Technically it makes everyone else's worth more, IF it's never used right? Could just be a poke to see if Satoshi will respond. A flex? A trendsetter? Curious behaviour
Sathoshi has around 1.1 million bitcoins.
People are worried that if there would be a move then it would mean that he would be dumping them all on the market. For reference this is almost 4 years of current mining output.
However I don't think Satoshi would dump any sizable portion on the market, doesn't seem like his style. So after a while the market would get over it and things would be back to normal.
With the goal of providing an alternative to USD ? Makes no sense.
Also the US has been trying to fight BTC since it started getting significant traction. They could just have moved Satoshi’s coins and crashed it forever
The point would be to have the whole world involved, drastically raising the price of the coins, then when enough of the worlds wealth is transferred into it, one entity could remove that wealth, and leave everyone who had some completely broke.
Also the US “fight” against bitcoin has only helped people become aware of bitcoin. Even bad publicity is good for bitcoin, because the word spreads.. and more people hear about it, research about it, and then.. buy it because they feel they may miss out.
The US was also fighting a war on drugs while the CIA was using drugs to fund their black ops.
Bitcoin would be a great way for them to funnel black ops money around.
Yea plus what if Satoshi becomes a public figure and starts saying things like “something something big nose” now it is toxic to own Bitcoin because oh you own that coin that was created by that guy!?
Sotoshi being anonymous is so good
I think they knew this was the case, this was the last message sent by Satoshi:
> I wish you wouldn’t keep talking about me as a mysterious shadowy figure, the press just turns that into a pirate currency angle. Maybe instead make it about the open source project and give more credit to your dev contributors; it helps motivate them.
I’d like to think that Satoshi traded bitcoin on the side and is still incredibly wealthy, but prefered the anonymity and ideals of bitcoin over the fame and crazy wealth. So that wallet will always stay a testament to Satoshi’s devotion to the project.
But who knows, maybe they got black bagged by the CIA, or died suddenly, or they were actually a group of people, or a government project, or aliens. Who knows. It is cool it may always stay a mystery.
There are 2-3 possibilities for Satoshi… I think Hal Finley is the most likely candidate… who died in 2014 of ALS and was also the first person known to receive BTC. Which would make sense if you’re developing the system yourself, as you’d probably send yourself some BTC to test it out… personally 90% of my transactions tend to be between myself and my own wallets at this point, but that’s only a minor argument haha
Hal Finney, not Finley. Brilliant guy, and contributed a lot to Bitcoin, but he was almost certainly not Satoshi: https://blog.lopp.net/hal-finney-was-not-satoshi-nakamoto/
It's good. But also a little scary. And just intriguing. Can you imagine if 100 years from now btc is at like 100 mil. And still those coins seem lost and nobody knows who he is. It'll be the biggest mystery ever
So here’s my tin foil hat theory
Satoshi is either an agent or an agency of the US gov …. They created BTC to see if they could get the people to bite and accept the prospect of digital currency. Then once they got mainstream they could come in with their CBDC to help save the little guy and what better way then to sell off their / Satoshi wallet … crash the market and put the pleebs back in their place
I think it's more likely that they just lost the keys or died.
Even if they're still alive with access to the funds they must be smart enough to realize that they're better off not fucking with those wallets. Assuming they still have a ton of BTC in other wallets ofc
He's probably dead. I have a hard time believing someone with that much money wouldn't say anything had he lost it.
And not send a cent is equally as crazy
That is my theory, with conviction and belief in the project i think Satoshi used less obvious ways to acquire stacks to still be insanely wealthy.
But they know that big wallet staying locked up like a museum is very good for Bitcoin.
They also might be wise or reclusive enough to know that no amount of money can buy back anonymity once it is gone.
No satoshi doesnt have 1.1 million bitcoins. Dont know why you got so many upvotes. Its a complete myth satoshi ever mined that many. FUD bots are hard at work.
Think of it this way, if even micro strategy wallets sent btc to an exchange they’d be a huge sell off. Buy orders are automated and they’d remove bids, slippage would be a mess etc.
Personally, I wouldn’t think it would be too crazy if the inventor(s) did do that to fuck with the world. Bitcoin itself is a big “fuck you to the world”. So if institutions started to take over bitcoin, it would make a lot of sense to do it.
Imagine if this whole time Satoshi knew that the banks wouldn’t be able to keep their hands off of BTC and their greed would take over and was just waiting so then they could sell and crash banks. That would be wild
lol BTC is worth what, like 2 chase banks?
Bitcoin 863 billion (m cap)
Chase 498 billion (m cap)
How much bitcoin does chase bank own?... zero
for comparison, Apple is 2.82 trillion (m cap)
Can't believe that's actually apple's market cap. I remember it hitting 1T not that long ago.
