Satoshi Nakamoto news

The pseudonym of an anonymous creator of Bitcoin.

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Cryptonomicon’s Neal Stephenson Says He Isn’t Satoshi Nakamoto, The Creator Of Bitcoin

A recent article popped up with Reason that mentioned best-selling author Neal Stephenson, but not for the books that he’s published. Instead, the author of this article alleged that Stephenson may be the person responsible for the creation of Bitcoin – Satoshi Nakamoto. However, Stephenson is denying these allegations. Satoshi Nakamoto, as many pundits know, […]
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Every Wondered Why Satoshi Nakamoto Chose 21 Million as the Limit for Bitcoin?

Coinspeaker Every Wondered Why Satoshi Nakamoto Chose 21 Million as the Limit for Bitcoin?Bitcoin was the first fully decentralized digital asset to hit the market. Created a decade ago by Satoshi Nakamoto, it’s currently the world’s biggest cryptocurrency with a market cap of $219 billion and almost 70% dominance at writing time.Satoshi put a lot of thought and work into creating Bitcoin but a decade later, there are still two unknowns about this journey. Firstly, no one knows who Satoshi Nakamoto really is. Whether the name belongs to one person, male or female or if it’s a moniker for a group of developers is unknown.Also, Satoshi set design for Bitcoin, limiting its production to 21 million. In other words, there will never be more than 21 million Bitcoins produced except something changes. This leads us to the second unknown – no one really knows why a 21 million limit was set.Bitcoin’s Fixed SupplyIt’s pretty easy to understand why there is a finite supply set for Bitcoin as it helps prevent inflation. Bitcoin is mined as block rewards for the miners and is set to halve after every 210,000 blocks which happens over a four-year period. Currently, miners earn 12.5 Bitcoins per block and by May 2020, it will be reduced to 6.25. This is a commendable way to control the arbitrary supply of the asset but still doesn’t explain why exactly the “21 million” figure was chosen.Satoshi Wanted Similarities Between Bitcoin and FiatThere is one pointer to the figure as seen in a correspondence between Nakamoto and Mike Hearn, a software developer. According to the email, Satoshi says the design for the “number of coins and distribution schedule was an educated guess” and also a “difficult choice.”Basically, Satoshi tries to explain a desire for some similarity between Bitcoin and Fiat currencies even though the difficulty of that due to possible changes to both currencies in the future was also considered. However, regardless of the intended similarity, Satoshi believed that adoption could drive Bitcoin to be worth a lot more per unit.The above, on some level, explains a little about what Nakamoto had in mind especially with regards to fixing a limit but the real thought or calculation that resulted in 21 million is still a little lost on the cryptosphere.The Community Weighs InOver the last few years, there have been a lot of guesses as to the 21 million figure and whether there’s a real meaning or calculation that birthed it. Some have offered mathematical explanations while some others have expressed more random thoughts.Allen Ewart, a fintech founder and editor posited that “21 million” might be deeper than it looks. For him, “the number 21 is considered to be a creative spirit.”There are some others who think it’s unnecessary to try figuring out what brought about the exact figure. To them, the main point to be made here is the fact that it’s fixed and the exact number, whether 21 million or 210 million is therefore ultimately irrelevant.Perhaps the most intriguing explanation is a mathematical one offered by a member of the StackExchange forum. According to the post, the number of blocks per cycle can be gotten by multiplying 6 (blocks produced every hour) by 24 (hours in a day) by 365 (number of days in a year) and then by 4 (number of years in a cycle.) This gives 210,240 which is then rounded down to 210,000.Furthermore, addition of all the block rewards from inception – 50+25+12.5+6.25+3.125 gives 96.875 which is rounded up to 100.Further multiplication of both numbers (210,000×100) is 210 million.However, it’s important to note that this explanation was created after Satoshi already set the 21 million figure and the maths only satisfies the figure but doesn’t really answer the question.Maybe one day Satoshi Nakamoto will reveal their true identity (-ies) and then we can ask all the puzzling questions. But until then, all we have is conjecture and the correspondence that calls it “an educated guess.”Every Wondered Why Satoshi Nakamoto Chose 21 Million as the Limit for Bitcoin?
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Craig Wright says he can’t access Satoshi Nakamoto’s $10 billion Bitcoin fortune

