Jan 04, · Satoshi Nakamoto is the original hodler, having left the bulk of his coins unmoved since day one. The theoretical wealth of bitcoin’s pseudonymous creator is a hot topic, and one that the mainstream media are especially fond of pondering. 1 Satoshi = ฿ 10 Satoshi = ฿ Satoshi = ฿ = 1 Bit / μBTC (you-bit) 1, Satoshi = ฿ 10, Satoshi. The mysterious Craig Wright, the man who claims to be Satoshi Nakamoto, was recently ordered to produce 11, documents and answers after Judge Beth Bloom overruled the defendant’s recent objections. Craig Wright Claims Satoshi Nakamoto ‘Never Used Bitcointalk’ to Communicate.
Satoshi coin bitcointalkLost large number of bitcoins | Satoshi Nakamoto Institute
Lost large number of bitcoins August 10, , PM. Here are the details. I do have the address that the 8, were supposedly sent to but the old wallet file is gone for good.
Thanks, Stone Man. External link. Re: Lost large number of bitcoins August 10, , PM. Do you still have the wallet. I might be able to help you. It sounds like they are lost for good. Lesson to other people: Remember you need to back your wallet up after every transaction!
The wallet metaphor is actually a bad one, because it makes problems like this more common than they should be. Edit: more explaination When you do a transaction you always spend ALL of the coins in that address, part of the money goes to whoever you're paying, and there rest is returned to you an a new 'change' address.
This helps your anonymity as someone watching cannot tell which amount you spent and which amount you kept. Before transaction: Address1: Address2: 0 After transaction: Address1: 0 Address2: 1 Address3: It sounds like you have wallet. Although the numbers in your story don't add up.
What were the Bitcoin addresses? If we know these we can do some more in-depth block chain research. Oh, man. Why did you send the 1? Were you just testing to see how the backup worked? Why with so many coins? That sucks. Re: Lost large number of bitcoins August 11, , AM. Quote from: tcatm on August 10, , PM. Quote from: Insti on August 10, , PM.
It sounds like you have wallet. Here are the edited highlights Code:. Until this thread I was totally unaware of this behavior and risk. The usual behavior of a "backup" of a file is to preserve the contents of that file, and the intuitive understand of the wallet.
I understand this is a case of the system behaving as designed, but the information that you need to backup your wallet after every transaction and each transaction makes your old wallet backups useless needs to be communicated much more clearly to users, I think. It also seems to me that it would be useful to add features for 'automatic backup' of a wallet after each transaction and easy support for multiple wallets - a "savings account" and a "checking account" so to speak.
Sorry about your loss, Stone Man. I added to the FAQ the warning to back up after each transaction. Is it necessary btw to stop the client before making a backup? That's a bit inconvenient. Automatic backups would be useful indeed. Quote from: Wiki page "address". This has the implication that if you create a receiving address and receive coins to that address, then restore the wallet from an earlier backup, before the address was generated, then the coins associated with that address are lost.
If you lose your wallet entirely, all of your coins are lost and can never be recovered. Quote from: Insti on August 11, , AM. On the upside, although it is probably of no consolation to you there is now a decent bounty for anyone who can find an address collision If it does not increase as fast as demand, there will be deflation and early holders of money will see its value increase. Coins have to get initially distributed somehow, and a constant rate seems like the best formula.
Satoshi Nakamoto created a network without any central authority to control and validate the transactions. Satoshi gives the power to the majority of the network. Transactions are verified by all the nodes on the network and then added to the Bitcoin Network.
It is a globally distributed database, with additions to the database by consent of the majority, based on a set of rules they follow: Whenever someone finds proof-of-work to generate a block, they get some new coins The proof-of-work difficulty is adjusted every two weeks to target an average of 6 blocks per hour for the whole network The coins given per block is cut in half every 4 years You could say coins are issued by the majority.
They are issued in a limited, predetermined amount. Satoshi Nakamoto explains that Bitcoin mining is not a waste of energy and resources. The use case of bitcoin is far more than the cost of mining.
