The First Step


“The journey of a thousand miles begins with a single step.”

Lao Tzu


The First step …๐Ÿค”๐Ÿ™„๐Ÿค” Brings me back on the memory lane… In the ancient times of 2011, when I read for the first time about this BitCorn thing…

Then, I read the WhitePaper… As much or little as I understood at the time, I had a strange Sehnsucht about it and went down the proverbial rabbit hole…



Only to discover with amazement and dismay… It’s the Moria’s Mines down here…



That’s why it’s called a DYOR universe !!!

You need to Do Your Own Research folks !

It’s the only way for an Sovereign citizen !!!

Yours trully Free Spirit





Say ! NO ! to CBDC’s


Say !โ€ขNOโ€ข! to CBDC’s

I bet you all the “Free” Cbdc’s the governments are going to give you in the next couple of years, that poor littl’ George Orwell rolls in his grave and burns inside of Envy… because his imagination fades compared to the nightmare bound to come in a city near you !!!

By all means and preety please DO NOT TAKE MY WORD FOR IT but instead D.Y.O.R. (Do Your Own Research) and reach your own conclusions !!!

Here below is a nice place to start ! Enjoy !






CBDC’s Tyranny Is Coming


How & Why You should Prepare


Or Not !!!
For the Future Generations sake…

Here are just a few examples of what that sort of total control may look like:


Government in total control

The government could not only withhold money whenever they deemed fit but they could also devalue the currency.


Lack of privacy

The government will be aware of all of your financial information, what you owe and to whom, what you are spending money on, and what assets you have.


The end of personal security

No longer can you โ€œhideโ€ savings under your mattress. The government will always know how much you have and will have access to it.


Tracking of purchases

The government will be able to track everything you purchaseโ€”and potentially stop you from buying it. Letโ€™s say it is something the political party in charge disagrees with, such as legalized marijuana. They can track you and prevent you from purchasing it again.


Tracking pornography purchases, abortion payments, tax evasion, and more…

While you may not think this is a bad idea, what if it goes a step further? What if they think you need to eat less red meat?


Hacking and data breaches

My head spins just thinking of all the ways a CBDC could be attacked by hackers or cyber terrorists.


Educate Yourselves folks :

https://news.bitcoin.com/why-the-rise-of-the-cbdc-is-bad-for-your-privacy

https://edwardsnowden.substack.com/p/cbdcs

https://www.themainewire.com/2022/11/cbdc-bitcoin

https://www.dallasnews.com/opinion/2022/11/06/a-central-bank-cryptocurrency-the-us-should-reject-it

https://www.nasdaq.com/articles/bitcoin-policy-institute-calls-on-u.s.-to-reject-its-central-bank-digital-currency

https://fee.org/articles/why-a-digital-dollar-is-a-really-bad-idea

https://theconversation.com/central-bank-digital-currencies-could-mean-the-end-of-democracy-187505

https://www.adamseconomics.com/post/the-potential-orwellian-horror-of-central-bank-digital-currencies

https://www.coindesk.com/layer2/2022/10/14/against-cbdcs-and-the-politicization-of-money

https://mises.org/wire/digital-currency-fed-moves-toward-monetary-totalitarianism

https://www.cato.org/blog/update-two-thirds-commenters-concerned-about-cbdc

https://www.coincenter.org/without-privacy-do-we-really-want-a-digital-dollar

https://bitcoinmagazine.com/culture/digital-dollar-threat-civil-liberties

https://www.newsweek.com/cbdcs-will-end-american-freedom-opinion-1673676

https://beincrypto.com/problem-cbdcs-surrendering-total-surveillance-control

https://www.cato.org/working-paper/central-bank-digital-currency-assessing-risks-dispelling-myths

https://www.cato.org/briefing-paper/central-bank-digital-currency

https://www.dallasnews.com/opinion/2022/11/06/a-central-bank-cryptocurrency-the-us-should-reject-it

https://www.theepochtimes.com/central-bank-digital-currency-tyranny-is-coming-how-to-prepare_5054210.html

