Post
Topic
Board Development & Technical Discussion
Re: Satoshi's 1m instamine
by
vit05
on 25/03/2018, 04:43:49 UTC
Bitcoin is still an experiment. It is a social, economic and technological experiment. And this after almost 10 years of the paper. We do not have version 1.0 yet. Everyone who is participating in this experiment will be very well rewarded if it is a success. And that is why the vast majority participate.

Now, when Satoshi created the code, the idea that he could be well recompensed in the future simply did not exist. What he mined was just to continue his early studies and the costs far outweighed any rewards he might have. Since the market was non-existent.

He did not plan, as it is now very common, to accumulate an amount before the coin was adopted to finance his life or his work with Bitcoin. We do not know how organized he was, but it is quite likely that he would lose the seeds of the wallets over time. That supposed value he would have accumulated should never be interpreted the way you did it.


Nearly all bitcoins still exist.  Relatively few have been destroyed.  I think the total amount of destroyed bitcoins is less than 150 BTC.


There are at least 2196BTC burnt: https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr (Counterparty), https://blockchain.info/address/1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa (Genesis), https://blockchain.info/address/1111111111111111111114oLvT2 (smallest possible Hash160) and https://blockchain.info/address/1QLbz7JHiBTspS962RLKV8GndWFwi5j6Qr (largest possible Hash160)

Most of the early mined coins are still sitting on the addresses they were sent to during mining. if i remember correct

This is very interesting, this amount is quite small. If compared to how many dollars are annually destroyed by use, the difference should be exorbitant.