If people are sending those bitcoins to that address then it does mean that no one would be using those coins for a really really long time which does mean that they can used to provide stability to the whole bitcoin network, they can be termed as *lost coins* but this time they are also as a *thank you* gift to Mr. Satoshi who might use them whenever he wants.
Just look at the positive side. They are making the network, stronger, more stable, showing appreciation is actually good. Why do you think people give money to Churches etc ? To pay respects right? In our world, paying respect for many people is very much equivalent to paying the entity cash or any investment, the people responsible for their good fortune or someone they might show appreciation to. ( Very common in certain cultures as well)
Topic: Why people sending transitions to Satoshi's first bitcoin wallet (Read 314 times)
January 02, 2022, 05:31:52 AM
Up to 68.52796861 BTC now.. My guess would be that people do this as a "thank you" or for good luck. There are lots of superstitious people out there and lots who have gotten rich because of bitcoins. Maybe they feel contributing some back (maybe even X amount of each transaction they do with bitcoins) will bring them continued success and prosperity. Who really knows...Maybe it's Satoshi burning is own coins, lol..
December 30, 2021, 10:03:22 AM
There is maybe not any real reason for transferring bitcoins to this address, that's just like some people throwing money into fountains and there is not any reason for it to make sense, or these bitcoins they send to this address can be some kind of appreciation to satoshi for his works, however, these coins are very much valuable and considering the current price of bitcoin, this can be still not normal to see people are doing this to their money and throw their money into this address, or in another theory, this can be some kind of bitcoin burn buy people who own lots of bitcoins.
December 30, 2021, 08:56:59 AM
Yeah I have never understood why people would simply throw away money. As others have stated this kind of feels like the same type of thing as people throwing coins in a wishing well (which is also ridiculous). Personally I’d never waste a cent (I literally pick all monies up off the ground dirty or otherwise), but to each is own. Okay
December 30, 2021, 06:49:02 AM
Interesting that's a very good point it's true people might be thinking may be Satoshi will send them something back.
But people indeed have been sending bitcoins to this address like a wishing well.
It's been discussed on bitcointalk since 2012 or may be even earlier.
https://bitcointalksearch.org/topic/its-good-luck-to-tip-the-satosh-via-the-wisdom-well-70553
But people indeed have been sending bitcoins to this address like a wishing well.
It's been discussed on bitcointalk since 2012 or may be even earlier.
https://bitcointalksearch.org/topic/its-good-luck-to-tip-the-satosh-via-the-wisdom-well-70553
Thanks for the interesting information, it seems that the whole thing already has a historical context and we could call it Satoshi digital fountain of luck⛲ The need for people to be connected to the creator in some way is stronger even than the potential profits that some have obviously sacrificed - although in 2012 there were very few people who could even imagine how much the price of BTC would increase in the future.
My idea is actually based on the fact that some believe that Satoshi will one day show up and share his BTC, and some certainly believe that this way is good for drawing attention to them. However, from everything written here, it can be concluded that one day someone could still discover a way to get possession of these coins - and then no one will be able to claim that he is Satoshi, because most people who participated in the development of BTC will likely to be dead by then.
December 29, 2021, 03:31:56 PM
Regarding quantum computers and if they able to break Bitcoin cryptography, do you still think bitcoin would be worth any thing?
... And once quantum computers can break elliptic curve multiplication, ...Calculating Satoshi's coins
https://bitcointalksearch.org/topic/m.57395610
Quote
Satoshi mined, and he mined a lot to let the network run. And the mined coins he marked.
Think of it as sunken ships with these mined coins as their cargo.
And we want to salve these ships and recover the coins.
Think of it as sunken ships with these mined coins as their cargo.
And we want to salve these ships and recover the coins.
December 29, 2021, 03:21:12 PM
Regarding quantum computers and if they able to break Bitcoin cryptography, do you still think bitcoin would be worth any thing?