During his June 28 contempt hearing, Craig Wright told a federal court in Florida that he was unable to access his $10 billion Bitcoin fortune. Sources present during the deposition revealed that he also cried during cross-examination when explaining why he parted ways with Bitcoin back in 2010. Emotions run high in Wright’s contempt hearing Craig Wright’s bitter court battle with the estate of his former partner Dave Kleiman has been going on for more than a year. The case just recently started to show significant movement. After Wright failed to disclose his Bitcoin holdings on several occasions, a federal court in Florida ordered a hearing on June 28 as to whether he should be held in contempt of court. The hearing, held on Friday, was to determine the level of sanction Wright should face for his violation of court orders. However, it was a hot topic in the crypto community, with many discussing the hearing’s implications on the Wright vs Kleiman case. Inside sources revealed that a heated discussion didn’t only happen on Twitter—emotions ran high during the hearing, too. According to Bloomberg. At one point Wright forcefully threw a document provided by Kleiman’s lawyers and was rebuked by the judge, who said he would be “in handcuffs” if he did that again. Long speeches leave many questions unanswered Shortly after being reprimanded for unruly behavior, Wright continued to avoid giving direct answers to questions. Seemingly fed up with his long and disconnected speeches, the judge called a recess and urged Wright’s lawyers to have a talk with their client “about answering questions directly and not giving speeches.” Quick update. Open session, now, Craig is on the stand talking about silk road and Hydra, and CRYING, yes he is CRYING — 22nd Century Crypto (@thatcryptoguyyy) June 28, 2019 The whirlwind of emotions during the cross-examination was too much even for the court reporter, who Bloomberg says asked the parties to slow down. But, the heated argument failed to answer any of the important questions asked by the Kleiman party. Wright reportedly cried during the deposition when he was asked why he left Bitcoin and disassociated from his Satoshi Nakamoto alias, as he claimed the “bad things” the cryptocurrency was used for was “too much” for him to handle. Some highlights:Are you satoshi? – yesDo you recognize this White Paper? – I wrote itWhy did you leave BTC and disassociated with Satoshi? – My invention was used for bad things *crying*. They created #silkroad and #hydra. It was used to fund child pornography — Katie Ananina (@KatieAnanina) June 28, 2019 The continued hearing, which is scheduled for August, will reveal the extent of the punishment Wright will endure for his contempt of court. Attorney Stephen Phalley believes that things are going Kleiman’s way and that the judge will take time before deciding to hold someone in contempt of court. Things are going Kleiman's way. Now, we may not know what the Court thinks until after the continued hearing which I believe will be in August. And it could change. Either way, this appears to be a smart judge, and one who will reach the right conclusion. — Palley (@stephendpalley) June 29, 2019 On the other hand, Calvin Ayre, the founder of CoinGeek, believes that either outcome of the hearing will prove that Wright is, in fact, Satoshi Nakamoto. In a June 29 tweet, Ayre said that those cheering for Wright to lose the case don’t realize that in order to lose the case, he “must” be Satoshi Nakamoto. In order for Craig to "lose" the Kleinman case he must be Satoshi Nakamoto and have written the white paper and invented #Bitcoin. This fact seems to not be understood by Craig deniers who are also cheering for him to lose this case. Does this make them stupid? — Calvin Ayre (@CalvinAyre) June 30, 2019 The crypto community was quick to respond to Ayre’s unfounded statement, with most saying his claims made absolutely no sense. Even Peter McCormack, the host of the “What Bitcoin Did” podcast and one of many recipients of Wright’s libel claims, chimed in. McCormack said that he hoped Wright lost the Kleiman case, as it would mean he would have to pay out the $5 billion in Bitcoin that he surely doesn’t have. Actually I want him to lose the case and they think he is Satoshi. Then he has a $5 billion bill that neither of you morons can pay. — Peter McCormack (@PeterMcCormack) June 30, 2019 The post Craig Wright says he can’t access Satoshi Nakamoto’s $10 billion Bitcoin fortune appeared first on CryptoSlate.
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Satoshi Nakamoto news by Finrazor