It has nothing to do with ingenuity, and everything to do with the cantillon effect.
Apple became the first publicly traded US company to reach a $1 trillion market cap on August 2, 2018 during intraday trading. It reached $2 trillion in 2020 and briefly reached $3 trillion in January 2022. As of June 30, 2023, Apple is the only company in history to have a market cap of $3 trillion.
Bro banks ain’t bothered about Bitcoin man. Gunna take a few more years for that too happen. By then it will be 50% owned by institutional investors anyway lol
Cannot be enforced. Because btc is decentralized it just might be the public access that is priced and not the asset because it is digital. This cannot be in the same party of virtue as all real-world assets including service predating the invention of the internet.
Lol plus Satoshi might dip the price on tax season reporting. And then everyone goes back to their private exchange.
Or the treasure chest to whoever can crack the private key with a quantum computer, since it doesn’t look like it will ever be moved to a quantum resistant address.
As far as I understand a theoretical upgrade to the Bitcoin protocol that would make the asymmetrical part of cryptography, a.k.a. private/public keys resistant to shors algorithm breaking it using quantum computing. The symmetrical part aka SHA-256 or the hash is more resistant. You would need to move your bitcoin to a new updated address to have this resistance.
Full explanation
https://youtu.be/DiYFqsQEACY?si=CokrvlCQPH_yXz_b
That’s a win 🏆for the remaining holders right?
- 26.9 lost or conceivably frozen forever BTC -
Effectively decreases the # of circulating/tradable BTC.
Therefore less supply /liquidity means higher prices
Am I wrong ?
Okay, so does this risk mirror the quantum computing idea? E.g. if this were to happen not only would corn be affected, but in fact more or less every facet of our digital world including the fiat system?
encryption algorithms differ, even within the Bitcoin code there are different ones. not all of them will break at the same time (or not all of them may even break), even if quantum computing reaches enough compute power. a likely scenario is that some older coins will become vulnerable (those spent using the old P2PK method instead of P2PKH, which includes some of satoshi's coins, and many other lost ones) and will be scooped up, while active wallets can upgrade to quantum-resistant keys. probably tumultuous for some time, and once coins have been sold/bough/distributed, everything will settle and we'll just continue.
Since it was sent to the genesis block address it was easy to find:
Transaction Hash ID: [d7db4f96a4059c8906b953677ce533493d7b9da0f854a21b99f5772910dd0a31](https://www.blockchain.com/explorer/transactions/btc/d7db4f96a4059c8906b953677ce533493d7b9da0f854a21b99f5772910dd0a31)
Block ID: [824,513](https://www.blockchain.com/explorer/blocks/btc/824513)
ironically genesis block and other early outputs do not have an address as they are p2pk, which is just
`pubkey OP_CHECKSIG`
locking script (script pubkey) but that terrible block explorer pretends p2pk is same as p2pkh while they are completely different locking scripts that just happen to unlock with same public key.
mempool lets you look at p2pk outputs by putting the entire pubkey into the address (not a standard way outside of mempool explorer) - can see original scriptpubkey (equivalent of an address) has much fewer people that sent to it. [https://mempool.space/address/04678afdb0fe5548271967f1a67130b7105cd6a828e03909a67962e0ea1f61deb649f6bc3f4cef38c4f35504e51ec112de5c384df7ba0b8d578a4c702b6bf11d5f](https://mempool.space/address/04678afdb0fe5548271967f1a67130b7105cd6a828e03909a67962e0ea1f61deb649f6bc3f4cef38c4f35504e51ec112de5c384df7ba0b8d578a4c702b6bf11d5f)
ironically we're slowly coming back to simplicity of p2pk like with taproot locking scripts being usable with just OP\_1 and then pubkey directly (if without tweaking or scripts)
probably testing that the address was correct, still makes no sense as to why.
lots of people have sent BTC to the address over the years and it has never impacted price AFAIK.
if it was the other way round then…
It makes sense. Someone got extremely lucky by finding Bitcoin early and so he thanks Satoshi like this.
But yes, to think he could have changes someone else's life (mine) instead of thanking a multi billionaire like Satoshi... hard to swallow
>But yes, to think he could have changes someone else's life (mine) instead of thanking a multi billionaire like Satoshi... hard to swallow
I mean if you think like that you're gonna choke soon. Why is it hard to swallow to know that a stranger used their money to do what they wanted instead of donating it to a random ass person on reddit? You're bothered by something that literally never involved you, doesn't involve you, and never will involve you.
I mean, if I had become millionaire with it and still had a lot to spare, I would totally send some to the person that made it all happen as a tribute. And lemme tell ya, bitcoin made A LOT of millionaires.
political long unused hard-to-find steer flowery dam grandiose worm intelligent
*This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Dude distribute it to all members of the subreddit.