We will fork to a quantum resistant algorithm long before quantum computers pose a serious threat. And once quantum computers can break elliptic curve multiplication, then pretty much the entire internet will be at risk. If bitcoin isn't worth anything, then neither will fiat.Once vulnerable coins are stolen and dumped on the market, then the price will certainly take a hit, but it will be temporary and bitcoin will not become worthless.
The danger with quantum computers concerns only those abandoned P2PK addresses most of which are doomed to be emptied maliciously in the future.
It concerns all coins in addresses with exposed public keys, which includes many reused addresses. 
December 29, 2021, 02:44:25 PM
Someone sent full 4 BTC in 2013-01-27, as of today it worth $190,747.60, that must be the highest wishing well donation ever.
https://www.blockchain.com/btc/tx/db9e8d8a112437a5fc620c969cc76f3683e98475737c286d62002369f0f46fe5
Found another transaction sending ~39 bitcoins, but not sure if this one counts.
Quote
At the time of this transaction, 38.97634708 BTC was sent with a value of $218.46. The current value of this transaction is now $1,838,830.00.
https://www.blockchain.com/btc/tx/0590c372e7b90c5cc17855ac444032ba7726eb559bb9cf488e38fa6cdc4fcc40
December 29, 2021, 02:15:33 PM
Regarding quantum computers and if they able to break Bitcoin cryptography, do you still think bitcoin would be worth any thing? Also I do believe since its an open source before "quantum supremacy" is reached a simple soft fork to bitcoin will be a click away.
Obviously and we will switch to a quantum resistant algorithm before it's too late. I keep reading these hypothesis' where quantum computers become strong enough to make bitcoin worthless. Bitcoin is a consensus-based project. We aren't left to the sake of God; we're fixing whatever doesn't work.The danger with quantum computers concerns only those abandoned P2PK addresses most of which are doomed to be emptied maliciously in the future.
December 29, 2021, 02:00:25 PM
Do you think that quantum computer will come into existence in the nearest future
Talking about quantum computers capable of solving the ECDLP and recovering/stealing lost coins. In the near future? Absolutely not. At some point in the future? Almost certainly.Only coins which have been sent to outputs which cannot be spent, such as OP_RETURN outputs, are provably lost. Coins sent to burn addresses or lost addresses with no known private keys are not provably lost and may be recovered in the future. It will take decades or more, but we cannot say these coins are "frozen forever", as OP did.
If ever this happens that you are able to recover the coins from the burn addresses or reserves the transactions or find the private keys through Quantum computers, consider that time to be the end of the bitcoin and crypto currencies.
By that time, maybe we have something more secure which we are not aware of yet, but as of todays knowledge, any manipulation in the bitcoin blockchain will send bitcoin back to 100$ per coin.
December 29, 2021, 01:16:01 PM
What I would add as a reason is that some may think that Satoshi will one day show up and send them something back
Interesting that's a very good point it's true people might be thinking may be Satoshi will send them something back.
But people indeed have been sending bitcoins to this address like a wishing well.
It's been discussed on bitcointalk since 2012 or may be even earlier.
https://bitcointalksearch.org/topic/its-good-luck-to-tip-the-satosh-via-the-wisdom-well-70553
And the address for the 50 BTC generated is here:
- http://blockexplorer.com/address/1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa
Not only has that coin not been spent, it has received nearly a dozen "tips", adding more than .11 BTC to its balance.
- http://blockexplorer.com/address/1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa
Not only has that coin not been spent, it has received nearly a dozen "tips", adding more than .11 BTC to its balance.
Others have done it, so why not consider doing it for the luck of it.
Make a wish when you tip The Satosh via the Wisdom Well. Possibly the only wishing well on the internet that may never be converted to fiat.
~Bruno~
and yes many followed and tipped some bitcoins
I sent ~.0268 yesterday.
Satoshi, I wish you'd buy my house.
Satoshi, I wish you'd buy my house.
