Back to Monerama Blog

The Bitcoin Origins (11) - 2019


Other parts of series:
The Bitcoin Origins (0) - Pre-bitcoin
The Bitcoin Origins (1) - The beginning to 2009
The Bitcoin Origins (2) - 2010
The Bitcoin Origins (3) - 2011
The Bitcoin Origins (4) - 2012
The Bitcoin Origins (5) - 2013
The Bitcoin Origins (6) - 2014
The Bitcoin Origins (7) - 2015
The Bitcoin Origins (8) - 2016
The Bitcoin Origins (9) - 2017
The Bitcoin Origins (10) - 2018
The Bitcoin Origins (11) - 2019
The Bitcoin Origins (12) - 2020

1MoneraMa9e9otRgQDEWz1sSYyCZNXGrPD
origins@monerama.com

2019-01-03
Times - Thanks Satoshi
BitMEX thanks Satoshi in Times
"Thanks Satoshi. We owe you one."
"Happy 10th birthday, Bitcoin."

2019-01-07
Street art treasure hunt
Street art treasure hunt
Street artist created bitcoin puzzle in Paris containing 0.28 BTC.
https://twitter.com/pascalboyart/status/1082082762180513793
Address (0.28 BTC - solved): https://sochain.com/address/BTC/1NqPwPp7hEXZ3Atj77Ue11xAEMmXqAXwrQ
Solution: https://www.pboy-art.com/single-post/2019/01/13/Solution-de-l%C3%A9nigme-de-la-fresque-La-Libert%C3%A9-guidant-le-peuple-2019
Solution is 12 seed words: banker usury lie people fight hope union citizen lead triumph horizon yellow
(Image via @pascalboyart)

2019-02-06
QuadrigaCX closed
Canadian exchange QuadrigaCX closed because CEO died (December 2018) and no one else had access to funds on cold wallets ($190 million).
Lost crypto currencies:
26,000 bitcoin
11,000 Bitcoin Cash
11,000 Bitcoin Cash SV
35,000 Bitcoin Gold
close to 200,000 Litecoin
and more than 400,000 Ether
Bill Tsao, a Toronto-based cryptocurrency trader, send here 16.59609619 BTC. Few hours later exchange closed.
https://www.marketwatch.com/story/crypto-exchange-customers-cant-access-190-million-after-ceo-dies-with-sole-password-2019-02-04

2019-02-22
Tweet - Jimmy Song (@jimmysong)
"So much of the life we live has been designed by the oligarchy that has successfully brainwashed us into doing/thinking/wanting the very things that they sell.

Start unplugging. Start by taking away the financial power of the elite. Start with Bitcoin."


2019-03-22
Plan B - Stock to flow
Plan B - Modeling Bitcoin's Value with Scarcity
https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25
https://www.theinvestorspodcast.com/episodes/bitcoin-math-and-value-plan-b/amp/

2019-05-07
7,000 BTC hacked from Binance Exchange
The hackers were able to withdraw 7,000 BTC in this one transaction.
https://binance.zendesk.com/hc/en-us/articles/360028031711
Tx: https://sochain.com/tx/BTC/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea

2019-05-15
Dan Held - Bitcoin’s Security is Fine
https://blog.picks.co/bitcoins-security-is-fine-93391d9b61a8

2019-07-10
Tweet - Gold printing
Tweet - Vijay Boyapati (@real_vijay)
"No money will have lower inflation than #Bitcoin. In a few halvings gold will seem like the printing presses compared to Bitcoin."
https://twitter.com/real_vijay/status/1148960299682164736

2019-07-12
Tweet - Donald J. Trump (@realDonaldTrump)
"I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity...."
https://twitter.com/realDonaldTrump/status/1149472282584072192

2019-08-08
Blockstream Pool
First mining pool suporting BetterHash
Blockstream announced Blockstream Pool. First mining pool supporting BetterHash, which is mining protocol that allows each miner to choose transactions to a new block.
https://blockstream.com/2019/08/08/en-mining-launch/
(Image via blockstream.com)

2019-08-13
Tweet - Bitcoinization (@bitcoinization)
"In 2015 I sold 800 BTC to buy a house for my family.

