Elon Musk is Satoshi Nakamoto, the creator of Bitcoin, and had been buying Tesla shares with his Bitcoin, leading to the recent, astronomical rise in Tesla’s share price
Some people may know that Elon musk made his initial fortune off of PayPal in the late 90s and early 2000s. What people may not realize is that when he sold he was required to sign a non compete which prevents him from working for or starting another electronic payments company. As many know, “Satoshi Nakamoto” is the fake name of the man who created bitcoin (no one knows who he is). Last people checked, Satoshi has roughly $8billion in bitcoin left. Tesla’s stock price has risen 500% since the beginning of the year, with people scooping it up like crazy... they recently split the stock 5:1 to make it more affordable. People have assumed that the rise is due to retail investors pouring in, but there have been some super weird/interesting large blocks being bought up if you look at the price action. I’m talking much more than just retail investors. What if Elon has been using his BTC in order to buy up massive amounts of shares, which has bid up the share price and given him more control of the company (he actually doesn’t have voting control like Bezos). Edit: Elon is using Tesla to make it traceable and bring the money back into circulation since he’s unable to spend $8billion in BTC.
Fallacy: The key to Bitcoin's decentralization is a small block size
One of the bigger selling points that Core has to keeping blocks small is in the name of decentralization. In this context, decentralization is that as many people as possible in the world should be able to run a full validating node that receive payments (processes transactions). Let’s take a look at the bare minimum that an individual would need in order to run a full validating node on their own:
Electricity: costs $4.80 per day
Computer: costs $1.36 per day
Internet Access: costs $1.70 per day
Total daily costs: $7.86 per person
The per day costs above exclude any low cost living expenses (dwellings) as it just ranges too widely globally for an accurate estimate. Let’s say for electricity, the cost range is $0.10-$0.30 cents per hour. With a median of $0.20 cents per hour, for 24 hours, that is a daily cost of $4.80. For generic computer pricing in 2016, the prices range from $500 to $2000. On the very low end of $500, that is a cost average of $1.36 per day. For a range of internet costs globally, it’s in excess of $100.00 per month down to around $3.00 per month. In the US, the average is $51.00 per month which falls around the middle of the high and low globally. Using this, it comes out to a daily cost of $1.70. One of the side effects of keeping the block size small is that users are being introduced into an artificially created fee market. People currently are forced to compete for space on the blockchain when they shouldn’t have to (yet). Many proponents of small blocks say this is a good thing, and that block space is scarce and the higher fees should be welcomed. At this time, the median fee is $0.12 - $0.15 cents per transaction. When there are transaction backlogs which happens more and more often now, the median fee jumps to $0.20 - $0.25 and higher per transaction with even longer confirmation wait times. With all of that said, we are looking at a total cost per day for an individual to run a full validating node that processes transactions of $7.86 plus the cost of transactions ($0.12 - $0.15 cents per transaction). If an individual processes let’s say on the low end of one transaction per month, for 12 months that is $1.44. At bare minimum, total costs annually is $2,870.34 for one person to run a full validating node. ($7.86 per day * 365 days + $1.44). If you look at the per capita income across the world, you will see that the cost of running a full validating node quickly reduces the number of people that can afford to do this. Using data provided Gallup metrics across 131 countries in the world, the median per capita household income is $2,920 annually.
There are 81 countries that fall below the total amount needed annually to run a full validating node (see the red line in the image). There are 51 countries that are able to run a full validating node. Please remember that in this study, we did not include the cost of living (dwellings), meaning that there are probably even more countries of people that cannot afford to run a full validating node. It’s quite possible that only the top twenty developed countries can actually afford to run a full validating node. What’s the point of all this? The point is that if decentralization is key, then 1MB is already too much. People in developing countries are already priced out of Bitcoin on a per transaction basis where the $0.12 cents per transaction is unaffordable even on a basic human level where people will choose to eat over processing a Bitcoin transaction. Once you factor in the costs of running full validating nodes, all of a sudden only first world developed countries can afford to run them. People that can afford to run them will run them to support the network, it won’t be people below the poverty line. This means that the 1MB limit in order to keep Bitcoin decentralized is a fallacy that is quite easily debunked. Satoshi already foresaw this dilemma a long time ago when he said:
The current system where every user is a network node is not the intended configuration for large scale. That would be like every Usenet user runs their own NNTP server. The design supports letting users just be users. The more burden it is to run a node, the fewer nodes there will be. Those few nodes will be big server farms. The rest will be client nodes that only do transactions and don't generate.
He already knew back in 2010 that in the future, it wouldn't be every individual in the world running nodes, but would be farms who can afford to run them that would do it. Satoshi (Bitcoin's Creator) also suggested that we use SPV to "allow common users to do transactions without being full blown nodes." I believe it's time we do away with the illogical fallacy that in order to keep Bitcoin decentralized that the block size should remain at 1MB. Even with Segregated Witness we are well exceeding 1MB. This argument is dead in the water in my opinion. It's time to let the free market decide on the block size and let those that can afford to run full nodes, run them.
