Hello tam-tam on social media even before the baby is born: New crypto projects suffer from a lack of discretion in their early years. Growth at a moderate pace, far from aggressive promotions, seems to have contributed to the success of Bitcoin (BTC); not to mention that his dad had to take matters into his own hands to protect him from the vultures, until he was able to defend himself.
Satoshi’s 5 minutes: suspicious silence
Sergio Demian Lerner made a name for itself in the cryptosphere by identifying the graphical mining structure of early Bitcoins, a technique known as Patoshi Pattern.
Lerner recently posted an article on his blog in which he reveals new details on this topic.
It focuses on a time interval of 5 minutes after the creation of the first blocks: its graphs indicate that Satoshi Nakamoto would have stopped mining during this interval.
Lerner argues that this detail seems anomalous: the probability that the most important miner on the network will be unable to resolve hash functions in less than five minutes is almost zero.
So it would not be a coincidence but a deliberate strategy on the part of Satoshi Nakamoto.
The goal of the creator of Bitcoin was presumably to allow other users to mine BTC.
Source : Image via Twitter
The era of centralized Bitcoin
In the absence of minors, Satoshi Nakamoto could increase their hashrate so that a block was created in less than 25 minutes; Lerner points out that up to block 16,000, Nakamoto controlled 99% of the hashrate.
The beginnings of Bitcoin are marked by the participation of a small number of minors but, the father of Bitcoin was fully aware that the viability of her baby would depend, in large part, on the contribution of as many people as possible.
Satoshi Nakamoto also wanted to protect the nascent project from malicious actors: according to one of the first developers of Bitcoin, Laszlo Hanyecz, Satoshi Nakamoto was particularly worried about attempted attacks on Bitcoin before the network is able to resist it. It also had a GPU specially dedicated to its protection.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
Even Bitcoin went through a centralized period, where Satoshi Nakamoto had to lead the network with a firm hashrate, while making sure to let go bit by bit in order to make room for long-term collective play. Managing this transition is crucial for the healthy growth of a crypto project. You don’t decentralize with the wave of a magic wand.
Litecoin, welcome in the Silver Age