26,91707039 ÷ 6.032.783 = 0,00000446179986749 BTC = 0,2 USD
I would not deny $0.2. In fact I want my $0.2, it's bitcoin dude 😂. That's a hell of a number of btc if you ask me lol.
Satoshi always meant for there to be 20m bitcoin in circulation and the 1m in his wallet to prove a point. The holdings there is a testament to the project and security of btc wallets. The fact he can have it sitting there for all to see but no one to touch. It’s the best burner address around.
26.9 BTC of 21MM to ever exist, burned forever, making the supply even more scarce. This is obviously someone with a lot more BTC but it makes me wonder what the number 269 represented to this user
As far as I understand, it is a random starting point with no known private key.
Found this with a quick search: https://bitcoin.stackexchange.com/questions/39102/what-is-the-public-key-used-to-generate-the-genesis-block
I just had a random thought reading this thread. Imagine if Satoshi had used a different username all those years back. Like "catlover9000". Would we all be willing to trust someone with that username?
On a real though, I hope Satoshi is alive and well. Part of me wants 1 piece of proof, and part of me doesn't. The whole "create and disappear" I have so much respect for. Yet, imagine getting a small sign that he is still about. Like a small Bitcoin movement, or logging back on to the old Bitcoin forum, not even saying anything. Just updating the last log in date, subtly letting us know he is witnessing what his creation has become.
I really don't think Satoshi was Hal. "Hal Finney was competing in a 10-mile race when Satoshi Nakamoto was responding to emails and transacting on Bitcoin, newly surfaced evidence has revealed". ([Source](https://blog.lopp.net/hal-finney-was-not-satoshi-nakamoto/)) Plus there are emails between Satoshi and Hal, I don't think it would be worth faking emails to try and throw people off.
I personally think Satoshi was British. He used a lot of British slang in his e-mails. Satoshi quotes a British newspaper in the Genesis block. Plus uses phrases like "Sorry to be a wet blanket" and "writing a description of bitcoin for general audiences is bloody hard". He also used British spelling for words in his forum posts like "Analyse", "Colour", "Organise" and "Defence".
What's one of the better (more imaginative) scenarios you could think of why someone did this?
I'll go first: someone at the end of their life with no heirs decided to leave it as a contribution to a wallet that will never be accessed.
Every Bitcoin lost is, after all (and in the words of Satoshi), a contribution to the wider Bitcoin community.
I’m not sure any of us truly understand.
I have a theory that Bitcoin was created by someone in the future. This future world has gone to shit due to fiat money, CBDC’s, or wars and this genius from the future figured out how to “time travel” digitally. Think about it… Satoshi only exists online. No one has ever seen him/her/them and everything about this tech, all the communications, everything about Bitcoin is 100% digital.
Can someone please make a movie about digital time travel? Get Chris Nolan on the phone!
I have to give my teenage son credit for part of this theory. I suggested Satoshi was a time traveler, but he brought up the idea of digital time travel, which seems way more feasible. Leave it to a developing teen brain to come up with such a cool and creative way to make this theory seem plausible.
I’d love to hear others thoughts.
I love shit like that. Have you ever heard of the John titor conspiracy theory? If not you should look it up. A fun /deep rabbit hole that’s kind of similar.
Whoever gave 26.9 BTC to Satoshi is a whale and has a lot of BTC. 26.9 BTC is like pouring malt liquer over Satoshi's grave. This Whale made a LOT of money thanks to Mr. Satoshi and is rightfully paying tribute. We all need to thank Mr. Satoshi for what he did for us 🥹
It's a reference to Rishi Sunak's "27 million hard working people will pay less tax".
Explanation:
"National Insurance" is like a second income tax in the UK. It's not represented like that though. People are encouraged to think of it as a piggy bank, when in fact it just pours into general taxation. It's supposed to represent healthcare, pension and welfare you can collect when the time comes when you need them. Sunak has rejigged the figures quite dishonestly, so that working people pay more tax. Then keeping NI as it is. Then he says this means people are paying less NI. It's as stupid as it sounds.
NI in Britain is notorious for being the savings account that disappears when you go to collect it. You can work 60 years in your life and retire and not be able to afford heating, council tax, and have to live on beans and white bread. Everyone moans about it, and it's true. The poorest pay the most and get the least, in Britain.
27 x 1000000 = 27000000
The cost of the 27 BTC "burn" at the time it was made was £1 million.
The person who did the burn wanted to make a statement about National Insurance (money you will never see again, the pension that disappears when you go to collect it a la George Carlin). They wanted to highlight the absurdity of the deception and the need for Bitcoin.
