Los inversores han apostado por el largo plazo, guardando 270.000 BTC en los últimos 30 días.

A pesar de la subida de los precios, los inversores en Bitcoin

A pesar de la subida de los precios, los inversores en Bitcoin están bloqueando rápidamente sus BTC para el largo plazo, con 270.000 BTC retirados de la oferta líquida en los últimos 30 días.

Según los datos publicados por el agregador de datos del mercado de criptomonedas Glassnode, las carteras de Bitcoin „líquidas“ se han deshecho de 270.000 BTC durante el último mes, frente a los 175.000 Bitcoin de principios de enero.

Los datos muestran que la oferta líquida de Bitcoin (BTC) ha caído constantemente durante los últimos nueve meses, con una oferta líquida que actualmente se sitúa en el 21,3% y no muestra signos de revertirse.

La oferta cada vez más ilíquida de Bitcoin podría ser alcista para su precio, con nuevos comerciantes minoristas e institucionales compitiendo por una oferta cada vez menor. Glassnode estima que casi el 80% de los 18,6 millones de Bitcoin en circulación están actualmente almacenados en carteras „sin liquidez“.

Según Glassnode, un monedero de Bitcoin se considera ilíquido si se ha transferido menos del 25% de los Bitcoin recibidos a lo largo de la vida de la entidad. Por el contrario, para ser considerada altamente líquida, la mayoría de los Bitcoin deben ser transferidos de nuevo a la circulación, con menos del 25% de las entradas retenidas.

De los 3,9 millones de BTC que Glassnode describe como altamente líquidos, el 61%, es decir, 2,38 millones, está en manos de las centrales de intercambio. Sus saldos también han disminuido, y los datos de la empresa de análisis CryptoQuant indican que las reservas de las bolsas se han reducido en un 13,8% desde julio.

El aumento de la inversión institucional puede ser una fuerza significativa que impulsa el agotamiento de la oferta líquida de Bitcoin, ya que el servicio de seguimiento de carteras Bitcoin Treasuries estima actualmente que 33 entidades institucionales han acumulado más de 1,2 millones de BTC o el 6,5% de la oferta en circulación de Bitcoin.

Cada día se acuñan aproximadamente 900 Bitcoin

En los últimos días, Grayscale ha aumentado sus posesiones en aproximadamente 25.000 BTC con una cartera de 641.523,7 BTC a partir del 20 de enero de 2021. Para poner esto en perspectiva, cada día se acuñan aproximadamente 900 Bitcoin. Sin embargo, según Glassnode, en promedio solo un tercio de ellos se envía realmente a los intercambios desde julio de 2020.

Los datos de la firma de inversión SwissBorg muestran que en la segunda mitad de 2020, los inversores institucionales compraron en promedio más del 230% de los BTC recién acuñados. Sumando las compras de PayPal y Square (junto con la cantidad estimada de Bitcoin que se pierde cada día) la demanda podría estar llegando al 500% de la nueva oferta.

Hoy mismo, el mayor gestor de activos del mundo, BlackRock, ha presentado una solicitud a la SEC, en la que incluye los derivados de Bitcoin como una posible inversión. La empresa entró en 2021 con 7,81 billones de dólares en activos bajo gestión, más de siete veces la capitalización de mercado de las criptomonedas.

Some days are more painful than others. A correction of around 20% for the market as a whole was foreseeable, but we would have appreciated it more gently. The volatility of assets without “real intrinsic values” is likely to make the headlines of the mainstream media, and it is fair game. Few will be able to predict whether the correction is still in its early stages. However, here are the tools that will help you prepare for the future.

This article is written in collaboration with Trading du Coin

The cryptocurrency market is currently the center of attention. The successive records that Bitcoin Up has recorded in recent weeks have led the queen of cryptocurrencies beyond $ 40,000. This is an increase of + 200% over the last month only , which has just crumbled abruptly this morning.

Well aware that this new Bullrun was largely driven by an influx of institutional liquidity , many individuals have joined the battlefield and are completely annihilated by this correction. Indeed, trading platforms abound on the web, but do not offer any support worthy of the name.

