What is "dream" that Bitcoin's early members hugged in the virtual currency?

ByTiger Pixel

In 2013 the virtual currency "Bitcoin (bit coin)It was a turbulent year for me. The collapse of the illegal drug trading site · Silk Road which used bit coin as the settlement currency, the soaring price of 100 times more than the beginning of the year and a major crash, strengthening regulations in some countries such as Russia, and once 70% of the world The bankruptcy of the world's largest exchange Mt. Gox (Mt. Goks) boasting a bit coin transaction over, and the circumstances surrounding the bit coin changed rapidly and it was said that it was a year that attracted public attention. It is only 4 years to go back from such a turbulent year. Bit coin was born in a world full of "dreams" that is not idiomatic compared to the present.

The Early Days of Bitcoin
http://priceonomics.com/the-early-days-of-bitcoin/

Data analysis companyPriceonomicsI listen to the details of the bit coin obtained from the three people who know the earliest period of bit coin and the bit coin and summarize the contents. These were Andrew Buddle, Andrey Petrov, Andrew White and both were bright programming people with experience working in Internet related companies.

Mr. Badr said in 2011Hacker NewsI learned the existence of a bit coin. Mr. Badr was one of the programmers scattered throughout the world which was shocked by the world view of bit coin proposed by Tetsushi Nakamoto, and he said that he was spared days of excitement soon after he knew about bit coin. "As for bit coins, I climbed the site daily every day and I read back like a messy one, but nobody completely understood the mechanism of bit coin," Budle said.

"I have been shocked since Linux since the bit coin," White said. Mr White, who knew the existence of bit coins, said he read many books on encryption technology like other programmers. "Would you have read 40 to 50 volumes," Mr. White said, most of the engineers who love pure technology occupied the bit coin community at the beginning of the year, everyone had their own bit coins and that He was studying the mechanism.

Mr. Petrof, who was also a community member of the bit coin early period, said he felt that "bit coins may eventually become a common currency unifying the Internet world." "Members of the early bit coin community did not casually deal with bit coins like we do now.(Pdf) Tetsushi Nakamoto ThesisSo, everyone was reading over and over again, "Petrov says.

Three people speak in common: "Initial members were fascinated by having the potential to realize a liberal world for bit coins." Tetsushi Nakamoto said in the Bitcoin article, "We emphasized the low price of the settlement fee of bit coin, but members all over the world did not emphasize that, rather than bit coins I was fascinated by the many possibilities, "Budle says.

ByHalans

However, among the members of the bit coin early years, not being attracted by the technical and ideological innovation possessed by bit coins, there were members who were hooked on bit coins as "speculative targets". "It was Mr. Calpres of Mt. Gox who felt the appeal to speculation,CoinbaseThey are those who established other bit coin exchanges, "Mr. White says. Mr. Petrov reveals that he felt bitterly that "they were spending time on how to buy it cheaply and sell it high," they said.

Most of the community members in the early years of bit coin had dreamed of becoming "the common currency of the net world" instead of "bit coins" as "speculative targets", so they sometimes conflict with people who are in front of the bit coin trade There were also things. Members who see "dreams" in bit coins said Coinbase, which is called "bit coin Paypal", manages and possesses user bit coins, which does not have a centralized dominating structure It is an act of betraying the philosophy of bit coin, "he says.

ByIDR

Mr. Petroff said, "Most of the members of the bit coin's inception made a technical contribution, as a fatal security hole was carved in 2010. But technicians are trying to market bit coins It is true that I was missing Steve Jobs was near by Steve Wozniak, but it is true that there was no job like Jobs next to Nakamoto Tetsushi, "Mr. White "It was difficult to tell others the wonder of the bit coin, everyone was struggling to explain the mining process, they lacked a" common language "to talk with acquaintances." I will.

However, they said that they knew that "technology is a thing that can not be escaped from politics" to the three members, and members who overlap the "dream of making a common currency of the net world" in bit coin, the wonder of that idea It is said that members who fascinated the economy and felt the economy appeared to have evolved the service to make bit coins easier to use and make it a familiar presence and there is a difference in the way of thinking, today's bit coin I believe that it has no doubt that it has helped break it.

