Bitcoin
The Other Satoshis: Bitcoin's Most Important Early Contributors
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3 months agoon
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adminThis article is featured in Bitcoin Magazine’s “The Halving Issue”. Click here to get your copy.
If, in 2021, the identity of Satoshi Nakamoto remains a mystery, so too does the two-year period from 2008 to 2010 when Bitcoin’s creator served as the project’s principal developer and leader.
Yet, far from a lifeless period of project development, during those years Nakamoto worked with dozens if not hundreds of Bitcoin users, all of whom contributed to the effort in different ways, establishing websites, engaging in commerce and evangelizing for his invention.
Still, some users naturally emerged as more distinguished contributors.
Whether it was by helping establish core elements of the Bitcoin philosophy or articulating its value propositions in new and novel ways, a meritocracy developed as quickly as the market, with some contributors earning outsized accolades from their peers.
With that in mind, this list aims to identify the contributors who most helped to define and shape Bitcoin and its early years, identifying their specific efforts and spotlighting their relevant work.
Martti Malmi (@Sirius)
Satoshi’s initial assistant, Martti Malmi, demonstrated a commitment to Bitcoin at a time when few were willing to see value in an internet currency that lacked even an exchange rate.
A university student in May 2009, Malmi contributed most directly to Bitcoin.org and the Bitcoin Wiki, where he helped make the websites look more comprehensive and professional. (He was less kind to euros he used at the time, writing “Bitcoin.org” on any bills he encountered.)
Malmi also added an early Austrian perspective to conversations around Bitcoin, dismissing complaints about gold as “old Keynesian arguments” and noting that the precious metal was “unmatched” by any paper money in the stability it offered over time.
In his entrepreneurial efforts, Malmi was less successful, his early bitcoin exchange service, BitcoinExchange.com, struggling to get off the ground in 2010.
Yet, he’d arguably make his biggest mark evangelizing for Bitcoin, creating a Facebook page (“Say no to central banking — use Bitcoin, the revolutionary P2P currency!” it read) and leading the first major effort to get Bitcoin publicity.
Theymos
One of Bitcoin’s most influential thinkers, Theymos never contributed code to the Bitcoin project directly but worked for years as a central moderator for its major forums.
A keen student of the codebase, his influence was apparent from the project’s earliest days when on the Bitcoin.org forums or IRC Theymos could be counted on to define how the protocol worked, his understanding sometimes even surpassing that of other avid coders.
What’s clear is that, after discovering Bitcoin in February 2010, Theymos went to work auditing the code, as his posts show an intricate understanding of not just the basic concepts, but even the more obscure commands Satoshi added to the codebase at launch.
However, it’s Theymos’ contributions to project philosophy that perhaps stand out the most. The first to point out directly that changes to the code could result in issues impacting the rights of users, it’s clear Theymos thought deeply about the implications of Bitcoin’s design.
For instance, he was at the forefront of arguing users could leverage their ability to fork the code if they ever disagreed with project leadership, an argument he’d push to its limits when he’d attempt to overturn a code change enacted by Satoshi.
The fact that, when looking back at this disagreement, many would side with Theymos’ view on the matter is all the more evidence that his early thinking has endured.
Hal Finney (@Hal)
A storied cypherpunk, Hal Finney tragically only contributed code briefly at the earliest days of Bitcoin and was absent for much of 2009 and 2010 as he struggled to regain his health.
Still, Finney’s influence today rings far and wide, most notably for the enduring optimism with which he approached the project.
Among his sparse blog posts are some of the most widely quoted moments from the project’s history, including his initial calculations on how, if successful, bitcoin could someday be worth millions should it grow to denominate global economic exchange.
Elsewhere, Finney has even been credited with his own branch of philosophy on how Bitcoin might scale, the term “Finnian view” coming to denote his belief that second-layer networks, as well as bitcoin banks, would help solve the technology’s struggles to accommodate demand.
Finney, who passed away in 2014 at 58, was also the recipient of the first-ever bitcoin transaction, and the only person known to have transacted directly with Satoshi Nakamoto.
NewLibertyStandard
What is bitcoin worth? If it’s a question many have asked, NewLibertyStandard was the first to provide a response.
Indeed, the first-ever quoted price for bitcoin was given by NewLibertyStandard on October 5, 2009, when they posted a daily exchange rate of 1,303 BTC per U.S. dollar. The calculation was made by factoring the cost of the electricity used to mine newly minted bitcoin and lauded by Satoshi as a helpful step in pricing the cryptocurrency.
Not just the creator of the earliest bitcoin exchange, NewLibertyStandard proposed using the Thai baht symbol to represent Bitcoin and suggested “BTC” as its three-letter currency code.
Despite his outsized contributions to the bitcoin economy, however, NewLibertyStandard could also wax philosophical. As an example, they were an early advocate for the idea that Bitcoin might enable individuals to peacefully exit their government currencies.
Gavin Andresen
Andresen may not have been the father of Bitcoin, but in many ways, he raised the kid.