Become an active crypto trader

Trading is not an activity that can be improvised . It consists of setting up a subtle ploy that will allow you to profit from a volatile market. The goal is to extract the maximum profit while reducing the risks to which you expose yourself.

This reality may seem superfluous to new investors . However, this morning’s episode serves as a reminder. The crypto market is not just a straight line into Valhalla , and the corrections that occur there are painful to say the least.

A short time after David Sønstebø, one of the co-founders of IOTA, had to leave the company. he wrote a public letter to his former colleagues, among others, to make his view of the events public.

On December 26th it became Sønstebø’s articlereleased. Already in the first lines he explains that he was partially relieved to no longer work at the Iota Foundation, since his life until the time of his departure was all about the wellbeing of the company.

To the crypto compass magazine

Even before the article was published, there were signs of a breakup. On December 10th, the Foundation published a post on its blog stating that the company would not care about individuals and that Sønstebø’s departure would not change the company’s strategy.

The decision to part ways, while difficult, had to be made. There have been several instances where David’s actions were inconsistent with what the foundation stands for and who we want to be

it said in the post. The main reason for the separation, however, were conflicts over common interests. In his article, Sønstebø did not spare criticism of his ex-company. So IOTA is now only an end in itself project that is aimed at its own profit. For him, however, it was always about the technology. In addition to these claims, some employees of the company are also being addressed.

Sønstebø speaks about individuals

For example, he calls on Dominik Schiener, Co-President of the Board of Directors and founder of IOTA, to no longer call himself a co-founder of the company:

You were not involved in developing either the Tangle theory or the IOTA vision. While we were designing IOTA, you had no idea or interest in IoT and played no role in the vision of machine economy, data integrity through DLT, free of charge, etc. You didn’t even know about IOTA when this was concretized.

KORT OM

• PayPal-CEO Dan Schulman siger, at tiden er inde til, at kryptobetalinger bliver mainstream.
• Schulman hævder, at han er fan af alle former for digitale valutaer.
• Kontantbruget er faldende midt i nedfaldet fra COVID-19.

Eraen med mainstream-adoption for kryptobetalinger er nær ved ifølge PayPal CEO, Dan Schulman.

Efterhånden som flere forbrugere bliver kontantløse, bliver krypto- og digitale valutaer stadig mere populære.

Coronaviruspandemien udløser også et digitaliseringskvantespring af slags, der i sidste ende kan føre til en mere bredt funderet kultur med kontant jettisoning.

Paypal: Crypto-betalinger, der kommer i almindelig brug

I et interview med New York Times-spaltisten Andrew Ross-Sorkin på det igangværende Web Summit i Lissabon, Portugal, erklærede PayPal-direktøren, at COVID-19 fremskyndede den globale vedtagelse af kryptoer til digitale betalinger.

Ifølge Schulman sker der nu et meget kortere tidsrum, hvad der ville have taget tre til fem år.

Kommenterer potentialet for krypto og digitale valutaer til at blive mainstream, mente Schulman:

”Jeg tror, ​​at hvis du kan oprette et finansielt system, en ny og moderne teknologi, der er hurtigere, der er billigere, mere effektiv, er det godt at bringe flere mennesker ind i systemet, til inkludering, for at hjælpe med at reducere omkostningerne, for at hjælpe drive økonomisk sundhed for så mange mennesker […] Så i det lange løb er jeg meget bullish på digitale valutaer af enhver art. ”

Schulmans kommentarer kommer på baggrund af PayPal’s nylige strejf i kryptorummet. Tilbage i november erklærede PayPal-chefen, at global digital valutaoptagelse var et spørgsmål om „hvornår“, ikke „hvis.“

Ifølge en nylig undersøgelse foretaget af Mizuho Securities er omkring 65% af PayPal-kunder klar til at bruge krypto til onlinebetalinger. Faktisk har over en femtedel af virksomhedens 346 millioner aktive kunder allerede købt kryptokurver på platformen.

Kontanter er ikke døde endnu

Mens det coronavirus-inducerede digitaliseringskvantespring stadig er en høj mulighed, er kontanter endnu ikke døde, selvom brugen viser tegn på tilbagegang.