DIGEST

The strangest timeline

It became mainstream to talk that market ‘wears clowns shoes’. We picked up tweets that are not only debatable and popular but are likely to be important for the market itself. Yet, how exactly — it's up to you to decide.

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ESSENTIAL

Basic information about Ethereum and description of its working process, problems of the Internet and the way Ethereum tries to solve them as well as the explanation of smart contracts.

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DIGEST

When the whole world froze

This week, the Reddit community has subsided a little in anticipation: Satoshi's book does not provide peace, problems on the exchanges and, of course, the skipping rate. Finrazor team  — as usual — got to the bottom of the matter and presents before you the hottest discussions of the week

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Fan tokens draw new users to crypto with the latest club addition, AS Roma

Blockchain is stepping further into the sports arena, as cryptocurrency company Socios partners with soccer team AS Roma to offer a fan token, according to a statement from the club.  The token will find its way to fans through the Socios app. There, it'll be tradeable against the Socios native token, $CHZ, currently listed on BitMax and KuCoin, as well as Binance DEX - Binance's decentralized exchange. The tokens are accessed on Socios.com, but housed on a separate permissioned side chain, where each club becomes a Node with Proof Of Authority (POA) from $CHZ. In order to access the club token through a Fan Token Offering, fans must first hold $CHZ. The move could open crypto to a wider user base, since the tokens allow fans to have a voice in their club. The tokens five supporters the right to vote on certain club decisions. They'll be set at a price of two euros, but fans can also earn them by interacting with AS Roma on the Socios app. Fans can also "hunt" tokens for free through the app's augmented-reality geo-location feature Token Hunt. However, AS Roma isn't the only club interacting with fans through crypto. Indeed, clubs from different leagues including Paris Saint-Germain, Juventus and West Ham United have all created fan tokens for supporters. Alexandre Dreyfus, chief executive & founder of Socios.com, said AS Roma's fan base along with other participating clubs draw hundreds of millions of users.
The Block Crypto

What does it take to be part of the next wave of Bitcoin Billionaires? Tim Draper answers

As crypto ecosystem consistently redefines its new peak in terms of adoption, fiat investors and new players are seeking opportunities to be a part of the next wave of Bitcoin Billionaires. One of the early birds, Tim Draper leads this space in terms of making sizable investments and returns in Bitcoin. Having complete faith in Bitcoin’s […] The post What does it take to be part of the next wave of Bitcoin Billionaires? Tim Draper answers appeared first on AMBCrypto.
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Bitcoin Law Review - Blockstack's Reg A+, CFTC vs Bitmex, Gov't vs Libra/Crypto

