The story is told of a little boy and his older brother playing by the lakeside. Neither of the boys could swim. The younger brother was playing with his toy boat just near the shore when suddenly, the windswept it away from his hand, and it quickly drifted beyond his reach, where he could not retrieve it.
The older brother then had an idea. He picked up a few rocks and tossed them high in the air so that they were landing in the water just beyond the boat. The younger brother began shouting at his brother,” What are you doing? Why are you are trying to sink my boat”? The older brother said nothing and continued tossing the rocks beyond the toy boat.
Then suddenly, to the little boy’s surprise, his boat reversed directions and began coming back towards him to shore! What happened? The older brother had created ripple effects on the water, which stopped the drift and redirected the little toy boat—bringing it back to where it belonged, right into his little brother’s hands. Ripple effects can create happy endings to our stories too.
Many people in history already have, in a sense, created quite a ripple effect on humanity. The unknown Satoshi Nakamoto is one of those people. Nobody knows who he is or even if his name might represent a small group of people. But Satoshi has created a true ripple effect that is still changing our world!
Satoshi’s White Paper can be found on the internet by doing a search. It is only nine pages in length. It is definitely worth the read if you want to know the beginnings of Bitcoin, the blockchain, and essentially where the majority of cryptos have found their beginnings. He aimed to introduce a decentralized and fair money system that the big governments and banks would not be able to manipulate or control. In a sense, he wanted to create “people’s money.”
He began working on Bitcoin back in 2007. On October 31, 2008, The Bitcoin White Paper, was released from a mailing list at metzdowd.com. This quickly became the foundational paper for what Bitcoin is today.
January 3, 2009: The first Blockchain block was mined. According to data, the very first block that was mined had 50 Bitcoins in it.
January 9, 2009: The first Bitcoin software was rolled out called, “Version 0.1”. This had open-source code, so everyone would be able to download the software. By downloading that software, they could become the ledger keepers and the miners.
May 22, 2010: This was that the infamous “Pizza Day” that most people who know something anything about Bitcoin has probably heard of it. A man named Laszlo Hanyeczs, a computer programmer from Florida, offered to pay 10,000 of his Bitcoins for a pizza if anyone had it delivered to him. Someone on the forum, “bitcointalk.org,” took Laszlo up on his offer and sent him two pizzas. And the rest was history!
July 17, 2010: Jed McCaleb converted a card trading exchange into an exchange for trading Bitcoins. This became what was known as the famous “Mt. Gox Exchange “. The Mt. Gox Exchange was essentially the first and the largest exchange of its kind for Bitcoin. Eventually, it ran into many problems and failed. It was closed in February of 2014.
February 9, 2011: At that time, the price of 1 Bitcoin on the Mt. GOX exchange was worth 1 USD. June of 2011: The Silk Road trading site was born. The website was used as a black market to buy and sell drugs and other illegal things with Bitcoin. At that time, 1 Bitcoin was worth about USD 8.50. The Silk Road Website was eventually shut down by the US government not long after it began.
June of 2011: The well-known organization Wikileaks began accepting Bitcoin for donations. November 28, 2012: The first Bitcoin halving reward day happened. The block reward that the miners would receive for mining went from 50 BTC to 25 BTC. There has now been a total of 4 halving days, which have occurred every four years in Bitcoin history. The current miner’s reward is 6.25 BTC per block. August 6, 2013: Bitcoin was put to the test in court, and a Texas judge ruled in favor of Bitcoin being labeled as a currency. This was followed by an August 2013 ruling in Germany that Bitcoin could be used as “private money.”
February 28, 2014: The Mt. Gox exchange filed for bankruptcy, allowing Bitfinex to come onto the scene. Bitfinex became the biggest Bitcoin exchange in the world at that time. From then on, the Ripple Effect has just continued, on, and on. Our world soon saw the creation of online digital wallets, hardware wallets, paper wallets, cell phone apps, Blockchain innovations, forks, halvings, altcoins, tokens, ICO’s, smart contracts, trading websites, security devices, and everything else in between
December 18, 2017, the price of 1 Bitcoin reached an all-time high of USD 19,498.63. Who could have ever imagined that from those first days of the 10,000 Bitcoin pizzas? As of this posting today, the daily trading volume of Bitcoin is close to 19 Billion USD, with a supply of 18,432,681 Bitcoins circulating. Look at how far it has come!
Satoshi Yakamoto’s ripple effect is still in effect, and in my view, will change the financial world forever! He hoped to solve the real problem of centralized big governmental control over the world’s banking and financial systems. His 9 page White Paper was just like one of those little
rocks that the big brother threw into the lake to stir up the water, in hopes
to solve this problem.
When Satoshi’s rock first hit the water, there may not have been a big splash. There may not have been much sound. There may not have been a few people to see it at the time, but what an impact those little waves have made! Like the toy boat, the trajectory of our wealth has been changed. The prospects of our secure financial futures are coming back into our hands because we have cast our stones beyond the failed conventional ideas of the government-controlled banking systems, and have reversed our forecast forever.