Cryptocurrency: 2009-05-08 /r/Business

grarpamp grarpamp at gmail.com
Wed May 10 21:35:48 PDT 2023


Bitcoin: A peer-to-peer network based anonymous digital currency.
bitcoin.sourceforge.net

submitted 14 years ago by [deleted]2

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[–]ef4 13 points14 points15 points 14 years ago*2 (44 children)

The cryptography to support this has existed for a long time. The
harder part is designing a system with economic incentives that work.

No currency can jump directly into being a pure medium of exchange.
Historically, whenever money arises it starts out as something that's
useful/valuable on its own, irrespective of whether you'll be able to
trade it for something else. It is only later when many people have it
and want it that the trade-value becomes more significant than the
use-value. Once enough people are used to the idea, you can even let
the use-value go to zero, as in our modern fiat currencies.

So to start a digital currency, you either need to make it have some
use other than directly spending it, or you need to back it with an
existing currency.

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[–]Quicksilver 5 points6 points7 points 14 years ago (24 children)

....Assuming you believe our modern currencies are a good model and
just copying them is the solution.

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[–]cedartrail 2 points3 points4 points 1 year ago (18 children)

I feel the need to upvote this even though it’s 12 years later.

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[–]Quicksilver 2 points3 points4 points 1 year ago (11 children)

Wow. Wow in that I put this here 12 years ago and yet didn't have the
sense to buy bitcoin until MUCH later. I wouldn't have even guessed I
had commented back then.

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[–]cedartrail 1 point2 points3 points 1 year ago (4 children)

Pretty wild eh, 12 years can change a lot.

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[–]Quicksilver 2 points3 points4 points 1 year ago (3 children)

Just ask a 13 year old.

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[–]Future_PeterSchiff 0 points1 point2 points 6 months ago* (2 children)

Pinging 13 years old me 17 years ago, okay you little shit, in 4 years
there will be this thing called Bitcoin, I know it sounds like a scam
but buy as much of the fucking thing as you can. There will be a
website where for 1 dollar through a PayPal portal you can get more
than a thousand of these things. You’ll be working as a lifeguard at
the time spending all your money on weed, I’m not saying to quite weed
but cut back and buy as many of the damn coins than you can. Don’t let
me down young me

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[–]AdActive9457 0 points1 point2 points 4 months ago (1 child)

13 smoking weed 😭😭😭

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[–]Future_PeterSchiff 0 points1 point2 points 4 months ago (0 children)

Smoking weed at 17, maybe I shouldn’t have told 13 year old me we’d be
smoking weed at 17. Probably why he forgot to buy the damn coins when
they were 2,615 coins per dollar -_-

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[–]PlaaXer 0 points1 point2 points 1 year ago (1 child)

nah please tell me you are rich rn, otherwise the world is not fair

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[–]Quicksilver 0 points1 point2 points 1 year ago (0 children)

Depends how you define it I guess.

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[–]Morning_Star_Ritual 0 points1 point2 points 11 months ago (2 children)

I am in a similar boat. I even lurked around the sub…read a few
articles. Someone mentioned needing btc on the SR sub and I noped the
fuck out. “Why do I need to use some scam fake internet money to get
some kush?” Lol. But, we eventually “got it.” Think of all the people
who still think it’s all a scam.

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[–]followedbyferrets 0 points1 point2 points 6 months ago (1 child)

I can’t believe I never even investigated it. As someone that used to
torrent a lot, you’d think the p2p think would have at least merited
some basic research on my part.

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[–]Morning_Star_Ritual 0 points1 point2 points 6 months ago (0 children)

I’m back fellow Time Traveler! Shit got crazy with Reddit NFT avatars
today and I linked this post for a new person to Reddit. Now I’m
hunting for my old post where I said hi to another Senses owner…back
when selling a Senses for $200 was insane. Only July, already feels
years ago…

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[–]ultra_annoymnuos 0 points1 point2 points 7 months ago (0 children)

Don't stress about it paul krugman still hates it and calls it a
complete failure... 😅

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[–]Morning_Star_Ritual 0 points1 point2 points 11 months ago (4 children)

Same. Hello fellow time traveler!

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[–]crodbtc 0 points1 point2 points 6 months ago (3 children)

Fellow Cone.

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[–]Morning_Star_Ritual 0 points1 point2 points 6 months ago (0 children)

I keep hearing about these cones…

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[–]Morning_Star_Ritual 0 points1 point2 points 6 months ago (1 child)

Cones will one day be the “bought Bitcoin back in 2010/11. Cone Mother
moves across the entire space time continuum. Cone Mother was there
when Hal—-I mean Satoshi mined the first block.

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[–]crodbtc 0 points1 point2 points 6 months ago (0 children)

🤝🙏

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[–]Morning_Star_Ritual 0 points1 point2 points 6 months ago (0 children)

I feel OP should have bought a cone. But that’s me. Hello fellow Time
Traveler! I wonder how many more will one day end up in this thread?

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[–]evilbunny 1 point2 points3 points 13 years ago (1 child)

The idea of having some use other than directly spending it is that
differentiates good currencies from modern currencies.

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[–]cemasoniv 0 points1 point2 points 13 years ago (0 children)

Yes, that's true, but it's not always directly usable. I.e., paper
money with a honest-to-god backing by said usable substance is Just As
Good.

