The highlight of the world economic crisis, celebrates on the 15. September your sad 10-year anniversary. The American Bank Lehman Brothers collapsed. Reason enough to be an Alternative to the existing monetary system. The Bitcoin history: Lehman Brothers, Satoshi Nakamoto and the Bitcoin White Paper.
The Bitcoin history with the financial world, such as the price of Bitcoin is linked to the US Dollar. Somehow you don’t let go of each other, although it is strictly the Alternative to the other. Since we take the present day, the 15.09.2018, to occasion, to tell the story of how the Bitcoin in the world was expected, once again. For the 10-year anniversary of the banking crisis, here is a (slightly modified)
Extract from the Bitcoin Bible:
The World Economic Crisis
We write the year 2008. The world economic crisis is in full swing – the real estate bubble in the United States is broke, other countries are following suit. 15. September, Events reached its premature climax, as the American Bank Lehman Brothers collapses. In consequence of the financial crisis, States forcing to save the existence of banks, such as UBS or Commerzbank by large sums of money.
The debts of many countries rose to dizzying heights. Corporations such as General Motors filed for insolvency, the insurance company American International Group is notverstaatlicht. In October of this year, the International monetary Fund estimates that the decline in the value of mortgages on a total of 580 billion US dollars.
The White Paper by Satoshi Nakamoto
In the following month, on 1. November 2008, made an encrypted E-Mail by a certain Satoshi Nakamoto in a Mailing-list of the round, which should beat high waves:
I’ve been working on a new electronic cash system that is completely on a Peer-to-Peer Basis and without a trusted third party. The Paper is on http://www.bitcoin.org/bitcoin.pdf available.
In addition to the main features of the proposed electronic money system, he added a note that explained the monetary system. Here is the translated original text:
Synopsis: A pure Peer-to-Peer Version of electronic cash would allow Online to send payments directly from one party to another, without the need for a financial institution as an Intermediary. Digital signatures can provide this already in part, the greatest benefits will be lost yet: in Order to prevent Double Spending, is the trust in a third party. We propose a solution to the Double-Spending Problem using a Peer-to-Peer network. The network provides transactions with a time stamp, by being inserted in a continuous chain from the so-called Hash-based Proof-of-Work. This chain represents an immutable Protocol.
The longest chain not only serves as a proof of the order in which the operations are expired, but also proves that the largest amount of Computer-processing power has been applied. As long as the majority of the computing power of the Nodes is controlled not cooperate to the network attack, these will generate the longest chain and the attacker depend on. The network itself requires minimal structure. Messages are delivered according to the Best-Effort basis, and Nodes can leave the network arbitrarily, and again join, accepting the longest Proof-of-Work chain as proof of what has happened in the time of their absence – Satoshi Nakamoto
Who has written this message, is not clarified until today. Always tried to be Curious, the Person or group of persons to make behind the Pseudonym of Satoshi Nakamoto. Initially, he worked with an Open Source Team. He put a lot of value to not provide personal data.
Published in 2009 by Satoshi Nakamoto the first Bitcoin Client and communicated henceforth until the end of 2010 with the Bitcoin Community. After that, he disappeared without a trace. Methods of analysis of the White Papers from the criminology, research on forums, or Ask in its orbit is not ultimately led to accurate results.
Laszlo and the Bitcoin pizzas
18. May 2010 appeared in the Online Forum bitcointalk.org another message that should be similar to beat high waves:
I pay for 10,000 Bitcoins for a couple of pizzas. Maybe two large that I have the next day still have something left. I like pizza leftovers, for later on it rumzuknabbern. You can make the Pizza for yourself and me to bring home or send them to me with a delivery order. What I want is to get food in exchange for Bitcoins delivered, without that I must prepare myself. Like a Breakfast plate in the Hotel or the other will bring you just what to eat and you’re happy! I like onions, peppers, sausage, mushrooms, tomatoes, Salami, etc. But only the Standard stuff, nothing weird fish or something. I also like the simple cheese pizzas that might be to prepare cost-effective or to get. If anyone is interested, let me know and we can negotiate a Deal. Thank You, Laszlo.
After four days, Laszlo announced that it has received for its 10,000 Bitcoins for Pizza. What he did not know: The 10,000 Bitcoins were supposed to be in November of the same year, over 2,000 Euro, two years later, just under 40,000 euros and, in December of 2017, over 160 million euros in value. By einschleuste however, bitcoin in the goods cycle, he has done important pioneering work. Since the digital coins were able to get a value.
Extract Bitcoin-Bible (The complete version is here).
The Party goes on
Since Satoshi published his White Paper and Laszlo’s pioneering work has done by making Bitcoin exchange object, a lot has happened in the case of Bitcoin. The economic highlight will be the Bitcoin-history, probably swelled in December of last year: As the often quoted bubble as far as that, more speculation than the value-in-use was in the game – it had simply been pumped to much air into Bitcoin. However, even the current happenings around Mt.Gox, Dread Pirate Roberts and the mysterious Wallet 1933p show: With his tender ten years of the good Bitcoin needs to grow properly.
Nevertheless, we wish you Happy financial crisis and a Happy Bitcoin Birthday!
Leave a Comment
You must be logged in to post a comment.