https://ToneVays.com by @ToneVays https://twitter.com/ToneVays Topic 1: Reg A+ & Blockstack https://www.sec.gov/Archives/edgar/data/1719379/000110465919020748/a18-15736_1ex1a15addexhbd6.htm https://www.theblockcrypto.com/2019/07/12/blockstack-garners-reg-a-approval-but-that-doesnt-mean-crypto-icos-will-boom/ Leads into Topic 1a on Broker-Dealers & Custody https://twitter.com/philipliu/status/1149907881061302272?s=12 https://www.sec.gov/news/public-statement/joint-staff-statement-broker-dealer-custody-digital-asset-securities https://bitcoinmagazine.com/articles/op-ed-latest-finra-sec-security-token-custody-rules Topic 2: Government vs Libra/Crypto https://twitter.com/realDonaldTrump/status/1149472282584072192?s=09 https://www.cnbc.com/2019/07/18/first-on-cnbc-cnbc-transcript-treasury-secretary-steven-mnuchin-speaks-with-cnbcs-squawk-box-today.html https://www.cnbc.com/2019/07/18/mnuchin-says-us-will-ensure-bitcoin-doesnt-become-like-anonymous.html https://www.cnbc.com/2019/07/18/first-on-cnbc-cnbc-transcript-treasury-secretary-steven-mnuchin-speaks-with-cnbcs-squawk-box-today.html https://brianoflondon.me/2019/07/facebook-lied-about-the-cryptocurrency-industry-to-destroy-it/ https://www.youtube.com/watch?v=9-ZTkCNW0w8 https://www.cnbc.com/2019/07/16/i-like-bitcoin-says-house-gop-leader-mccarthy-hits-facebook-libra.html Topic 3: Crypto Exchanges https://www.bloomberg.com/news/articles/2019-07-19/u-s-regulator-probing-crypto-exchange-bitmex-over-client-trades https://twitter.com/notsofast/status/1151864421414838274?s=21 https://www.coindesk.com/ex-ceo-of-crypto-exchange-wex-arrested-in-italy https://www.coindesk.com/mt-gox-founder-hit-with-lawsuit-over-alleged-fraudulent-misrepresentation https://www.scribd.com/document/414569311/Steinmetz-Jones-v-s-McCaleb#from_embed https://www.thedailybeast.com/behind-the-biggest-bitcoin-heist-in-history-inside-the-implosion-of-mt-gox?ref=scroll Topic 3a - Update on Bitfinex vs NYAG https://ambcrypto.com/new-york-ags-court-filings-written-in-bad-faith-and-riddled-with-false-assertions-says-bitfinexs-rebuttal/ https://www.coindesk.com/bitfinex-ny-prosecutors-tether-850-million-allege https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=vIexA1b0spKOnK_PLUS_ZUGTJ3A==&system=prod https://breakermag.com/crypto-capital-is-the-common-thread-between-bitfinex-quadrigacx-and-other-troubled-exchanges/ https://decrypt.co/6824/crypto-capital-follow-up-article Topic 4: Crypto & Taxes (Time Permitting) https://www.carltonfields.com/insights/publications/2019/how-state-remote-sales-and-use-tax-statutes-may-im https://twitter.com/cryptotaxgirl/status/1148370522775797760?s=21 Topic 5: Other - Time Permitting https://www.journalofaccountancy.com/news/2019/jun/virtual-currency-not-fbar-reportable-201921479.html https://www.justice.gov/usao-sdny/pr/us-attorney-announces-arrest-and-money-laundering-charges-against-dark-web-narcotics https://cryptoslate.com/chinese-court-upholds-legal-bitcoin-ownership-btc-protected-china-property-law/ Closing Moment of Zen: https://twitter.com/Horsebox_1/status/1117955111219867648 Honorable Mention: https://www.sec.gov/corpfin/framework-investment-contract-analysis-digital-assets Please Support via Affiliate Codes: Unlimited Trading for $9 a Month at LVL: https://lvl.co/?r=kDpHhBmS Deribit to save 10% on Trading: https://www.deribit.com/reg-3221.4686 Buy/Sell Bitcoin at Paxful: https://paxful.com/?r=or4dNEDBBQX Trading View: http://tradingview.go2cloud.org/aff_c?offer_id=2&aff_id=4905&url_id=3 TorGuard VPN 50% off code & link = tone50: https://torguard.net/aff.php?aff=3782 Ugly's Lifetime Subscription: https://uglyoldgoat.com/?rid=4xyuzu Audio Podcast: https://itunes.apple.com/us/podcast/the-tone-vays-podcast/id1390209454?mt=2 See Regulation overview in each state here: https://www.carltonfields.com/state-regulations-on-virtual-currency-and-blockchain-technologies/ Tone Vays is available for Corporate Consulting at the rate of 0.3 btc per hour. Please email Tone@protonmail.ch for additional info.
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