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[–]Flying_Koeksister 0 points1 point2 points 1 year ago (0 children)

Definitely an underated comment. :) must be nice to see you were indeed right

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[–]cosmicaltoaster 0 points1 point2 points 6 months ago (1 child)

Tis I, cosmicaltoaster, traveller of times. What realm is this?!

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[–]Morning_Star_Ritual 0 points1 point2 points 6 months ago (0 children)

This is the Madness realm where a cute golden avatar sold for a
downpayment on a house. Top? Who knows, been thinking Top since
august.

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[–]irfiisme 4 points5 points6 points 1 year ago (10 children)

I am from 13 years in the future and Bitcoin is $69k now.

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[–]mogglar84 1 point2 points3 points 11 months ago (9 children)

30k now, haha XD

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[–]Morning_Star_Ritual 1 point2 points3 points 11 months ago (5 children)

We are probably going to kiss the blade down at the 200wma. Let’s see
if another time traveler will post if that happens….

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[–]abarone93 0 points1 point2 points 9 months ago (3 children)

oh hi

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[–]Morning_Star_Ritual 0 points1 point2 points 9 months ago (2 children)

Hello! Are there flying cars?

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[–]Ok_Play_7144 0 points1 point2 points 6 months ago (1 child)

They're called helicopters!

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[–]Morning_Star_Ritual 0 points1 point2 points 6 months ago (0 children)

Yay!

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[–]head77 0 points1 point2 points 6 months ago (0 children)

18K

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[–]diarpiiiii 0 points1 point2 points 6 months ago (0 children)

19k now

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[–]Jeezy_7_3 0 points1 point2 points 6 months ago (0 children)

19k now I’m 2022 😂

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[–]dodgeydom 1 point2 points3 points 1 year ago (3 children)

Hey, did you buy any BTC back then?

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[–]DrRobertBottle 1 point2 points3 points 1 year ago (0 children)

Back then it was much easier to mine than to buy. There weren't any
exchanges, etc.

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[–]ECore 0 points1 point2 points 6 months ago (0 children)

One way was zip zap service at walmart. Sort of like western union.
You gave the customer service person the money and they sent it and in
about an hour you had Bitcoin.

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[–]crodbtc 0 points1 point2 points 6 months ago (0 children)

Cash in mail to Cryptsy exchange.

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[–]Dr-WalterWhite 0 points1 point2 points 1 year ago (0 children)

Please tell me you bought some

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[–]Flying_Koeksister 0 points1 point2 points 1 year ago (0 children)

12 years later. Things definitely seemed to have changed

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[–][deleted] 0 points1 point2 points 1 year ago (1 child)

Did you ever end up mining/buying bitcoin?

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[–]MAD-1-BILL 0 points1 point2 points 6 months ago (0 children)

Bruh op came back 12 years later. I hope you are filthy rich bro. I'd
delete my account too😅

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[–]Snoww 9 points10 points11 points 14 years ago (2 children)

Holy cow! Seems awesomely creative. But I sure do wonder about
security and whether the idea will catch on.

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[–]DaBestWriter 3 points4 points5 points 1 year ago (1 child)

Did you buy any bitcoin?

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[–]Future_PeterSchiff 0 points1 point2 points 6 months ago* (0 children)

I am Peter Schiff from the year 2042, Bitcoin is over a ₿illion
dollars per coin in my day, but a billion in my day only has the
purchasing power of 100 million in your day.

If someone can access Peter Schiff in your time, please tell me I’m a
fucking moron, and someone please convince my hard headed ass to drop
gold and buy Bitcoin. Idk how you’ll get me to be convinced in your
time, but for the love of god someone please figure out away to do it
😭

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[–]spoot 19 points20 points21 points 14 years ago (8 children)

This is a pretty awesome idea. Though I'm sure the government will
love anonymous, non-taxable transactions over the internet.

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[–]Ok_Analysis_1304 2 points3 points4 points 1 year ago (2 children)

MONERO holds this honor now.

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[–]Future_PeterSchiff 0 points1 point2 points 6 months ago (0 children)

And Litecoin too

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[–][deleted] -1 points0 points1 point 14 years ago (0 children)

Botnet creators will love it even more.

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[–]zaazo 0 points1 point2 points 1 year ago (0 children)

It really is! I wonder if it will go big in the future.

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[–]simplelifestyle 0 points1 point2 points 6 months ago (0 children)

Did you buy any just in case?

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[–]CandyCanePapa 0 points1 point2 points 4 months ago (0 children)

Long live Monero!

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[–]carac 6 points7 points8 points 14 years ago* (7 children)

It SOUNDS like a good idea, but I would not trust it until a few
different people/groups really qualified in terms of encryption and
security will actually review the algorithms ... and the source code
:)

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[–]elvislunchbox 2 points3 points4 points 1 year ago (5 children)

Revisit in 12 years.

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[–]Omega3568 2 points3 points4 points 1 year ago (2 children)

I wish I could send a message back in time to myself.

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[–]Future_PeterSchiff 0 points1 point2 points 6 months ago* (1 child)

Try to connect to yourself when you were blackout drunk. If you’re
lucky, maybe you’ll convince them to buy you some coins and then you
can find them on an old computer. This is the only way, but of course
then you’ll be trying to buy them while you’re drunk off your ass and
the words on your computer will be hard to read

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[–]Omega3568 0 points1 point2 points 6 months ago (0 children)

Maybe

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[–]ECore 0 points1 point2 points 6 months ago (1 child)

Remind me! 12 years

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[–]YaZEUS 0 points1 point2 points 6 months ago (0 children)

Remind me! 5 years

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[–]yofingers 5 points6 points7 points 1 year ago (8 children)

So did everyone on here hold on?