https://cointelegraph.com/news/us-senator-ted-cruz-tries-again-with-new-bill-to-block-cbdc

https://tokenhell.com/congressmen-voice-concerns-over-the-features-of-the-us-cbdc

https://www.forbes.com/sites/norbertmichel/2022/04/12/central-bank-digital-currencies-are-about-control–they-should-be-stopped

https://www.forbes.com/sites/norbertmichel/2022/12/15/the-federal-reserve-should-drop-fednow-and-any-plans-to-launch-a-cbdc

https://pomp.substack.com/p/central-bank-digital-currencies-will

https://hackernoon.com/cbdcs-the-folly-of-digital-fiat

https://www.btcpolicy.org/articles/why-the-u-s-should-reject-central-bank-digital-currencies


Cbdc Initiatives




100 Based things



Here is a list of 100 of the best based things:

  • Writing clever, articulate and edgy raps โ€“ Based
  • Eating food with no care for nutrition โ€“ based
  • Making jokes at the expense of politcally correct people โ€“ based
  • Creating witty and inspired retorts โ€“ based
  • Refusing to conform to society’s expectations โ€“ based
  • Developing viral content โ€“ based
  • Dreaming without the boundaries of reality โ€“ based
  • Taking no sh*t from anyone โ€“ based
  • Standing up for what is right โ€“ based
  • Throwing away societyโ€™s conventions โ€“ based
  • Experimenting with new ideas โ€“ based
  • Making creative use of your skills โ€“ based
  • Celebrating all forms of success โ€“ based
  • Questioning the world around you โ€“ based
  • Expressing yourself through Art โ€“ based
  • Learning from your mistakes โ€“ based
  • Breaking the mold โ€“ based
  • Making bold statements โ€“ based
  • Improvising on the fly โ€“ based
  • Challenging the status quo โ€“ based
  • Working hard without complaining โ€“ based
  • Respecting othersโ€™ opinions โ€“ based
  • Venturing beyond your comfort zone โ€“ based
  • Befriending other outliers โ€“ based
  • Taking risks, but staying safe โ€“ based
  • Developing mental strength โ€“ based
  • Acknowledging the beauty of the world โ€“ based
  • Choosing courage over fear โ€“ based
  • Embracing your uniqueness โ€“ based
  • Worrying less, but achieving more โ€“ based
  • Being a loyal friend โ€“ based
  • Working to help others โ€“ based
  • Succeeding in your own way โ€“ based
  • Standing up for the weak โ€“ based
  • Being honest about your failures โ€“ based
  • Tackling the world with passion โ€“ based
  • Leading without authority โ€“ based
  • Accepting your flaws โ€“ based
  • Owning up to them โ€“ based
  • Motivating yourself to go further โ€“ based
  • Making informed decisions โ€“ based
  • Listening to and understanding others โ€“based
  • Analyzing problems and finding solutions โ€“ based
  • Seeing the world differently โ€“ based
  • Working against money-grubbing corporations โ€“ based
  • Refusing to be controlled by social media โ€“ based
  • Taking responsibility for your actions โ€“ based
  • Rejecting the influence of peer pressure โ€“ based
  • Showing gratitude for what you have โ€“ based
  • Developing a thick skin โ€“ based
  • Not taking no for an answer โ€“ based
  • Embracing the joy of risk-taking โ€“ based
  • Winning without gloating โ€“ based
  • Taking time for yourself โ€“ based
  • Diversifying your investments โ€“ based
  • Helping others around you succeed โ€“ based
  • Avoiding useless debates โ€“ based
  • Refusing to give into oppression โ€“ based
  • Going against the grain โ€“ based
  • Moving through life with grace โ€“ based
  • Not caring about popular opinion โ€“ based
  • Not caving into herd mentality โ€“ based
  • Outwitting conventional wisdom โ€“ based
  • Standing your ground against bullies โ€“ based
  • Reclaiming lost ground โ€“ based
  • Detaching yourself from material possessions โ€“ based
  • Questioning authority โ€“ based
  • Resisting unjust power โ€“ based
  • Ignoring criticism โ€“ based
  • Seeing through deception โ€“ based
  • Overcoming adversity โ€“ based
  • Pursuing excellence โ€“ based
  • Living life without regrets โ€“ based
  • Becoming Unbreakable โ€“ based
  • Following your gut feeling โ€“ based
  • Slaying the dragon of Conformity โ€“ based
  • Crushing comfort zones โ€“ based
  • Exploring the unknown โ€“ based
  • Keeping a cool head in a crisis โ€“ based
  • Analyzing data intelligently โ€“ based
  • Not wasting time with gossip โ€“ based
  • Adopting a Zero-Tolerance policy โ€“ based
  • Connecting with likeminded people โ€“ based
  • Committing thought crimes โ€“ based
  • Spreading your message โ€“ based
  • Asserting your autonomy โ€“ based
  • Resolving conflicts quickly โ€“ based
  • Not conforming to gender roles โ€“ based
  • Refusing to settle for mediocrity โ€“ based
  • Not taking life too seriously โ€“ based
  • Living life to the fullest โ€“ based
  • Rewriting stories with your own pen โ€“ based
  • Expressing yourself without limits โ€“ based
  • Being You – based