I've tipped The Satosh 0.0424242 BTC, then declared my wish:
Someone sent full 4 BTC in 2013-01-27, as of today it worth $190,747.60, that must be the highest wishing well donation ever.
https://www.blockchain.com/btc/tx/db9e8d8a112437a5fc620c969cc76f3683e98475737c286d62002369f0f46fe5
Another interesting thing on 25 Feb, 2021 in Coinbase IPO official SEC filing they mentioned this address under Satoshi Nakamoto
https://www.sec.gov/Archives/edgar/data/1679788/000162828021013355/coinbase-possx1.htm
but we cannot say these coins are "frozen forever", as OP did.
Well to be honest I said that based on the facts and Satoshi's nature, since he did not move his coins in 12 years. I'm aware that Satoshi created his first wallet he must have access to it too but is he going to spend it? I think no.
I'm sure I'm not the only one who thinks so.
Possibly the only wishing well on the internet that may never be converted to fiat.
has anyone ever thought of the possibility that the coins are just lost. its very likely satoshi will never get them.
Possibly the only wishing well on the internet that may never be converted to fiat.
Now I'm feeling urge to send some sats a Satoshi.
Regarding quantum computers and if they able to break Bitcoin cryptography, do you still think bitcoin would be worth any thing? Also I do believe since its an open source before "quantum supremacy" is reached a simple soft fork to bitcoin will be a click away.
December 29, 2021, 10:17:13 AM
It is probably just to say thank you to Satoshi. And many are probably just sending little amounts just to feel something in sending Bitcoin to the one and only founder. The amounts being sent are noticeably small ones. Many are just hundreds or a few thousands sats. Others seem to be just dust amounts. It's just that with so many transactions the amount accumulated so big that it has even reached tens of Bitcoin in total.
December 29, 2021, 10:04:23 AM
This could be someone desperate like Craig Wright Faketoshi doing some next level mind games, sending few sats to original Satoshi address just so he can later claim he send it to himself.
If you think this sounds to crazy than you don't know Faketoshi and what he is capable of doing, just to get recognition for being a Bitcoin creator.
He lost his first court battle against COPA and more of them are coming in January so anything is possible from him including throwing away some of his money.
I didn't conduct any deeper transaction analysis, and it's possible that other people are doing us a favor burning more bitcoin every day.
https://blockpath.com/search/addr?q=1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa
https://www.breadcrumbs.app/reports/1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa/
If you think this sounds to crazy than you don't know Faketoshi and what he is capable of doing, just to get recognition for being a Bitcoin creator.
He lost his first court battle against COPA and more of them are coming in January so anything is possible from him including throwing away some of his money.
I didn't conduct any deeper transaction analysis, and it's possible that other people are doing us a favor burning more bitcoin every day.
https://blockpath.com/search/addr?q=1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa
https://www.breadcrumbs.app/reports/1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa/
December 29, 2021, 09:06:16 AM
Why do people through money in to wells, fountains, or other water features? Why do people send coins to any "burn" address?
Maybe as "thank you" or other tribute to Satoshi. Maybe for luck. Maybe just to they can they say they gifted some satoshis to Satoshi. Maybe as a symbolic sacrifice to pave the way for $100k.
It's a good list, but there are some nuances I'd like to mention. For example, when money is thrown into fountains, it often goes to charities. It's, of course, not the reason people throw money into fountains, but still, it doesn't really get taken out of supply. As for sending coins to 'burn' addresses, sometimes people actually do it as a way of getting some shitcoins that use a 'proof of burn' protocol (you burn BTC and get these shitcoins instead). So this action might have a purpose, although probably doesn't cover all cases when people send money to such places. As for a thank you, I think it's probably the main reason. Also, I do hope Satoshi will be able to use them one day. Maybe as "thank you" or other tribute to Satoshi. Maybe for luck. Maybe just to they can they say they gifted some satoshis to Satoshi. Maybe as a symbolic sacrifice to pave the way for $100k.