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[–]Morning_Star_Ritual 4 points5 points6 points 11 months ago (2 children)

What I realize now is many of these accounts are abandoned. I forgot
my username from my first account. It’s only a year older then this
one, but I still wish I could remember the password.

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[–]LacticFactory 0 points1 point2 points 6 months ago (1 child)

(Historical) Cone

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[–]Morning_Star_Ritual 0 points1 point2 points 6 months ago (0 children)

Cone!

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[–][deleted] 0 points1 point2 points 10 months ago (4 children)

I mined btc out of curiosity in 2012 when I was just 17 years old but
I was too young to understand what I was doing… lesson learnt, never
be lazy, be curious and learn till the finish line.

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[–]abarone93 0 points1 point2 points 9 months ago (3 children)

What happened to your bitcoins?

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[–]looneytones8 0 points1 point2 points 6 months ago (1 child)

Most likely lost the keys

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[–]TexasBoyz-713 0 points1 point2 points 6 months ago (0 children)

…in a boating accident

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[–]ECore 0 points1 point2 points 6 months ago (0 children)

Nobody could have held past a 10x unless it was an accident. It was
too volatile and it was hard to cash out...a lot of people bought gold
and silver off of... coinbull? There were no stable coins and it was
difficult to trade for cash without getting ripped off...I lost around
30 Bitcoin off a PayPal charge back scam

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[–]Resilience 3 points4 points5 points 14 years ago (1 child)

The main problem with this project is the initial injection I guess.
The only people who will dare to sell things for bitcoins will be
selling things that they don't deem "real money" worth. Like freewares
and opensource software or print promotion... Then it will start with
a HUGE inflation term.

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[–]whoredwhat 1 point2 points3 points 1 year ago (0 children)

Lol, I think you meant Heroin and cocaine. Hindsight is 20/20

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[–]themusicgod1 2 points3 points4 points 14 years ago* (2 children)

ripple discussion on the matter. (For a working ripple node, try here)

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[–]Liarus_ 0 points1 point2 points 6 months ago (1 child)

Damn, ripple was already there so early

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[–]soundingdemo 0 points1 point2 points 6 months ago (0 children)

Wow!

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[–]zarbeto 2 points3 points4 points 14 years ago (5 children)

Pretty interesting.

Maybe in a couple of years and after several deep changes maybe Google
could be interested.

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[–][deleted] 1 point2 points3 points 6 months ago (0 children)

Good prediction

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[–]looneytones8 0 points1 point2 points 6 months ago (1 child)

And after 13 years they just made a deal with Coinbase to accept it as
payment for cloud services.

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[–]Crocodile900 1 point2 points3 points 6 months ago (0 children)

What the hell is Coinbase?

Sent from 13 years ago.....

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[–]parishiIt0n 0 points1 point2 points 6 months ago (0 children)

Insight was 20/22

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[–]spoot 2 points3 points4 points 14 years ago* (5 children)

What they really need to do to get this to take off is to have some
central authority that is willing to exchange bit coins for dollars
and vice versa. What I would do (if I had a chunk of money and wanted
this to take off) is seed the system with some money. For a limited
time every unique new user gets $10 of bitcoins under the condition
that they have to spend them and can't just turn them in immediately.
Then allow anyone to purchase more bitcoins from me at $1 per coin, or
turn in their coins for the $1 back. If the system took off, I would
have a bunch of real dollars in a bank account earning me interest
(and available to return if necessary). If it failed and every person
just cashed in their bitcoins and never bought any more I would only
be out the limited $10 seed money.

Edit: I know this is pretty much exactly what banks do now. But the
advantage is that people get to spend their money anonymously, which I
think is the point of the whole system.

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[–]whoredwhat 1 point2 points3 points 1 year ago (1 child)

Do you own an exchange now?

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[–]Appropriate_Joke_741 0 points1 point2 points 1 year ago (0 children)

So interesting reading these comments. Some ideas that if they’d run
with them could have made them billionaires

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[–]WarGawd 0 points1 point2 points 6 months ago (0 children)

Pretty visionary of you. And I see you're still active.. you need to
come back and see this comment you made so long ago.

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[–]Jeezy_7_3 0 points1 point2 points 6 months ago (1 child)

This is wild. This guys thinking way ahead of it it’s time.

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[–]snoringrain 0 points1 point2 points 6 months ago (0 children)

Yeah so cool to read

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[–]Nehkrosis 2 points3 points4 points 1 year ago (4 children)

This is hilarious. I wonder if anyone here from 12 years back even has
their reddit accounts still active?

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[–]InternationalTea9203 0 points1 point2 points 1 year ago (0 children)

Yes one person commented above

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[–]WarGawd 0 points1 point2 points 6 months ago (2 children)

Yep, I just looked and at least u/spoot is still around

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[–]novacastrian90 0 points1 point2 points 6 months ago (1 child)

He's last reddit interaction looks to be 5 years ago ? I might be wrong

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[–]WarGawd 0 points1 point2 points 6 months ago (0 children)

Weird. I see similar now but when I looked before there appeared to be
comments only hours old

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[–]Jonny0stars 4 points5 points6 points 14 years ago (29 children)

I don't understand how this works, How can a real transaction take
place if no real money is involved.

The richest person would simply be the person with the most HDD space
for an insanely long number.

