Were they ahead of their time?
The developement group, known as Satoshi Nakamoto, might have forseen the cloning.
Never spend the BTC, or...?
The, probably (see note at the end), European based original Bitcoin developement group did not mention anything about this in their whitepaper. Yes, I do claim it is a group and that they were possibly operating from European mainland. Their initial proposal for a solution to prevent double spending in a peer to peer network based currency system has been wrongly interpreted a lot. In a way that the content of the whitepaper almost has gone from being legendary to religious fundamentalism. And I have become very aware of this at times when false claims are being made about Bitcoin, to suit some agenda of their own. Fact is that it is Free and Open Sourced under MIT license and the use of the name and its logo are Public Domain. Even the 21 million maximum BTC to be issued and the blocksize are not carved in stone. Anyway Satoshi Nakamoto was (is?) a group of very clever developers that were operating from somewhere in Germany, or nearby, as I believe and not American, not Japanese and not Australian... Just read the whitepaper and investigate yourself what it is about.
At first I was joking about Bitcoin being able to be mined using a CPU. Because the current ASIC violence really does not fit into that future image. And I admit that I even mocked this CPU mining idea, suggesting the original Bitcoin developers were not that smart after all. Yet, during one of my many walks I had an epiphany. The whitepaper was a proposal, it had no time scale and the first thing that was needed was for Bitcoin to be issued. Why then the slow inflation rate? Maybe to give developers the time to create solutions for this initial idea to become a real alternative to the current payment system. This is a long-term developement, inovation is moving on constantly, it is a progression. But if it were to become a replacement, than attacks would emerge from different sides. Even from those who actually should have adopted it and instead lost their patience.
Commerce wants in on it.
One group that wanted Bitcoin to be implemented in day-to-day life looked at it from a business point of view. Claiming they wanted to safe Bitcoin and they were going to create a split that was supposed to be the one... It has made in China written all over it. And one big sponsor and supporter is well known for not having a problem with his team centralizing Bitcoin and putting patented software of themselves in. Just do the research. He, mister Wright, is open and honest about his plans. It involves extremely huge blocks, think 1 GigaByte and bigger, and it will be run on a network that can support the extreme bandwidth it needs. This will make that split of Bitcoin centralized and business controlled by patented technology. Mister Wright is not a fan of ancaps, nor libertarians, by the way, he is a business man in the first place. He even claims he wants goverments and banks in on it. Why is this important to know? Well, he is a supporter and sponsor of Bitcoin Cash. How could those Bitcoin whitepaper fundamenalists have missed out on that one? Do they want central business, banks and government control in? Smells like a hostile take-over to me.
Some will want it like that.
When I see the support for Ripple, for intance, I have to get passed my own cognitive dissonance. Do people not know XRP is owned by a company supported by banks? This is a centralized thing, it is not a Crypto, it is digital money, that is a bankers thing. Why would anybody that is into Cryptos, for a reason, support it? But I did suffer from a cognitive dissonance, my own belief and seeing what also was happening colliding hard. And when I was asked about where to buy XRP I even supported this. Just warning to only invest in Cryptos what one is willing and able to lose. This was a conflict within myself. As I would never buy Ripple. Yet I needed to shake it off and understand that what was happening had nothing to do with the knowledge about the true nature of XRP. It is about people wanting to be financially substantive and then buying Ripple is an opportunity for that, I think I got that. Now I might dislike this and have arguments to back it up with. To explain why it is like a bankers financed Trojan Horse into the Cryptos realm. But that would make me just lose energy and become like a kind of Don Q fighting windmills. It did cost me some stomache pain and long walk but I think I got my mind open again. And it was at that time I had this thought plop into my mind.
The secret Bitcoin creators plan?
If the orginal Bitcoin developement group known as Satoshi Nakamoto really were that smart, visionaries that were able to forsee how this could work out, then they must have accounted for several attacks too. Some defense systems are build in, but they could be altered by changing the software. And nowhere in the whitepaper it is stated that it should not be changed nor altered in any way. Basicly anybody could create another Bitcoin based Crypto, as it did happen thousands of times. And even inovative coding was exchanged amongst several Cryptos. As it is the system as a whole to be the alternative to the banking monetary governance system. Not we, the divided, but the Cryptos United as One. So, the Bitcoin fundamentalistic factions are a danger from within, causing division amongst the ranks. Like the groups that started to forking clone the original Bitcoin blockchain and split it. Looting value held within the BTC already mined since 2009. No matter why these groups said they did it, and why they were alowed to do so. Self righteous claims, to loot value out off the first and true Bitcoin blockchain.
