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New year’s resolutions have a notoriously low success rate — only 8% of people achieve their goals. Losing weight, drinking less, being nicer to the cat — all these aspirations fall away as January wears on.
Success spikes, however, when the resolution has to do with money and finance.
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Kim and Kanye’s new mansion — the one they spent years renovating and finally moved into a few weeks ago — has its first house rule … NO JEWELRY ALLOWED!!! Our Kardashian sources tell us Kim decided to put the policy in place at the Hidden Hills…
Bitcoin never sleeps or slows. With the holidays approaching, there was zero chance of the world’s leading cryptocurrency taking a break so we could tend to last-minute shopping and drinking. Like the primadonna that she is, this week in bitcoin continued the year’s trend of hogging the limelight, with tales of rising fees and Coinbase misbehavior fueling much of the action.
Also read: People Keep Sending Satoshi Nakamoto Bitcoin
Don’t Be Evil
A lot of people had a lot of things to say about Coinbase this week, and most of it was negative. Whether it was raging about insider trading, disastrously introducing bitcoin cash, or slowness to adopt Segwit, Coinbase was taking flak from all sides. It’s a remarkable change in public sentiment towards an exchange that was once regarded so highly by many. Could Coinbase be in danger of becoming bitcoin’s Google – a monopoly that winds up doing more evil than good?
The week began with CME futures launching, which proved to be anti-climactic in the end. There was a sense that the market had been overbought in the weeks leading up, which may account for the sizeable slump that occurred mid-week. CME futures might have been a non-event, but there were plenty of talking points to be had elsewhere – like fees for instance.
Such Fees, Much Disappoint
Bitcoin Fees Are Infeasible we stated last Sunday. One week on, and those punitive fees look modest compared to the three and four-figure USD sums being touted now for moving large amounts of bitcoin. Transferring the digital currency is fast becoming the privilege of institutions and whales only. For everyone else, rocketing fees are forcing a switch to anything that isn’t bitcoin core – bitcoin cash, dash, litecoin, and even doge.
In a week that saw news.Bitcoin.com record record traffic, and a record number of reader comments too, everyone had a lot to say about everything. Stories that got the comments section frothing included the IRS pursuing taxes from altcoin traders and a round-up of bitcoin crashes to date, which was the most popular article of the week by some distance. We wrote:
The trend over nearly a decade is this: as much as bitcoin is propped up by hucksters looking to make a fast buck, there are many more still who work on building the project along every day. If BTC continues to have value, people will choose to support it.
What’s in a Name?
What’s in a name? When that name happens to involve bitcoin or blockchain the answer is a 3,750% rise in your share price. It’s the silly season for companies cashing in on the bitcoin boom, and while we’ve probably not hit Peak Bitcoin, we’ve surely hit Peak Bitcoin Names for Non-Bitcoin Things. Speaking of names, we wound up writing about “fake Satoshi” Dorian Nakamoto twice this week, including the handsome profit he seems to have made from cashing out his bitcoins.
While some of the stories that gained traction were decidedly silly – like a line of sex toys that lets you tether your pleasure to the price of bitcoin – there was serious business to report too. This included cryptocurrency crackdowns in India and Ukraine, the latter story brought by the latest addition to the news.Bitcoin.com team, Lubomir Tassev. We’ve now got a staffing presence in every major continent and region save for Antarctica (we’re still working on that one).
To Hodl or Not to Hodl
The news that Litecoin founder Charlie Lee had sold all his LTC was another hot topic. It wasn’t just the fact that he’d off-loaded that caused controversy, but that he seemed to have sold at the top, just before the cryptocurrency markets took a tumble. Bitcoin dropped by 30%, causing a few newbs to panic (not least those who’d mortgaged their house to buy bitcoin), but wiser heads shrugged it off. It was only the sixth time this year bitcoin had taken a tumble before rising again rapidly. After rallying to $ 15,000, bitcoin slipped below the $ 13k mark again today, but whatever price it ends the year on, 2017 has been an insanely good year for the cryptocurrency.
We’ve reached a stage where there isn’t even enough room in This Week in Bitcoin to cover everything that happened this week in bitcoin. From Goldman Sachs joining the trading party to Coinbase collecting UTXOs like they were rare Pepes, bucketloads of stuff has happened. Mike Novogratz got bearish, one futures trader got extremely bearish and Eric Wall weighed in with his weekly trading column, discussing the art of buying the dip.
Next week we hope to bring some exciting news that’s gonna make it even easier to keep up with the top stories from the world of bitcoin. Meanwhile, if dispensing cryptocurrency advice to ignorant in-laws at Christmas starts to tire, retreat to a quiet corner where you can catch up on the latest from us on Twitter and Telegram. Happy holidays from everyone at news.Bitcoin.com. May your altbags soar and your transaction fees drop. See you back here next week for the final round-up of the year.
