About bitcoin's first transaction ($5 for 5050₿)

tranthidung

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Farewell o_e_l_e_o

12/01/2009: First transaction of bitcoin between two people (satoshi and Hal)

12/10/2009: First transaction of bitcoin to fiat:

On-going investigation: Chain Archaeology revisited -- suspected Satoshi SPENT blocks analysis

Darker45

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Quote from: Question123 on September 15, 2020, 05:36:57 AM

We don't know where the money goes because we can't see if they sent it to the bank. But if he saved the bitcoin he have a lot of money count to think of it from 5 dollars the gets massive profit. I'm hoping I knew bitcoin since the beginning so I can more profit or I can become a millionaire.

First, there wasn't even an exchange. The BTC was sent as a test; it was not sold. Also, it wasn't 5,050BTC. And during that very early phase, Bitcoin was not assigned with a fiat value yet.

If you knew Bitcoin from the very beginning, you probably wouldn't have imagined Bitcoin's fiat value to rise as high as $1,000 or even $100. As a matter of fact, Laszlo's story was not very unique. There must be a whole lot of early Bitcoin adopters who spent their BTC not knowing that it would fetch a price as high as $20,000 apiece in the near future.

Mahdirakib

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In Search of Incredible

Quote from: 20kevin20 on September 15, 2020, 05:42:11 AM

I believe you're confusing the two domains - someone please correct me if I'm wrong, but wasn't bitcoin.org registered by Satoshi while bitcointalk.org was registered later on?

The bitcoin.org domain was already registered when Bitcoin became public.

The source I mentioned above confused me. You right, bitcoin.org was registered by Satoshi Nakamoto and Martti Malmi. Later he gave the ownership of the domain to someone else. Source Who owns bitcoin.org?
He registered it through anonymousspeech.com

ryap12

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Quote from: Dana888 on September 15, 2020, 05:47:10 AM

Quote from: BlackHatCoiner on September 15, 2020, 05:03:10 AM

First transaction ever recorded was between Hal Finney and Satoshi. They exchanged 5050BTC for $5.02 based on the electricity it needed for the mining of those 101 blocks. So the first price of bitcoin was about $0.01. Here's the transaction.

Now my question is, who sent the money to who? Did Hal Finney paid for these bitcoins? Even if he did, where did he send the money? Since he didn't know Satoshi, did he send the $5 to a bank account? This is the part where all that anonymity of Mr. Nakamoto doesn't make any sense.

Perhaps this is a close friend of Satoshi or his fake person who only knows him. It is also possible that Satoshi himself sent the transfer to himself by making his accounts in different banks. There are many options,but I want to remind you that Satoshi never said that bitcoin is an anonymous network. Just anonymization in it is stronger and more complex than in conventional Fiat money.

Definitely a close friend IF this Satoshi is real. What if Satoshi is still Hal Finney? He just made it up so that nobody gets to trace the origin and Founder? Mr Finney had died though in 2014 but WHAT IF he faked his death so he can enjoy hiding as Satoshi Nakamoto? With all the money he managed to make, he does not need to move those BTCs from time to time.

Dana888

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Quote from: BlackHatCoiner on September 15, 2020, 05:03:10 AM

First transaction ever recorded was between Hal Finney and Satoshi. They exchanged 5050BTC for $5.02 based on the electricity it needed for the mining of those 101 blocks. So the first price of bitcoin was about $0.01. Here's the transaction.

Now my question is, who sent the money to who? Did Hal Finney paid for these bitcoins? Even if he did, where did he send the money? Since he didn't know Satoshi, did he send the $5 to a bank account? This is the part where all that anonymity of Mr. Nakamoto doesn't make any sense.

Perhaps this is a close friend of Satoshi or his fake person who only knows him. It is also possible that Satoshi himself sent the transfer to himself by making his accounts in different banks. There are many options,but I want to remind you that Satoshi never said that bitcoin is an anonymous network. Just anonymization in it is stronger and more complex than in conventional Fiat money.

20kevin20

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Quote from: Mahdirakib on September 15, 2020, 05:37:19 AM

You can get the answer here. Sirius was the second bitcoin developer. And he manage the domain names bitcointalk.org and bitcoin.org You can see this information on that source.

I believe you're confusing the two domains - someone please correct me if I'm wrong, but wasn't bitcoin.org registered by Satoshi while bitcointalk.org was registered later on?

The bitcoin.org domain was already registered when Bitcoin became public.

Mahdirakib

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In Search of Incredible

Quote from: BlackHatCoiner on September 15, 2020, 05:22:41 AM

Now something else that I'm concern about is how he paid for the domain name. Even on anonymousspeech.com, you had to make a payment somehow, cryptocurrency did not exist those days. How he paid for bitcoin.org?

You can get the answer here. Sirius was the second bitcoin developer. And he manage the domain names bitcointalk.org and bitcoin.org You can see this information on that source.

Quote from: stompix on April 28, 2018, 11:10:20 AM

The domain name was not registered by Satoshi.

It was registered by Sirius.
https://en.bitcoin.it/wiki/Sirius

Quote from: theymos on October 09, 2012, 08:45:01 AM

Sirius founded the forum and still owns the domain name, so I would say that he owns it.