It is part of the business realm that got impatient, no long term solutions, but short term gain. Bigger blocks, even to a part where Bitcoin would become under central control. And after the China based blockchain split (BCH) came the transactions spam attacks on the Bitcoin network. Very low fee transactions with a lot of in- and outputs. It is just a business thing. First looting value out off Bitcoin BTC and then use it to further attack it with useless transactions. Again with self righteous claims backing them that Bitcoin should be able to defend itself to these kind of attacks. What about not attacking others, were they really libertarians as the split group claimed to be? Peace on earth by attacking? Bombs for peace? Yeah right... And at some point it got to me too. But then I thought: "Why the rush...?" There might be some self interest in this hostile take-over going on. Listing to that mister Craig Right already had told me what it was, in a video recorded in Arnhem in 2017. Yet no matter what, it really looked like Bitcoin BTC was under heavy spam transaction fire, using looted fake BCH market value. And I could not help thinking that the original Bitcoin creators, the Satoshi Nakamoto group, must have had a way to forsee this happing.
That is why they held their share of BTC!
While I took another long walk, to get my mind into ZEN state again, it suddently hit me. It is thought that the original Satoshi Nakamoto group has a really huge amount of unspend BTC. Even worth billions, when converted to bankers money, like USD. And the question came to many others and me, that if this were true, then why did they not spend it? One thing would be the reason that they would have pre-mined with this in mind. To cash in, as it were, so to state, but why did they not do this, or will they wait for Bitcoin BTC to get to the predicted 500.000 in value? HODL all the way, maybe mister John McAfee is in on it, that being the reason he dared to wage his pecker on it. It does seem unlikely though that an European (as I think) based group of developers were going for that when they created Bitcoin in the first place. They probably would not give a rats ass about mister McAfee his woody. So, why mine a huge amount of BTC and not spend it. We know developer Charlie Lee sold off most of his Litcoin LTC to show he is not compromised by greed, but he is actually in it for the bigger picture. In his case to create a inovative progressive Crypto that will make it into the far future.
The Bitcoin developers did not sell, as some think they did mine, millions of BTC. The early days can be traced, it is all on there to see on the open ledger. All these millions of unspend BTC, why is that? There were suggestions that the Satoshi Nakamoto developement group really might want to dump their Bitcoin at once on the market. They cash in and the price of BTC would be dropping dramaticly. To me this seemed very unlikely though. If they were in it for the money, they already would have spend some of their alledged fortune by now. And it seems they did not. So, why sit on that amount of Cash...? Then it hit me, the AHA moment, why the founders of Bitcoin were sitting on top of a lot of BTC. And if so, they were even more brilliant than I had given them credit for. If so, then they were truly very smart visionaries. Why? Well, they might have forseen that one day there would be groups that would not fork the software to create a new genesis block and start a blockchain of their own. As that would be true to the Free and Open Source spirit of doing things. But what, when the Bitcoin BTC blockchain had become a holder of extreme amounts of value and some would get the idea to clone the blockchain itself? In fact looting value out off it, just by creating a copy of millions of BTC?
Now this would be marvelous.
This was what the Bitcoin Cash group and others did. They did not create their own substantive blockchain like real forks did, think Litecoin, Dogecoin and Vertcoin for instance. No, the carbon copied the orginal Bitcoin blockchain, changed some parameters, preset a marketprice in collaboration with some centralized exchages and split off. Creating an instant fake market capacity of billions. And with some of the gain that came out off that creating extremely low fee transactions on the real Bitcoin blockchain. This was an orchestrated attack on the Bitcoin BTC blockchain. And it got support from mainstream media, this so called Bitcoin Cash, made in China, now that had a rotten fishy stench to it. Not to mention all the false accusations towards Bitcoin BTC. Even claiming that it was okay to flood the mempool with rubbish transactions. This was an orchestrated hostile take-over, and my alerts went crazy when I came to understand that mister Craig Wright was involved. But surely the orgininal Bitcoin developement group must have thought about this scenario of a blockchain carbon copy robbery?