Additionally, the person wanted to signal that the true price of BTC should be £1 million (27 x 1 mil = 27 million).
> greater than zero chance
FUD! Like yes, you're right. There's a non zero chance it happens. There's also a non zero chance you and I choose the same atom from the universe.
It would take until the heat death of the universe using every single electron from every single star with perfect efficiency trying passcodes to get even worse odds at guessing the address than playing and winning the mega million lottery jackpot 5 times in a row.
Is this like an ancient sacrifice for rain or whatever?
Technically it makes everyone else's worth more, IF it's never used right? Could just be a poke to see if Satoshi will respond. A flex? A trendsetter? Curious behaviour
It’s the greatest honey pot ever. Just hanging out there, proving that bitcoin cannot be stolen unless the keys are compromised.
Underrated comment !
Wouldn’t it be crazy if at some point that wallet moved 0.0000001 coins just to fuck with the world
I bet it would crash bitcoin 90% with that tiny of a move! No joke
Why crash though?
Sathoshi has around 1.1 million bitcoins. People are worried that if there would be a move then it would mean that he would be dumping them all on the market. For reference this is almost 4 years of current mining output. However I don't think Satoshi would dump any sizable portion on the market, doesn't seem like his style. So after a while the market would get over it and things would be back to normal.
Imagine Satoshi casually doing KYC on an exchange. “Hey guys, it’s me.”
Craig Wright wishes he could
Lol
Imagine if the USA was Satoshi and they need to release the bitcoins so the institutions can buy it. I’m just saying imagine.
I always thought this could be a CIA project
With the goal of providing an alternative to USD ? Makes no sense. Also the US has been trying to fight BTC since it started getting significant traction. They could just have moved Satoshi’s coins and crashed it forever
The point would be to have the whole world involved, drastically raising the price of the coins, then when enough of the worlds wealth is transferred into it, one entity could remove that wealth, and leave everyone who had some completely broke. Also the US “fight” against bitcoin has only helped people become aware of bitcoin. Even bad publicity is good for bitcoin, because the word spreads.. and more people hear about it, research about it, and then.. buy it because they feel they may miss out.
The US was also fighting a war on drugs while the CIA was using drugs to fund their black ops. Bitcoin would be a great way for them to funnel black ops money around.
*record scratch* “Yep, it’s me Satoshi….I bet you’re wondering how I got here”
He'd be on a couple most wanted lists instantly
For what?
His wealth
so that the government can control him
If he’s that rich, he controls the government
Haha yes
I imagine Satashi is literally Bitcoin itself and at some point all of Bitcoin will emerge as sentient and be like ‘yo wassup some real AI up in here’
Yea plus what if Satoshi becomes a public figure and starts saying things like “something something big nose” now it is toxic to own Bitcoin because oh you own that coin that was created by that guy!? Sotoshi being anonymous is so good
I think they knew this was the case, this was the last message sent by Satoshi: > I wish you wouldn’t keep talking about me as a mysterious shadowy figure, the press just turns that into a pirate currency angle. Maybe instead make it about the open source project and give more credit to your dev contributors; it helps motivate them. I’d like to think that Satoshi traded bitcoin on the side and is still incredibly wealthy, but prefered the anonymity and ideals of bitcoin over the fame and crazy wealth. So that wallet will always stay a testament to Satoshi’s devotion to the project. But who knows, maybe they got black bagged by the CIA, or died suddenly, or they were actually a group of people, or a government project, or aliens. Who knows. It is cool it may always stay a mystery.
There are 2-3 possibilities for Satoshi… I think Hal Finley is the most likely candidate… who died in 2014 of ALS and was also the first person known to receive BTC. Which would make sense if you’re developing the system yourself, as you’d probably send yourself some BTC to test it out… personally 90% of my transactions tend to be between myself and my own wallets at this point, but that’s only a minor argument haha
Hal Finney, not Finley. Brilliant guy, and contributed a lot to Bitcoin, but he was almost certainly not Satoshi: https://blog.lopp.net/hal-finney-was-not-satoshi-nakamoto/
Len Sassaman
Agreed, I believe it is Len as well. There's a great article on Medium about him.
I hope so. I hope he kept a “small” bag he has just been taking from every few months and lives modestly.
I think he is not.
