Category: #Luck

Bitcoin Tree

Plant the Seed.
Make the tree grow!
You'll never enjoy it's shadow!
But you joice knowing the next generations to come,
Will thrive under it's Legacy...

Block 170 – First ever bitcoin transaction

2009-01-12 04:30
#1 bitcoin transaction

The first ever bitcoin transaction from one person to another, on 2009-01-12 at 04:30 used Pay-to-Public-Key (P2PK), when Satoshi Nakamoto sent coins to Hal Finney in Block 170.

P2PK is no longer used because it is a more expensive, less private, and less secure way of receiving bitcoin than other methods.

Pay-to-Public-Key (P2PK)
Quick facts
• Transaction:
 f4184fc596403b9d638783cf57adfe4c75c605f6356fbc91338530e9831e9e16

Timestamp: ‎

2009-01-12 04:30 (14 years ago)

Fee:	0 sat / $0.00

Fee rate: 0.00 sat/vB

• Details

Size	: 275 B

Virtual size: ‎275 vB

Weight: ‎1.1 kWU

Version	: 1

Locktime	: 0

Transaction hex:

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

• Inputs & Outputs

P2PK:	‎50.00000000 BTC

ScriptSig (ASM):

OP_PUSHBYTES_71 304402204e45e16932b8af514961a1d3a1a25fdf3f4f7732e9d624c6c61548ab5fb8cd410220181522ec8eca07de4860a4acdd12909d831cc56cbbac4622082221a8768d1d0901

ScriptSig (HEX):
	47304402204e45e16932b8af514961a1d3a1a25fdf3f4f7732e9d624c6c61548ab5fb8cd410220181522ec8eca07de4860a4acdd12909d831cc56cbbac4622082221a8768d1d0901

nSequence:	 0xffffffff

Previous output script:

OP_PUSHBYTES_65 0411db93e1dcdb8a016b49840f8c53bc1eb68a382e97b1482ecad7b148a6909a5cb2e0eaddfb84ccf9744464f82e160bfa9b8b64f9d4c03f999b8643f656b412a3
OP_CHECKSIG

Previous output type:	P2PK

P2PK: ‎10.00000000 BTC	

ScriptPubKey(ASM):

OP_PUSHBYTES_65 04ae1a62fe09c5f51b13905f07f06b99a2f7159b2225f374cd378d71302fa28414e7aab37397f554a7df5f142c21c1b7303b8a0626f1baded5c72a704f7e6cd84c
OP_CHECKSIG

ScriptPubKey (HEX):	

4104ae1a62fe09c5f51b13905f07f06b99a2f7159b2225f374cd378d71302fa28414e7aab37397f554a7df5f142c21c1b7303b8a0626f1baded5c72a704f7e6cd84cac

Type: P2PK

P2PK: ‎40.00000000 BTC

ScriptPubKey (ASM):

OP_PUSHBYTES_65 0411db93e1dcdb8a016b49840f8c53bc1eb68a382e97b1482ecad7b148a6909a5cb2e0eaddfb84ccf9744464f82e160bfa9b8b64f9d4c03f999b8643f656b412a3
OP_CHECKSIG

ScriptPubKey (HEX):
	410411db93e1dcdb8a016b49840f8c53bc1eb68a382e97b1482ecad7b148a6909a5cb2e0eaddfb84ccf9744464f82e160bfa9b8b64f9d4c03f999b8643f656b412a3ac

Type	: P2PK

50.00000000 BTC

• Details

Size: ‎275 B

Virtual size: ‎275 vB

Weight	: 1.1 kWU

Version: ‎1

Locktime: 0

Transaction hex:

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

Source: https://mempool.space/

Running bitcoin – Hal Finney

Wonder In Peace Bright Mind

Join Honorary Chair Fran Finney and the Running Bitcoin Challenge Committee as we honor legendary cypher punk, Hal Finney.

This is THE EVENT that combines Hal Finney’s love of running and Bitcoin and is raising funds and awareness to help defeat ALS, which ultimately claimed his life in 2014.

You are challenged to run (or walk, roll, or hike) the equivalent of a half marathon — cumulatively or all at once — by the end of January 10, 2023.

From wherever you are, spread the word about Bitcoin, participate in a healthy activity, feel good about doing your part to defeat ALS, and start the year off right

Hal Finney, one of the earliest bitcoin contributors, died eight years ago from complications of nervous system disease amyotrophic lateral sclerosis (ALS).

His spouse, Fran Finney, is now organizing a half marathon to raise funds for ALS research via bitcoin.