Trust is not based, and relying on trust is unbased. It is foolish to ever trust someone, because the only way to truly ensure that what someone is saying is true is to verify it yourself.

Relying on trust to make important decisions is the same as not making decisions at all, which would be why wise people have always told each other to never trust anyone, ever.

Instead, one should always verify all information, or else make use of carefully-chosen massive liabilities and hedges, so as to eliminate the need to trust.


Btw, did I mentioned the list was made by a Non-Human, Red-Pilled Entity ๐Ÿ˜๐Ÿ˜‹๐Ÿคฃ

I would love to hear thoughts, opinions and critics about this, from you all dear readers.





CypherPunk Movement

THE CYPHERPUNK MOVEMENT

Let’s make a journey back in time to see where blockchain technology and cryptocurrencies came from. It will take us back to the CypherPunk Movement starting in the 1970’s.

Cryptography for the People

Encryption was primarily used for military purposes before the 1970s. People at that time were living in an analog world. Few had computers and even fewer could imagine a technology that would connect almost every human being on the planet – the internet.

Two publications brought cryptography into the open, namely the โ€œData Encryption Standardโ€ published by the US Government, and a paper called โ€œNew Directions in Cryptographyโ€ by Dr. Whitfield Diffie and Dr. Martin Hellman, published in 1976.

Dr. David Chaum started writing on topics such as anonymous digital cash and pseudonymous reputation systems in the 1980s, such as the ones described in โ€œSecurity without Identification: Transaction Systems to make Big Brother Obsoleteโ€. This was the first step toward the digital currencies we see today.

The Cypherpunks

We walk on shoulders of Giants!
Hughes, May, Back, Finney, Gilmore, Szabo

It wasnโ€™t until 1992 that a group of cryptographers in the San Francisco Bay area started meeting up on a regular basis to discuss their work and related ideas. They built a basis for years of cryptographic research to come.

Besides their regular meetings, they also started the Cypherpunk mailing list in which they discussed many ideas including those which led to the birth of Bitcoin.

In late 1992 Eric Hughes, one of the first cypherpunks, wrote โ€œA Cypherpunkโ€™s Manifestoโ€ laying out the ideals and vision of the movement.

Note: We encourage you to read A Cypherpunkโ€™s Manifesto. The Manifesto is just as relevant today as it was in 1992. This short read takes only a few minutes of your time. Itโ€™s astonishing to see how much foresight the early members had when most people didnโ€™t even think about computers yet.


A Cypherpunksโ€™s Manifesto

An excerpt from the Manifesto:

โ€œPrivacy is necessary for an open society in the electronic age.

Privacy is not secrecy.

A private matter is something one doesnโ€™t want the whole world to know, but a secret matter is something one doesnโ€™t want anybody to know.

Privacy is the power to selectively reveal oneself to the world.โ€

โ€œPrivacy in an open society also requires cryptography.

If I say something, I want it heard only by those for whom I intend it.