An Australian-born Silicon Valley expat best known for creating a standard for 3D graphics in his younger days (VRML), Andresen had an established career in software prior to coding on Bitcoin, which included time spent at computer manufacturer Silicon Graphics.
His rise up the ranks of the Bitcoin meritocracy would be swift. Not only did he give away over 1,000 bitcoin free of charge to new users, but he quickly became Satoshi’s most active contributor, gaining access to update the code directly by late 2010.
Indeed, it would be Andresen who would “step up” in Satoshi’s absence, leading a charge to push new developers to get involved in the project and shouldering the weight of the press and media that descended during Bitcoin’s first rise to the fringes of the tech mainstream in 2011.
Often now critiqued for his role in stoking later frictions in the project, it’s easy to overlook the fact that Andresen was also one of Bitcoin’s most eloquent early spokespeople, his arguments for it as a “just plain better money” finding ears when bitcoin was a “drug currency” to most.
Laszlo Hanyecz (laszlo)
Best known as the man who spent thousands of bitcoin on pizza, Laszlo Hanyecz was a Florida-based coder who first translated Bitcoin (then available only for Windows) into MacOS.
Joining the project in April 2010, Hanyecz quickly announced an interest in running Bitcoin on his iPhone, but it would be his May 2010 decision to pay 10,000 BTC to anyone who would buy him pizza that would mark his most significant contribution.
At the time, Bitcoin had an established price (less than a penny), and bitcoin had been bought and sold, but no real-world product had ever been purchased with the fledgling currency.
Hanyecz’s time with the project would be brief, however. He stopped contributing in August 2010 but has resurfaced from time to time for interviews, most recently in 2009 for the news show “60 Minutes” where he discussed his bitcoin pizza purchase.
Artforz
A largely unknown figure, Artforz is nonetheless credited with notable engineering contributions, as they are thought to be the first Bitcoin user to mine with more powerful GPUs (in the process starting the global mining arms race that continues to this day).
Though Artforz denied making up 25% of the early network’s hash rate as accused, it was a rumor during his day, one they eventually had to address directly on the forums.
Still, if Artforz did mine an outsized number of early blocks, he showed himself to be an altruistic steward of the network, identifying a bug in one case that, if exploited, would have allowed him to spend bitcoin from other wallets he didn’t own, reporting it directly to Satoshi.
Artforz could also explain and defend Bitcoin with the best of them.
When presented with the idea users might never know the true identity of Satoshi Nakamoto, Artforz settled the conversation succinctly, stating simply: “Let the idea speak for itself.”
Jeff Garzik (jgarzik)
A seasoned Linux open-source contributor by the time he found Bitcoin in 2010, Garzik is known for helping shape project strategy under Andresen, the developer he mentored and encouraged to step up in the wake of Satoshi’s absence.
Yet, Garzik was an active contributor in the days of Satoshi as well, and he remains the author of some of the era’s more often-cited Bitcoin forum posts. Controversially, this includes the first proposal to raise the “block size limit,” first added by Nakamoto, as well as another, more influential proposal to remove subsidies for free transactions.
Later conflicts aside, a review of Garzik’s posts shows what made him such a strong advocate for Bitcoin, one who was revered for thoughtful articulations on how the early network worked.
In one memorable line, Garzik said: “The effort to raise the transaction rate limit is the same as the effort to change the fundamental nature of bitcoins: convince the vast majority to upgrade.”
Ironically, it would be his efforts to lead such a charge that would mark the end of his time with the Bitcoin project nearly a decade later.
Amir Taaki (genjix)
A former poker professional and open-source video game designer, Amir Taaki was little more than 20 years old when he stumbled on Bitcoin in late 2010.
Though it wouldn’t be until 2014 that he graced the pages of Forbes and Wired on the strength of his preference for Bitcoin as a way to fight the establishment, Taaki showed the flashes of what would make him such a polarizing (and popular) figure even in the days of Satoshi.
First and foremost, he’d attempt to get the organizations he most admired into Bitcoin — organizations like Anonymous and WikiLeaks.
As he went about coding what would be the first-ever alternative implementation (libbitcoin), Taaki would find time to build a coalition to convince WikiLeaks to accept bitcoin, a decision that would eventually put him at odds with Satoshi who protested the move.
“Sorry for trying to do something,” he would state in response to later criticism.
His early forum posts showcase how and why Taaki would emerge as such a lightning rod, his responses equal parts combative, illuminating and pulsing with intensity.
Kiba
Likely the least well-known name on this list, Kiba isn’t exactly an industry name.
That said, they are responsible for helping shape something that continues to this day, the legacy of Satoshi Nakamoto. As a string of Twitter, IRC and BitcoinTalk posts from 2010 to 2011 show, Kiba was the first to play around with the idea of Satoshi’s identity, or in his own words, to try “damn hard to make the mystery of Satoshi a meme.”