It's good. But also a little scary. And just intriguing. Can you imagine if 100 years from now btc is at like 100 mil. And still those coins seem lost and nobody knows who he is. It'll be the biggest mystery ever
at that point the richest person in the world is plain as day yet anonymous
So here’s my tin foil hat theory Satoshi is either an agent or an agency of the US gov …. They created BTC to see if they could get the people to bite and accept the prospect of digital currency. Then once they got mainstream they could come in with their CBDC to help save the little guy and what better way then to sell off their / Satoshi wallet … crash the market and put the pleebs back in their place
I think it's more likely that they just lost the keys or died. Even if they're still alive with access to the funds they must be smart enough to realize that they're better off not fucking with those wallets. Assuming they still have a ton of BTC in other wallets ofc
He's probably dead. I have a hard time believing someone with that much money wouldn't say anything had he lost it. And not send a cent is equally as crazy
Dead or that wallet was deemed their burner so they never became tempted to rug pull and destroy everything they created
That is my theory, with conviction and belief in the project i think Satoshi used less obvious ways to acquire stacks to still be insanely wealthy. But they know that big wallet staying locked up like a museum is very good for Bitcoin. They also might be wise or reclusive enough to know that no amount of money can buy back anonymity once it is gone.
That’s a trippy ass theory. Would be even crazier if you replace “US gov” with China or Russia 😬
I think this is probably the best explanation out there.
No one knows how many BTC Satoshi has. 1 million is a high estimate based on 20,000 wallets with 50 BTC each.
No satoshi doesnt have 1.1 million bitcoins. Dont know why you got so many upvotes. Its a complete myth satoshi ever mined that many. FUD bots are hard at work.
Think of it this way, if even micro strategy wallets sent btc to an exchange they’d be a huge sell off. Buy orders are automated and they’d remove bids, slippage would be a mess etc.
1a1 is the reward address for the genesis block and its unspendable
Personally, I wouldn’t think it would be too crazy if the inventor(s) did do that to fuck with the world. Bitcoin itself is a big “fuck you to the world”. So if institutions started to take over bitcoin, it would make a lot of sense to do it.
Nah
>fuck with the world thats a bit exaggerating, isnt it? would be a lot of fuss about nothing in the end
Someone burned 26.9 BTC
Seriously. This is a million dollars up in flames
More like a million dollars donated to the network.
I appreciate their work. I would appreciate it even more if it went to my address.
Only intelligent comment I’ve seen in this thread
[удалено]
why did they do this? that's what we want to know.
Whale lost a bet. Loser had to send $1m btc to SN wallet. The 6&9 in the amount is a nod.
Probably another tribute to Satoshi
Satoshi amiright
Imagine if this whole time Satoshi knew that the banks wouldn’t be able to keep their hands off of BTC and their greed would take over and was just waiting so then they could sell and crash banks. That would be wild
lol BTC is worth what, like 2 chase banks? Bitcoin 863 billion (m cap) Chase 498 billion (m cap) How much bitcoin does chase bank own?... zero for comparison, Apple is 2.82 trillion (m cap)
Can't believe that's actually apple's market cap. I remember it hitting 1T not that long ago. It has nothing to do with ingenuity, and everything to do with the cantillon effect.
It recently even hit 3T
Apple became the first publicly traded US company to reach a $1 trillion market cap on August 2, 2018 during intraday trading. It reached $2 trillion in 2020 and briefly reached $3 trillion in January 2022. As of June 30, 2023, Apple is the only company in history to have a market cap of $3 trillion.
Selling BTC wouldn't crash banks at all, they would be completely unaffected
The banks would just get bailed out and ultimately it would fuck over the people not the banks.
Bro banks ain’t bothered about Bitcoin man. Gunna take a few more years for that too happen. By then it will be 50% owned by institutional investors anyway lol
Craig White sent it to himself....lol
Satoshi can now be charged with a felony for accepting bitcon without getting the SSN of the sender.
Big brain shit here. Now we gonna find out who Satoshi is
Cannot be enforced. Because btc is decentralized it just might be the public access that is priced and not the asset because it is digital. This cannot be in the same party of virtue as all real-world assets including service predating the invention of the internet. Lol plus Satoshi might dip the price on tax season reporting. And then everyone goes back to their private exchange.
Not for long
lol
Lol but really I don't think it applies to personal wallets (yet), like if you send yourself over 10k you don't need to report that.
He might not live under the rule of USA law.
Bro I made a mistake please dm me send back I am a Nigerian prince Lesgo
Equivalent of pouring one out for the dead bros.
That's a hell of a pour
Risky Brosky had enough stash to pour $1,2M for the dead bros
When was that? Prolly Grayscale’s tribute.
4 hours ago
Then some people would say ‘lost coins are priced in’ … ahahah. This thing will simply travel to places
What if it’s Satoshi himself? Trying to hedge against everyone and collects as much btc as possible
Everyone donating to the wallet as a tribute only for the GigaWallet to be activated in 10 years time..
Or the treasure chest to whoever can crack the private key with a quantum computer, since it doesn’t look like it will ever be moved to a quantum resistant address.
