Topic: I love bitcoin but there are some concerns (zero difficulty in the early days) - page 3. (Read 2409 times)

No I did not see fluctuations in my wallet.
I still got the same amount of bitcoins stored there. Well, not exactly true, I bought some additional so it's slightly more.
Try to stop comparing everything to the dollar. It's bitcoin which is stable and the dollar which is unstable.

Thank you for confirming

Why would it even be a problem, if the genesis block was created earlier?

Zero difficulty days: Most likely, it was due to a bug, he had to fix before mining again. Also no problem there. There was nobody on the network at that time, who would care and it doesn't have any effect on the network today.

Your "coins hidden in a sidechain"-theory also seems like you just don't understand how bitcoin work.

Because I am new to the board you assume I know nothing? lol. Good one

Honestly, you've seen the fluctuations recently, right?

Lol, a newbie giving advice Good one.

If you read the stats from a mining perspective it just looks like he upgraded his hardware. That could take 5 days (if you're lucky).

Ya, then don't put your life savings into Bitcoin.

Seriously. Just buy gold and spend it online.

Only these things?! Please do not put your remaining life savings into bitcoin... Please.

It is not about value. It is about the amount of coins, it is the amount of coins determining the relative value to other participants, not the dollar value.
Dollar value is just temporary in my opinion.
He may never spend his coins the next hundred years.
I think Satoshi is a western government entity who sold all the gold and try to fix that problem by introducing bitcoin to the world. (and first make everyone addicted to the internet)

Thank you for your deatailed answer, now I'm ready to put my life savings into bitcoin.


Yes, I agree, but the date is not so unique because the newspaper item could have been planned days/weeks/months in front.


Yes, it could have been a bug. I did not think about that before.
But what could be the problem with the zero difiiculty days? I mean, the chain is still broken. There must be some concern.

But wasn't the monetary value of bitcoin, even if he started mining before too low, for him to even predict a rise ?
I think he should have sold by now when price jumped over 1000.

We may never know what happened nor why... I assume the first was as bitcoin was aimed at being a financial instrument away from centralization and that was something at the time involving centralized financial institutions?

Nobody knows (except of himself)
May be there was a bug in early code.
After fixing it Satoshi was forced to restart mining from some checkpoint in past.

It's not a problem.

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.