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Bitcoin [BTC]: Satoshi’s original terminology is quite different from what it is now

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Bitcoin [BTC]: Satoshi’s original terminology is quite different from what it is now
Source: Pixabay

The earliest known reference to a Bitcoin “miner” was coined by Satoshi himself and is present in the Bitcoin source code. To make matters more interesting, Satoshi Nakamoto termed Bitcoin’s technology as “Timechain” and not “Blockchain”, which was mentioned in the source code copies released by Satoshi on November 16, 2008.

Recent tweets posted by Francis Pouliot detailed Satoshi’s terminologies.

A user “iasenko” posted the archive copies of the source code posted by Satoshi on Bitcointalk.org. The image attached below shows the earliest reference to Bitcoin miners by Satoshi.

Source: Bitcointalk.org

Francis Pouliot tweeted:

“TL;DR Satoshi got many people to review the Bitcoin source code, so this means he wants the only miner when bitcoin launched… Mindblown: earliest reference to the term BitcoinMiner is in the source code. Satoshi himself invented the term “miner” !!”

Like every currency, Bitcoin also has smaller denominations called “Satoshis”. One BTC is currently equal to 100,000,000 Satoshi. This term was coined by the community in honor of Satoshi, but Satoshi had a different denomination terminology.

According to Satoshi, the smallest denomination was “CENT” and the largest denomination was “Coin”. The mention of it in the source code can be seen in the image attached below.

Source: Bitcointalk.org

Another important terminology lost by the community is “timechain”. In the source code, Satoshi stated:

“A transaction with a merkle branch linking it to the timechain… When they solve the proof-of-work, they broadcast the block to everyone and the block is added to the timechain. The first transcation in the block is a speacial one that creates a new coin owned by the creator of the block.”

Source: Bitcointalk.org

There is more than one mention of “timechain” in Satoshi’s source code. However, some of the terminologies and small details are lost, unless discovered like the ones mentioned above.



@jaybny, a Twitter user, commented:

“why does this matter?”

@YangVentures replied to the above tweet:

“Shows many could have mined Bitcoin at the very start. Exact oppiste of ridiculously huge premines, founder rewards & presales that dump shitcoins on widows and orphans.”





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

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Bitcoin [BTC]: Morgan Creek CEO compares BTC returns to endowment returns

Akash Anand

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Bitcoin [BTC] returns compared to endowment returns by Morgan Creek CEO
Source: Pixabay

Bitcoin [BTC] and the rest of the cryptocurrency market has seen something of an upgrade, compared to its situation in 2018 when the bear market resulted prices falling from their peak. Many supporters of the world’s largest cryptocurrency have repeatedly claimed that the return on investments on Bitcoin has always been greater than that of traditional financial markets.

In a recent tweet, Mark Yusko, CEO and Chief Investment Officer of Morgan Creek Digital Capital, pointed out some value points of adding Bitcoin to an investor’s portfolio. Yusko tweeted,

“Some numbers to ponder when thinking about value of adding #Bitcoin to your portfolio
Endowments have $613B in Assets. Average return over past 5 yrs was mediocre 7.2%
Had they allocated 1% to $BTC return would’ve been 9.2%
Had #Bitcoin gone to zero, return would’ve been 7%.”

The Morgan Creek official made this statement on the back of Bitcoin’s stellar performance over the past couple of weeks. Ever since the world’s largest cryptocurrency fell from its $6000 hold back in November 2018 to settle below $4000, it found it difficult to break that threshold. The point, considered by many experts in the field as being close to Bitcoin’s bottom, continued to pull the cryptocurrency into a bearish vortex. Since April 1, Bitcoin’s price has spiked, in stark contrast to the strong sideways movement that it held since November.



Looking at the numbers, Yusko’s statements about BTC yields can be verified because investors holding the cryptocurrency at the $4170 mark on March 31 saw their portfolio spike by a whopping 100 percent on May 16, when the price touched $8280.

Mark Yusko was also in the news recently when he stated that Bitcoin was a great diversifying asset. He backed this up by comparing the digital asset’s performance with that of the S&P market. He said,

“Morgan Creek had launched the cryptocurrency challenge back in December and there were not many takers. In a way that was good because BTC is up by more than 100 percent right now, which is a much better hit rate than that of the S&P market. We will see that in the next 10 years, Bitcoin will outstrip even its current performance and maybe even more.”

 





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