Hype would not cause a price increase in this case. The value of bitcoin is partly due to scarcity. 1.1m previously inaccessible bitcoins suddenly becoming liquid would cause a drop in price, even if they were sold slowly. It could also cause panic selling as it might indicate the wallets have been brute force cracked.
As a weaker point: I would expect an increase in the market capitalisation of the bitcoin float. Ie if you multiply the price of bitcoin by the amount of movable bitcoin right now and after the first Satoshi is sold, you compare with the new price of bitcoin multiplied by the newly enlarged amount of movable bitcoin.
The strong claim is that the price per bitcoin would go up, too. Not just the market cap of the float.
> It could also cause panic selling as it might indicate the wallets have been brute force cracked.
Suppose I brute force cracked it to get access to the bitcoins. I would:
Quietly amass a large offsetting position in the bitcoin futures market (and wherever else you can do this), before I make any moves. Then (assuming I couldn't hedge my whole exposure at decent prices) I would use all means available to pretend that Satoshi had woken up again. Eg use specially fine-tuned LLMs to mimic his style to post on the usual mailing list etc. Some people will believe you, some won't.
I'd say post a bit in Satoshi's name to build interest. Then skeptics will say: prove it. And you 'prove' it by selling moving a few Satoshis between your own wallets back and forth. (Don't sell anything yet.) The hype will build, and you sell into it on the futures market.
The last step is important, because you can get rid of your bitcoin exposure this way, without any trace on the blockchain. So you can even vow to never release any of the stash on the market and other shenanigans. That should help the price.
Well, the futures will come due eventually, and then you can move the stash. The price might or might not crash, but you don't care, because you already locked in your profits on the derivatives.
> Partially due to scarcity, but also due to hype.
I agree with you, but isn't the value of gold also almost entirely due to hype? Sure, there are some industrial applications, but those are minor components of demand for gold.
Hype is just another way of saying "people obtain pleasure from owning this thing" and that's pretty much what sets demand for most goods. Don't even get me started on diamonds. The whole wedding ring having a diamond is hype.
Bitcoin just makes this explicit and impossible to deny.
Well, there's pleasure from directly owning the thing: you can look at gold in your vault and appreciate it for itself.
But a bitcoin in your vault by itself is indistinguishable from a shitcoin I just made by forking bitcoin with the same code but a new genesis block. Or even more pointed: the alternative futures of bitcoins after any route not taken by the community after any hard fork.
In any case, I agree that much of the value of gold comes from social conventions, too, yes.
If gasoline engines burned their fuel as efficiently as possible, they would produce three by-products: water vapor (H2O), carbon dioxide (CO2) and nitrogen (N2).
Unfortunately, engines do not run perfectly, and as a result, they also produce three by-products commonly referred to as the "terrible trio" of automotive pollutants. This trio includes the following:
* Carbon monoxide (CO) – An odorless, tasteless, poisonous gas, carbon monoxide can cause a variety of health problems and even death. Many urban areas experience critically high levels of carbon monoxide, especially during the cold winter months when engines take longer to warm up and run cleanly
* Unburned hydrocarbons (HC) – Responsible for causing a variety of respiratory problems, unburned hydrocarbons can also cause crop damage and promote the formation of smog
* Oxides of nitrogen (NOX) – Like unburned hydrocarbons, oxides of nitrogen cause respiratory problems and promote the formation of smog
I can't even play the decent free games I got because I can't find them in the UI. It doesn't have sort by rating (or any other popularity metric) so you have to wade through the junk. Imagine paying for that experience...
I think my i9 was released right after the Spectre and Meltdown mitigations in 2019, but I seem to remember even more recent vulns in that family… so that could also be a factor.
If you get the "You're absolutely right!" response from an LLM that screwed up on a field you're familiar with and still let them play with your health, you're...courageous to say the least.
The original unit was the [slightly smaller] Roman mile which was standardized with the military in mind, i.e. able-bodied men in their prime. Seems like the average for men today is 2.5 feet or so which is more or less still on the money for 2k steps/1k paces to a mile.
Because most ARM SBCs are still limited to whatever linux distro they added support to. Intel SBCs might underperform but you can be sure it will run anything built for x86-64.
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