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On 30 March 2010 a user tried to auction 10,000 BTC for $50USD.
Everyone thought that was asking a bit too much. They failed to sell.On 30 March 2010 a Bitcointalk user by the name of SmokeTooMuch started an experiment. They had 10,000 Bitcoins to auction.
About the user SmokeTooMuch
SmokeTooMuch was a veteran, having joined the forum on 10 December 2009.They were one of the oldest members on there, having been part of the original crew conversing with Satoshi regarding the development of Bitcoin.Their first post on the forum was asking a slew of questions about bitcoin.
But my favourite is "How many coins are created by a machine in 24h in average?", to which Satoshi replied "Typically a few hundred right now".
This was sure a different time for bitcoin!They are believed to be the first Bitcoin user in Germany.
The auction termsThe starting bid was $50USD.Users just needed to reply to the post to bid, offering at least $1 higher than the previous bidder.At the time the user valued these 10,000 coins at around $65USD.
The auction was to run for 1 week, until 6 April, where the winner would be announced.Payment was to be made by Paypal. As trust was always going to be an issue, SmokeTooMuch would send 5000 BTC, then the winning bidder would make the payment, followed by the other 5000 BTC being sent.
It all sounds wild now.
So how did the auction go?
12 hours after the post was created one brave user decided to ignore the starting bid price, and offered $20 instead. A user raised a concern about payment via PayPal.
3 days later there was another complaint about the $50 starting price, but they offered $25.On 7 April 2010 the auction closed, without any other bids.
The next comment in the post was a year later, on 25 April 2011, when a user replied laughing about how nobody bid. The 10,000 BTC would have been valued at around $15,000 at the time of that post.
Those 10,000 BTC today have a market value of around $265 million.
What else happened with SmokeTooMuch?
The same user also pledged to donate 1000 BTC in late 2010 (later reduced to 292 BTC as the price of coins moved significantly in the time since the pledge) for a BitDNS Bounty.
At the time valued at around $3000, but today would be $7.7 million.I think it's safe to say that if they had this many coins to give away, they're probably still doing OK today.They were active on the sub right up until 11 December 2018, where Bitcoin was trading at $3500.
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What Is Bitcoin Halving?
Bitcoin's halving is a process that reduces the rate at which new Bitcoin blocks are created. Specifically, it refers to the periodic halving events that reduce the block rewards offered to miners. The next Bitcoin halving is expected to happen in 2024, roughly four years after the last halving, which took place in May 2020
Bitcoin halving is at the core of its economic model as it ensures that coins are issued at a steady pace, getting increasingly difficult at a predictable rate. Such a controlled rate of monetary inflation is one of the key differences between cryptocurrency and traditional fiat currencies, which have an essentially infinite supply.
Is Bitcoin Safe?
One of the main risks associated with Bitcoin is the potential for hacking and theft. For example, in phishing scams, hackers use social engineering techniques to trick users into revealing their login credentials or private keys. Once the hacker has access to the user's account or crypto wallet, they can transfer the victim's bitcoins to their own wallet
Another way hackers can steal bitcoins is through malware or ransomware attacks. Hackers can infect a user's computer or mobile device with malware that allows them to access the user's Bitcoin wallet
Because bitcoin transactions are irreversible and not insured by any government agency, users must take precautions to protect their bitcoin holdings. This includes using strong passwords, two-factor authentication, & storing bitcoins in a secure crypto wallet that is inaccessible to hackers
Another risk associated with bitcoin is price volatility. The value of bitcoin can fluctuate highly over short periods of time, making it a risky investment for those who are not prepared for the potential losses
Meanwhile, Bitcoin is still a relatively new technology, it's already revolutionizing the way we think about money. As bitcoin and other cryptocurrencies continue to evolve, it will be interesting to see if they become a part of our everyday lives.
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