyClub founder. The introduction of a human element, complete with past mistakes and history, could tarnish Bitcoin's reputation and erode investor confidence.
Secondly, he believes existing investors could face significant losses based on the market reaction to the potential revelation. According to Kohanov, this could potentially result in a drastic decline in Bitcoin's value.
Its enigmatic creator and the anonymity surrounding its origins have contributed to its allure, he stated. However, attaching a human face with a history, especially one potentially fraught with controversy, could irreversibly alter Bitcoin's perception and value in the eyes of future investors.
Overall, Kohanov believes that even if Bitcoin's fundamentals were to remain unchanged, the revelation of Satoshi Nakamoto's identity could trigger a seismic shift in the cryptocurrency landscape, leaving existing investors reeling from substantial losses.
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Samson Mow Warns of Imminent Altcoin Crash, Ripple’s Legal Fight with SEC Gears Up With New Deadlines, Craig … – TradingView
Here are the top three news stories presented to you by U.Today.
Altcoin crash imminent, '$1 million for Bitcoin' advocate Samson Mow warns
Samson Mow, Jan3 CEO known for his bold "$1 million for Bitcoin" prediction, has recently taken to X platform to warn his followers ofan impending crash in altcoins. In his post, Mow highlighted how unsustainable altcoin gains are in contrast to Bitcoin's strong performance while pointing out a notable difference in daily inflows between Bitcoin ETFs and other cryptocurrencies. The CEO then added that altcoins do not receive the same level of significant investment influxes as Bitcoin, which makes their gains precarious. Mow also drew attention to the astronomical market capitalization of altcoins such as Solana in comparison to businesses such as MicroStrategy (MSTR), underscoring an imbalance on the market. Thus, the entrepreneur urges investors to stay cautious amid changing dynamics of the crypto market, reminding of risks associated with the pursuit of astronomical gains in the altcoin arena.
Ripple's legal fight with SEC gears up with new deadlines
According toa recent update provided by defense lawyer James K. Filan,new deadlines for remedies briefing have been set in the ongoing legal battle between Ripple and the SEC. The updated schedule reads that the SECs opening brief is set for March 22, Ripples opposition brief is due by Apr. 22, and the SECs reply brief is expected by May 6. As a reminder, in February, Ripple requested a one-week extension for remedies-related discovery, moving the deadline from February 12 to February 20; the extension was granted. Later, on Feb. 27, Judge Analisa Torres received a letter motion from the SEC, represented by Jorge G. Tenreiro, asking for an additional extension of time to file a remedies-related briefing. The regulator was seeking a total one-week extension for the completion of such a briefing. The SEC's motion for an extension of time was granted in early March.
Craig Wright not Satoshi Nakamoto UK court officially states
As became known yesterday, March 14, U.K. judge James Mellor ruled that Craig Wrightis not Satoshi Nakamoto or the creator of Bitcoin whitepaper. The judge described the evidence presented during the month-long trial as "overwhelming," stating he plans to write a ruling outlining his conclusions, which would include the fact that Wright was not the creator of the Bitcoin system. This came as a result of a lawsuit brought by COPA (the Crypto Open Patent Alliance) against Craig Wright, which started in 2021. In 2016, Australian computer scientist Wright proclaimed himself to be Satoshi. The news of the judges ruling was also shared by Twitter cofounder and Bitcoin evangelist Jack Dorsey.
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Calvin Ayre leaves X after court finds Craig Wright is not Satoshi – Protos
Calvin Ayre, a gambling magnate who has funded many Bitcoin Satoshi Vision (BSV) projects, has taken to X (formerly Twitter) to announce that he is taking a break the day after the UK High Court ruled that Craig Wright is not Satoshi Nakamoto.
Earlier this month, Ayre was confident that Craig is winning the lawsuit he has since lost. Despite this court ruling, Ayre claimed that he still knows that Wright is Satoshi.
Ayre has been the principal financier behind nChain, a firm that has attempted to market a collection of intellectual property it contends is related to blockchain.
Ayre has also reportedly provided the funding behind various other lawsuits related to BSV, including a class action lawsuit that accuses Binance and other exchanges of hurting investors by not describing BSV as Bitcoin.
Read more: Former nChain CEO claims Craig Wright is lying about Satoshi
BSV has fallen nearly 20% to less than $90, or approximately 0.0013 bitcoin for each BSV, over the last 24 hours.
Before Ayre involved himself in a Satoshi Vision created by someone a court ruled isnt Satoshi, he made his fortune in the gambling industry, eventually agreeing to plead guilty to a misdemeanor charge related to the transmission of gambling information.
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Calvin Ayre leaves X after court finds Craig Wright is not Satoshi - Protos
What is Satoshi Nakamoto Net Worth in 2024? – CoinGape
Almost 93.4% of Bitcoin is already mined and distributed among groups and individuals. But the most interesting fact is no one can claim he is the highest Bitcoin holder. This is because the one who really holds the highest Bitcoin is a mystery man. The world calls him Satoshi Nakamoto, Father of Bitcoin, for his remarkable work in developing Bitcoin blockchain.
Satoshi Nakamoto came and disappeared within a year after introducing Bitcoin. Within that short span he generated wealth and created a place for himself in the list of worlds richest people. So, what is Satoshi Nakamoto net worth? We will discover it in this present article.