These efforts mostly took the form of sketches of Bitcoin’s creator, in which Kiba depicted him as everything from a Japanese warrior to a woman in a series he called “The Mysteries of Satoshi Nakamoto.” (His Bitcoin art, sadly, is lost to link rot.)
But while he could be playful, it’s clear Kiba knew Bitcoin users were in charge, dropping early quotes that would be sure to kill on Twitter even today. “Satoshi’s invention is useless without us using it,” he wrote in October 2010.
When Satoshi finally left the project, it was Kiba who declared what appears to be the first Bitcoin holiday, canonizing April 28, 2011, as “Satoshi Disappear Day,” writing:
“I propose we make a Bitcoin holiday in honor of our legendary anonymous founder and to observe the fact that the bitcoin community will be just fine after the inventor of bitcoin left.”
Today, Bitcoin Magazine carries on that tradition.
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Crypto product record major inflow up to $2.2 billion
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November 19, 2024By
adminCoinShares, a digital asset manager, reported that last week crypto products saw a major inflow from institutional investors of up to $2.2 billion.
The latest U.S. Election, on Nov. 5, still stimulated the weekly cryptocurrency inflow up to $2.2 billion. The number increased 15% from the previous week by about $1.98 billion.
According to CoinShares’s release, on Nov. 18, digital asset inflows recorded $33.5 billion year-to-date and hit a new peak of under-asset management (AUM) up to $138 billion.
Bitcoin (BTC) saw the largest inflow based on assets last week of around $1.48 billion or equal to 67%. Followed by Ethereum (ETH) and Solana (SOL) with inflows $646 million and $23.9 million respectively.
The Beam Chain network upgrade proposal by Justin Drake has increased Ethereum’s inflow from $157 million. Only multi-asset and Binance Coin (BNB) record a week’s outflow.
BlackRock’s iShares Bitcoin Trust ETF (IBIT) recorded the highest surge in crypto product from last week’s inflow up to 63% or up to $2.1 billion. While the rest of the funding recorded an outflow ranging from $8 million to $153 million, including Grayscale and Fidelity.
Crypto product driving factor: U.S. Election
James Butterfill, CoinShares head of research, says a combination of looser monetary policy and a Republican winning a majority of the Congress and Presidency appears to be a driving factor of these inflows.
Donald Trump winning the White House’s second term still brings a positive rally for the cryptocurrency industry, as well as the crypto product. Buterfill has mentioned that Trump’s presidency would bring crypto-friendly regulations and fiscal policy.
Earlier, Trump picked several names for secretary on his cabinet who identified as pro-crypto personalities including Elon Musk, Tom Emmer, and Robert F. Kennedy Jr.
Bitcoin Act, who were proposed by Republican Senator Cynthia Lummis, and the Bitcoin Strategic Reserve also boosts the crypto investor’s confidence. He also mentioned this favorable outlook may bring the best potential of Bitcoin in the future.
“The next four years may witness an unprecedented level of institutional support, increased government interest, and broader public adoption, setting the stage for Bitcoin to further solidify its place in the global financial landscape,” Buterfill mentioned in the other report.
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Bitcoin
MicroStrategy raises $1.75 billion to acquire more Bitcoin
Published
1 day agoon
November 19, 2024By
adminMicroStrategy announced it would raise the private offering of convertible senior notes to $1.75 billion, as they acquire $4.6 billion Bitcoin to holdings on the same day.
According to the company’s official statement on Nov. 18, MicroStrategy is raising funding to buy more Bitcoin in the future through private offerings that qualify as institutional buyers. The number of offers is up to $1.75 billion with a convertible senior note due on December 1, 2029.
The notes were sold for U.S. buyers with Rule 144A under the Securities Act, and available for certain non-U.S. buyers with Regulation S under the same act. Additionally, the funding is not only used for acquiring more Bitcoin but also uses for general corporate purposes.
Initial purchasers of the notes would have an option to purchase an additional $250 million aggregate principal amount of the notes. MicroStrategy would propose the notes offering on Nov. 19 on video webinar.
MicroStrategy allowed the notes to be converted into their class A common stock, cash, and a combination of both. The latest time they offered the same notes was on September 20, 2024.
MicroStrategy acquires $4.6 billion Bitcoin on the same day
Executive chairman Michael Saylor in his X post on Nov. 18, announced the company acquired 51,780 Bitcoin, or equivalent to $4.6 billion. The average price of the Bitcoin is $88,627.
This acquisition doubled the previous buying and now they spend $16.5 billion in Bitcoin. As of Nov. 17, the company’s acquires 331,200 Bitcoin, or equal to 1,57% of the total Bitcoin supply.
MicroStrategy’s average Bitcoin price now is around $49,847 or 47% below Bitcoin’s all-time high of $93,477. They also have an unrealized profit of up to $13 billion.
Since the company based in Tysons Corner, Virginia announced the Bitcoin acquisition for the first time in 2020, the share has risen to 2,400% from $15 to $384 today.
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Poland Could Lead with Bitcoin Reserve, Presidential Hopeful Says
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November 19, 2024By
adminThey say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!
So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
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