5. The Million Bitcoin Question

million-dollars

Chapter 5 – The Million Bitcoin Question

Sergio did some research on Satoshi’s bitcoins and published the article on blog

https://bitslog.wordpress.com/2013/04/17/the-well-deserved-fortune-of-satoshi-nakamoto/

Sergio says “I estimate at eyesight that Satoshi fortune is around 1M Bitcoins”

Coindesk also published an article related to the same topic

http://www.coindesk.com/dangerous-satoshi-nakamoto/

 

One can check Satoshi’s unspent BTC at Block Explorer. Keep clicking on the next block or previous block, all wallets with 50 BTC (U) unspent belongs to him. Start with Block number 1 to Block number 36285

https://blockexplorer.com/block/000000006a625f06636b8bb6ac7b960a8d03705d1ace08b1a19da3fdcc99ddbd

Bitcoin Block 22361

 

What happened to the 1 Million BTC Satoshi mined?

The bitcoins are still unspent and the only possible explanation could be any of the following

  • He lost his private keys to the wallet.
  • He deleted the wallet accidentally during the development phase of bitcoin 2009-2010.
  • Bitcoin was not worth it during that period. He did not care much about saving the wallet when he decided to quit.
  • He is scared of CIA and thus deleted the wallet, when Gavin told him that he is meeting CIA on April 2011 .
  • He still holds the wallet and saved it for the future as retirement fund.
  • He is not using the wallet as he want to stay anonymous and do not wish to reveal his identity by using it.
  • He still have access to the wallet but he did not care much to use it for himself because Bitcoin was more about a revolutionary break-through for him.

I quote Satoshi Nakamoto from the forum

https://bitcointalk.org/index.php?topic=34.msg222#msg222

“If you send to a recipient who has abandoned or lost their wallet.dat, then the money is lost.  A subtle point can be made that since there is then less total money in circulation, everyone’s remaining money is worth slightly more, aka “natural deflation”.”

By avoiding his money (1 Million BTC) in the wallets, He is helping the bitcoin community.

Advertisements