Ifølge en rapport på 184 sider om forbrugerbetalinger fra Den Europæiske Centralbank (ECB) er kontanter stadig den mest populære betalingsmetode i regionen.

Rapporten bemærker dog en betydelig ændring i betalingskulturen blandt forbrugere, der i vid udstrækning er drevet af forbedringer i elektroniske betalingskanaler og frygt for, at pengesedler er et medium til spredning af coronavirus.

Regeringens politik, der fremmer kontantløse transaktioner, får også flere virksomheder til at fjerne kontanter.

Med vigtige eurozone-finansinteressenter som ECB’s præsident, der taler for en digital euro, kan kontantanvendelse i det mindste i Europa muligvis leve på lånt tid. Faktisk forfølger flere regeringer suveræne digitale valutaer for at afværge konkurrencen fra private stablecoins.

Esta semana foi tranquila para o mercado de moedas criptográficas em termos de ação de preços, mas o espaço de criptografia e de bloqueio continua a evoluir em ritmo acelerado.

Para ajudá-lo a se manter atualizado, vamos conferir as 5 principais notícias criptográficas desta semana.

Investimento de 100 milhões de dólares em Bitcoin – Grande Seguradora MassMutual é o próximo grande jogador a fazer uma aposta no BTC

Ainda outro jogador institucional entrou no mercado de criptografia – MassMutual, uma seguradora sediada nos Estados Unidos com mais de 5 milhões de clientes, anunciou que comprou 100 milhões de dólares de Bitcoin. A compra da Bitcoin foi feita para fins da conta de investimento geral da MassMutual.

Leia mais“.

O Maior Banco de Cingapura O Banco DBS está lançando oficialmente uma Bolsa de Divisas Cryptocurrency

O maior banco de Cingapura, DBS Bank, anunciou oficialmente que lançará uma plataforma de negociação de moedas criptográficas chamada DBS Digital Exchange. No lançamento, a bolsa listará Bitcoin, Ethereum, XRP e Bitcoin Cash com mercados denominados em 4 moedas fiat – SGD, USD, JPY e HKD. A funcionalidade da plataforma não se limitará apenas à negociação, pois também oferecerá serviços de tokenization e custódia de moedas criptográficas.

Leia mais“.

Standard Chartered Entra no Cryptocurrency Arena

O banco multinacional britânico Standard Chartered entrou na arena da moeda criptográfica lançando um serviço de custódia de moeda criptográfica em parceria com a empresa de serviços financeiros Northern Trust, sediada nos EUA.

A solução de custódia criptográfica de grau institucional é chamada Zodia, e o Standard Chartered está participando da parceria através de seu braço SC Ventures. O Zodia ainda não está vivo, mas espera-se que entre em operação em 2021.

Leia mais“.

MicroStrategy Investe 50 milhões de dólares adicionais em Bitcoin perto do preço da ATH

A empresa de Business Intelligence da MicroStrategy não está pronta para investir na Bitcoin, pois a empresa anunciou recentemente outra compra da BTC no total de US$ 50 milhões. A MicroStrategy pagou um preço médio de $19.427 por BTC em sua maior compra. Anteriormente, a MicroStrategy investiu $250 milhões em agosto e $175 milhões em setembro.

Leia mais“.

„CZ“ Diz que o Binance terá lucros entre $800 milhões e $1 Bilhão este ano

O CEO do Binance Changpeng Zhao diz que seu negócio fechará 2020 com um lucro anual entre US$800 milhões e US$1 bilhão, em comparação com o valor de US$570 milhões que o gigante do câmbio de moedas criptográficas registrou no ano passado. Zhao, que normalmente só usa o apelido „CZ“, foi incluído na lista da Bloomberg 50 dos mais influentes líderes empresariais globais para o ano 2020.

Det senaste Bitcoin- rallyet var bra, även om vi inte slog 16 000 dollar eller gick utöver det. Detta var en välbehövlig pump efter den efterlängtade Bitcoin- halveringen och Black Thursday-kraschen tillbaka i mars. En intressant avhämtning från rallyt, om man skulle titta närmare, var dock identiteten på vem som hjälpte till nämnda rally.