Satoshi Nakamoto is an anonymous pseudonym for the individual or group who created Bitcoin. The real identity and background details of Satoshi Nakamato is still a mystery. Furthermore, all the communication with Satoshi was via email made it further difficult to decode his identity.
Satoshi Nakamoto solved a major problem which posed a hurdle in the adoption of cryptocurrency. The concept of cryptocurrency existed way before. However, adopting cryptocurrency wasnt possible before because of the double spending problem. Satoshi Nakamoto solved this with the creation of a blockchain system that works as a peer-to-peer network.
The concept of Bitcoin was introduced by Satoshi Nakamoto in the Bitcoin Whitepaper published in 2008. This introduced the concept of cryptocurrency among masses thus leading to its rising popularity.
January 2009 saw the launch of the first iteration of the Bitcoin network and software. The genesis block, the first block in the Bitcoin blockchain, was then mined by Satoshi.
After this, he continued mining Bitcoin for some time alongside increasing its popularity via discussions with interested participants across various online platforms. However, Satoshi Nakamoto left the world of Bitcoin in 2010, after which he completely disappeared.
Nevertheless, Satoshis legacy is still a daily memory for Bitcoin users. Its because of the common Bitcoin abbreviation shats or sats which actually refers to satoshis. Named after him, Satoshi is the smallest unit of Bitcoin. Its value is equal to 0.00000001 BTC.
As the identity of the person is not disclosed, a lot of information about the person is still a question mark. Likewise, it is only an estimation that Satoshi might be the owner of 1.1 million Bitcoins. As he is considered one of the early miners and contributed almost 22,000 blocks to the chain, he experimented with mining rewards at 50 Bitcoins per block. Now, after the fourth Bitcoin Halving in April 2024, the reward rate per block will drop to 3.125 BTC.
Satoshi was believed to have disappeared after 2010, and from 2009 to until he left the project, he received around 1.1 million BTC as a mining reward. The approximate number of Bitcoins owned by Satoshi is possible to determine due to the Patoshi Pattern, which was discovered by the cryptocurrency researcher Sergio Demian Lerner. And, Satoshi holds almost 5.2% of the total Bitcoin distribution as of February 2024.
Considering the present Bitcoin price, i.e., around $68,000, as of March 2024, Satoshi Nakamoto net worth would be around $75 billion USD. However, from 2009 to 2010, when Nakamoto almost mined all his bitcoins, the value of one bitcoin was merely 0.00099 USD. So, it wont be wrong to conclude that Nakamotos net worth was not so lavish back then, if his entire net worth is calculated only on the basis of how much bitcoin he had.
There is not much information available about who Nakamoto is and what he actually does. So, it is possible that he had/has other sources of income. This possibility hints at a net worth thats supposed to be much higher than 75 billion USD.
On top of that, if the financial value of a single bitcoin reaches 114,000 USD, there is absolutely no doubt about Satoshi Nakamoto being the wealthiest man on this planet. Also, if Bitcoin ever matches golds market cap, the world will witness the first Trilionaire in the name of Satoshi Nakamoto.
Bitcoins financial worth is predicted to increase up to 3-5 percent by 2030 as compared to the present value. Likewise, Satoshi Nakamotos net worth may grow at the same rate, considering his net worth as a sum of his bitcoin balance.
The world will never stop hunting for Satoshi Nakamoto. This mysterious legend gifted the world with the most powerful cryptocurrency. The Satoshi Nakamoto net worth is increasing every year in parallel with the rising Bitcoins value. Almost all sources claim that Bitcoin will spike in the future, and people will always discuss Satoshi whenever Bitcoin hits a new milestone.
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Craig Wright is not Satoshi Nakamoto, The Creator of Bitcoin – Crypto Times
U.K. Judge James Mellor ruled on Thursday that Craig Wright is not Satoshi Nakamoto, the pseudonym used by the creator of Bitcoin, nor the author of the Bitcoin whitepaper.
Following the conclusion of closing arguments in the Crypto Open Patent Alliance (COPA) trial which lasted a month, Judge Mellor described the evidence as overwhelming, noting that he would write a ruling outlining his conclusions, which would include the fact that Wright is not the person who created Bitcoin.
According to a post from the alliance, the case, which was brought by the Crypto Open Patent Alliance (COPA), completed closing arguments this week.
The team set out to demonstrate that Wright, an early Bitcoin developer who goes by the pseudonym Satoshi Nakamoto, is not the real creator of the cryptocurrency.
Adam Back, the creator of Bitcoins proof-of-work consensus mechanism, and Martti Malmi, an early supporter of the cryptocurrency, made their statements public last month. According to earlier reporting at The Block, both challenged assertions made by Wright during his testimony. Wright was not Nakamoto, according to both arguments.
In 2021, COPA filed a lawsuit against Wright to obtain a decision that would stop him from suing other cryptocurrency enthusiasts and developers or asserting intellectual property rights over the technology that is available to the public.
Also Read: Craig Wrights Defense Counters COPA Fraud Claims
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Craig Wright is not Satoshi Nakamoto, The Creator of Bitcoin - Crypto Times
Craig Wright has claimed since 2016 to be bitcoin’s purported creator "Satoshi Nakamoto" – pdclarion.com
Princeton, IN (47670) Today
Some clouds this evening will give way to mainly clear skies overnight. Low around 25F. Winds W at 10 to 20 mph..
Some clouds this evening will give way to mainly clear skies overnight. Low around 25F. Winds W at 10 to 20 mph.
Updated: March 18, 2024 @ 5:41 pm
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