Topic: I love bitcoin but there are some concerns (zero difficulty in the early days) (Read 2409 times)

How many people know before 2013 about it? Almost nobody!

All other coins have a much worse distribution.

Don't put your lifesavings in it, dammit! The distribution of the coins is sheit! How many people know before 2013 about it? Almost nobody! A lot coins been mined in the early days. So Bitcoin has the worst distribution of all the coins! Go for a fair launch altcoin which launched later to diversify your funds. Don't put all on one horse.   Bitcoin has many problems.

When Satatoshi started mining the genesis block, he put some code into it to prove that the genesis block was not created earlier than that date:
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"

But why did he not take a natural event like an earthquake, storm, flood or some other random event not caused by humans?
The financial crisis could have been planned/forseen. And also the newspaper item could have been planned in advance because it was done by people.
So to me it is no proof that the genesis block was not created earlier than 03/jan/2009. There could have been a lot of people knowing this in advance.

There is also another concern, the difficulty:
These are the first days of bitcoin mining

03/01/2009 18:15:05,0.00004971026962962963
04/01/2009 18:15:05,0.0
05/01/2009 18:15:05,0.0
06/01/2009 18:15:05,0.0
07/01/2009 18:15:05,0.0
08/01/2009 18:15:05,0.0
09/01/2009 18:15:05,0.0006959437748148148
10/01/2009 18:15:05,0.0015410183585185184
11/01/2009 18:15:05,0.005269288580740741
12/01/2009 18:15:05,0.004424213997037036
13/01/2009 18:15:05,0.0057166810074074075
14/01/2009 18:15:05,0.006263493973333333

You see there were 5 days where Satoshi turned off his mining machine.
What could have been the reason for that?
Was he waiting for others to join the mining first so that he did not end up with way too many coins?
Was the genesis block created (days, weeks, months) earlier and did he do something in between? (Fork the chain, hide some coins, I don't know)

Are these things a real concern? I mean, what if there are some coins hidden on a side chain. Couldn't we agree to fork the bitcoin code into declaring january 9th the day of genesis?

I've been reading about bitcoin on a daily basis for the last two years and these things are the only concerns for me to not put the remaining of my life savings into bitcoin.

When there is only 1 computer mining and it gets turned off, the chain is broken in my opinion.

There is no evidence of a broken chain?

I highly doubt that you're a developer.

My apologies for naming trolls, but you seem so convinced of conspiracy that you are willing to make allegations without understanding. Dozens if not hundreds of coders have made contributions to Bitcoin and understand how it works, nothing that you postulate here could have gone unnoticed.

Here's one of the screenshots from early bitcoin that Satoshi used in documentation. It has addresses and transactions that are not seen in the release blockchain, but notably the dates are the same as the genesis block. The blockchain height is 213 blocks at that time though, so this may even be a chain using a genesis block before the Times headline. It is certainly expected that Bitcoin was tested privately in many iterations before it was released, with much discarded private mining.

Don't put more money into any investment than you can lose. Bitcoin will keep working, but there's no guarantees of what others will pay you for one.

You must read what I wrote.
I do not believe it is/was a single man.


So we end up having a broken chain which everybody is fine with

When Satatoshi started mining the genesis block, he put some code into it to prove that the genesis block was not created earlier than that date:
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"

But why did he not take a natural event like an earthquake, storm, flood or some other random event not caused by humans?
The financial crisis could have been planned/forseen. And also the newspaper item could have been planned in advance because it was done by people.
So to me it is no proof that the genesis block was not created earlier than 03/jan/2009. There could have been a lot of people knowing this in advance.

There is also another concern, the difficulty:
These are the first days of bitcoin mining

03/01/2009 18:15:05,0.00004971026962962963
04/01/2009 18:15:05,0.0
05/01/2009 18:15:05,0.0
06/01/2009 18:15:05,0.0
07/01/2009 18:15:05,0.0
08/01/2009 18:15:05,0.0
09/01/2009 18:15:05,0.0006959437748148148
10/01/2009 18:15:05,0.0015410183585185184
11/01/2009 18:15:05,0.005269288580740741
12/01/2009 18:15:05,0.004424213997037036
13/01/2009 18:15:05,0.0057166810074074075
14/01/2009 18:15:05,0.006263493973333333

You see there were 5 days where Satoshi turned off his mining machine.
What could have been the reason for that?

You see there were 5 days where Satoshi turned off his mining machine.
What could have been the reason for that?
Was he waiting for others to join the mining first so that he did not end up with way too many coins?
Was the genesis block created (days, weeks, months) earlier and did he do something in between? (Fork the chain, hide some coins, I don't know)

Are these things a real concern? I mean, what if there are some coins hidden on a side chain. Couldn't we agree to fork the bitcoin code into declaring january 9th the day of genesis?

I've been reading about bitcoin on a daily basis for the last two years and these things are the only concerns for me to not put the remaining of my life savings into bitcoin.

maybe Satoshi used all his coins to buy all the supercomputers in the world and is waiting the correct time to overrun the current blockchain and spend all his off chain coins at once, therefore crushing the prices and everything else?

I don't think it would be possible to store coins "off-chain" and then add them in later. Each new block contains the hash of the previous block so all coins can be traced back to their generation.

Those "off-chain" coins would not appear anywhere on the current blockchain so any transactions referencing them would not be accepted by the network.

Well, of course you're right that his could have been planned in advance or something, but I really think the danger this could potentially have for Bitcoin to be miniscule. The biggest 'true' danger would be if Satoshi decided to unload all the coins he mined in the early days - if he (still) controls them. But also that would be something Bitcoin would eventually cope with!

runpaint, my words were written not for you
(I agree with everything in your message. I just do not use tag writting my opinion)

The question is: how to distinguish intelligent people from all others?
The answer: intelligent people have a paid advertisment in their signatures on forum

Think as you wish, I would still not put LIFE SAVINGS into btc.

just buy a little bit and diversify the rest... dont worry about the concerns they've been thought of before by thousands of very intelligent people, its no problem.