Ännu viktigare, vem körde det senaste rallyet?

Var det detaljhandeln? Högvärdiga individer? Institutioner?

En sak som måste förstås här är att Bitcoin till stor del är en detaljhandelsmarknad och därmed kommer detaljhandeln alltid att vara en kraft som måste tas i beaktande. Även om detaljhandeln har spelat sin roll verkar detta rally ha drivits av höga nettovärden individer, med samma bekräftas med hjälp av on-chain data.

Bitcoin genomsnittlig överföringsvolym

Bitcoins genomsnittliga överföringsvolym mäter exakt vad det står, det genomsnittliga värdet som överförs på kedjan.

På senare tid har detta ökat kraftigt och pekat på att fler och fler deltagare kommer in. Eftersom detta inte bara är det totala värdet som överförs på kedjan, ger denna mätning en känsla av typen av investerare – personer med högt nätverk.

Diagrammet visar att användarnas aktivitet ökade snabbt under den senaste tidens marknadsstegring.

Andel investerare

Det bifogade diagrammet belyser de nya investerarna som kommer in på marknaden. Att lägga till denna information till ovanstående visar att dessa investerare är helt nya, vilket innebär att nya pengar kommer in på marknaden.

Båda dessa mätvärden informerar om hur den senaste rallyn inte var en lycka, eftersom den stöddes av volym och stöds av riktiga, on-chain data.

När man också överväger att minska ETF-aktierna i guld och öka ETF-aktierna i gråskala kommer allt tillbaka, en hel krets i sig.

Intressant nog observerades detsamma i en ny JP Morgan-rapport, en som hävdade att människor skulle lämna guld-ETF: er för Bitcoin.

„… Denna kontrast stödjer tanken att vissa investerare som tidigare investerat i #guld-ETF: er som familjekontor kan titta på #bitcoin som ett alternativ till guld.“

Griffith claims that he was not providing a „service“ to the North Korean authorities.

Virgil Griffith, the former Ethereum Foundation investigator accused of conspiring to violate US sanctions against the Democratic People’s Republic of Korea, filed a motion on Thursday asking for the indictment to be shelved, alleging that prosecutors from the Southern District of New York had failed in their duty to prosecute Griffith’s crimes.

Griffith, 37, was arrested by FBI agents on 28 November 2019 after a presentation at a conference in North Korea in April.

Prosecutors claim that at the conference Griffith provided services to the North Korean government in the form of „valuable information“ he provided to DPRK officials, and that he „participated in talks“ on how to use Bitcoin Union technology to avoid sanctions.

Griffith, for his part, said his presentation was a „highly general speech based on publicly available information“.

Thursday’s motion to dismiss the indictment now depends on whether the planning and conduct of this presentation can be interpreted as a conspiracy to violate sanctions.

In the motion, Griffith argues that since he was not paid for his participation and was not under contract as a consultant, he was not providing a „service“ to the DPRK and that his speech is protected from the US government’s ban under the First Amendment .

In addition, Griffith argues that his presentation explicitly falls under an exemption under the International Emergency Economic Powers Act for the sharing of „information“ and „informational materials“.

The movement added:

„If the speech Mr Griffith supposedly made is not ‚information‘, then nothing is.“

As Cointelegraph published earlier, Griffith’s case divided the cryptographic community.

In December, Ethereum co-founder Vitalik Buterin defended Griffith, saying:

„I don’t think what Virgil did gave North Korea any real help to do something bad. He made a presentation based on publicly available information about open source software. There was no „advanced tutoring“ of weird hacking. […] Virgil had no personal gain from the trip. […] I hope the US […] will focus on the genuine and damaging corruption that they and all countries are fighting against, rather than persecuting the programmers who make speeches“.

Bitcoin-futuurit ja -optiot pysyivät vakaina BitMEX- ja Kucoin-uutisista huolimatta, mikä merkitsee $ 12K -härkäajoa lähellä.