Question123

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We don't know where the money goes because we can't see if they sent it to the bank. But if he saved the bitcoin he have a lot of money count to think of it from 5 dollars the gets massive profit. I'm hoping I knew bitcoin since the beginning so I can more profit or I can become a millionaire.

There is a lot of improvement happened in the last decade because from few transaction to a lot of transaction everyday so it means that the community is growing and I believed someday it will get a lot of new users in the next few years so be prepare.

Yaunfitda

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Here is the screenshot of the 10 btc transaction,

source

You can also read the thread below for your follow up questions:

20kevin20

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Quote from: BlackHatCoiner on September 15, 2020, 05:22:41 AM

Thank you both, I thought that he sent them for money. So basically Satoshi didn't sell a single bitcoin that period. I wonder if he believed that by hodling them he would become rich. If that's so, he would be the first hodler.

Now something else that I'm concern about is how he paid for the domain name. Even on anonymousspeech.com, you had to make a payment somehow, cryptocurrency did not exist those days. How he paid for bitcoin.org?

A little correction by the way, the price for one Bitcoin was $0.001 actually ($5 divided by 5050 Bitcoins)! Cheesy

I highly doubt Satoshi or anyone else back in 2009 would've thought Bitcoin could reach even a dollar. If you think about it, creating a digital currency on your own and having it pass the price of any other currency in the world and even the price of 1oz of Gold sounds insane. If Satoshi wanted to hold to become rich, he would've already sold long time ago.

Most OG members have sold at prices we today consider to be cheap. But for them, at the time, $1 seemed as impossible as $1M seems to us right now.

He, AFAIK, did purchase it through anonymousspeech.com. It would've been a really shitty move for them to reveal his identity, so props to them I guess. Not sure if there was a way to purchase through them back in 2008-2009 completely anonymously, but maybe Satoshi paid through gift cards or something. Here's what the website says about their services:

Quote

A decision to be anonymous may be motivated by fear of retaliation from an interested party, by concern about social ostracism, or merely by a desire to preserve as much of one's privacy as possible.

AnonymousSpeech.com respects the desires of its subscribers to remain completely anonymous while engaging in legal activity. AnonymousSpeech.com will not tolerate the use of its services for illegal activity.

fiulpro

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Let me quote something that Mr. Hal said when someone asked him regarding th first transaction.

Quote from: BlackHatCoiner on September 15, 2020, 05:22:41 AM

Thank you both, I thought that he sent them for money. So basically Satoshi didn't sell a single bitcoin that period. I wonder if he believed that by hodling them he would become rich. If that's so, he would be the first hodler.

Now something else that I'm concern about is how he paid for the domain name. Even on anonymousspeech.com, you had to make a payment somehow, cryptocurrency did not exist those days. How he paid for bitcoin.org?

I do think even if he used a fake bank account or something like that , it's between The sender and the recipient therefore there is a privacy there. We will never know ~

But on the other hand it is never hard to actually create multiple bank accounts and since , since the KYC and everything is mandatory NOW but before it was easy to even create an account which does not need much information.

He could have very easily used the fake identity to do that

Quote

On 18 August 2008 he or a colleague registered the domain name bitcoin.org, and created a web site at that address. On 31 October 2008, he published a paper on the cryptography mailing list at metzdowd.com describing a digital cryptocurrency, titled "Bitcoin: A Peer-to-Peer Electronic Cash System

This is interesting , I do believe he asked someone else to pay ^

BlackHatCoiner

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Farewell, Leo

Thank you both, I thought that he sent them for money. So basically Satoshi didn't sell a single bitcoin that period. I wonder if he believed that by hodling them he would become rich. If that's so, he would be the first hodler.

Now something else that I'm concern about is how he paid for the domain name. Even on anonymousspeech.com, you had to make a payment somehow, cryptocurrency did not exist those days. How he paid for bitcoin.org?

20kevin20

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Now that Hal is not with us anymore, I guess it's going to be a never-ending mystery behind the story of him & Satoshi. Some things make more sense than others, but in the end all we know is that Hal probably didn't want to reveal anything of substance so that Satoshi remains the anonymous creator. Smart move, considering how much advantage MSM would take of any info to destroy BTC's image.

About the tx, as far as I know, Satoshi did send Hal Finney some BTC but not for fiat. The 5050 BTC transaction, if BitcoinWiki is right, has been completed between Sirius and NewLibertyStandard through PayPal.

ranochigo

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Crypto Swap Exchange

It wasn't. The first transaction was between Hal Finney and Satoshi and the amount was 10BTC only. It was a test transaction and not for any monetary value. Satoshi never (to my knowledge) actually sold Bitcoin for fiat.

The exchange for fiat was between different users.

BlackHatCoiner

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Farewell, Leo

First transaction ever recorded was between Hal Finney and Satoshi. They exchanged 5050BTC for $5.02 based on the electricity it needed for the mining of those 101 blocks. So the first price of bitcoin was about $0.01. Here's the transaction.

Now my question is, who sent the money to who? Did Hal Finney paid for these bitcoins? Even if he did, where did he send the money? Since he didn't know Satoshi, did he send the $5 to a bank account? This is the part where all that anonymity of Mr. Nakamoto doesn't make any sense.

Topic: About bitcoin's first transaction ($5 for 5050₿) (Read 262 times)