Now every split attacker would also clone the unspend addresses, all the way back to the start. There are also ludicrous claims of some of this looting groups that they can prevent the unspend addresses to be spend. Now why would they even want to do this? Also claiming they would want to hand-out these unspend alleged millions of BTC supposedly owned by the Satoshi Nakamoto group. They could not, unless they owned the private keys to these unspend addresses. And when observing their software code it can be proven they actually mine millions for themselves after their looting version has gone live. Claiming they are the SegWit2X Bitcoin B2X. So, why do they want to even block these unspend addresses from the Bitcoin BTC beginning. Again they are backing their inbetween mine with self righteous reasons. So, looting and blocking value that belongs to others? The reason being...
If the orginal developement group had forseen this to happen. That the Bitcoin blockchain would be attacked by cloning the blockchain then what could be a security measurement, baked into the blockchain itself? How to prevent a possible blockchain split attack robbery? That would be when the alledged 2 million Bitcoin BTC of the Satoshi Nakamoto developement group also would be cloned and were to be dumped on the cloned network. This would be a brilliant defense system after a blockchain split attack happened. Just wait until a certain threshold and then dump the clones on all centralized exchanges that helped the robbery by offering futures to create a fake market value. That time for Bitcoin Cash would then probably be when it got to 33% of the price of Bitcoin BTC. When the Satoshi Nakamoto group then would dump 2.000.000 of BCH on the market it would destroy that split attacker within a few hours.
But the fake SegWit2X clone blocked this?
Let me first quote this weird FAQ from the B2X split attacking clone:
Q: Will Bitcoin Segwit2X [B2X] be implemented?
A: Satoshi Nakamoto’s Bitcoin [BTC] will be mined and distributed proportionally to all Bitcoin holders on the crypto-exchanges and wallets of our partners (2.000.000). There will be no additional pre-mining!
Now that is a strange answer to a reasonable question. Yet the answer is very interesting. First the alledged claim that the Satoshi Nakamoto group pre-mined 2 million BTC Bitcoin. At zero network activity? Now that would be quite easy to debunk. Or could they mean close to zero network activity compared to the here an now, that would make quite a difference. And what if these mined BTC were not done by the developers, but who's private keys belonged to others. In this way fake SegWit2X is just a bunch of common swindlers, that actually understand what could be done with those 2 million unspend BTC if they just cloned it. It can become a defense system, to destroy the value of B2X.
So, they decided to build in a blocking system for these unspend balances? And next they admit to do an inbetween mine, or as they state in the answer that they will not do another pre-mine after that... How big is that premine? Well, 2.000.000 that will go to 1 B2X address. But they promise that they will share it with everybody that is supporting their forking clone. Now the website of B2X could use some furhter investigation, especially the people mentioned on it, because this is just another split attack on Bitcoin BTC. And it proved itself to be so because it tries to block out the possible B2X dump the Satoshi Nakamote developement group could do. And then pre-inbetween-mining 2.000.000 B2X, claimed to be shared amongst those who support their split attack.
There actually will be 23 million B2X, with 2 million locked out because these scammers understand what can be done with 2.000.000 B2X getting dumped on the market. Yet, they forget that what they do, can be undone, when their forking clone gets split and all the addresses they tried to lock get unlocked and their own pre-mine gets locked. Shame on the exchanges who support these fraudes by the way.
The most trusted Bitcoin coders will win.
This has been quite a long post about what I see as a series of value looting attacks by cloning the original Bitcoin blockchain. With all kinds of self righteous claims that are supposed to be based on the original Bitcoin whitepaper. But already are full of shit in the first place. Only proving these groups do not understand the concept of Free and Open Soured software and a name that anybody can use as they see fit. Now forking Bitcoin like Litecoin, Dogecoin, Vertcoin and others did created unique substantive blockchains. Cloning the Bitcoin BTC blockchain when it has almost close to 17 million already mined, like BCH did, that is just looting value. Creating a blockchain split and blocking addresses that hold 2.000.000 B2X and mining another 2 million for your own gain, that is just bloody robbery. There shall be only 23?