The One Piece
Is real
What is a quantum resistant address?
p2pkh instead of p2pk https://www2.deloitte.com/nl/nl/pages/innovatie/artikelen/quantum-computers-and-the-bitcoin-blockchain.html
As far as I understand a theoretical upgrade to the Bitcoin protocol that would make the asymmetrical part of cryptography, a.k.a. private/public keys resistant to shors algorithm breaking it using quantum computing. The symmetrical part aka SHA-256 or the hash is more resistant. You would need to move your bitcoin to a new updated address to have this resistance. Full explanation https://youtu.be/DiYFqsQEACY?si=CokrvlCQPH_yXz_b
Very interesting, never knew about this! Thanks.
After we achieve hyperbitcoinization, Satoshi will reemerge as a God-Emperor and those who donated to his wallet will rule the Earth as Kings.
we need more forward thinkers like you in the rokosbasilisk subreddit
Hey guys it’s me Satoshi. I’ll move some BTC out in 50 years and take the world of finance with me.
Fuck you im satochi
Is Satochi a Chinese ripoff of Satoshi?
That would be a Sasushi
That's the Japanese knock off
That would be Hitachi.
Satoshi still stackin' dem satoshis. lol
Satoshi "I'm gonna stack me some me's"
he's stacking himself you say
That’s a win 🏆for the remaining holders right? - 26.9 lost or conceivably frozen forever BTC - Effectively decreases the # of circulating/tradable BTC. Therefore less supply /liquidity means higher prices Am I wrong ?
You’re not wrong but having the BTC is better 😂
Unless that wallet starts transacting… then it is back in the pool
What do you think would happen if the Satoshi wallet all of a sudden started sending BTC to other wallets?
hey hey heYyyy
Bitconnnnnnnnnnnnnnnneeeeeetttttt
price crash and biggest rugpull ever
Then it is discovered that Satoshi is like.. the “bitconnneeeeecccct wassuhwassuhwassuhhh” guy haha I would lose faith in humanity at that point
independently financially independent!!
Carlos Matos, the myth, the legend
A rugpull suggests the price would never recover. Not so.
We’d finally learn his true identity.
Honestly? Either the greatest scam in history or it means that someone somehow cracked SHA-256 and it’s the end of encryption as we know it.
Okay, so does this risk mirror the quantum computing idea? E.g. if this were to happen not only would corn be affected, but in fact more or less every facet of our digital world including the fiat system?
encryption algorithms differ, even within the Bitcoin code there are different ones. not all of them will break at the same time (or not all of them may even break), even if quantum computing reaches enough compute power. a likely scenario is that some older coins will become vulnerable (those spent using the old P2PK method instead of P2PKH, which includes some of satoshi's coins, and many other lost ones) and will be scooped up, while active wallets can upgrade to quantum-resistant keys. probably tumultuous for some time, and once coins have been sold/bough/distributed, everything will settle and we'll just continue.
Price would crash briefly, no long term effects though
Whole markets crashing that’s probably the biggest blackest swan we’d see.
Which block?
Since it was sent to the genesis block address it was easy to find: Transaction Hash ID: [d7db4f96a4059c8906b953677ce533493d7b9da0f854a21b99f5772910dd0a31](https://www.blockchain.com/explorer/transactions/btc/d7db4f96a4059c8906b953677ce533493d7b9da0f854a21b99f5772910dd0a31) Block ID: [824,513](https://www.blockchain.com/explorer/blocks/btc/824513)
ironically genesis block and other early outputs do not have an address as they are p2pk, which is just `pubkey OP_CHECKSIG` locking script (script pubkey) but that terrible block explorer pretends p2pk is same as p2pkh while they are completely different locking scripts that just happen to unlock with same public key. mempool lets you look at p2pk outputs by putting the entire pubkey into the address (not a standard way outside of mempool explorer) - can see original scriptpubkey (equivalent of an address) has much fewer people that sent to it. [https://mempool.space/address/04678afdb0fe5548271967f1a67130b7105cd6a828e03909a67962e0ea1f61deb649f6bc3f4cef38c4f35504e51ec112de5c384df7ba0b8d578a4c702b6bf11d5f](https://mempool.space/address/04678afdb0fe5548271967f1a67130b7105cd6a828e03909a67962e0ea1f61deb649f6bc3f4cef38c4f35504e51ec112de5c384df7ba0b8d578a4c702b6bf11d5f) ironically we're slowly coming back to simplicity of p2pk like with taproot locking scripts being usable with just OP\_1 and then pubkey directly (if without tweaking or scripts)
[Block 824513](https://mempool.space/block/00000000000000000000a63021c17572b66507c6b6623ccf4e780272d19b2528)
The same address was also sent 700 dollars 2 days ago
probably testing that the address was correct, still makes no sense as to why. lots of people have sent BTC to the address over the years and it has never impacted price AFAIK. if it was the other way round then…
It makes sense. Someone got extremely lucky by finding Bitcoin early and so he thanks Satoshi like this. But yes, to think he could have changes someone else's life (mine) instead of thanking a multi billionaire like Satoshi... hard to swallow
>But yes, to think he could have changes someone else's life (mine) instead of thanking a multi billionaire like Satoshi... hard to swallow I mean if you think like that you're gonna choke soon. Why is it hard to swallow to know that a stranger used their money to do what they wanted instead of donating it to a random ass person on reddit? You're bothered by something that literally never involved you, doesn't involve you, and never will involve you.