Nakamoto explains that as gold mining cost is near to gold price, Bitcoin mining cost will always less than the price of Bitcoin in the long term. As more people interested to mine Bitcoin the cost of mining will increase and that will increase the price also. The marginal cost of gold mining tends to stay near the price of gold. Gold mining is a waste, but that waste is far less than the utility of having gold available as a medium of exchange.
I think the case will be the same for Bitcoin. The utility of the exchanges made possible by Bitcoin will far exceed the cost of electricity used. Satoshi Nakamoto is a very straight forward man. Satoshi developed the best cryptocurrency and implement the blockchain technology in the real-life use case. Satoshi wrote 3, lines Bitcoin code in its early stages, however, the code is now more than , lines.
Satoshi said that writing the whitepaper is more difficult than writing the code of Bitcoin. There was a discussion on this. Sorry to be a wet blanket. Writing a description for this thing for general audiences is bloody hard. Satoshi Nakamoto has created the best cryptocurrency Bitcoin but he is wrong here. Nakamoto said that Bitcoin is not recommended for micropayments like pay per view because of the fee of the transactions. The bitcoin transaction fee is always taken in BTC Not in Dollars , in its early stages the fee is as high as 0.
Not for things like pay per search or per page view without an aggregating mechanism, not things needing to pay less than 0. The dust spam limit is a first try at intentionally trying to prevent overly small micropayments like that.
A user concerned about that could Bitcoin network is destroyed by creating endless Bitcoin addresses? When you generate a new bitcoin address, it only takes disk space on your own computer like bytes. The address space is effectively unlimited. Satoshi Nakamoto set the maximum supply of Bitcoin to 21 million.
The supply of Bitcoin is increasing every day with a mathematical formula. The inflation rate of Bitcoin supply will reduce every 4 years with halving event. He knows that it is impossible to buy the whole supply of Bitcoin. At some point, it gets too expensive for them to buy any more. As the price keeps going up and up, some people keep holding out for yet higher prices and refuse to sell. Satoshi Nakamoto creates Bitcoin pseudo-anonymous that mean Bitcoin transactions are available on the public blockchain for everyone but the real identity is hidden.
Bitcoin transaction only shows the addresses of the participants. In the early stages, Bitcoin is used on the dark web for drugs, porn, weapons etc dealing. Satoshi Nakamoto is very active in the early stages of Bitcoin on BitcoinTalk forum. Nakamoto solves the bugs posted by any users and clarifies the doubts about the working of Bitcoin and blockchain. Satoshi Nakamoto is fully focused to solve all the bugs in Bitcoin and make it bug-free. If we were to have one, we would have to make a thoroughly researched choice.
Satoshi Nakamoto knows that Bitcoin may face regulations and political problems in future. Nakamoto believes that Bitcoin will give people the freedom to use and store their money without any interface of the corrupted politicians.
Yes you will not find a solution to political problems in cryptography. Governments are good at cutting off the heads of a centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own.
Satoshi Nakamoto explains how anyone can use bitcoin with full anonymity. Bitcoin itself is not fully anonymous instead of bitcoin is pseudo-anonymous. Pseudo anonymous means that all the transactions and information about the transaction are visible on the public blockchain but not the real identities of the participants. The possibility to be anonymous or pseudonymous relies on you not revealing any identifying information about yourself in connection with the bitcoin addresses you use.
We have tried to gather the best quotes by Satoshi Nakamoto but the list never completes. Love to write about market conditions and forecasts. What is the Marubozu candlestick? Last updated Sep 28, Genesis Block of Bitcoin This is the encoded message: 04ffffddf4ae2fec6c6ff6ee6bff6ec6ffe6b Bitcointalk Thread Bitcointalk is the official forum of Bitcoin for all types of discussion related to Bitcoin and blockchain. P2P Foundation. BitcoinTalk Satoshi Nakamoto. Satoshi Nakamoto.
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