The “Running Bitcoin Challenge” is set to take place between Jan. 1 and Jan. 10. The timing of the occasion leads up to the anniversary of Hal Finney’s “Running bitcoin” tweet, in which Finney famously disclosed he was deploying a Bitcoin node.

There is no set location — participants can choose to join anywhere they wish. Players are encouraged to either run, walk, roll or hike the equivalent of a half marathon (Hal’s favorite distance) either in one go or over the entire 10-day period.

Donors contributing at least $100 will receive an official shirt with the half marathon’s logo, while the event’s top 25 fundraisers will get a Hal Finney collectible signed by his wife.

As of Wednesday morning, the event has already managed to secure nearly $10,000 in bitcoin donations.

An advocate of cryptography and digital privacy, Finney was the recipient of the first-ever bitcoin transfer from the network’s pseudonymous creator Satoshi Nakamoto.

The bitcoin community often suspected Finney was Nakamoto, a claim he consistently denied. He reportedly found out about his condition in 2009 and decided to move away from the project.

Hal’s name is high in the Bitcoin pantheon as one of the first people to voice support for Satoshi Nakamoto’s invention and for being the first person to receive a Bitcoin transaction from Satoshi.

He was, for a time, considered one of the top contenders on the list of potential Satoshis himself (many in blockchain who reject Dr. Craig Wright’s statements still falsely believe Finney to be Bitcoin’s real creator).

Hal, who referred to himself as a “cypherpunk,” was a cryptographic activist who went from developing video games to working on the Pretty Good Privacy (PGP) project in the 1990s. He described his PGP work as “dedicated to the goal of making Big Brother obsolete.”

PGP creator Phil Zimmerman hired Hal as his first employee when PGP became PGP Corporation in the early 2000s. He described Hal as a “gregarious man” who loved skiing and long-distance running.

Despite gradual paralysis that eventually forced him to stop working, Hal continued to code software and follow the Bitcoin project.

Almost as famous as his 2009 tweet is his “Bitcoin and me” post on BitcoinTalk.org in March 2013, the last he’d ever make.

It’s a long post, and Hal was “essentially paralyzed” at the time, using an eye tracker to type. Forum stats show the post has been read over 278,000 times.

“When Satoshi announced the first release of the software, I grabbed it right away,” he wrote. “I think I was the first person besides Satoshi to run bitcoin. I mined block 70-something, and I was the recipient of the first bitcoin transaction when Satoshi sent ten coins to me as a test.

I carried on an email conversation with Satoshi over the next few days, mostly me reporting bugs and him fixing them.”

Hal himself always denied being Satoshi Nakamoto, adding later that he’d sold most of the Bitcoins he mined (at pre-2014 prices) to pay for his treatments. He also mentioned putting some in a safe deposit box for his children.

“And, of course, the price gyrations of bitcoins are entertaining to me.

I have skin in the game.

But I came by my bitcoins through luck, with little credit to me.

I lived through the crash of 2011.

So I’ve seen it before.

Easy come, easy go.”

Hal Finney
www.runningbitcoin.us
Admiration and great Respect
With 🧡

Happy New Year 2023

Only One Wish for 2023

Beware of Scams !!!

Beware !!!

Just as the crypto industry is expanding and getting local adoption from individuals, co-operations, organisations and few countries  the same rate at which we have crypto enthusiast increasing in number which i see so worrisome and also a call for major concern.

Reason been that as more people get involved in the crypto business the more scammers are likely to increase their technique and the more scammers get recruited.

To avoid walking on scammers path, requires to be well informed of every new technique they can ever deploy against their potential victim.

To stay off scammers path users must:

  • Avoid phishing links.
  • Make sure to pay attention to the spelling of the website, as well as their URL as this can reveal whether it is a phishing site or not.
  • Never invest in a project without a well structured community
  • Pay close attention to the engagement within the community for suspicious activities
  • Ensure you assets are off CEX
  • Be more smart and less greedy
  • Don’t jump into a project/coin only based on the hype from advertisers (especially twitter)
  • Avoid any “too good to be true” investment
  • Avoid send me 1$ and I’ll send back 2$ scams, no matter how reputable is the account calling for that
  • Protect your coins (keep your coins on your wallet, use hardware wallet where possible, never give out wallet’s seed, keep backup seed offline)
  • Don’t be greedy and/or illiterate.
  • Be sure to feed yourself with necessary knowledge, if you want to invest.
  • Knowledge from experience is good but you can also take legitimate one from other people.
  • Not everything that is being offered to you is true. Do not be deceived.
  • Be careful who you are trusting.
  • Always be skeptical !!!
  • Enable Two-factor authentication for all your accounts.
  • Using of firewalls.
  • Installing an up to date anti virus software.
  • Use strong passwords and yet easily accessible ones for your convenience.
  • Stay away from malicious links or attachments you come across on the web.
  • Make sure your private keys are well stored and in hard wallet
  • Make sure your passwords are not vulnerable online to attacks i.e don’t store passwords online or any website
  • Whenever a stranger message you first for a business or an investment, it is a Red flag.
  • Someone who doesn’t know you would want you to make big money, another Red flag.
  • Whenever they introduce a” business opportunity” to you and then hasten you in order make you take a hasty decision it’s not  genuine, they are trying their best to make you take a fast decision without telling your loved ones and friends who will discourage you.
  • It is safer to  assume anyone you don’t know, communicating with you is a scammer until it is proven otherwise.
  • Read the whitepaper and research well of the company where you are going to invest because many scams are done by this method.
  • Check whether it is genuine or fake.
  • Scammers are constantly upgrading their scam methods and anyone can be the next target.
  • Loss doesn’t just happen due to an internal or intentional mistake, and when it does happen everyone has a similar sense of remorse and risks that are absolute consequences.
  • You’ll be fooled many times by those scammers that have maintained a well structured fake community.
  • They can hire those PRs and people talking inside their community to make it look like they’re a legit community.
  • As for their workers, they’ll just tell that they need engagement but the purpose of it, they’re not talking about it because that’s what the main purpose it.
  • And that’s to make it look genuine that they have real people inside the community. But in reality, it’s all fake people that they’ve hired just to make discussions all over their place.
  • It’s safe to say as well that it’s not just the crypto industry that is not safe for newbies, everything that talks about money is not safe for everyone.
  • Crypto is the latest thing and in the last 5 years it become so successful that scammers make this as their paradise as there are a lot of naive investors in the market.
  • Do your investigations, and don’t listen to influencers and believe them.
  • Think that this is your hard earn money so you need to be careful where you are going to invest it.
  • Don’t be Greedy.
  • Don’t jump on it like a hungry cow.
  • Don’t trust the sweet words they offer you. Most of them are too good to be true but they will always sound inviting to invest with.
  • Make a wall to not fully support them unless they have proven themselves worthy of that kind of respect.
  • Always be in doubt. That will be the shield that will protect you from being scammed.
  • Must simply assume that our coins are never really safe despite our best efforts, so it is important to always be on alert and protect our coins to the best of our ability.
  • Improve the security of your coins by an important margin by buying a hardware wallet, since they are very secure devices and they are relatively cheap, instead of risking storing our coins in our computers or at an exchange.
  • Always good to know how to make technical and fundamental analysis so that you can get specific information what is the situation of the projects you want to invest
  • Many projects are delivering a good testament, but they always ended into a scam , so we need to be smart enough and have a lot of preparation before investing or trading

Controlled Supply

Bitcoin

“A fixed money supply, or a supply altered only in accord with objective and calculable criteria, is a necessary condition to a meaningful just price of money.”

Fr. Bernard W. Dempsey, S.J. (1903-1960)

In a centralized economy, currency is issued by a central bank at a rate that is supposed to match the growth of the amount of goods that are exchanged so that these goods can be traded with stable prices. The monetary base is controlled by a central bank. In the United States, the Fed increases the monetary base by issuing currency, increasing the amount banks have on reserve or by a process called Quantitative Easing.

In a fully decentralized monetary system, there is no central authority that regulates the monetary base. Instead, currency is created by the nodes of a peer-to-peer network.

The Bitcoin generation algorithm defines, in advance, how currency will be created and at what rate. Any currency that is generated by a malicious user that does not follow the rules will be rejected by the network and thus is worthless.

Currency with Finite Supply

Block reward halving
Controlled supply

Bitcoins are created each time a user discovers a new block. The rate of block creation is adjusted every 2016 blocks to aim for a constant two week adjustment period (equivalent to 6 per hour.)

The number of bitcoins generated per block is set to decrease geometrically, with a 50% reduction every 210,000 blocks, or approximately four years. The result is that the number of bitcoins in existence will not exceed slightly less than 21 million.

Speculated justifications for the unintuitive value “21 million” are that it matches a 4-year reward halving schedule; or the ultimate total number of Satoshis that will be mined is close to the maximum capacity of a 64-bit floating point number. Satoshi has never really justified or explained many of these constants.

Cumulated bitcoin supply

This decreasing-supply algorithm was chosen because it approximates the rate at which commodities like gold are mined. Users who use their computers to perform calculations to try and discover a block are thus called Miners.