In addition, the reason for further strengthening the position of bit coin is the intermediary site of illegal drugs and illegal acting services "Silk road"was. In Silk Road, bit coin was adopted as a mid-settlement currency thanks to strong cryptography and anonymity of bit coin. "Although the initial members of bit coin did not make this happen, Silk Road became the engine for the economic penetration of bit coins," Mr. White admits the role Silk Road played .

ByJosep PC

About the question that everyone has said that "Members who supported the early years of bit coin made a profit with bit coins", there are few people surprisingly become millionaires. Mr. Badr said he decided to invest in bit coins after studying for several months, he said that the transaction price at the time of purchase was $ 10 per BTC (about 1030 yen). However, after that, the bit coin price seems to have crashed, but still he did not panic sale, Mr Badr. "I did not expect to sell it even if it crashed because it was the purpose of long-term possession.When the BTC reached 100 dollars (about 13 thousand yen), I started selling 10% at a time, it became a bonus It was not a substitute for retirement payment very much, "he said, while laughing. Budle says the reason for possessing bit coins is "I get a feeling of participating in the future."

"Early members should not have earned so much, everyone was looking at bit coins as" currency of the future "rather than investment target," Mr. White participated in a pool team that will jointly mining , He was digging up a bit coin of 500 BTC of month in cooperation with other members. However, the bit coin price at that time seems that 1 BTC was 5 dollars (about 510 yen), and he was unable to cover the electricity bill.

Mr. Petroff drew an illustration on bit coins and got a bit coin from another member. "Because I am not a gambler, I got a bit coin by painting, but that was a satisfying bit coin experience," Petrov says.

Works of Mr. Petrov.


In 2010, it is said that Florida men replace 2 pizzas with 10,000 BTC in the world's first bit coin trade. I will have bought pizza at the current market value at a price equivalent to hundreds of millions of yen, but the man said that he was able to buy a pizza with a bit coin who got on mining as "an incredibly cool experience" It was said that he said that. Members who supported the bit coin early period regret not having economic enthusiasm, they felt "bitter" in the bit coin and got a more wonderful experience than big money, so no one regrets that they could not be billionaire Three people think that it is not there.

Bit coin In just 20 years after the early years, market price rose sharply up to 1200 dollars (about 123 thousand yen) per BTC in 2013, bit coin, with the huge market in full regulation in China triggered bit coin bubble It will burst, it will be crashing hard below the half price. And it happened at the end of February 2014Collapse of major exchange Mt.GoxThe bit coin market has been greatly shaken, and some people say that "Bit coins are over at last" can be seen.

Certainly Mt. Gox's bankruptcy play has exposed "fragility" of all digital currencies including bit coins. However, there is also a direction to positively capture Mt. Gox's exit from the bit coin market. In other words, it is expected that only "excellent service" will survive, and "bit coin market will be more mature and stable, by inevitably" inferior service "such as sloppy management and security problems will disappear. In fact, the trading market for bit coins does not rise volumically by bankruptcy of Mt. Gox, it seems that the value of bit coin is calmly taken.


In particular, the fact that the bit coin transaction prices of major exchanges (CoinDesk, Bitstamp, Bitfinx, BTC-e) excluding Mt. Gox have almost the same value is the same as the bit coin penetration and bit coin market It tells maturity clearly.


Currently it is impossible for anyone to be confident about the future of bit coins. Whether bit coins can maintain value in the future is undoubtedly undisputed. In this respect, the danger of the bit coin which the member of the bit coin ingestion period felt still seems to remain. Mr. White said, "Nobody knew if the bit coin survived, I could not understand even if it exists six months later," the situation may have not changed anything .

However, it is also true that the number of people who have a dream of "future currency" in bitcoins has increased more than at that time. When asked about the current bit coin, Mr. Petrov said, "The value of bit coins has been incredibly high since then, although bit coin is still an interesting place to experiment, it still does not change. "Very important thing" has just been born. "