Historical event as it is Halving Bitcoinis behind us. Many analysts expected large price movements but this time without fireworks. Slowly closing the money tap for the newly generated Bitcoin is a kind of response Satoshi Nakamoto for the mass printing of fiat money.
Bitcoin Halving versus inflation
Bitcoin foundations and rules for creating a new one BTC, were written in Bitcoin’s Whitepaper, also known as the Satohsi Manifesto. The principles of Bitcoin’s operation have been described transparently, and radical changes are virtually impossible. Thanks to the system Proof of Work people are rewarded for their contributions to the network.
Along with the extraction of block 360,000, the validation award was reduced from 12.5 BTC to 6.25 BTC.
By contrasting the Bitcoin system with the current system of traditional currencies, we are able to notice the differences with the naked eye. Our FIATs are taken by inflation while Bitcoin inflation decreases with each halvig.
At this point, it is worth quoting the words of Satoshi, who spoke on this subject with the sacred Bitcoin pioneer Hal Finney in 2008.
The fact that new coins are produced means that the money supply increases by the planned amount, but this does not necessarily lead to inflation. If the money supply increases at the same pace as the number of people who use it, prices remain stable.
Bitcoin halving and hidden message
Last Unit in front of halvingiem No. 629 999 was mined by f2pool. To commemorate this moment and honor the first extracted block of “Genesis”, the miners left a message.
The final Bitcoin block with a subsidy of 12.5 BTC was mined by @ f2pool_official and contained the following message in its coinbase transaction:
🐟NYTimes 09 / Apr / 2020 With $ 2.3T Injection, Fed’s Plan Far Exceeds 2008 Rescuehttps://t.co/9dtTrC8YH6
– Jameson Lopp (@lopp) May 11, 2020
The hidden header pattern is very similar to the work of Satoshi Nakamoto, who placed similar text in the first extracted block. The encrypted message from f2pool refers to an article published in the NY Times, presenting plans to save the economy from the economic crisis. You can see the message at this link.
Message hidden in Genesis also referred to the NY Times article and, as is the case today, its main topic was the economic crisis.
The Times 03 / Jan / 2009 Chancellor on brink of second bailout for banks
As you can see history likes to circle. I wonder what message we’ll read in 4 years?
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