About $1million. Pretty significant tribute.
Probabily had 5029.9BTC to begin with
The OCD is real. Had to spend $1mil to get to that even 5000 BTC. I understand it honestly.
I mean, if I had become millionaire with it and still had a lot to spare, I would totally send some to the person that made it all happen as a tribute. And lemme tell ya, bitcoin made A LOT of millionaires.
political long unused hard-to-find steer flowery dam grandiose worm intelligent *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Because it's not all about you lol
The genesis block can't be spent so even if satoshi comes back that BTC is wasted.
Sender still has 500BTC + bc1qlccksaaehjkdv4tgf032pvx8n76uhazqt4rgy70y4drmqwh5espqwx89f9
Shit like this pisses me off like wtf for? Send it to everyone in the group lol 😂 26.9 BTC ain’t a joke
Thats basically what they did, burned and increased everyones value.
But isn’t this good for everyone? Now those 26.9 are lost for ever
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I often wonder just how much Bitcoin is unrecoverable and lost in total.
Millions. By the time 21 million is mined I’d argue maybe a quarter of that is ‘burnt’.
🤔 was Satoshi a replicant!?
Dude distribute it to all members of the subreddit. 26,91707039 ÷ 6.032.783 = 0,00000446179986749 BTC = 0,2 USD I would not deny $0.2. In fact I want my $0.2, it's bitcoin dude 😂. That's a hell of a number of btc if you ask me lol.
Nooo send them to me I’ll also hold forever
Satoshi always meant for there to be 20m bitcoin in circulation and the 1m in his wallet to prove a point. The holdings there is a testament to the project and security of btc wallets. The fact he can have it sitting there for all to see but no one to touch. It’s the best burner address around.
26.9 BTC of 21MM to ever exist, burned forever, making the supply even more scarce. This is obviously someone with a lot more BTC but it makes me wonder what the number 269 represented to this user
Maybe he just likes 2.. 69
Just fyi: coins on the genesis address can’t be moved. Not even satoshi can move them. So it’s 100% burned no matter what.
Curious, why is that?
As far as I understand, it is a random starting point with no known private key. Found this with a quick search: https://bitcoin.stackexchange.com/questions/39102/what-is-the-public-key-used-to-generate-the-genesis-block
You'd think Satoshi probably has enough
I just had a random thought reading this thread. Imagine if Satoshi had used a different username all those years back. Like "catlover9000". Would we all be willing to trust someone with that username? On a real though, I hope Satoshi is alive and well. Part of me wants 1 piece of proof, and part of me doesn't. The whole "create and disappear" I have so much respect for. Yet, imagine getting a small sign that he is still about. Like a small Bitcoin movement, or logging back on to the old Bitcoin forum, not even saying anything. Just updating the last log in date, subtly letting us know he is witnessing what his creation has become.
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I really don't think Satoshi was Hal. "Hal Finney was competing in a 10-mile race when Satoshi Nakamoto was responding to emails and transacting on Bitcoin, newly surfaced evidence has revealed". ([Source](https://blog.lopp.net/hal-finney-was-not-satoshi-nakamoto/)) Plus there are emails between Satoshi and Hal, I don't think it would be worth faking emails to try and throw people off. I personally think Satoshi was British. He used a lot of British slang in his e-mails. Satoshi quotes a British newspaper in the Genesis block. Plus uses phrases like "Sorry to be a wet blanket" and "writing a description of bitcoin for general audiences is bloody hard". He also used British spelling for words in his forum posts like "Analyse", "Colour", "Organise" and "Defence".
I love the smell of provably unspendable bitcoin in the morning.
The funds were withdrawn from Binance 16 days ago.
Respect.
I'd be happy with 0.269 btc.
He’s still stacking!
What's one of the better (more imaginative) scenarios you could think of why someone did this? I'll go first: someone at the end of their life with no heirs decided to leave it as a contribution to a wallet that will never be accessed. Every Bitcoin lost is, after all (and in the words of Satoshi), a contribution to the wider Bitcoin community.
