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Op-Ed
On this day nine years ago, in silence, the bitcoin and its blockchain network were born with the zero block, the Genesis Block. Without government permission or wealthy supporters, it generated a quarter of trillion in value. In combination with the resulting industry that generated, including thousands of alternatives, cryptocurrency is a seven hundred billion dollar market. Almost a decade on its creator is still unknown. More than half a million blocks later, enthusiasts can only imagine what will happen in the next nine years of bitcoin.
Read also: 2017: the price of Altcoin, Forks and Five Digit Bitcoin
Zero
Pseudonym Satoshi Nakamoto, perhaps a person, perhaps a group, has unleashed a cornerstone of human history: the blockchain database and its resulting cryptographic currency, bitcoin. The first block, the zero block, and its fifty bitcoin reward, now worth over $ 700,000 at the time of writing this document, have been blocked, impossible to deal with and all the time. Saturday January 3, 2009 at 18:15, the Genesis Block also contained, smuggled into the code, the text of the morning Times of London, a cultural timestamp and an allusion to what bitcoin would have to explicitly address: yet another bailout by taxpayers from past banks has screamed in a headline upside down.
22 MAY 2010 COMMENTER LASZLO CONFIRMS THE PURCHASE OF A PIZZA FOR 10,000 BITCOINS
The Great Recession has intensified from the world reserve currency, the United States, to all the nations of the first world and in a short time. Shakey's investment vehicles, largely in real estate financing with the risks insured by governments, have shown a moral hazard, including the Royal Bank of Scotland, Alliance & Leicester, Merrill Lynch, Lehman Brothers, Freddie and Fannie.
At least some people seemed ready for something radical, something different when it came to organizing half the transactions. Money, a major measure of wealth, had been nationalized, tied to instruments of coercion, of force. The problem in the first decade of the 21st century was the divorce of money and state, bypassing governments and their incessant drive to monitor, control and inflate.
January 28, 2011 WITH THE BLOCK THAT ARE IN CIRCULATION 105,000 GENERATED ONLY ON A QUARTER OF ALL BITCOIN TO BE MINERAL
Bitcoin, or something similar, could only be an answer. Despite previous attempts at currencies competing with government money, there has always been a central point of failure, a place in its distribution or creation where it has been exposed, fragile. Gold, certainly not new, was easily confiscated. The digital cash companies had offices, a creator or boss, and they were intimidated by existence. Still others have been quarrelsomely tormented by the leaders of the government, dragging their supporters to court, threatening livelihood with the prison.
Hard-coded in its origin and open source, bitcoin could be managed by anyone. In fact, the more people have run their software, the better. The more nodes there are, the fewer points the network could be closed to. Passing the mathematical bits back and forth, limiting their generation to 21 million units, would become a snap, easy and deflationary. As far as he was able to determine, all this was done by a person until just over a year after he created and maintained bitcoin, he vanished. With either the laws of self-preservation or wanting to obey the required bitcoin logic, Satoshi Nakamoto's disappearance meant that the ultimate limit to anti-fragility had been lifted. Nobody had control.
Trillion in 2018
Without a patent, no incorporation to limit liability, no billionaire genius who finances the project, devoid of a visionary CEO who spew words of wisdom, poor marketing budgets non-existent, and no government support, bitcoin has accumulated a quarter of trillion market capitalization. In combination with its spawn, thousands of alternative currencies and bitcoin-themed variations are close to seven hundred billion dollars in value. It is probably impossible to assume that the trillion dollars will be reached in 2018.
May 8, 2012 DICE SATOSHI RESPONSIBLE FOR MOST OF ALL BLOCKCHAIN OPERATIONS
Often overlooked is the transfer of wealth. Certainly, much of it could be a chimera because, ironically, of the exact same issue that gave him a reason to exist in the first place: easy government gains that lapped, distorting valuations. Putting aside for now, consider what Bitcoin could mean for millions of people who have just started investing.
Previously, all the real money had been made. Regular Slob and Joes could open an intermediary account, be sentenced to death and hope to beat inflation, perhaps. Rules of board Taxes. Regulations. All combined to isolate Wall Street from the competition of ordinary people with a little money. Bitcoin has changed this, potentially.
MARCH 23rd, 2013 BITCOIN MARKET CAPITALIZATION TOTAL A BILLION
Anyone can receive or earn or buy bitcoins. And the value of that token, currency, payment system would increase. And get up. Arrests? Sure. But its ability to recover prices has ushered in a new era of wealth for a large number of people who otherwise would never have been able to participate. Wall Street, money from the inheritance, was initially kept out of their regulatory obligations, their protection of themselves, their arrogance and their natural sheep behavior. For perhaps the first time in recorded financial history, the small money was ahead of the big money.
The implications of the zero block go far beyond the above. Other remains must be written and studied, of course. But taking a minute to appreciate participation in an honest and good time could allow enthusiasts, veterans and beginners to appreciate being active participants.
At what point did you discover bitcoin? Tell us in the comments section below!
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