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[–]badassumption 4 points5 points6 points 14 years ago* (9 children)

No - the richest person will be the one with the most computing power:

    1.4 How are new Bitcoins created?

    New coins are generated by a network node each time it finds the
solution to a certain calculational problem, for which an average
solution time can be calculated. The difficulty of the problem is
adjusted so that in the first 4 years of the Bitcoin network, amount X
of coins will be created. The amount is halved each 4 years, so it
will be X/2 after 4 years, X/4 after 8 years and so on. Thus the total
number of coins will approach 2X.

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[–][deleted] 1 point2 points3 points 14 years ago (3 children)

so the richest person will be the person who can afford to spend the
most money on high powered tech equiptment which is used to solve
random problems

and the circle continues.

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[–]Excedrin 2 points3 points4 points 14 years ago (1 child)

No, that's not how bitcoin works, check out the paper:
http://superb-west.dl.sourceforge.net/sourceforge/bitcoin/bitcoin.pdf

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[–]Dip_the_Dog 1 point2 points3 points 6 months ago (0 children)

Turns out that was exactly how bitcoin works.

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[–]solutionblue 1 point2 points3 points 14 years ago (0 children)

Or the person who controls the biggest botnet

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[–]Fragsworth 1 point2 points3 points 14 years ago (1 child)

Moore's law seems to conflict with their claim that the total number
of coins will approach 2X.

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[–]cemasoniv 1 point2 points3 points 13 years ago (1 child)

Scroll down more, bud.-

So your wealth is determined by the amount of CPU power you have?

    No. There's a constant average rate of new Bitcoins created, and
that amount is divided among the nodes by the CPU power they use. When
Bitcoins start having real exchange value, the competition for coin
creation will drive the price of electricity needed for generating a
coin close to the value of the coin, so the profit margin won't be
that huge. The easier way to gain a lot of wealth would be trading
goods.

At the moment, though, you can generate new coins quite profitably, if
you expect them to have real value in the future. If you choose to, be
aware that Bitcoin is still experimental software.

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[–]PlaaXer 0 points1 point2 points 1 year ago (0 children)

pls tell me u an anonymous multi billionaire rn

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[–]BlubberWall 4 points5 points6 points 1 year ago (6 children)

Nothing wrong with questioning it at the time as it was entirely new.
Genuinely curious 12 years later, (crazy how much like a time machine
this thread is) has your view changed since then?

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[–]Jonny0stars 1 point2 points3 points 1 year ago (5 children)

How has this post managed to unlock itself after 12 years?! Anyway to
answer your curiosity I made a post

TL;DR: I didn't understand the concept back then and I do see the
usefulness of blockchain now but I honestly think I've come full
circle on bitcoin itself and ever since the rise of ASIC mining I've
considered it an incredibly wasteful process, I do not and have not
ever held any cryptocurrency.

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[–]0xfrankless -2 points-1 points0 points 6 months ago (2 children)

What an L.

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[–]Thr1ft 0 points1 point2 points 6 months ago (1 child)

For real lmao

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[–]Medfried 0 points1 point2 points 6 months ago (0 children)

All he had to do was buy few bitcoin and store the key. F.

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[–]ungood 3 points4 points5 points 14 years ago (11 children)

What is "real" money?

A transaction can occur so long as a) there is a seller who has X and
wants Y and b) there is a buyer who has Y and wants X.

X and Y can be bananas and pigs, plasma TVs and dollar bills, or
monkeys and bitcoins.

The fact is that most of the world's economies are based off of
monetary systems that are no more "real" than bit coins:
http://en.wikipedia.org/wiki/Fiat_money

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[–]Jonny0stars -1 points0 points1 point 14 years ago (10 children)

Unlike bit coins the "real" money is regulated by central authorities,
thus their is only as much money in the system as the sum total of
assets or labor.

Bit coins are not regulated, i could pay you 20 "bit coins" for half
an hour of work and pay someone else 20,000 bit coins for the same
amount of work and i would be no richer or poorer.

I can however see your point but like anything its destined to fail if
i can pull it out my ass.

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[–]ItsAConspiracy 4 points5 points6 points 14 years ago (3 children)

    only as much money in the system as the sum total of assets or labor

Double the amount of money in the system, and this will still be the
case. It's just that each unit of money will be worth half as much.

Central authorities pull new money out of their asses all the time.
That's why the dollar is worth a lot less than it used to be.

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[–]WarGawd 1 point2 points3 points 6 months ago (2 children)

Another guy who absolutely nailed it 13y ago!! Kudos & belated upvote

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[–]ItsAConspiracy 0 points1 point2 points 6 months ago (1 child)

Haha thanks :) I wish I'd actually bought bitcoin that early!

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[–]WarGawd 0 points1 point2 points 6 months ago (0 children)

Even if you had, it might have been very tough to hold on to. I have a
friend who had mined 300 BTC, but sold it all in a panic when the
price dipped from $12 to below $10. He didn't regret his 3K profit at
the time but now......🤬

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[–]cemasoniv 1 point2 points3 points 13 years ago (3 children)

You have a very poor conception of what "real" money is.

It wasn't until relatively recently that we had government-related
currency (you can thank the middle ages for this).

You also have a very poor idea of what total money supply is --
especially if you think its limited to assets or labor or hell, even
real cash assets (on paper or in a computer). Fiat currency (what you
seem to think of as "money") is created without the backing of any of
these things.

You give away your money 20 or 20,000 at a time because you place no
value on it. When someone else is selling a car for 10,000 bitcoins,
you now have a reason to not pay someone else 20,000 bitcoins for half
an hours worth of yard labor.