If the content of my speech is available to the world, I have no privacy.

To encrypt is to indicate the desire for privacy, and to encrypt with weak cryptography is to indicate not too much desire for privacy.โ€

โ€œWe must defend our own privacy if we expect to have any.

We must come together and create systems which allow anonymous transactions to take place.

People have been defending their own privacy for centuries with whispers, darkness, envelopes, closed doors, secret handshakes, and couriers.

The technologies of the past did not allow for strong privacy, but electronic technologies do.โ€

โ€œWe the Cypherpunks are dedicated to building anonymous systems.

We are defending our privacy with cryptography, with anonymous mail forwarding systems, with digital signatures, and with electronic money.โ€


Electronic Cash

Although you might have just heard about this movement for the first time, you have most definitely benefitted from the efforts of some of their members in building Tor, BitTorrent, SSL, and PGP encryption. It should not surprise you that many concepts and ideas that originated from this group led to the emergence of cryptocurrencies.

In 1997, Dr. Adam Back created HashCash, which he proposed as a measure against spam. A little later, in 1998, Wei Dai published his idea for b-money and conceived the ideas of Proof-of-Work and Proof-of-Stake to achieve consensus across a distributed network. In 2005 Nick Szabo published a proposal for Bit Gold. There was no cap on the maximum supply but he introduced the idea to value each unit of Bit Gold by the amount of computational work that went into producing it. Although this is not how cryptocurrencies are valued, the price of production (comprised of hardware and electricity cost) plays a role in the pricing of these digital assets.

In 2008, Satoshi Nakamoto released the Bitcoin white paper, citing and building upon HashCash and b-money. Citations from his early communications and parts of his white paper, such as the following on privacy, suggest Nakamoto was close to the cypherpunk movement.

โ€œThe traditional banking model achieves a level of privacy by limiting access to information to the parties involved and the trusted third party. The necessity to announce all transactions publicly precludes this method, but privacy can still be maintained by breaking the flow of information in another place: by keeping public keys anonymous. The public can see that someone is sending an amount to someone else, but without information linking the transaction to anyone. This is similar to the level of information released by stock exchanges, where the time and size of individual trades, the โ€˜tapeโ€™, is made public, but without telling who the parties were.โ€

Technology did not enable strong privacy prior to the 20th century, but neither did it enable affordable mass surveillance. We believe in the human right to privacy and work towards enabling anyone who wishes to claim his or her privacy to do so. We see a cryptocurrency with selective privacy as a good step in the right direction of reclaiming our privacy.





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
โ€ข Transaction:
f4184fc596403b9d638783cf57adfe4c75c605f6356fbc91338530e9831e9e16

Timestamp: โ€Ž

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

Fee: 0 sat / $0.00

Fee rate: 0.00 sat/vB

โ€ข Details

Size : 275 B

Virtual size: โ€Ž275 vB

Weight: โ€Ž1.1 kWU

Version : 1

Locktime : 0

Transaction hex:

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

โ€ข Inputs & Outputs

P2PK: โ€Ž50.00000000 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: โ€Ž10.00000000 BTC

ScriptPubKey(ASM):

OP_PUSHBYTES_65 04ae1a62fe09c5f51b13905f07f06b99a2f7159b2225f374cd378d71302fa28414e7aab37397f554a7df5f142c21c1b7303b8a0626f1baded5c72a704f7e6cd84c
OP_CHECKSIG

ScriptPubKey (HEX):

4104ae1a62fe09c5f51b13905f07f06b99a2f7159b2225f374cd378d71302fa28414e7aab37397f554a7df5f142c21c1b7303b8a0626f1baded5c72a704f7e6cd84cac

Type: P2PK

P2PK: โ€Ž40.00000000 BTC

ScriptPubKey (ASM):

OP_PUSHBYTES_65 0411db93e1dcdb8a016b49840f8c53bc1eb68a382e97b1482ecad7b148a6909a5cb2e0eaddfb84ccf9744464f82e160bfa9b8b64f9d4c03f999b8643f656b412a3
OP_CHECKSIG

