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Bitcoin’s Whitepaper Anniversary: 14 Years To Transform the Exchange of Value

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Bitcoin’s Whitepaper Anniversary: 14 Years To Transform the Exchange of Value
  • It has been 14 years since Bitcoin’s whitepaper was published. The crypto community is celebrating the occasion and noting how far the asset has come.
  • Bitcoin inspired the crypto market present today, with its ethos of decentralization seen in everything from DeFi to Web3.
  • Bitcoin first hit $1 in 2011, crossing $67,000 only a decade later. Despite many dismissals as a fad and a bubble from those in traditional finance, it has endured.
  • The asset continues to grow stronger as more institutions invest and countries adopt it as legal tender.

The crypto community is celebrating the 14th anniversary of the publishing of the Bitcoin whitepaper, which happened on October 31, 2008. The market’s original cryptocurrency has had an eventful life, despite being a remarkably young asset. It has gone from being the lovechild of a few cypherpunks to an investment vehicle that even the biggest institutions want — and even some countries.

Bitcoin’s journey has been the shared experience of many. First of the ardent few who had strong convictions in the asset, and with every passing year, a growing throng of investors. As a fundamentally decentralized system, which today’s market can trace itself back to, the network is only worth as much as the individual peers who make up its network.

The first of those individuals was Satoshi Nakamoto. Perhaps it was a group of individuals, but regardless, the enigmatic entity has sparked a new wave of exchanging value, visible in everything from decentralized finance to Web3.

Email talking about Bitcoin's whitepaper
One of the first emails by Satoshi: Metzdowd

Satoshi’s presence still hangs over the Bitcoin market, from the cryptic newspaper headline in the genesis block to the limited number of forum posts made. The newspaper headline, which comes from The Times, refers to banks being bailed out by the British government, suggesting a displeasure in contemporary finance. It also hints that Satoshi may be British.

Bitcoin’s Whitepaper Anniversary: 14 Years To Transform the Exchange of Value 15
The newspaper headline found in BTC genesis block: Twitter

The whitepaper itself seems innocuous enough, perhaps even a tad too academic, to think that it would one day reach a market value of $1 trillion. Bitcoin has fallen from that peak, but the idea of a peer-to-peer currency remains strong. The whitepaper solved the difficult double-spending problem, with the rest being history.

Becoming Digital Gold

The early days of Bitcoin only had a small community of crypto enthusiasts backing it. It was not seen as a store of value or digital gold, as it is now commonly known. Hal Finney, a cypherpunk that worked closely with Satoshi on Bitcoin, was the first to receive Bitcoin from the creator. He was next after Satoshi to run a node, saying in a now-famous tweet that he was “running bitcoin.”

Not long after the Bitcoin network was launched, Laszlo Hanyecz made the first commercial transaction using Bitcoin. This was a more amusing circumstance that even gets its own celebration: Bitcoin Pizza Day.

Hanyecz purchased two pizzas from Papa John’s with 10,000 BTC — a sum now worth over $207 million as on October 31.

Bitcoin for pizza
Laszlo trading Bitcoin for pizza: Bitcointalk

His Bitcoin forum post is also rather charming. There have been very few updates about him since the incident, but he does have a place in Bitcoin’s history.

An Experiment Turns Into a Revolution

Bitcoin’s history has consistently been marked by major milestones as it continues its inevitable march toward adoption. The asset first hit $1 in 2011 — and ten years later, cross $67,000. There have been many ups and downs in between, but Bitcoin always comes out on top.

The milestones that Bitcoin has reached include attracting the likes of Square, Tesla, and MicroStrategy, all of which have invested in it. The last of those three is among the most invested in Bitcoin, though Square CEO Jack Dorsey is famously a supporter of the cryptocurrency. With such big firms entering the crypto market, it feels inevitable that the asset will only grow further.

Then there are entire countries adopting Bitcoin: most famously El Salvador making the cryptocurrency legal tender, but the Central African Republic as well. These add to the conviction that Bitcoin will be seen as an asset that stands alongside stocks and real estate.

It’s been simultaneously a long and short 14 years for Bitcoin. It shows no signs of slowing down, and as the younger, tech-savvy population takes over, there is much to look forward to.

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Elon Musk Says Sam Bankman-Fried Probably Donated Over $1B To Support Democratic Elections

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Elon Musk Says Sam Bankman-Fried Probably Donated Over $1B To Support Democratic Elections
  • Elon Musk hints on his official Twitter account that SBF may have donated more than $1B to the Democratic elections.
  • SBF the ex-CEO of FTX confirmed that he has made undisclosed donations to the republican party, and donated the same amount to both parties.
  • Republican Senator Ted Cruz also called FTX “a Bernie Maddof style fraud that cost investors Billions”.

Sam Bankman-Fried, the ex-CEO of now-bankrupt exchange FTX and FTX.US, is said to have donated “dark money” to the democratic party. Elon Musk took to Twitter to say that he believes the undisclosed number of democratic party donations probably reached over $1B, whereas only $40M were disclosed.

That’s just the publicly disclosed number. His actual support of Dem elections is probably over $1B. The money went somewhere, so where did it go?

— Elon Musk (@elonmusk) December 3, 2022

In a recent interview with crypto journalist Tiffany Fung, SBF stated that he donated to both parties equally.”I donated to both parties. I donated about the same amount to both parties,” Bankman-Fried tells Tiffany Fung on a phone interview.

“All my Republican donations were dark,” he said, referring to political donations that are not publicly disclosed. “The reason was not for regulatory reasons; it’s because reporters freak the fuck out if you donate to Republicans. They’re all super liberal, and I didn’t want to have that fight.”

As SBF admits that some of the donations were not publicly disclosed, it seems likely that more non-publicly disclosed donations to the democratic party.