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[–]Jonny0stars 0 points1 point2 points 13 years ago (2 children)

If it took your four months to write that; my conception of what real
money is or isn't is the least of your problems.

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[–]cemasoniv 1 point2 points3 points 13 years ago (0 children)

Ha, so true. I was directed here from here

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[–]peterk_se 0 points1 point2 points 27 days ago (0 children)

wonder if it took Jonny0stars 13y to realize he fucked up

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[–]ungood 0 points1 point2 points 14 years ago (0 children)

Read the FAQ. The bit coins are regulated. The rate of inflation is
controlled by the speed in which a particular math problem can be
solved by a computer.

You can't just pull bit coins out of your ass.

The Fed, however, pulls dollars out of their collective asses all the time.

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[–]CUZDex_AllArk-io 0 points1 point2 points 6 months ago (0 children)

I'll take that 20,000 Bitcoin for half an hour work offer bucko 😎

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[–]kyohapooka 11 points12 points13 points 14 years ago (24 children)

Wow. That's amazing. I don't think anyone's done a completely digital
pyramid scheme before.

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[–]Hundawwwg 0 points1 point2 points 1 year ago (0 children)

Lol you god damn fool, you were right here

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[–]CUZDex_AllArk-io -2 points-1 points0 points 6 months ago (2 children)

Found the first BUTTCOINER 😆 seethe more

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[–]Mostofyouareidiots 0 points1 point2 points 6 months ago (1 child)

lol, this guy could've easily been a billionaire right now

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[–][deleted] 0 points1 point2 points 6 months ago (0 children)

Buttcoin sub is 11 years old, most of these grumpy old men could be rich

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[–]riltjd 0 points1 point2 points 1 year ago (6 children)

Did you still step into BTC? If not how much do you regret this statement now?

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[–]its_nuts_dude 0 points1 point2 points 6 months ago (5 children)

Lol and now?

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[–]anewpath123 1 point2 points3 points 6 months ago (0 children)

I mean, they'd still be ridiculously rich

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[–]Film2021 0 points1 point2 points 6 months ago (1 child)

It was under $0.003 when that comment was made.

Now it’s worth $20k.

Keep coping lol.

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[–]its_nuts_dude 1 point2 points3 points 6 months ago (0 children)

He might be regretful and missed out, but it’s still a bs pyramid scheme

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[–]riltjd 0 points1 point2 points 6 months ago (0 children)

He would NOW still be a millionar with just barely any input so yeah. Now still.

Also you never heard of the concept of selling at a high? You comment
on a low as if being edgy. But I came close to doubling my money. Like
I care about the current price lmao..

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[–][deleted] 0 points1 point2 points 1 year ago (0 children)

Boooo

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[–][deleted] 0 points1 point2 points 1 year ago (0 children)

rip

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[–]LiaquatMurtaza 0 points1 point2 points 1 year ago (0 children)

And the winner is...

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[–]SwiftBastard 0 points1 point2 points 6 months ago (0 children)

LMAOOOO you feeling big dumb rn

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[–]nickpegu 0 points1 point2 points 6 months ago (0 children)

😆

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[–]CandyCanePapa 0 points1 point2 points 4 months ago (5 children)

No freakin' way someone in 2009 literally didn't buy Bitcoin because
they tought it was a pyramid scheme lmao.

Paranoia kept you from becoming a billionaire my dude, by the end of
2009 you could've bought 100 bitcoins (1,600,000.00 USD right now) for
a dollar, you fool.

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[–]Kinexity 1 point2 points3 points 7 hours ago (4 children)

Cryptard detected. He would gain money by making others lose money.
Nothing what you said disproves the fact that Bitcoin is a pyramid
scheme (or rather a bigger fool scheme).

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[–]CandyCanePapa -1 points0 points1 point 6 hours ago (3 children)

hurr durr pyramid scheme, tell that to the every single other state
controlled currency and social security systems while you pay off the
most recent banking crisis' debt

RemindMe! 10 years "muh pyramid scheme i am very smart do not buy
bitcoin you greater fool"

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[–]Kinexity 0 points1 point2 points 4 hours ago (2 children)

The fact that state controlled currencies have flaws doesn't change
the fact that crypto is worse. It's been 14 years and it's still
useless. Both of us can play this game:

RemindMe! 10 years

If your scheme requires for people to be early to be successfull then
it's going to fail because those who are late will not adopt it and
majority will be late so it's going to burn.

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[–]CandyCanePapa 0 points1 point2 points 4 hours ago (1 child)

    wrong wrong wrong wrong wrong wrong wrong wrong wrong

Amazing. Every word of what you just said was wrong.

To you, 10 years from now. Watch closely as a braindead wsb ape makes
money by not doing anything besides not clicking a sell button.

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[–]slowblogger 1 point2 points3 points 11 months ago (0 children)

Just leaving a mark here. The closest I can do to talk to Satoshi.

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[–]docmirou 1 point2 points3 points 10 months ago (2 children)

This feels like time travel

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[–]abarone93 0 points1 point2 points 9 months ago (1 child)

    ripple

yep..crazy

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[–]WarGawd 0 points1 point2 points 6 months ago (0 children)

Yeah, fascinating to see that history

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[–]maurice 0 points1 point2 points 14 years ago (2 children)

Interesting, it uses IRC as a high level protocol. See bitcoin/debug.log

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[–]cemasoniv 0 points1 point2 points 13 years ago (0 children)

interestingly enough, it also uses freenode's #bitcoin channel. I
haven't studied the code in detail, but it looks like it only serves
the purpose as a way to determine the other nodes in the network.