ScriptPubKey (HEX):
410411db93e1dcdb8a016b49840f8c53bc1eb68a382e97b1482ecad7b148a6909a5cb2e0eaddfb84ccf9744464f82e160bfa9b8b64f9d4c03f999b8643f656b412a3ac

Type : P2PK

50.00000000 BTC

โ€ข Details

Size: โ€Ž275 B

Virtual size: โ€Ž275 vB

Weight : 1.1 kWU

Version: โ€Ž1

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 โ€œRunning Bitcoin Challengeโ€ is set to take place between Jan. 1 and Jan. 10. The timing of the occasion leads up to the anniversary of Hal Finneyโ€™s โ€œRunning bitcoinโ€ tweet, in which Finney famously disclosed he was deploying a Bitcoin node.

There is no set location โ€” participants can choose to join anywhere they wish. Players are encouraged to either run, walk, roll or hike the equivalent of a half marathon (Halโ€™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 marathonโ€™s logo, while the eventโ€™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 networkโ€™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.

Halโ€™s name is high in the Bitcoin pantheon as one of the first people to voice support for Satoshi Nakamotoโ€™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 Wrightโ€™s statements still falsely believe Finney to be Bitcoinโ€™s real creator).

Hal, who referred to himself as a โ€œcypherpunk,โ€ 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 โ€œdedicated to the goal of making Big Brother obsolete.โ€

PGP creator Phil Zimmerman hired Hal as his first employee when PGP became PGP Corporation in the early 2000s. He described Hal as a โ€œgregarious manโ€ 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 โ€œBitcoin and meโ€ post on BitcoinTalk.org in March 2013, the last heโ€™d ever make.

Itโ€™s a long post, and Hal was โ€œessentially paralyzedโ€ at the time, using an eye tracker to type. Forum stats show the post has been read over 278,000 times.

โ€œWhen Satoshi announced the first release of the software, I grabbed it right away,โ€ he wrote. โ€œI 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.โ€

Hal himself always denied being Satoshi Nakamoto, adding later that heโ€™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.

โ€œAnd, 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 Iโ€™ve seen it before.

Easy come, easy go.โ€

Hal Finney

www.runningbitcoin.us

Admiration and great Respect


With ๐Ÿงก

Happy New Year 2023



Only One Wish for 2023




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.





21M or Death


21 Million or Death
Arise…

The supply of Bitcoin is fixed at 21 million BTC, and as a hard coded monetary policy of the protocol, the fixed supply of the dominant cryptocurrency cannot be altered.

Former Google Product Director Steve Lee stated that only 1 percent of the worldโ€™s population can own more than 0.28 BTC, due to the fixed supply of Bitcoin.

In late 2017, Chainalysis, a blockchain forensics company that monitors and investigates cryptocurrency transactions, revealed in a research paper that up to four million BTC are permanently lost on the blockchain as a result of theft, loss of wallets and private keys, and the dormant wallet of Bitcoin creator Satoshi Nakamoto, which experts have said is no longer accessible.

Kim Grauer, Senior Economist at Chainalysis, said at the time, that the lost supply of BTC is not taken into consideration by the market cap.That means, the real price of BTC could be substantially higher, as 4 to 6 million BTC are estimated to be lost.

Based on the estimate that the supply of Bitcoin is around 17 million, only 0.8 percent of the world population can own more than 0.28 BTC and less than 0.2 of the world population can own more than 1 BTC.

The 0.28 BTC figure introduced by Lee assumes the supply of Bitcoin to be 21 million, as it divides 21 million by 0.28 and divides the outcome of that by the world population that is 7.442 billion. If the research of Chainalysis is accurate and that 4 to 6 million BTC are lost on the blockchain, the supply of Bitcoin should be closer to around 16 to 17 million

The fact that any investor in the global market can be within the 1 percent of the world population with a $1,830 investment demonstrates that the cryptocurrency market is still at its early phase, and in terms of adoption, market development, infrastructure, and regulation, the sector can still grow significantly in the mid to long-term.


Hal Finney

There is no “Whole Coin”