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23 November 2020

Blockchain Bites: Satoshi's Sword of Damocles - CoinDesk

Blockchain Bites: Satoshi's Sword of Damocles - CoinDesk

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Since then, blockchain archeologists and Bitcoin sleuths have poked holes in the theory that the coins are Nakamoto’s, who, as far as we can tell, has never moved a single satoshi from the hoard of bitcoin he mined in the network’s early days.

Of the approximately 18.5 million coins already mined, about 2 million are dormant – either unspent because the keys have been lost, or for other personal or technological reasons.

Estimates on the higher side assume as many as 4 million bitcoin are “lost forever.” Nakamoto once referred to lost coins as a “donation” to the network.

A partial cause for yesterday’s price movements were fears that Nakamoto has returned, and could potentially dump billions of dollars worth of bitcoin on the market.

Nakamoto’s seemingly altruistic, or at the very least, mysterious, “donation” to the Bitcoin community hangs over the market like the sword of Damocles.

Curiously, when these bitcoin were mined, bitcoin itself had no market value.

There were also no CoinJoins or SegWit code updates, modern wallet features yesterday’s transaction utilized, nor a host of blockchain analyzers watching where these coins will jump to next. .

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