All of this could be countered, even the locked addresses in the B2X, fake SegWit2X version. But still people will fall for the trap that version has set. How on earth should that B2X scam be allowed to block addresses from spending anyway? It is asking for another defense structure to kick in and I'm willing to support this. Because it can be countered quite easy, destroying the scam with code. But instead of doing so, it is maybe even best not to expect the original Satoshi Nakamoto group to dump their alleged fortune they also hold in Bitcoin Cash BCH. Nor to support a split of SegWit2X B2X that has some corrected code that will make B2X worthless and useless.
Maybe all of this is not needed if we keep the faith in code. And not to lose time and energy in trying to counter attack the looters. But just to move forward constructively, make progression and inovate, just like Steem and many others did. So will Bitcoin BTC. And if those impatient want to split, then let them do so. If those who want to scam and loot, let them try so. As it may be easy to create a clone for a short term gain, it takes a lot more effort to create something beautifull that has a long term future ahead. That is part on an ongoing proces, it is about inovation and progression. It is that what divides the cloners from the visionaries. And in the end the scammers will be set to checkmate.
May the cryptos be with us!
EDIT & NOTE: After a reply @ghaaspur about my suggestion that the Satoshi Nakamoto group were European based I thought it was best to make it more clear that I came to this conclussion and why.
The email address in the original Bitcoin whitepaper was one offered by a German based email service GMX. That was mainly aimed at the German speaking countries in Europe at that time. Because I did use their services at that time myself I noticed the GMX email address in the whitepaper. And I found it odd, to state the least, that this was being used. As I do remember the interface being in German and GMX did not want applications from outside Germany, Austria and Switzerland at that time.
Now, my memory might not serve me well, so I did change the text where it stated that the group Satoshi Nakamoto were European for sure. It could have been only the mail administrator that was based there.
Checkmate for the scammers
Image cc-by-sa @oaldamster.
I like the speed of Bcash compared to BTCore. But the things you're describing are just insane and shoulnd never be done in the first place.
I have to note; I dont like what BTCore is doing to the 'original' Bitcoin with the proposed introduction of the third parties...
There are other Cryptos that are way faster and much cheaper than BCH. And I currently use BTC for long term investment.
Yes, it is a pitty that all of this happened.
And I do not really get the third parties introduction. It is possible to create sidechains, also private ones. But they do not change how the mainchain works.
Do you have a source for me?
I dont use both and dont own both either (a decision i regret a little bit :S).
I like to use Dash/Litecoin for daily transactions and Ether if i have to.
I cant recall where i heared/read about this. The idea was the institutions / corporations (with huge interests) behind BTC core want to take/create a future position as a bank (the very thing we try to escape) with offchains/sidechains.
If i recall, I'll leave you a source for sure!
For quick cheap transactions, outside the Steem/Bitshares realm, I use Dogecoin mainly.
Really would like the info on the offchains and sidechains part. And I know that with Lightning has some people worried in that manor too. At least I want to dig deeper into that matter. What I do know is that there is a mud throwing contest between BTC and BCH fundamentalists. But that is the two dogs fighting over a bone thing. Could be good for other cryptos as they might get away with it. ;-)
If you recall it, let me know!
Ik heb hier ook meerdere keren over nagedacht en blijkbaar niet de enige...
We zouden een keer met elkaar in contact komen, ik vind je gedachten over de crypto markt bizar interessant hahah. Kan ik je ergens toevoegen?
Tof om te weten dat er gelijkgestemde geesten op deze planeet leven. :-)
Het zou leuk zijn om eens een Steem ontmoet en groet te hebben. Het borrelt nog even...
Toevoegen?
Dank voor de ReSteem!
I have never thought that Bitcoin cash was 'created' to drop the value of Bitcoin. I always thought it was something that needed to happen.
As for Ripple I bought it one time then sold it after reading on your blog that it was centralized.
It was also from your blog that I first read of Digibyte; You give great advice and predictions!
Yes, Bitcoin Cash, as far as I investigated it, was a hostile take-over plan and the way it was constructed looted value out off the original Bitcoin. They pulled a trick by putting a future on centralized exchanges that gave BCH a value before the split. That way they could create an extreme fake market cap value for BCH, because they cloned about 16.5 BTC with the blockchain split.
That way they immidiately could get into the top 10, or higher, on the Crypto market lists. And it was indeed sold by the people behind it that is was supposed to be done. And I think from their perspective it is and they will still claim it is. Yet from my point of view it is just merely an attack on Bitcoin by a group of business people that have their own agenda.