BitMEX oli aiemmin kiistaton Bitcoin (BTC) -futuurikaupan johtaja, ja jos jotain vastaavaa kuin eilisen siviilioikeudellisen toiminnan tapahtuisi vuosina 2015-2018, salausmarkkinat olisivat täysin romahtaneet.

Huolimatta osittaisesta palautumisesta 10 600 dollariin, joka oli suhteellisen nopeaa, johdannaismarkkinat pysyivät vakaina 500 dollarin pudotuksen aikana 10 400 dollariin. Kumpikaan BTC-futuurista tai -optiosta ei osoittanut merkkejä epämukavuudesta negatiivisiin uutisiin.

Futuurimarkkinat jättivät melkein huomiotta koko tapahtuman, ja tämä on vahva indikaattori siitä, että sijoittajat pysyvät nousussa. Se ehdottaa myös, että markkinat testaavat 12 000 dollaria nopeammin kuin voisi odottaa.

Kuten edellä on osoitettu, BitMEX: llä oli lähes 50% markkinaosuudesta heinäkuuhun 2019 asti. Tämä etu tuli siitä, että se oli ns. Ikuisten sopimusten (käänteisten swapien) markkinoiden edeltäjä. Sen lisäksi, että johdannaispörssi ei vaadi KYC: tä, se tarjosi jopa 100-kertaisen vipuvaikutuksen, mikä auttoi kasvamaan laajaa käyttäjäkantaa.

Kun mustan torstain markkinakorjaus näki Bitcoinin hinnan laskevan alle 3600 dollarin, kilpailijapörssit ryhtyivät tarjoamaan vastaavia palveluja, mikä johti siihen, että BitMEX menetti hallitsevan asemansa koko vuoden 2019 ajan.

Jotkut salausyhteisöstä uskovat, että BitMEX: n Yhdysvaltain asiakkaiden kielto oli ensisijainen syyllinen markkinaosuuden menettämiseen, ja toiset viittasivat katalysaattorina aggressiiviseen selvitystilaan.

13. maaliskuuta tapahtuneen kaatumisen aikana BitMEX kohtasi teknisiä vaikeuksia ja siirtyi offline-tilaan 25 minuutiksi. Joten, kun katkos tapahtui ja Bitcoinin hinta kaatui alle 4000 dollarin, BitMEX: n vakuutusrahasto pystyi kasvattamaan omistustaan ​​1000 BTC: llä seuraavien 48 tunnin aikana. Tämän tapahtuman jälkeen BitMEX-futuurien avoin kiinnostus on kiinnitetty alle miljardiin dollariin.

Tarkasteltaessa uudempia tietoja, BitMEX on tullut melkein merkityksetön volyymin suhteen. Viimeisen kolmen kuukauden aikana sen markkinaosuus on noussut noin 18 prosenttiin, ja vaikka on mahdotonta mitata pörssin vaikutusta BTC: n hinnoitteluun, on selvää, että se on menettänyt etunsa viimeisten 18 kuukauden aikana.

Bitcoin-futuurit pysyivät vakaina uutisista huolimatta

Perusindikaattorilla verrataan futuurisopimusten hintaa nykyisen tason tasoon säännöllisissä spot-pörsseissä. Sitä kutsutaan myös yleisesti futuuripreemiaksi.

Terveiden markkinoiden vuotuinen taso on yleensä 5-15%, tilanteessa, joka tunnetaan nimellä contango. Toisaalta negatiivinen perusta (diskontatut futuurit) esiintyy yleensä voimakkaasti laskevilla markkinoilla.

Yllä oleva kaavio näyttää 5,4%: n tai korkeamman vuosittaisen 3 kuukauden sopimusmaksun jokaisesta pörssistä paitsi BitMEX. Pohjimmiltaan ammattimaiset kauppiaat ilmoittavat, että eiliset tapahtumat eivät vahingoittaneet heidän odotuksiaan.

Jos eilisen uutiset vievät jotain pois, se on, että tämä on pörssikohtainen asia, jolla ei ole juurikaan vaikutusta futuurimarkkinoihin.