Undisclosed donations have been made possible by the supreme court’s decision in the Citizen United case, which allows donors to donate anonymously. Since this decision, more than $1bn have poured into federal elections since 2010.

Elon Musk is very vocal on Twitter regarding the SBF case and the FTX bankruptcy scandal. On 13th of November Musk tweeted to hint that SBF is a major donor on the democratic party therefore he believes there will be no investigation by the SEC towards the exchange.

Republican Senator Ted Cruz also called FTX “a Bernie Maddof style fraud that cost investors Billions”.

On December 1st Senate held a hearing to discuss and urge lawmakers to act quicky in installing a regulatory framework for digital assets.The hearing was hosted by the Senate Agriculture Comittee and did not include the main person at the center of this scandal, CEO Sam-Bankman Fried. The person invited to testify was Rostin Banham, the Chairman of Commodity Futures Trading Commission (CFTC), agency that regulates the derivate markets. Benham called on immediate oversight of most crypto markets and “comprehensive market regulation.”

Benham’s testimony is controversial as he had a very close working relationship with Bankman-Fried over the last year. The Bill advocated in the hearing was the same one that Bankman-Fried encouraged himself earlier this year which has been questionable.

Denis Keheller, the president of advocacy group Better Markets argued over the influence SBG would have had on the CFTC. It is unclear how much access influence Sam-Bankman Fried may have bought at the agency.

“When something like this happens, typically you have an overreaction of elected officials of the need to crack down on the industry,” he says. “Instead, this hearing is to push a bill that was endorsed and pushed by FTX.”

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FTX’s Sam Bankman-Fried Knew More About Alameda Research Finances Than Let On: Forbes Report

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FTX’s Sam Bankman-Fried Knew More About Alameda Research Finances Than Let On: Forbes Report
  • A report by Forbes reveals that Sam Bankman-Fried knew about Alameda Research’s financial dealings.
  • SBF previously denied being “deeply aware” of Alameda’s finances. 
  • The former FTX chief regularly shared documents related to Alameda with Forbes over the past 2 years. 
  • The report indicates that SBF was well aware of Alameda’s business activities. 

An exclusive report published by Forbes has shed light on information that is in contradiction with recent claims made by Sam Bankman-Fried, the man behind the bankrupt crypto exchange FTX. 

Sam Bankman-Fried was aware of Alameda’s finances

In an interview at the DealBook Summit, SBF claimed that he was surprised by how big Alameda’s position was, referring to the risky trades made by his quantitative trading firm. The disgraced CEO tried to avoid accountability for Alameda’s actions by claiming that he was not involved in its day-to-day operations. “Alameda’s finances I was not deeply aware of. I was only surface-level aware of Alameda’s finances” he claimed. 

However, the report by Forbes provides an insight into the discussions they had with SBF in order to calculate his net worth for their annual World’s Billionaires list. During these discussions, Bankman-Fried shared several details that indicated that he was in fact well aware of Alameda Research’s finances. 

In order to prove his net worth, SBF detailed some of Alameda’s major holdings and several transactions involving Solana and Serum tokens as well as the notorious FTT. Some of these details were shared as recently as August 2022. The level of information found in the documents shared by Sam Bankman-Fried suggested that he knew more about Alameda than he revealed during his controversial interview. The former FTX CEO included details about his quant trading firm’s funds along with its token holdings, which at the time included 53 million SOL, 176 million FTT, and more than 3 billion SRM. According to this, the value of his share of Alameda’s funds under management was $8.6 billion. 

FTX's Sam Bankman-Fried Knew More About Alameda Research Finances Than Let On: Forbes Report 11

While it is still unclear as to how involved Sam Bankman-Fried was in the day-to-day operations at Alameda Research, the detailed description of the trading firm’s finances shared by him suggests that he knew more than he let on. 

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Mike Novogratz’s Galaxy Digital might buy crypto custodian GK8 from Celsius

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Mike Novogratz’s Galaxy Digital might buy crypto custodian GK8 from Celsius

Summary:

  • Galaxy Digital won a bid to buy one of Celsius’s assets as part of bankruptcy proceedings for the crypto lender.
  • Mike Novogratz’s company will buy GK8, a custodial business that Celsius acquired over a year ago in November 2021.
  • The custodian plans to launch crypto trading and lending for institutional investors.

Galaxy Digital submitted a successful bid for GK8, a crypto custodial service listed as an asset by Celsius during the lender’s bankruptcy proceedings. Both entity did not disclose the acquisition sum at press time. 

GK8 was acquired by Celsius in November 2021 when the bull run was near its peak. Months after, the lender was crippled by slumped crypto prices and Terra exposure. Celsius paused withdrawals shortly after LUNA and UST imploded in May, before declaring bankruptcy in July,

CEO Mike Novogratz said in a statement that adding GK8 to Galaxy Digital’s businesses offers a key ingredient for growth. Novogratz also addressed concerns regarding possible conflict of interest from the deal, ensuring that “clients will have the option to store their digital assets at or separate from Galaxy”.

Adding GK8 to our prime offering at this pivotal moment for our industry also highlights our continued willingness to take advantage of strategic opportunities to grow Galaxy in a sustainable manner.

Galaxy will also expand its workforce by some 40 employees as part of the deal. The firm hopes to onboard blockchain developers and cryptographers to name a few.

Galaxy Digital scoops Celsius asset after $76.8 million FTX exposure 

The digital asset firm reported losses in Q3 earnings after weathering contagion from Terra’s $40 billion crash. Galaxy’s earning report also revealed exposure to the bankrupt crypto exchange FTX. 

EWN reported that Novogratz’s firm tried to withdraw $47.5 million of the total sum from FTX before Sam Bankman-Fried’s exchange froze withdrawals.  The company

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