But they can not wipe out the proof that they cloned the Bitcoin blockchain and ripped out value. All under false pretend that they were going to safe Bitcoin... By attacking it? Yes, that makes sense.
And yes, Ripple is bad news, from my point of view. The company that controls it witholds 60 billion XRP that they pulled back to manipulate the price with. And I wonder when they will start to dump it on the market. Luckily there are other Cryptos like Digibyte indeed. ;-)
Glad you appreciate my work Anca.
And also the best whishes for 2018!
I appreciate great work :)
Thank you for the best wishes!
I wish you an amazing year, full of crypto rising , the good ones that is !
Thank you for your support and your kind whishes!
My all the good Cryptos rise! :-)
okay then .. hoard then ;) edit : bcc ..
xrp is bad news? but it's rising, too Oaldamst ! I say hoard and grab the cake instead ;)
I can't think of any other coins cause am drunk on Steem hahaha
Hoard BTC and other real Cryptos like Litecoin, Vertcoin, DigiByte, Dogecoin, Bitshares and of course Steem? Yes, HOARD n HODL! Look forward to EOS and SMTs!
This is my personal statement concerning xrp:
Anyway...
Cheers to Steem, may it rise to above a 1000, why stop here...? ;-)
thanks for the tips!
as for XRP hmm .. I won't convince you Oaldasmts :)
yes why stop at $8 .. even if it stops there we already know what its capable of
the question is .. is this just actually a bubble?
I wonder ???
You are welcome Ivy.
No xrp for me and that is okay too. ;-)
Just had a look at CoinMarketCap dot com and there is so much movement. It is unbelievable! A feeling of multiple FOMO almost got to me, hahaha.
Need to step away from that site for a bit...
It might be that the site http://blocktivity.info has gotten through to many more people. And that Steem has ZERO tx fees. Plus 3 second transactions.
This might be the right momentum for Steem.
Would it not be great to see it in the top 10!?
to get to be 1st would be a dream come true
let's beat btc at 20k aw!
the vraag is to PD of niet te PD
I hope this is just the beginning he he
This says Steem is the number 1 and 8 USD is still too low, just like Bitshares and Golos are undervalued.
http://blocktivity.info/
oh wow
maarhet daalt weer bij coinmarketcap is het alleen 26th :)
geef niks
btc was toen ook $0.00 :)
very interesting angle of view; I think I've learned some points here, thx !
Glad to know you appreciate it!
I knew you had been walking again! :-) I did read your text but like always it loses me somewhere in the middle, just because I do not understand it all, and start reading site stories on the net. I just think I have to accept being not that clever.
Oh, I will keep on walking! ;-)
When you are new to Cryptos a lot of what I write about in this post will seem like an avalange of information.
You are smart, all it takes is time. Someday it will all make sense.
Appreciate it that you take the effort to read it.
I do my best. :-)
I know. ;-)
A fascinating story, I read it from begin to end. On one hand it sounds reasonable that keeping these unspent balances was intentional for strategic purposes. On the other hand, I think it's impossible to touch them because one way or another, it would expose the identity of the Satoshi Nakamoto group and lead to criminal pursuit.
On a separate note, you write:
I read the whitepaper and might be a bit slow of understanding, but could you please elaborate?
Thank you, it was quite a long read, appreciate that you made it all to end.
Do not know if the original group Satoshi Nakamoto could be charged with criminal offenses. And maybe it is a bit far fetched. But it seems that the B2X creator(s) does not want to rely on it. If the group did indeed set 2 million aside to counter a possible huge split attack, meaning getting to about 33% of the BTC market cap, BCH being the one most likely to get there, then the solution would be simple. Dump all Bitcoin Cash they hold in one go on all possible popular markets. End BCH...
Would such a blockchain split attacker not get passed 20 percent within a couple of months then it would probably drop in value after that. And no need to give away the secret safety backdoor.
With Schnorr signatures coming and SegWit getting adopted by big players like Bitpay I do not think it is even needed to take these kind of drastic measurements. Although they could cash in when they did dump their unspend BCH...
European based group?
In the whitepaper there is an email address connected to the Satoshi Nakamoto group. This is by a German based email service that, in the time the whitepaper was published, was mainly used by Europeans. In that time I did use it myself and if I remember correctly the interface was in German, but my memory may be wrong there.