What was your favorite story from this week? Let us know in the comments section below.
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The post This Week in Bitcoin: Markets Wobble While Fees Keep Soaring appeared first on Bitcoin News.
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. In recent weeks, bitcoin’s record highs have propelled Satoshi into the billionaire league, making him one of the world’s 50 richest people. There’s another reason why Satoshi’s digital wealth is growing however: people keep sending him bitcoin.
The World’s Most Reclusive Billionaire
The number of bitcoins owned by Satoshi Nakamoto is widely regarded as being 1,148,800, based on a detailed analysis that was published in 2013. Evidence shows that the bulk of the first 36,000 blocks was mined by one computer, which can only have been Satoshi. At the time, the reward per block was 50 BTC and of the 1,814,400 awarded, 63% was never spent, leaving Satoshi with a fortune of over 1.1 million BTC.
Today, that would mean Satoshi Nakamoto is worth around $ 16.8 billion. Add in another $ 3.4 billion in bitcoin cash, $ 370 million in bitcoin gold, ignore every fork after that and you wind up with total assets of $ 20.5 billion. This is all hypothetical of course, since most people believe that Satoshi’s coins will never move for various reasons. Nevertheless, on paper at least, Satoshi Nakamoto’s unclaimed billions place him 37th in the world’s rich list, above Microsoft founder Paul Allen and just $ 5 billion behind George Soros.
The only Satoshi to officially make Forbes’ billionaires list, incidentally, is cosmetics titan Satoshi Suzuki. With a fortune of ‘just’ $ 1.3 billion however, he ranks a distant 1,567th. If or when bitcoin hits $ 60,000, Satoshi will become the world’s richest man, overtaking Warren Buffett and Bill Gates, who have $ 75.6 and $ 86 billion respectively.
Satoshis for Satoshi
If Satoshi Nakamoto is one guy, and is still alive, it’s safe to assume he has no desire to touch his cryptocurrency stash. Based on what little is known of bitcoin’s creator, it’s hard to imagine him developing a sudden urge for the high life. Whatever Satoshi’s aspirations, becoming a billionaire playboy is not one. Given that Satoshi Nakamoto owns more bitcoin than anyone else in the world, the last thing he needs is more bitcoin. But that’s exactly what’s been happening, every week, for the past eight years. Not only has the value of Satoshi’s holdings been increasing, but so has their number.
1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa is the address associated with the genesis block. It was here that the first 50 bitcoins ever issued were sent on 3rd January 2009. The transaction is marked as “No Inputs (Newly Generated Coins)”. The 50 BTC this address contains, like that in most of the addresses attributed to Satoshi, have never been moved. As a consequence, one would expect its balance today to read 50 BTC. In actual fact, bitcoin’s genesis address currently contains more than 66.7 BTC, sent over the course of 1,140 transactions.
Keep the Tip
From bitcoin’s earliest days, right up until this week, a steady stream of bitcoin has been winding its way to the blockchain’s original wallet. Most of the transactions are tiny, though there are a few larger ones in there. In June 2012, for example, the Mt Gox wallet – which is currently empty, but previously received a total of 5.7 million bitcoin – sent 1.23 BTC to the genesis address. To date, bitcoin’s maiden address has received 16.7 BTC in tips, worth around a quarter of a million dollars.
Other addresses associated with Satoshi have also benefited from anonymous donations, though it is bitcoin’s earliest and most famous address that has attracted the most transactions. Ironically, the 50 coins that were awarded after the genesis block was mined are unspendable. Due to the way bitcoin’s maiden block has been coded, block 0, as it is known, was not added to the blockchain. It is not known whether Satoshi did this deliberately or not. Every time someone sends bitcoin to Satoshi, they’re effectively consigning those coins to spend eternity as an unspent transaction in the genesis address.
One final intriguing fact about the genesis block is that it took six days to mine. As speculated in an old Bitcointalk forum thread, this may have been yet another deliberate trick on the part of Satoshi, to mimic the biblical account of creation. As we read in Genesis 2:2, “And on the seventh day God ended his work which he had made; and he rested.”
Sending bitcoins to an unspendable address might seem nonsensical, and yet each of these donors would beg to differ. It’s not the value of each transaction that counts – it’s the gesture. In the absence of a Twitter account to @ or a real world address to mail, sending bitcoin to the genesis address is people’s way of saying thank you. Thank you, Satoshi, for making all this possible.
Do you think Satoshi will ever move any of his 1 million+ bitcoins? Let us know in the comments section below.
Images courtesy of Shutterstock and Zambian Astronaut.
Need to know the price of bitcoin? Check this chart.
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