Counter-Economist buy&hold Bitcoin Monday January 29 2018

Counter-Economist

monday january 27 2018

• on 18/aug/2008 the domain name bitcoin.org was registered
  

• in jan/2009 the bitcoin network came into existence 
  

• after satoshi nakamoto mined the first block on the chain
  

• known as the genesis block
  

• embedded in the coinbase of this block was the following text:
  

• the times 03/jan/2009 chancellor
  

• on brink of second bailout for banks
  

• interpreted as a timestamp of the genesis date 
  

• total bitcoins 16,819,773 btc
  

• market capitalization $190,683,913,233 USD
  

• bitcoin price
  

• 1 btc = $11,336.89 usd
  

• $1 = 0.000088 btc
  

• gold 1,346.10oz 
  

• silver 17.33oz 
  

• mempool Stats
  

• fees/size (satoshis/byte) = 22.81
  

• what is bitcoin
  

• bitcoin is the first decentralized digital currency 
  

• a peer-to-peer p2p electronic cash system
  

• the system works without a central bank 
  

• or single administrator 
  

• transactions are verified and secured by network nodes 
  

• the use of cryptography 
  

• and a recorded public distributed ledger 
  

• called a blockchain 
  

• the invention of the blockchain made bitcoin 
  

• the first digital currency 
  

• to solve the double spending problem
  

• without the need of a trusted authority 
  

• the first blockchain was conceptualized in 2008 
  

• by an anonymous person or group known as satoshi nakamoto 
  

• released as open-source software in 2009
  

• satoshi nakamoto is the person or group who designed bitcoin 
  

• and created its original reference implementation
  

• invented the first blockchain database
  

• oct/2008 satoshi published a paper
  

• on the cryptography mailing list at metzdowd.com
  

• describing the bitcoin digital currency 
  

• it was titled bitcoin: a peer-to-peer electronic cash system
  

• on a p2p foundation profile
  

• claimed to be a man living in japan born on apr/5/1975
  

• the identity of satoshi remains unknown
  

• estimated to have mined 1 million bitcoins
  

• 2010 disappeared from any involvement in bitcoin
  

• bitcoin core is the reference implementation of bitcoin 
  

• the software was published 
  

• by satoshi nakamoto under the name bitcoin
  

• later renamed to bitcoin core 
  

• to distinguish it from the network
  

• it is also known as the Satoshi client
  

• as of 2018 bitcoin core repositories are maintained by a team
  

• in oct 2016 bitcoin core soft fork featured segregated witness
  

• a scaling improvement to optimize the bitcoin block size
  

• segwit was activated by miners on aug/24/2017 block 481,824
  

• crypto dividends and network attacks
  

• coin splits of bitcoin are created intentionally 
  

• via forks of the blockchain
  

• the first hard fork of bitcoin happened on aug/1/2017
  

• resulting in the creation of bitcoin cash
  

• bitcoin cash forked at block 478558 aug/1/2017
  

• block size increase to 8 MB
  

• move of hash power and network attacks
  

• on Aug/9/2017 it was 30% more profitable 
  

• to mine on the original chain
  

• both chains use the same proof-of-work algorithm 
  

• miners can easily move their hashpower between the two 
  

• high profitability periods attracted 
  

• a significant proportion of total processing power
  

• mining difficulty has fluctuated rapidly
  

• a fix for difficulty hashrate and profitability fluctuations 
  

• was introduced on nov/13/2017 
  

• the most profitable chain to mine has switched repeatedly 
  

• between bitcoin cash and bitcoin
  

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