The market for GMX was basicly aimed at the German speaking part of Europe in that time. But I really have to dig into the past for that more deeply to find out if this is a correct assumption. Yet, I can state that is was basicly a European email service with its roots in Germany, not really well known outside of Europe.
So maybe my claim is a bit to bold there, as it is merely based on an email address. The internet knows no borders, and it might even be the case that the Satoshi Nakamoto developement group had members from all over the world. But that the mail admin was based somewhere in Europe.
Most important thing for me is that more people start to question the alleged claims connected to the Bitcoin whitepaper. Like the plural form we it is written in.
The reason a Germany based mailservice was used could have a different reason all together, just like the name Satoshi Nakamoto may hold some crypto puzzle itself.
Thank you for your feedback, I really appreciate it.
I think the german e-mail address was well observed, but it could well be intended distraction, just like the Japanese pseudonym might be a distraction. I have heard that linguists tried to find out the nationality from wringing style, but the English is so plain and short, that’s its hard to say. Other people observed satoshis posting times and I think they do suggest a location in a European country. But who knows, maybe it is someone who only works at night.
As for criminal pursuit, if Satoshi would be discovered, the same thing would happen as with Ross Ulbricht. If you don’t know, then I recommend watching the movie deep web. There are plenty of reasons why governments would do anything to (try to) shutdown bitcoin.
It’s all not criticism, only additional information. To destroy bitcoin with 2m coins sounds logical, but is it? What would happen if the unspent Bitcoins would be released? Yes the price would go down because supply increases. But uncertainty would decrease as well, because people don’t have to fear those unspent coins anymore. In 2014, bitcoin experienced a 70% drop in price and as we all know now - that’s not the end of bitcoin.
It could be all done to distract. Maybe also to be sure they do not end up like Ross... Precaution was maybe a good idea.
And no, I do not see it as logical for the creators of Bitcoin to try and destroy it with the unspend 2 million. That is not what I am thinking it could be used for.
My idea was that in case of a blockchain split attack, like Bitcoin Cash did, they holders of those 2 million Bitcoin BTC also hold 2 million BCH after the split. They would not harm Bitcoin BTC, as it is the one they made.
But, they could defend Bitcoin BTC against the value looter by dumping the equivalent of 2 million BCH on all possible markets. That is what I was writing about. And it might be the way you wrote, that even if they did it would first create a big dip and then after that it would go up again.
The reason there is 2 million Bitcoin BTC unspend does not matter for the original Bitcoin blockchain, that Core is working on, I think. The orginal Satoshi Nakamoto group would only use it on a split attacker. Something that those behind the fake SegWit2X are trying to work around by blocking the cloned unspend 2 million holding addresses (claimed to be of the Satoshi Nakamoto group) and premining another 2 million B2X for themselves.
At least, that is my theory. If it is ment to work that way, we might never find out.
They even might just have lost their wallet and the private keys of the unspend addresses... ;-)
Time will tell! Thanks for the discussion @oaldamster!
The crypto future will be very exciting!
Thank you too @ghaaspur!
As I think my European based claim is indeed way too bold for me to make it rock solid I adjusted the text accordingly.
Thank you for your feedback.
sir Such a wonderful and helpful work my dear friend... Actually....I'm always respect to your works
have a nice day
Yes, I saw that you valued it...
Have a nice day too.
how do you think or your prediction about bitcoin price in 2018 whether it will be increasing or going down.
I just want to survey some people's opinions
As far as I see it Bitcoin BTC will go up in price, drasticly after it proved itself to the world that it can withstand any attack. That the Core developers are on the right track, as good things do take time.
The effect of Schnorr signatures will be one of the proofs of code that will pump the BTC price very fast. And the further acception of SegWit by businesses as Bitpay and Coinbase, early 2018, will even push the price of Bitcoin BTC to much higher levels.
My expectation for Bitcoin BTC will be that it will rise to about 50.000 USD, before a 20-30% correction will occur, after which it will climb again. Same goes for many other real Cryptos, like Litecoin, Steem, Bitshares and also cheap ones like Dogecoin.
It will be when the total market cap has passed 1.5 trillion in USD, somewhere in the fist quarter of 2018.
This is a personal prediction and it is purely build on my own speculations.