In 2018 I sold my house and bought back 50 BTC.

People who thinks I'm crazy for selling my house please know that my only regret is to have sold my bitcoins.

Investment in Real Estate is now garbage comparing to #Bitcoin."

https://twitter.com/bitcoinization/status/1161310562866880513

2019-08-22
Tweet - Misir Mahmudov (@misir_mahmudov)
"Time is the currency of life

If somebody wastes your time, they're murdering a part of your life. A micromurder @mrcoolbp

If your wealth loses value, your scarce time is stolen

Bitcoin is the only thing just as scarce as time

Bitcoin is the only antidote against time theft"

https://twitter.com/misir_mahmudov/status/1164271127369265152

2019-08-24
James O'Beirne - Bitcoin for safety
https://jameso.be/2019/08/24/bitcoin-is-for-this.html

2019-08-28
Shamir backup
Shamir backup
Satoshi Labs introduced new seed handling security standard that allows generation of multiple recovery shares and apply multisignature scheme on seeds. For example for recovering seed from 2-of-3 Shamir shares, you need to have at minimum 2 shares from 3. If attacker has only one recovery share, he is not able to recover seed.
https://blog.trezor.io/shamir-backup-the-revolution-of-private-keys-backup-is-here-858687ed7fe7
(Image via blog.trezor.io)

2019-09-03
Tweet - Rhythm (@Rhythmtrader)
"Not owning bitcoin is just as much of an investment as owning bitcoin.

You're just investing in the current system, which:

1) Values spending over saving
2) Prints money endlessly & manipulates
3) Rages trade & currency war
4) Has $17T of negative yielding debt

Choose wisely."

https://twitter.com/Rhythmtrader/status/1168895301953970176

2019-09-08
Tweet - Rhythm (@Rhythmtrader)
"Bitcoin is a game of musical chairs.

The music will eventually stop playing and there are only 17 million chairs for 7.7 billion people to choose from.

Don't get caught without a place to sit."

https://twitter.com/Rhythmtrader/status/1170662704316592129

2019-09-14
Miguel Cuneta - Why The Price of Bitcoin is its Least Interesting Metric
https://decentralize.today/cryptocurrency/a-thorough-analysis-of-bitcoin-metrics-show

2019-09-27
Parker Lewis - Bitcoin is Not Backed by Nothing
"This is how the Fed’s economy works, incentivize credit creation and you create the source of future demand for the underlying currency. In a sense, it’s kind of like a drug dealer. Get an addict hooked on your drug and he will keep coming back for more. In this case, the drug is debt, and it forces everyone, on net, to stay on the dollar hamster wheel."
"Create more dollars; create more debt. Too much debt? Create more dollars, and so on."
"Because there is $73 trillion of debt and only $1.6 trillion dollars in the U.S. banking system, more dollars will have to be added to the system to support the debt."
"Dollar scarcity is relative; bitcoin scarcity is absolute. The dollar system is based on trust; bitcoin is not."
"To provide broader context, the Federal Reserve, the Bank of Japan and the European Central bank have collectively created $10 trillion dollars-worth of new money since the financial crisis, the equivalent of approximately $500,000 per bitcoin."
"Each time the Fed returns with more quantitative easing to sustain the credit system, more and more individuals will discover that the monetary properties of bitcoin are vastly superior to the legacy system, whether the dollar, euro or yen."
https://www.unchained-capital.com/blog/bitcoin-is-not-backed-by-nothing/

2019-09-28
Tweet - Rhythm (@Rhythmtrader)
"$10 million a bitcoin may sound crazy.

What's even crazier though?

Quanatative easing, negative interest rates, fractional reserve banking, the elimination of cash, mass surveillance, currency wars, capital controls, and inflation.