On syytä huomata, että futuuripreemia voi pysyä suhteellisen vakaana, kun sijoittajat sulkevat positioita. Tämä olisi epäilemättä erittäin huolestuttava tilanne, koska se osoittaisi, että kauppiaat ovat huolissaan pörssin likviditeetistä.

Tästä näkökulmasta avoin kiinnostus on kriittisin osoitus sijoittajien luottamuksesta tietyille markkinoille tai pörssiin.

Vaikka kokonaisluku ei muuttuisi, BitMEX: n siirtyminen muihin pörsseihin heijastuisi avoimiin korkotietoihin.

Ota huomioon, kuinka eiliset uutiset olivat tapahtumattomat. BitMEX: n avoimella korolla on ollut 650 miljoonaa dollaria, mikä on 11% vähemmän kuin edellisenä päivänä, kun taas yhteenlaskettu luku ei enimmäkseen muuttunut.

Huobi absorboi suurimman osan muutoksesta, mikä osoittaa, että jotkut kauppiaat todennäköisesti siirtivät asemiaan.

Bitcoin-optiot ovat neutraaleja

25%: n delta-vinous on hyödyllinen ammattimaisten kauppiaiden mielialan mittaamiseksi optiohinnoittelun avulla. Vertailemalla samanlaisen riskin myynti- ja osto-optioiden implisiittistä volatiliteettia sijoittaja voi todeta, onko osto-optioiden (bullish) vai put (bearish) ostaminen kalliimpaa.

Yllä olevasta kaaviosta käy ilmi, että 3 kuukauden vaihtoehdot, 25%: n delta-vinous, ovat olleet neutraalissa maastoissa. Negatiivinen indikaattori tarkoittaa, että puhelujen implisiittinen volatiliteetti on suurempi kuin myynti, mikä merkitsee hieman positiivista markkinaodotusta.

Indikaattori on heilahtanut 0% -5% välillä viime viikolla, ja se on kaukana laskusuuntauksesta. Jos jotain, eilistä siirtoa voidaan pitää tapahtumattomana vaihtoehtojen suhteen.

Härkämarkkinoilla huonot uutiset heitetään helposti syrjään

Härkämarkkinoista ei ole parempaa indikaattoria kuin huonoja uutisia. Huolimatta BitMEX: n vähentyneestä merkityksestä volyymissa ja hinnoittelussa, hallituksen tukema toiminta top 5 -vaihtoa vastaan ​​olisi varmasti heikentänyt hintaa, jos markkinoiden ilmapiiri olisi ollut neutraali tai negatiivinen.

Sijoittajien ja salauksen puolustajien tulisi myös ottaa huomioon Kucoinin 150 miljoonan dollarin hakkerointi vain 6 päivää sitten. Sillä oli kirjaimellisesti nolla vaikutusta Bitcoin-hintaan tuolloin. Kuvittele nyt niitä tapahtumia vuosi sitten, jolloin BTC oli laskusuunnassa epäonnistumisen jälkeen

The European Commission has now officially published the announced Markets-in-Crypto-Assets Regulation. It is intended to regulate the trading of crypto values ​​uniformly across Europe so that the EU can assume a global pioneering role in this market segment.

On September 24th, the European Commission passed the regulation “Markets in Crypto Assets(MiCA) „published. It is intended to represent a uniform regulation of crypto values ​​that the EU member states have to apply without being implemented in national law. With a transition period of 18 months, the law can be expected to become legally binding at the end of 2022. The planned regulation has already been available to BTC-ECHO for two weeks , with which Dr. Sven Hildebrandt dealt for the first time.

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The ordinance deals with the issue, trading, licensing requirements and supervisory powers of crypto values. Crypto values ​​are digital values ​​that are not or embody claims, but rather represent their own value. Usually, such values ​​are understood to be digital values ​​such as Bitcoin (BTC) or Ether (ETH).

But utility tokens, i.e. tokens representing usage and access rights, also fall under the EU regulation. In addition, so-called „asset-referenced“ tokens are affected: stable coins that represent fiat currencies must be prepared for stricter requirements. Significant stable coins such as the planned „Facebook coin“ Libra are subject to even stricter regulations. The reservations about stable coins are evident as, if the general public accepts them as a means of payment, they could compete with the euro.