December 29, 2021, 08:51:29 AM
This is interesting this is the first time to see the first Bitcoin wallet and I'm not really aware and come to my mind to look for it in few years. I think the reason is that maybe as a form of thank you or some kind of good luck or ritual, as what I see they only send few amounts so it's more like a wishing well or thank you well or something like that.
December 29, 2021, 08:28:34 AM
This is the first bitcoin wallet 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa created by Satoshi and first block reward of 50 BTC was sent to this address.
Although we don't know if this wallet created or if it was randomly hardcoded without any private key, since the this 50BTC can't be spent. But for sure we know any coins sent to this address will be frozen forever.
I'm wondering why is this address still receiving transactions from random people like almost every day. Is it not like burning your bitcoins?
Although we don't know if this wallet created or if it was randomly hardcoded without any private key, since the this 50BTC can't be spent. But for sure we know any coins sent to this address will be frozen forever.
I'm wondering why is this address still receiving transactions from random people like almost every day. Is it not like burning your bitcoins?
Could it be that the Creator is having fun in this way out of the boredom of waiting for ToTheMoon?
Is there an owner from this forum among these transactions? Maybe they will voice the reason for their actions.
Do you think that quantum computer will come into existence in the nearest future
Talking about quantum computers capable of solving the ECDLP and recovering/stealing lost coins. In the near future? Absolutely not. At some point in the future? Almost certainly.At this point, half of forum members had their one’s hair stands like a mountain.
December 29, 2021, 08:06:43 AM
so it'd be really idiotic on behalf of them to spend from it.
At the end of the day, Satoshi's coins can be used in any way that Satoshi chooses. If those coins are held on P2PK addresses until they are stolen by quantum computers, so be it. If Satoshi decides to dump them all on the market at once, so be it. If Satoshi decides to move them around just to freak people out for the lulz, so be it. As with all bitcoin, the owner can do whatever they like with their coins, regardless of how it will affect the rest of us and regardless of what we think.Can you imagine consolidating 3,177 UTXO?
There have been bigger: https://blockchair.com/bitcoin/transaction/54bf51be42ff45cdf8217b07bb233466e18d23fd66483b12449cd9b99c3a0545 
December 29, 2021, 07:58:54 AM
I'm convinced this won't happen within this or the next decade. There may be FUDs, but it won't realistically threaten Bitcoin to the point they will start reversing public keys.
Almost certainly, won't happen in the next ten years. Several decades to have a quantum computer capable. Then, it likely wouldn't be the priority of such a device to attack Bitcoin, and would likely be limited to government. Its likely that it wouldn't be a direct attack on Bitcoin, but rather the addresses being considered insecure once the device is around, since it could be attacked at any point. Despite the FUD going around, quantum computers are no where near threatening Bitcoin, and if we consider the pace that the development of quantum computers is going at, it definitely won't be in the next ten years.
December 29, 2021, 07:56:40 AM
Satoshi still owns the private key and any other coins sent to that address could be spent in the future.
However, we hope they don't. That would really upset the market. They probably own a much larger amount of money than those 18.5 BTC, so it'd be really idiotic on behalf of them to spend from it. Can you imagine consolidating 3,177 UTXO? The transaction will take a block itself.
Do you think that quantum computer will come into existence in the nearest future
I'm convinced this won't happen within this or the next decade. There may be FUDs, but it won't realistically threaten Bitcoin to the point they will start reversing public keys. December 29, 2021, 07:55:45 AM
This does not come under the definition of donation. Sending your bitcoin to an inactive address means that you are throwing away your money.
Better give that money to some poor or the needy , rather than sending them to this address
Technically, assuming that the address will never be accessed again (though read the above response by o_e_l_e_o ), you could argue that it's a donation to the rest of the Bitcoin network by reducing the total amount of Bitcoin, therefore in theory making everyone's Bitcoin more valuable in the long run.Better give that money to some poor or the needy , rather than sending them to this address
Though, that's probably not the reason they're sending Bitcoin to the address. I imagine its for telling the story at the local pub.
