Andreas M Antonopoulos, a well-known Bitcoin Advocate and the author of ‘Mastering Bitcoin’, spoke about Bitcoin and the Genesis block, during the ‘Internet of Money’ tour.
Andreas first spoke about the Bitcoin paper, published in the month of October 2008, which explained the mechanism of the system. The white paper was published under the pseudo name, Satoshi Nakamoto, whose identity remains unknown until today.
“So somebody out there on the internet came up with an idea of how to build a digital currency and they published the paper in October 2008. Now, they had also written a prototype software program that ran the Bitcoin software which they launched on 3rd January 2009.”
This was followed by the beginning of the Bitcoin network and Bitcoin currency. He exclaimed that this was also the introduction to the world of a new concept, the blockchain technology, the technology behind the Bitcoin technology, which is now mentioned on the television on the financial news channels on a daily basis.
Andreas continued to say:
“So this sounds like a weird story right? Some person, we don’t know who it is, shows up on the internet, posts the paper, launches some software. Some other people run this software as well and this thing starts running.”
The author further spoke about the message which was embedded within the first block which was created on the Bitcoin blockchain. The message was handcrafted into the Bitcoin software and, to him, it was embedded for a reason.
The message which was embedded was the headline of the British newspaper, The Times of London, which was published on the same day when the message was embedded. It says, ‘The Times 03/Jan/2009 Chancellor on brink of second bailout for banks’.
“So the headline for that day, the day Bitcoin was launched, was that the British Chancellor… which is like the Head of the Treasury here right, was going to start a second bailout for the banks.”
According to him, the message was not a coincidence, it speaks about the motivation behind Bitcoin and a part of that motivation was the idea that the financial system, existing for 20 years, has not evolved much and is not serving the people.
He further stated that banks serve weapon dealers, money launderers, international drug cartels, multinational corporations but not the poor people, people without proper documentation, immigrants etc. Instead of the financial systems getting better and more inclusive over these years, it is ‘backtracking’ and has become a weaponized tool for geopolitics.
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Fall in Bitcoin’s market dominance may be correlated to the fortunes of the altcoin market
The trends set by virtual assets have always highlighted the cryptocurrency market’s inherent volatility and spontaneity. Prices lack symmetry and rarely exhibit consistent growth as different factors come into play to dictate an asset’s valuation.
At press time, the world’s largest crypto, Bitcoin, had stormed past the $11,000 mark and was consolidating to push for a surge over $12,000. The rest of the altcoin market however, apart from one or two minor hikes here and there, has been relatively quiet after collectively surging in the early part of the year.
At the beginning of 2019, a significant number of crypto-assets performed significantly well in a group, wherein most assets demonstrated a prominent hike in their values with little to minor price corrections.
A majority of tokens doubled their valuation until Bitcoin breached the $6,600 resistance. Subsequently, altcoins failed to keep pace as Bitcoin continued to test more resistance limits in the market.
At present time, Bitcoin enjoyed an unprecedented 62 percent dominance in the cryptocurrency market. As its dominance primes itself to climb over the 63 percent mark, many in the community speculate this could be red flags for the altcoin market.
Major cryptocurrency enthusiasts and analysts have stated that altcoins could significantly capitulate if it so happens. However, past events offer a sliver of hope for the altcoin market.
According to CoinMarketCap, the altcoin market has been significantly affected whenever BTC’s dominance has fallen. During the bull run of 2017, Bitcoin enjoyed a dominance of 65 percent and the global market cap hit a value of $402 billion. However, in January 2018, when BTC dominance plummeted, the global market cap peaked at around $710 billion. The dominance was down by half, whereas the global market cap had almost doubled.
A major reason for the same was money funneling into other altcoins after witnessing a shift in momentum from Bitcoin to the rest of the crypto-market. The present market situation may take a similar path once BTC’s dominance falls, opening the door for other virtual assets to take advantage of the scenario.
However, the present rise of BTC is backed by much more certainty than the bull run of 2017. Hence, a repeat of the January 2018 period may be unlikely, and will happen if and only the market sentiment shifts gears drastically towards altcoins.
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