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Cryptocurrency

Computers might steal Satoshi Nakamoto’s Bitcoin fortune

The movement of Satoshi Nakamoto’s Bitcoin Fortune wouldn’t lead to the downfall of the flagship cryptocurrency, says a crypto expert.

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Bitcoin

A highly revered crypto strategist, Andreas Antonopoulos, recently disclosed via a Youtube interview that Satoshi Nakamoto’s massive Bitcoin trove would be an easy target for advanced computers (quantum computers).

The crypto expert warned crypto investors about the importance of tracking Nakamoto’s BTC fortune, on the bias that if the dormant bitcoins start moving, it is likely not the doing of the anonymous Bitcoin creator.

READ: Best performing financial asset in 10 years, Bitcoin up 37,833,333%

“Therefore, a quantum computer, its first target, its juiciest target, it’s easiest to attack target is the Satoshi stash. How do we know if a quantum computer exists that can break ECDSA (elliptic curve digital algorithm). Simple, Satoshi’s coins start moving, and in fact at some point after a decade or so it might actually be the more likely explanation.

READ: BTC bounty: 69,000 Bitcoins worth $700 million waiting for you

“So you see the coins moving and you’re like ‘Did Satoshi come back from the dead?’ or ‘Did a quantum computer emerge that can break [ECDSA keys]?’ As the years go by, I start leaning more towards, ‘Okay, it appears a quantum computer has emerged that can do this,’ but I think we’re still a decade away from that,” Antonopoulos said.

READ: A mysterious Bitcoin Whale causes brief panic sell-offs at Bitcoin’s Market

Who is Satoshi Nakamoto?

BTCs were created in 2008 by an unidentified individual or group using the name Satoshi Nakamoto. The source code was released as an open-source code, and the digital coin (BTC) is created as a reward for a process known as mining.

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READ: Satoshi Nakamoto’s unspent BTCs worth $10.9 billion

However, the movement of Satoshi Nakamoto’s Bitcoin Fortune wouldn’t lead to the downfall of the flagship cryptocurrency, says Antonopoulos.

READ: Facebook is building $1 billion high speed internet across Africa

“It would cause a massive amount of volatility in the space by injecting an enormous amount of liquidity on the supply side of Bitcoin, but it would also once and for all resolve the question… This is characteristic of markets which are, ‘Sell the rumor, buy the fact…’

READ: Number of people owning Bitcoin at an all-time high

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“If something starts happening that is unexpected, the market reacts badly, but as soon as that becomes expected, you get the opposite reaction. The markets go, ‘Oh well, I guess Satoshi’s coins moved. Bitcoin didn’t die completely, its price dipped.’ Well, now Bitcoin at whatever price it’s priced in now is a Bitcoin in which Satoshi’s coins have moved and are therefore part of the supply and priced in. Therefore, its future is now certain. That is no longer hanging over it…”

READ: XRP drops 14% over lawsuit from U.S Securities and Exchange Commission

At the time of writing, Bitcoin traded at $23,737.83 with a daily trading volume of $44.9 billion. Bitcoin is up 4.35% in the last 24 hours.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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    Cryptocurrency

    Unknown Bitcoin whale moves $714 million, Bitcoin stays above $60,000 mark

    The flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion.

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    $700 million worth of Bitcoin moved by an unknown identity

    Bitcoin whales are moving the vastly used treasury crypto in large amounts amid price volatility and bullish rush, as Bitcoin bulls regain control above the $60, 000 mark.

    Data retrieved from BtcBlockBot an advanced crypto blockchain tracking and analytics firm, an anonymous cryptocurrency user revealed someone (possibly http://coinbase.com) moved 11,901 BTC $714 million in block 678,688.

    Whale alert! 🐋 Someone (possibly http://coinbase.com) moved 11,901 BTC $714 million in block 678,688

    READ: XRP surges by 150% in 7 days as Ripple posts early victories against SEC

    The tracker further disclosed that the whale may have come from the world’s pioneer crypto exchange, Coinbase.

    Nairametrics’ research has recently seen the surge in unknown crypto transactions involving Bitcoin, Ethereum, and other top crypto assets at levels not previously seen in the cryptoverse suggesting that more institutional players are getting into the game.

    At the time of writing, the flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion. Bitcoin is down 0.04% for the day.

    Sigma Pensions

    READ: Why Bitcoin is still going up

    During bull trends in the cryptoverse, these large entities can take profit on their positions, especially if the futures market is overcrowded.

    Wealthy investors reducing their crypto exposure to rebalance their portfolios can cause high price swings in the market, especially when accompanied by cascading liquidations.

    However, recent data suggests otherwise as data retrieved from Glassnode points at entities holding more onto the world’s most popular crypto, rather than selling; as data shows Bitcoin balance on Crypto Exchanges just reached a 2-year low of 2,337,271.262 BTC.

    A previous 2-year low of 2,338,724.621 BTC was observed on 08 April 2021.

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    READ: FG moves to recover N5.2 trillion debt owed by firms, individuals

     

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    Cryptocurrency

    XRP surges by 150% in 7 days as Ripple posts early victories against SEC

    This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

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    XRP, Ripple's co-founder earned $411 million from selling XRP in 2020

    Amid the strong bullish rally at play in the cryptoverse, Ripple’s XRP looks to be leading the way with a push as it almost triples in value following a series of legal victories and social media rumours of relisting at some crypto exchanges like Coinbase.

    This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

    At the time of writing this report, XRP traded at $1.47 with a daily trading volume of $29.3 billion. XRP is up 147% for the week with a current market value of about $67 billion.

    READ: Why this unknown crypto with over 600% gain in 3 months, might still explode

    The surge in this crypto asset is coming amid a lawsuit from the SEC which accused XRP’s $1.3 billion initial coin offering of being an “unregistered securities offering.” The allegation led most American crypto multiple exchanges to delist the crypto and XRP lost its place as the 3rd largest crypto by market value.

    That being said, crypto traders appear to be backing the crypto asset amid credible reports suggesting that Ripple lawyers have posted two victories in their legal tussle against the powerful American regulator, including gaining access to internal Securities Exchange Commission discussion history regarding crypto assets.

    READ: XRP stands firm, investors wait on Ripple’s legal outcome

    What this means

    Such access by Ripple’s lawyers to these records would offer them insights into why the Securities Exchange Commission has not deemed Bitcoin and Ethereum a security asset.

    Sigma Pensions

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