December 29, 2021, 07:38:58 AM
Do you think that quantum computer will come into existence in the nearest future
Talking about quantum computers capable of solving the ECDLP and recovering/stealing lost coins. In the near future? Absolutely not. At some point in the future? Almost certainly.Only coins which have been sent to outputs which cannot be spent, such as OP_RETURN outputs, are provably lost. Coins sent to burn addresses or lost addresses with no known private keys are not provably lost and may be recovered in the future. It will take decades or more, but we cannot say these coins are "frozen forever", as OP did.
December 29, 2021, 07:32:43 AM
Why do people through money in to wells, fountains, or other water features? Why do people send coins to any "burn" address?
Maybe as "thank you" or other tribute to Satoshi. Maybe for luck. Maybe just to they can they say they gifted some satoshis to Satoshi. Maybe as a symbolic sacrifice to pave the way for $100k.
Maybe as "thank you" or other tribute to Satoshi. Maybe for luck. Maybe just to they can they say they gifted some satoshis to Satoshi. Maybe as a symbolic sacrifice to pave the way for $100k.
But for sure we know any coins sent to this address will be frozen forever.
We don't know that. The original 50 BTC coinbase transaction cannot be spent, but as far as we know, Satoshi still owns the private key and any other coins sent to that address could be spent in the future. And even if not, then these coins could well move in the future thanks to advances in quantum computing. They are not provably lost.Do you think that quantum computer will come into existence in the nearest future looking at the nature of Qubits how it can get destroyed by any kind of heat or even the environment? Considering the number of qubits required for a quantum computer to function or solve problems correctly something close to 100,000 qubits. And IBM is promising to build a QC with just 1000 qubits in 2023, which is not yet certain if it's a means of deriving funds from desperate investors.
From the recent news about how Quantum computers may not get completed anytime soon or at all I think those funds would stay there for as long as the development of quantum computers is complete.
December 29, 2021, 07:07:27 AM
Even though we have this multiple reasons that probably sounds right, the real explanation does not really matter because the address has not been used since the beginning and the amount that is sent there does not gonna move the market price either way. But since it came from multiple addresses, their reasons might be one of the past opinions of the users above. nevertheless, it's good to see that after all the success of bitcoin, there are some people who realize and give some value to the first bitcoin address that has been created.
December 29, 2021, 07:01:07 AM
Of all the possible reasons why people may send their coins to the first-ever bitcoin address, the following ones I consider the most common: tributes to Satoshi, mistakes, self-advertising. First, despite all speculations and research, people don't know for sure which addresses belong to Satoshi and which are not, but the very first address is surely his, which is why people choose it when paying tribute to Satoshi Nakamoto. Second, it is no surprise that many people keep sending their coins by mistake to that address because it is being mentioned widely in numeral guides, articles, books, etc. People reading some guide for newbies on the Internet will want to test how bitcoin transactions work, and consequently, send bitcoin to the first seen address. Third, some people use the genesis address for advertising or attracting attention by sending a transaction with a text message attached to OP_RETURN output.
December 29, 2021, 06:26:34 AM
@o_e_l_e_o stated all the possible reasons why people make such transactions, and I would agree that it is probably mostly for the reason that people throw money into fountains, out of sheer superstition that something like this brings good luck.
What I would add as a reason is that some may think that Satoshi will one day show up and send them something back, and as far as I can see all these transactions are very symbolic, even below the $1 value. It’s like some kind of lottery for the future, or so it seems at the moment.
What I would add as a reason is that some may think that Satoshi will one day show up and send them something back, and as far as I can see all these transactions are very symbolic, even below the $1 value. It’s like some kind of lottery for the future, or so it seems at the moment.
December 29, 2021, 06:24:41 AM
Hard to answer this question. Maybe it's kind of donation, but Satoshi will not use it so I really don't know why people do this. Some people also throw money to fountains and seas so as to come back to this place, so maybe they send Bitocin to this dead address for luck or something like that. Moreover there is no reason for people to "burn" there Bitcoins, it is reasonable only for teams of tokens so as to support the price.
