Bitcoin 4 years on, what Satoshi didn’t know

4 years ago today (or 6:15 pm on the 3rd of January, 2009 UTC/GMT) Satoshi Nakamoto’s computer generated the fist ever bitcoin block.  Weighing in at just under .3 of a Kilobyte it is a testament to the old adage “good things come in small packages”.

While the future of bitcoin and crypto currencies in general is still far from certain, can you imagine what Satoshi was thinking when he got the notification that the first block was found?  It seems unlikely we will ever know (After all, Satoshi Nakamoto is a pseudonym) but we can say for certain, he did not know this;-

 Bitcoins Lost  35,608.36304319
 Bitcoins Stolen  261,666.05847975
 Bitcoins Scammed  535,350.05786728

I have been conservative with my figures, but that is a total of 832,624.47939022 or 7.8% of of the current bitcoins in circulation that have been scammed, stolen or destroyed.  If you consider that there will only ever be 21,000,000 bitcoins (unless the blockchain is altered) that works out to be 3.964% of bitcoins ever to be created.

There is no need to panic, there are still well over 982,170,000,000,000 individual satoshis in circulation that have not been misappropriated so we do not need to fear the “deflationary spiral”, and most of the scammed and stolen bitcoins will have already worked their way back into circulation.

If Satoshi was around (and I am fairly sure he is), I like to think that he would prefer the year 5 AS (Anno Satoshi, the bitcoin equivalent of Anno Domini) to be the year we all took better care of our wallet.dat files.

Correction: Thanks Julian702 it’s 4 not 3 years, darn typo!

Neil Fincham, the MineForeman has over 20 years experience in the computer industry and runs the MineForeman mining operation for the co-op members. He is also very dyslexic, so he appreciates anyone pointing out spelling errors.

Posted in Bitcoin, Editorial, General
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  1. […] så verkar det som om  7.8% av alla BitCoins har blivit stulna, förstörda eller borttappade (källa). Så håll hårt i era […]