Bitcoin isn't a virus, it's the antidote."

https://twitter.com/Rhythmtrader/status/1177984571486457857

2019-09-29
Tweet - Trace Mayer (@TraceMayer)
"#Bitcoin brutally teaches lessons on time preference and opportunity cost. My beautiful shoes cost 100+ bitcoins.

Remember the poem during the Great Depression?

Use it up.
Wear it out.
Make it do.
Or do without.

This is war of you against your future self."

https://twitter.com/TraceMayer/status/1178336606849122304

2019-10-01
Bayern LB - Is Bitcoin outshining gold?
Bayern LB - Is Bitcoin outshining gold?
Tweet: "Nevertheless, the stock-to-flow approach is a good heuristic for understanding Bitcoin. It becomes clear that Bitcoin is designed as an ultra-hard type of money. Next year, it will already exhibit a similarly high degree of hardness as gold."
Bayern LB Megatrend research: https://www.bayernlb.com/internet/media/ir/downloads_1/bayernlb_research/megatrend_publikationen/megatrend_bitcoins2f_20190930_EN.pdf

2019-10-18
Parker Lewis - Bitcoin is Not a Pyramid Scheme
https://www.unchained-capital.com/blog/bitcoin-is-not-a-pyramid-scheme/

2019-10-21
Bitmain Texas cryptocurrency mining farm
Bitmain launched 50MW cryptocurrency mining farm
Bitmain has launched its 50MW mining farm in Rockdale, Texas. It could be expanded to 300MW in future.
https://blog.bitmain.com/en/bitmain-fulfils-commitment-to-rockdale-texas-with-launch-of-cryptocurrency-mining-farm-to-construct-50mw-facility/
(Image via blog.bitmain.com)

2019-10-30
Tweet - Rhythm (@Rhythmtrader)
"National Debt in Bitcoin:

USA: 2.5 billion
Japan: 1.3 billion
China: 1.2 billion
UK: 399 million
France: 336 million
Italy: 327 million
India: 326 million
Germany: 251 million

Wait a second..."

https://twitter.com/Rhythmtrader/status/1189664523571073025

2019-11-07
Bitcoin's Price Doesn't Reflect Its Value
"Ranking instead by global monetary base, bitcoin is currently the 11th largest currency in the world, including gold and silver, and 9th if both where to be excluded."
https://rhythmofbitcoin.substack.com/p/bitcoins-price-doesnt-reflect-its

2019-11-08
Parker Lewis - Bitcoin Cannot be Banned
"Despite the supposed flaws, the value of the bitcoin network continues to rise over time. Each time it does not die, it gains strength."

"Imagine the response by all those that have adopted bitcoin: "Well that was fun, the tool that the experts said would never work, now works too well, and the same experts and authorities say we can’t use it. Everyone go home. Show’s over folks." To believe that all the people in the world that have adopted bitcoin for the financial freedom and sovereignty it provides would suddenly lay down and accept the ultimate infringement of that freedom is not rational."

"Money is a very basic necessity, and bitcoin represents a step-function change innovation in the global competition for money."

"It doesn’t mean that countries will not try. India has already tried to ban bitcoin. China has attempted to heavily restrict its use. Others will follow. But each time a country takes an action to restrict the use of bitcoin, it actually has the unintended effect of promoting bitcoin adoption. Attempts to ban bitcoin are an extremely effective marketing tool for bitcoin."
https://www.unchained-capital.com/blog/bitcoin-cannot-be-banned/

2019-12-03
Bitfinex Launches Support for the Lightning Network
"The Lightning Network contains nodes that act as open payment channels for Bitcoins to be sent and received. The Bitfinex platform is running its own Lightning Network node, which you can connect to and open a payment channel with us here:" https://ln.bitfinex.com
"You can now deposit and withdraw Bitcoins on Bitfinex via the Lightning Network."
https://www.bitfinex.com/posts/440

Navigation
Previous part: The Bitcoin Origins (10) - 2018
Next part: The Bitcoin Origins (12) - 2020

Back to Monerama Blog