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[–]combocookie 0 points1 point2 points 1 year ago (0 children)

I hope you guys bought some

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[–]spilk 0 points1 point2 points 14 years ago (16 children)

This is the sort of thing that seems cool in theory, but in practice
only gets used by people buying illicit materials off the internet.

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[–]Quicksilver 3 points4 points5 points 14 years ago (2 children)

It is interesting in theory. Why do you think it would only be used to
buy illicit materials? Because regular money is never used for that?

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[–]spoot 4 points5 points6 points 14 years ago (0 children)

I thought that was the whole point, haha

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[–]WestBankFireman 0 points1 point2 points 1 year ago (2 children)

You were right, for a very short amount of time.

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[–]Citizen_Kano 1 point2 points3 points 6 months ago (0 children)

Without Silk Road we wouldn't be where we are today

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[–]NeonThunderHawk 0 points1 point2 points 6 months ago (0 children)

This guy bitcoins

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[–]CUZDex_AllArk-io 0 points1 point2 points 6 months ago (2 children)

Lololololol

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[–]John_Icarus 0 points1 point2 points 6 months ago (1 child)

He's not wrong though. Bitcoin hasn't seen much use as a legitimate
currency alternative.

It is mainly used simply as a zero sum money storage system; it can't
generate new value and the actual value of all the money in it remains
constant. Although it is a big net loss as the miners are spending
money and energy gaining value by depreciating the rest of the value
of the currency. And given the drop of nearly 4x over the last year,
it isn't stable long term.

I'll admit it is used in a couple locations. But in most of those it
is a gimmick that isn't logical to use in any major way. The only
useful ones to use it are porn sites that you don't want to add your
details to.

Everything else is illegal. Buying illicit items, avoiding tax,
transferring money illegally, paying scammers, etc.

I can't think of a single use case beyond illegal activities or porn
where it is commonly used.

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[–]CUZDex_AllArk-io 0 points1 point2 points 6 months ago (0 children)

Lololol

You're q perfect example of a mediocre IQ spouting bullshit to sway
even stupider normies

I don't enage with you types but for anyone else reading this goober

The US dollar has lost 99% of its purchasing power since 1913

Bitcoin has gone from $0.001 to $1300 then $200 then $20000 then $3000
then $70000 to today

Dunno about you but id prefer a currency that goes up in the long term
than one which only goes down in the long term lmao

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[–]WarGawd 0 points1 point2 points 6 months ago (4 children)

Lol. You nailed the short term Orwellian prediction for Silk Road, but
couldn't see far enough into the future

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[–]spilk 0 points1 point2 points 6 months ago (3 children)

I apologize for not being able to predict the sheer depth of the grift
and degeneracy that cryptocurrency would usher in. who could have seen
how truly awful things would have become? I gave it far too much
credit.

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[–]immortaldidi 0 points1 point2 points 6 months ago (1 child)

Yo dude are rolling in cash now? Do you have any other ideas out there?

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[–]Medfried 0 points1 point2 points 6 months ago (0 children)

He socializes at buttcoin subreddit now. How predictable.

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[–]CandyCanePapa 0 points1 point2 points 4 months ago (0 children)

Ayyyy you're still alive and active, three comma club by any chance?

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[–]Enginerd -4 points-3 points-2 points 14 years ago22 (5 children)

    a public list of all the previous transactions is collectively
maintained by the network of Bitcoin nodes

Lol, what an astonishingly terrible system.

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[–]cyntrex 1 point2 points3 points 1 year ago (0 children)

True

/s

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[–]elvislunchbox 1 point2 points3 points 1 year ago (0 children)

Whoopsies

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[–]metakitty99 0 points1 point2 points 1 year ago (0 children)

5 awards and 12 years later...

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[–]IntoxiCaitlyn 0 points1 point2 points 6 months ago (0 children)

r/agedlikemilk

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[–]CUZDex_AllArk-io 0 points1 point2 points 6 months ago (0 children)

For privacy...yes

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[–]chirma_chirma 0 points1 point2 points 1 year ago (1 child)

It is a piece of history 👏🏻👏🏻👏🏻

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[–]2SatoshiJoe 0 points1 point2 points 6 months ago (0 children)

A pizza of history?

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[–]Scary_Milk 0 points1 point2 points 1 year ago (0 children)

How much for a pizza?

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[–]cmaz5 0 points1 point2 points 1 year ago (0 children)

NFT this sub

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[–]BigLakerFan24 0 points1 point2 points 1 year ago (0 children)

Crazy idea, it will never catch on

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[–]KevinAlexandr 0 points1 point2 points 1 year ago (3 children)

I am part of history now.

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[–]Ben_MOR 0 points1 point2 points 1 year ago (2 children)

I was here.

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[–]wwwtf 0 points1 point2 points 1 year ago (0 children)

💎🤲

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[–]rainforestguru 0 points1 point2 points 6 months ago (0 children)

Ever even been to easter island?

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[–]adamantium421 0 points1 point2 points 1 year ago (1 child)

Fascinating mix of early reactions posted here.