Crypto Trader Prepares to Pay $37,000 in Ethereum for Drawing of Bitcoin Creator Satoshi Nakamoto
Now this is who I call a True Crypto Faithful 😂 A crypto trader is placing a big bid worth $37,000 in Ethereum (ETH) for a digital drawing of anonymous Bitcoin creator Satoshi Nakamoto. Dego Finance says that a crypto trader has made a 106 ETH bid to become the sole owner of a Satoshi Nakamoto non-fungible token (NFT). The funny part is that Non-fungible tokens cannot be traded.
Idealist vs Entrepreneur, an interesting dichotomy that leaves me questioning my desire to start a business.
I recently heard the Let's Talk Bitcoin podcast discuss the roles of idealists and entrepreneurs in the bitcoin world and the different (and sometimes opposing) roles that each are playing in the advancement of bitcoin. They talked about how it was an idealist that started bitcoin in the first place, but that now idealists are generally just talking about bitcoin and it's possibilities and not doing much. Then they talked about the entrepreneurs and how they are building the solutions that are alleviating various "points of pain" for bitcoin users, thus advancing the value of the currency. There are also entrepreneurs that have no sense of idealism and they are building things only to make money. They were compared to the extreme idealists in terms of productivity. Then they talked about the hybrid idealist/entrepreneurs and described them as the "productive middle". I just thought this was an interesting way to describe the entrepreneurial efforts in an industry. Obviously, it can be applied to just about anything (and I'm sure they weren't the first to do this type of assessment). This also caused me to question where I fall on the scale. I clearly fall on the idealism side, which is probably why I have such a hard time building a business. Do I need to lose some of my idealism before I can build things people need right now? Or do I need to work towards being a catalyst like Satoshi (bitcoin creator)? How do you make money being a catalyst? Any responses would be great, but more importantly ask yourself where you fall on the scale of idealist and entrepreneur.
The next time we would hear about Satoshi was towards the end of 2015 when Wired publicly doxed Craig Wright as the creator of Bitcoin. In the coming months Craig Wright made it clear repeatedly that he had no interest in coming out as Satoshi, but that others were forcing his hand and “making [his] life very difficult” which gave him no choice. Having published a few papers in the 90’s about digital assets and decentralization, many believe him to be the creator of Bitcoin. He had even expressed interest in using pseudonyms. Szabo had this to say in 2011 about Satoshi Nakatoto: “Myself, Wei Dai, and Hal Finney were the only people I know of who liked the idea (or in Dai’s case his related idea) enough to pursue it to any ... If you’ve been wondering how many bitcoins Satoshi Nakamoto, the mysterious creator of Bitcoin, himself owns, you're not alone - a new research by the BitMEX exchange has attempted to answer exactly this question. Despite they recognize ... Bitcoin Creator – Satoshi Nakamoto – Net Worth, Cryptocurrency Holdings, Bio (2020 Update) Ishan Garg Posted On August 6, 2019 0. 27. Shares. Share On Facebook; Tweet It; 2019 had been a good year for Bitcoin. Bitcoin broke above $10K in 2019, almost 300% increase from the November 2018 low, where Bitcoin touched $3,850. And the cryptocurrency is increasing in value day by day. It’s 2020 ... In conclusion, there is the mystery surrounding the creator and developer of Bitcoin. Satoshi Nakamoto will remain unsolved at least for now. Maybe we will never know who created Bitcoin. Or maybe we solved the mystery right here right now. Nonetheless, amidst all the mystery some things remain so clear. That Bitcoin technology is a phenomenal creation. That over the years Bitcoin has grown to ...
Elon Musk Created BITCOIN!! 100% Proof He Is Satoshi ...
Check out my other channel TopTenz! https://www.youtube.com/user/toptenznet →Subscribe for new videos every Monday and Thursday! https://www.youtube.com/c/bi... SATOSHI NAKAMOTO Follow me on Twitter @futureman19 Tips appreciated: [email protected] _____ Satoshi Nakamoto is the creator of bitcoin. Some say Craig Wright is Satoshi Nakamoto. Others ... Elon Musk is the creator of BITCOIN? Satoshi Nakamoto hiding in plain sight all along!! Today we bring forward the proof, including some never before seen ev... Bitcoin Mining with your PC - http://bit.ly/2xxaahI Get paid for the computing power of your PC. Generates cryptocurrency and pays you bitcoins or real-world... "60 Minutes producer" Andy Court talks about the mystery of bitcoin's inventor, Satoshi Nakamoto, and the challenges of reporting on cryptocurrency. Subscribe to the "60 Minutes" Channel HERE ...