The European Commission sees financial stability and the financial sovereignty of the central banks at risk from this type of crypto value. If a stable coin is based on a single fiat currency such as the euro (EUR) or US dollar (USD), it is referred to as an „e-money token“.

What are the planned crypto regulations?

The document is part of the European Commission’s „Digital Finance Package“. Since the economic acceptance of crypto values ​​is foreseeable, the institution wants to clarify rights and obligations, capital issues and activities. A supervisory authority is to be installed at the European level instead of at the national level. One would like to reduce fraud and theft based on blockchain technology.

Issuers will also publish a white paper prior to a token launch. However, this strategy paper does not have to be checked or approved by any authority. Small providers and offers for professional investors are exempt from this obligation. Tokens that are created through mining or that an issuer issues free of charge also do not require a white paper.

The 168-page paper also defines security standards and specifies requirements for the IT infrastructure. Service providers such as crypto exchanges, brokers and custodians only need to obtain approval from an authority – then you can operate throughout the EU. Expectations of them have not yet been specified.

The disappearance of the mysterious Satoshi Nakamoto is one of the major events in the history of Bitcoin Era. Two years after unveiling his invention to the world, it has indeed decided to faint without giving any reason, leaving the reins of the project to a few trusted people. Let’s go back to this departure and what it has engendered.

An organized departure

During the year 2010, Bitcoin acquires a certain popularity: thanks to the relay of specialized media like Slashdot , its user base increases, its price grows exponentially and mining becomes more and more specialized. This is the moment that Satoshi Nakamoto chooses to disappear.

He organizes his departure and his last actions and messages will serve as indications for the future. This is the case with the OP_NOP operation codes that he added discreetly to the code on July 29 with the only comment “ expansion ”, and which will then be used to implement functionalities thanks to soft forks.

This is also the case for the block size limit that it integrates into the protocol on September 12, and which limits Bitcoin’s transactional capacity. On October 4, following a message on Jeff Garzik’s forum proposing a patch to increase this limit, Satoshi explains how this increase could be implemented:

“[The upgrade] can be in very old versions, so that by the time the block number is reached and it takes effect, the old versions that do not contain it are already obsolete.”

If at the end of 2010 this characteristic does not pose a problem (the number of transactions is far from reaching the limit), it will become crucial over the years and will lead to the debate on the scalability of Bitcoin which will rage between 2013 and 2017 in the community.

On December 10, still on the subject of scalability, Satoshi gives his opinion on the BitDNS project, which is a decentralized model of domain names based on a different blockchain than that of Bitcoin. He writes :

“Stacking all proof-of-work quorum systems in one database is not scaling. Bitcoin and BitDNS can be used separately. […] Networks need to have different destinies. BitDNS users might be completely tolerant of adding features to handle big data since few domain name registrars would be needed, while Bitcoin users might become increasingly bigoted to About limiting the size of the channel to keep it easy for many users and for small devices. ”

Thus, Satoshi speaks out in favor of alternative chains that allow more things to be done than Bitcoin allows. On April 17, 2011, the BitDNS project will be launched under the name Namecoin and will be the first “ alternative cryptocurrency ”, the first of a long list that will generate much ink.

On December 12, Satoshi posted his last public message on the forum, announcing version 0.3.19 of the software. In this post, he insists that “ the software is not at all resistant to denial of service attacks ” and implies that it would be good to work on it.

At this point, few people suspect that Satoshi is about to completely turn away from his invention. Nevertheless the premises of this disappearance are there: he thus entrusts a greater place in the project to Gavin Andressen , in particular by asking him to indicate his e-mail address on the website bitcoin.org. During the following months, Satoshi only communicated by email with the most active people: he sent messages to Gavin of course, as well as to Mike Hearn and other developers.

In April 2011, the news broke: Satoshi announced that he was leaving the project. His last private message is addressed to the one who probably helped him the most during this adventure: Martti Malmi . In this email sent at the beginning of May 2011, the creator of Bitcoin says:

“I’ve moved on and probably won’t be there in the future.”