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| comment | | "parent_author":"",<br>"parent_permlink":"history",<br>"author":"hunter24",<br>"permlink":"bitcoin-3664e0ea6c887",<br>"title":"bitcoin",<br>"body":"![image (https:\/\/img.esteem.ws\/adcn8jkvc2.jpg)\n\nOn 18 August 2008,<br> the domain name bitcoin.org was registered.[11 Later that year on 31 October,<br> a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System[12 was posted to a cryptography mailing list.[11 This paper detailed methods of using a peer-to-peer network to generate what was described as \"a system for electronic transactions without relying on trust\".[13 [14 [15 On 3 January 2009,<br> the bitcoin network came into existence with Satoshi Nakamoto mining the genesis block of bitcoin (block number 0),<br> which had a reward of 50 bitcoins.[13 [16 Embedded in the coinbase of this block was the text:\n\nThe Times 03\/Jan\/2009 Chancellor on brink of second bailout for banks.[17 \n\nThe text refers to a headline in The Times published on 3 January 2009.[18 This note has been interpreted as both a timestamp of the genesis date and a derisive comment on the instability caused by fractional-reserve banking.[19 :18\nThe first open source bitcoin client was released on 9 January 2009,<br> hosted at SourceForge.[20 [21 \n\nOne of the first supporters,<br> adopters,<br> contributor to bitcoin and receiver of the first bitcoin transaction was programmer Hal Finney. Finney downloaded the bitcoin software the day it was released,<br> and received 10 bitcoins from Nakamoto in the world's first bitcoin transaction on 12 January 2009.[22 [23 Other early supporters were Wei Dai,<br> creator of bitcoin predecessor b-money,<br> and Nick Szabo,<br> creator of bitcoin predecessor bit gold.[13 \n\nIn the early days,<br> Nakamoto is estimated to have mined 1 million bitcoins.[24 Before disappearing from any involvement in bitcoin,<br> Nakamoto in a sense handed over the reins to developer Gavin Andresen,<br> who then became the bitcoin lead developer at the Bitcoin Foundation,<br> the 'anarchic' bitcoin community's closest thing to an official public face.[25 \nThe value of the first bitcoin transactions were negotiated by individuals on the bitcoin forum with one notable transaction of 10,<br>000 BTC used to indirectly purchase two pizzas delivered by Papa John's.[13 \n\nOn 6 August 2010,<br> a major vulnerability in the bitcoin protocol was spotted. Transactions weren't properly verified before they were included in the transaction log or blockchain,<br> which let users bypass bitcoin's economic restrictions and create an indefinite number of bitcoins.[26 [27 On 15 August,<br> the vulnerability was exploited; over 184 billion bitcoins were generated in a transaction,<br> and sent to two addresses on the network. \nOn 22 March 2011 WeUseCoins published the first viral video[34 which has had over 6.4 million views. In September 2011 Vitalik Buterin co-founded Bitcoin Magazine. On 23 December 2011,<br> Douglas Feigelson of BitBills filed a patent application for \"Creating And Using Digital Currency\" with the United States Patent and Trademark Office,<br> an action which was contested based on prior art in June 2013.[35 [36 \n\nAmong the factors which may have contributed to this rise were the European sovereign-debt crisis\u2014particularly the 2012\u20132013 Cypriot financial crisis\u2014statements by FinCEN improving the currency's legal standing and rising media and Internet interest.[126 [127 [128 [129 \n\nUntil 2013,<br> almost all market with bitcoins were in United States dollars (US $).[130 [131 [132 \n\nAs the market valuation of the total stock of bitcoins approached US$1 billion,<br> some commentators called bitcoin prices a bubble.[133 [134 [135 In early April 2013,<br> the price per bitcoin dropped from $266 to around $50 and then rose to around $100. Over two weeks starting late June 2013 the price dropped steadily to $70. The price began to recover,<br> peaking once again on 1 October at $140. On 2 October,<br> The Silk Road was seized by the FBI. This seizure caused a flash crash to $110. The price quickly rebounded,<br> returning to $200 several weeks later.[136 The latest run went from $200 on 3 November to $900 on 18 November.[137 Bitcoin passed US$1,<br>000 on 28 November 2013 at Mt. Gox.\n\nPrices fell to around $400 in April 2014,<br> before rallying in the middle of the year. They then declined to not much more than $200 in early 2015.[138 ",<br>"json_metadata":" \"links\":[ ,<br>\"image\":[\"https:\/\/img.esteem.ws\/adcn8jkvc2.jpg\" ,<br>\"tags\":[\"history\",<br>\"of\",<br>\"bitcoin\" ,<br>\"app\":\"esteem\/1.6.0\",<br>\"format\":\"markdown+html\",<br>\"community\":\"esteem\" " | | comment_options | "author":"hunter24",
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