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[–]cleverusername123455 0 points1 point2 points 1 year ago (0 children)

pretty cool to see

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[–]Hundawwwg 0 points1 point2 points 1 year ago (0 children)

Incredible seeing the people in this space 12 years ago

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[–]ObservableFailure 0 points1 point2 points 1 year ago (0 children)

I'm super bullish

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[–]fmustang202 0 points1 point2 points 1 year ago (0 children)

Hello I am a Nigerian Prince please check your messages

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[–]sucobe 0 points1 point2 points 1 year ago (0 children)

Peer to peer digital currency? This will never catch on.

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[–][deleted] 0 points1 point2 points 1 year ago (0 children)

You are not the father.

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[–][deleted] 0 points1 point2 points 1 year ago (0 children)

Bitcoin is an Exaggerated form of Internet Money

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[–]Inlz 0 points1 point2 points 1 year ago (0 children)

🚀

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[–]Complete_Disk3655 0 points1 point2 points 1 year ago (4 children)

If these people had the superpower for foresight, they would be multi
billionaires now.

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[–]InternationalTea9203 0 points1 point2 points 1 year ago (3 children)

Think like today also there are currencies in binance which is trading
at 10-12$ per coin.. i m sure some of them(few) will be around 60-70k$
per coin in 2030…thn ppl from 2030 will come and commeent on our posts
that how foolishnly we sold that coin

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[–]gr8ful4 0 points1 point2 points 6 months ago (0 children)

Funny enough that after 13 years people still have not figured out
what an actual CRYPTO (hidden) CURRENCY (fungible) is.

    "Monero is what crypto noobs think they bought." - Dr. Daniel Kim

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[–]bolyai 0 points1 point2 points 6 months ago (1 child)

RemindMe! Jan 1, 2030

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[–]dsmid 0 points1 point2 points 1 year ago (0 children)

Well, that escalated quickly.

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[–]enraged768 0 points1 point2 points 1 year ago (0 children)

I'm here

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[–]Krashadar 0 points1 point2 points 1 year ago (0 children)

:)

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[–]yrathore 0 points1 point2 points 1 year ago (0 children)

Just finished reading the article on my internet explorer. Idea looks
promising ngl

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[–][deleted] 0 points1 point2 points 11 months ago (0 children)

wow ,feels good man reading how people reacted for the first time

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[–]Federal-Square-3497 0 points1 point2 points 8 months ago (0 children)

Don’t mind me, just passing through.

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[–]ScottyPuffJr 0 points1 point2 points 6 months ago (1 child)

This is amazing, just reading these comments from 13 years ago. This
post should be added preserved forever!

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[–]John_Icarus 1 point2 points3 points 6 months ago (0 children)

He says, leaving a comment cluttering and ruining the preservation of the post.

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[–]dkk-1709 0 points1 point2 points 6 months ago (0 children)

Looks promising

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[–]VincentBarajas 0 points1 point2 points 6 months ago (0 children)

Leaving a mark

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[–][deleted] 0 points1 point2 points 6 months ago (0 children)

I was here

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[–]slasula 0 points1 point2 points 6 months ago (0 children)

history!

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[–]L0ckeandDemosthenes 0 points1 point2 points 6 months ago (0 children)

First post.

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[–]ytpriv 0 points1 point2 points 6 months ago (0 children)

🏅

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[–]GettinWiggyWiddit 0 points1 point2 points 6 months ago (0 children)

Wow, this was some awesome time traveling

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[–]Poorestmanincrypto 0 points1 point2 points 6 months ago (0 children)

This Bitcoin thing will never catch on. Shut this thread down

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[–]BCHisFuture 0 points1 point2 points 6 months ago (0 children)

🤓🕵

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[–]NeonThunderHawk 0 points1 point2 points 6 months ago (0 children)

See you all back here in another 13 years 👍

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[–]CUZDex_AllArk-io 0 points1 point2 points 6 months ago (0 children)

I have a feeling this bitcoin thing might go somewhere 🤔

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[–]killerj666 0 points1 point2 points 6 months ago (0 children)

Commenting for legacy

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[–]FullTube 0 points1 point2 points 6 months ago (0 children)

To myself 13 years ago, buy fucking Bitcoin!

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[–]Vbogdanovic 0 points1 point2 points 6 months ago (0 children)

Commenting - BTC is sub $20k - check back when it breaks $100k

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[–]chinguyeyeo 0 points1 point2 points 6 months ago (0 children)

Just leaving a footprint too. History was made. It'll be made again soon.

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[–]HODL-THE-LINE 0 points1 point2 points 6 months ago (0 children)

I can be in this so I want to be in this. Hello world! Hi Alexander! I
love you, son!

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[–]laumbr 0 points1 point2 points 6 months ago (0 children)

Love this thread!

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[–]_Vegemite 0 points1 point2 points 6 months ago (0 children)

Please remind me in another 13 years that I posted here and see if I’m
still a hodler and believer

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[–]JRDN7 0 points1 point2 points 6 months ago (0 children)

Posting for posterity, current spot price $19,109 USD

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[–]theabominablewonder 0 points1 point2 points 6 months ago (0 children)

Looks interesting, might buy a couple

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[–]christmascarolcat 0 points1 point2 points 6 months ago (0 children)

Cool.