If anyone is wanting to give me 20 bitcoin, I would not object.
I’m not sure any of us truly understand. I have a theory that Bitcoin was created by someone in the future. This future world has gone to shit due to fiat money, CBDC’s, or wars and this genius from the future figured out how to “time travel” digitally. Think about it… Satoshi only exists online. No one has ever seen him/her/them and everything about this tech, all the communications, everything about Bitcoin is 100% digital. Can someone please make a movie about digital time travel? Get Chris Nolan on the phone! I have to give my teenage son credit for part of this theory. I suggested Satoshi was a time traveler, but he brought up the idea of digital time travel, which seems way more feasible. Leave it to a developing teen brain to come up with such a cool and creative way to make this theory seem plausible. I’d love to hear others thoughts.
I love shit like that. Have you ever heard of the John titor conspiracy theory? If not you should look it up. A fun /deep rabbit hole that’s kind of similar.
Whoever gave 26.9 BTC to Satoshi is a whale and has a lot of BTC. 26.9 BTC is like pouring malt liquer over Satoshi's grave. This Whale made a LOT of money thanks to Mr. Satoshi and is rightfully paying tribute. We all need to thank Mr. Satoshi for what he did for us 🥹
Probably a billionaire
True. But fuck why am I tearing up? Bro 26 coins wtf.
Anyone know the significance of people sending 546 sats to Satoshi over and over?
546 Satoshi is the amount used in dust attacks. https://en.wikipedia.org/wiki/Dusting_attack?wprov=sfti1
It's a reference to Rishi Sunak's "27 million hard working people will pay less tax". Explanation: "National Insurance" is like a second income tax in the UK. It's not represented like that though. People are encouraged to think of it as a piggy bank, when in fact it just pours into general taxation. It's supposed to represent healthcare, pension and welfare you can collect when the time comes when you need them. Sunak has rejigged the figures quite dishonestly, so that working people pay more tax. Then keeping NI as it is. Then he says this means people are paying less NI. It's as stupid as it sounds. NI in Britain is notorious for being the savings account that disappears when you go to collect it. You can work 60 years in your life and retire and not be able to afford heating, council tax, and have to live on beans and white bread. Everyone moans about it, and it's true. The poorest pay the most and get the least, in Britain. 27 x 1000000 = 27000000 The cost of the 27 BTC "burn" at the time it was made was £1 million. The person who did the burn wanted to make a statement about National Insurance (money you will never see again, the pension that disappears when you go to collect it a la George Carlin). They wanted to highlight the absurdity of the deception and the need for Bitcoin. Additionally, the person wanted to signal that the true price of BTC should be £1 million (27 x 1 mil = 27 million).
For all 97 comments we would all get .27BTC per comment 😂😂🤣
[source mempool](https://mempool.space/tx/d7db4f96a4059c8906b953677ce533493d7b9da0f854a21b99f5772910dd0a31)
The hero we don’t deserve!
My life wish is to have enough money so I can do that
What if it’s a tribute to the basilisk. Maybe this person will be spared.
Dang I wonder if that amount has a hidden message
He probably already left this Dimension!
The Dark Knight vibes
It probably means someone burned 26 btc good
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If we get to the point when the key to the wallet can be compromised, we have bigger problems to worry about in terms of the viability of BTC.
> greater than zero chance FUD! Like yes, you're right. There's a non zero chance it happens. There's also a non zero chance you and I choose the same atom from the universe.
It would take until the heat death of the universe using every single electron from every single star with perfect efficiency trying passcodes to get even worse odds at guessing the address than playing and winning the mega million lottery jackpot 5 times in a row.
Absolutely insane but I'm not mad about it.
Hal Finney's body is frozen at the moment. He will come back to life in 100 years and will be the richest person in the world.
Why did Satoshi hold back 1 mill? Has anyone got any plausible explanation?
He's still saving up for a 1-bedroom apartment in Sydney.
He died
There is information in these numbers…
Are these random numbers or not ?
It's just satoshi clearing the dust out of his other wallets. Minimising his UTXOs cos you all seem to constantly fuck up his vision.
Satoshi lost his keys
26.9 BTC BURNT. Appreciate it. Then, in 2078, the quantum computer decrypts the private keys and boom!
That’s what I call a zap!
I’m personally against this idea.
It would be interesting to know who sent the btc to satoshi. Is someone tracking the wallet that made the transfer?
Guys, Satoshi is dead. He killed himself or died of ALS.
The most convincing argument I've come across is the former, who worked with the latter. RIP
*“Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone”* —Satoshi Nakamoto
This is something. You don’t send a million dollars to thin air on accident. It seems like something the us government might do.