This does not come under the definition of donation. Sending your bitcoin to an inactive address means that you are throwing away your money.
Better give that money to some poor or the needy , rather than sending them to this address
December 29, 2021, 06:20:02 AM
Although we don't know if this wallet created or if it was randomly hardcoded without any private key, since the this 50BTC can't be spent. But for sure we know any coins sent to this address will be frozen forever.
We don't know what is the private key of that address and who is owning it. It might be lost forever or it is still in hands of satoshi or someone else. We don't know it so the assumption that it is lost forever is not true.Quote
I'm wondering why is this address still receiving transactions from random people like almost every day. Is it not like burning your bitcoins?
Only sender knows it.What we know is it makes noise. That can be one of possible reasons. Some of other reasons are mentioned by o_e_l_e_o.
December 29, 2021, 05:47:42 AM
Hard to answer this question. Maybe it's kind of donation, but Satoshi will not use it so I really don't know why people do this. Some people also throw money to fountains and seas so as to come back to this place, so maybe they send Bitocin to this dead address for luck or something like that. Moreover there is no reason for people to "burn" there Bitcoins, it is reasonable only for teams of tokens so as to support the price.
December 29, 2021, 05:40:09 AM
This is the first bitcoin wallet 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa created by Satoshi and first block reward of 50 BTC was sent to this address.
Although we don't know if this wallet created or if it was randomly hardcoded without any private key, since the this 50BTC can't be spent. But for sure we know any coins sent to this address will be frozen forever for info.
I'm wondering why is this address still receiving transactions from random people like almost every day. Is it not like burning your bitcoins?
https://i.imgur.com/xgWTgC7.png
The cumulative sum held in bitcoin addresses https://clicksud.mobi/clicksud/ have been dormant for more than nine years is well in excess of $20 billion, according to data from BitInfoCharts.Although we don't know if this wallet created or if it was randomly hardcoded without any private key, since the this 50BTC can't be spent. But for sure we know any coins sent to this address will be frozen forever for info.
I'm wondering why is this address still receiving transactions from random people like almost every day. Is it not like burning your bitcoins?
https://i.imgur.com/xgWTgC7.png
This is nearly 2 per cent of bitcoin’s entire market cap, while recent analysis from crypto market intelligence firm Glassnode estimated that roughly one third of all bitcoins are owned by long-term holders.
December 29, 2021, 05:22:21 AM
Why do people through money in to wells, fountains, or other water features? Why do people send coins to any "burn" address?
Maybe as "thank you" or other tribute to Satoshi. Maybe for luck. Maybe just to they can they say they gifted some satoshis to Satoshi. Maybe as a symbolic sacrifice to pave the way for $100k.
Maybe as "thank you" or other tribute to Satoshi. Maybe for luck. Maybe just to they can they say they gifted some satoshis to Satoshi. Maybe as a symbolic sacrifice to pave the way for $100k.
But for sure we know any coins sent to this address will be frozen forever.
We don't know that. The original 50 BTC coinbase transaction cannot be spent, but as far as we know, Satoshi still owns the private key and any other coins sent to that address could be spent in the future. And even if not, then these coins could well move in the future thanks to advances in quantum computing. They are not provably lost. December 29, 2021, 04:38:50 AM
This is the first bitcoin wallet 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa created by Satoshi and first block reward of 50 BTC was sent to this address.
Although we don't know if this wallet created or if it was randomly hardcoded without any private key, since the this 50BTC can't be spent. But for sure we know any coins sent to this address will be frozen forever.
I'm wondering why is this address still receiving transactions from random people like almost every day. Is it not like burning your bitcoins?
Although we don't know if this wallet created or if it was randomly hardcoded without any private key, since the this 50BTC can't be spent. But for sure we know any coins sent to this address will be frozen forever.
I'm wondering why is this address still receiving transactions from random people like almost every day. Is it not like burning your bitcoins?
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