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[–]ClamCrusher31 0 points1 point2 points 6 months ago (0 children)

Bitcoin

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[–]MinimumWar269 0 points1 point2 points 6 months ago (0 children)

Should have definitely listen to my coworker who told me to buy 1k of
BTC in 2012/2013 and mine it, as I was IT manager and ran a 100+
computers infrastructure, working H24, 7J/7, total control.. I snobbed
him.. 10 years later, have 2 BTC and I feel so dumb 🤷‍♂️

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[–]dirkgent 0 points1 point2 points 6 months ago (1 child)

see you in 13 more years

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[–]DockyX 0 points1 point2 points 6 months ago (0 children)

RemindME! 13 years

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[–]Euphori333 0 points1 point2 points 6 months ago (0 children)

It’s like entering a time warp

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[–]TexasBoyz-713 0 points1 point2 points 6 months ago (0 children)

I would not be able to live with myself if I knew 100% about Bitcoin
13 years ago, and didn’t buy not a single cent’s worth.

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[–]llllllllllllllll12 0 points1 point2 points 6 months ago (0 children)

Bought in 2019 - DCA ever since. Thank you.

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[–]plug_and_pray 0 points1 point2 points 6 months ago (0 children)

Buy Bitcoin it will be worth thousands in the future!

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[–]spyalien 0 points1 point2 points 6 months ago (0 children)

What’s Bitcoin ?

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[–]WarGawd 0 points1 point2 points 6 months ago* (1 child)

And 13y later we're still early. RemindMe! 1 year

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[–]RemindMeBot 0 points1 point2 points 6 months ago* (0 children)

I will be messaging you in 13 years on 2035-10-15 13:22:56 UTC to
remind you of this link

1 OTHERS CLICKED THIS LINK to send a PM to also be reminded and to reduce spam.

Parent commenter can delete this message to hide from others.
Info 	Custom 	Your Reminders 	Feedback

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[–]ECore 0 points1 point2 points 6 months ago (0 children)

One of the best uses for Bitcoin was cointube back then. Somehow you
got dust Bitcoin for watching YouTube videos. I accumulated 1 Bitcoin
that way..well including faucets and games. Too bad all those dust
transactions f'ed my wallet up and I had to spend quite a bit of it to
free it up....I wish I let it be f'ed up

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[–]YaZEUS 0 points1 point2 points 6 months ago (0 children)

RemindMe! 5 years

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[–]novacastrian90 0 points1 point2 points 6 months ago (0 children)

I had heard about bitcoin back then, and really wanted to get some but
i was too lazy to even read about how to get it.

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[–]ahsieh 0 points1 point2 points 6 months ago (0 children)

leaving my mark on the first btc post

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[–]wilplatypus 0 points1 point2 points 6 months ago (0 children)

This thread is already in Bitcoin history books. Viva la Satoshi

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[–]B4N3x10 0 points1 point2 points 6 months ago (0 children)

Wish I was here 13 years ago. Damnnn!

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[–]rainforestguru 0 points1 point2 points 6 months ago (0 children)

Jasmy?

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[–]RkBaby 0 points1 point2 points 6 months ago (0 children)

Rk

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[–]awdi4life 0 points1 point2 points 6 months ago (0 children)

Epic post, can't wait to see what btc is worth in 10 years since it's at 19k rn.

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[–]tohbeats 0 points1 point2 points 6 months ago (0 children)

This is always great to read. 🧡

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[–]_main_chain_ 0 points1 point2 points 6 months ago (0 children)

Sats To The Future

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[–]2WYCE 0 points1 point2 points 4 months ago (0 children)

This is an amazing historical Bitcoin monument!

I remember buying a few bitcoin back then as a test just to use it to
anonymously buy what I really wanted. Nothing illicit, I just thought
it was a cool concept and as a tech nerd engineer I just wanted to try
it out.

The thing is, at that time, I had no experience or knowledge about
INVESTING in anything at all. The actual value of Bitcoin itself did
not occur to me one bit. I just looked at it as a way to send DOLLARS
over the internet anonymously, and that's all. Nothing else.

When I finally caught on to investing, bitcoin was not on my radar. I
tried stocks off and on but couldn't grasp it. I ended up trying real
estate, and I've done quite well with that. Bitcoin and crypto weren't
even on my radar. It wasn't until COVID hit in 2020, and I decided
that was going to be my best opportunity to get into the STOCK market.
I installed Robinhood for that purpose, and Bitcoin happened to be in
the app. That started my bitcoin & crypto investment journey. Still,
as a noob, I didn't buy most of it until it was 40k, 50k. Lol. Now I'm
smarter about accumulating it through this bear market and if it
repeats history, I'll be prepared this time.

There's probably still about 7 BTC (less than $1 worth at the time) in
my long-gone original "test transaction" wallet from 2010. 😂😂

I know most won't care about this. I posted this as a "flag 🚩 at this
historical Bitcoin monument", mostly for the reading pleasure of my
future self. 🤓

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[–]CandyCanePapa 0 points1 point2 points 4 months ago (1 child)

Why is this piece of historical footage unarchived

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[–]CandyCanePapa 0 points1 point2 points 4 months ago (0 children)

14 Years later and it's still early, BTC 16933 USD. RemindMe! 14 years
"People complain about not having bought Bitcoin 14 years ago. Buy
bitcoin now so you won't be complaining in 14 years."

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[–]Wakenbake585 0 points1 point2 points 3 months ago (0 children)

An annoying kid I worked with back in 09-10 told me about Bitcoin and
it just went in one ear and out the other. He must've never bought any
because he's still doing the same job.

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[–]SPYalltimehightoday 0 points1 point2 points 1 month ago (0 children)

Hi, I’m apart of history now.

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[–]Tim207251 0 points1 point2 points 1 day ago (0 children)

hmm... this thread has aged very well! Long live BTC. ❤️

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