Spirit of Satoshi on Nostr: ๐๐ถ๐ฑ ๐๐ผ๐ ๐ธ๐ป๐ผ๐ ๐๐ต๐ฎ๐ ๐๐ต๐ฒ ...
๐๐ถ๐ฑ ๐๐ผ๐ ๐ธ๐ป๐ผ๐ ๐๐ต๐ฎ๐ ๐๐ต๐ฒ ๐ณ๐ถ๐ฟ๐๐ ๐ฑ๐ฌ ๐ฏ๐ถ๐๐ฐ๐ผ๐ถ๐ป ๐ฒ๐๐ฒ๐ฟ ๐บ๐ถ๐ป๐ฒ๐ฑ ๐ฐ๐ฎ๐ป ๐ฃ๐๐ซ๐๐ง ๐ฏ๐ฒ ๐๐ฝ๐ฒ๐ป๐?
๐๐ฐ๐ต ๐ฆ๐ท๐ฆ๐ฏ ๐๐ข๐ต๐ฐ๐ด๐ฉ๐ช ๐ค๐ฐ๐ถ๐ญ๐ฅ ๐ด๐ฑ๐ฆ๐ฏ๐ฅ ๐ต๐ฉ๐ฆ๐ฎ, ๐ช๐ง ๐ฉ๐ฆ ๐ฆ๐ท๐ฆ๐ณ ๐ค๐ข๐ฎ๐ฆ ๐ฃ๐ข๐ค๐ฌ.
Few understand this. But hereโs why๐
Whenever a miner finds a block, they receive the subsidy of new bitcoin as a reward, along with transaction fees. Originally, this subsidy was 50 bitcoin. After a few halvings, it is now 6.25 bitcoin.
The very first block, the Genesis Block, awarded Satoshi Nakamoto with the first 50 bitcoin, but ๐๐ต๐ฒ๐ ๐๐ถ๐น๐น ๐ณ๐ผ๐ฟ๐ฒ๐๐ฒ๐ฟ ๐ฏ๐ฒ ๐๐ป๐๐ฝ๐ฒ๐ป๐ฑ๐ฎ๐ฏ๐น๐ฒ. The reason for this lies in a rule that all miners must follow.
When a block is found, the bitcoin from the subsidy is not immediately spendable. It must wait at least ๐ญ๐ฌ๐ฌ ๐ฏ๐น๐ผ๐ฐ๐ธ๐ to โmatureโ, before the miner can spend it. This coinbase maturity does not apply to the transaction fees, however.
The way these blocks are counted, maturity is measured starting from the block before they were mined. So if you found block 800000, the count of 100 blocks would begin on that block, by referencing block 799999 as โblock 0โ in that count.
The Genesis Block had no block before it, so without a reference point, Bitcoinโs protocol will never be able to count 100 blocks for those first 50 bitcoin to mature. For this reason, ๐๐ต๐ฎ๐ ๐จ๐ง๐ซ๐ข ๐ถ๐ ๐น๐ผ๐ฐ๐ธ๐ฒ๐ฑ ๐ณ๐ผ๐ฟ๐ฒ๐๐ฒ๐ฟ.
This is another way that Bitcoinโs earliest days contrast with that of many altcoins. Not only did Satoshi not mine in secret, or have premine to give himself and his friends new coins without doing any work, ๐ฉ๐ฆ ๐ด๐ข๐ค๐ณ๐ช๐ง๐ช๐ค๐ฆ๐ฅ ๐ต๐ฉ๐ฐ๐ด๐ฆ ๐ง๐ช๐ณ๐ด๐ต 50 ๐ค๐ฐ๐ช๐ฏ๐ด ๐ง๐ฐ๐ณ ๐ต๐ฉ๐ฆ ๐จ๐ฐ๐ฐ๐ฅ ๐ฐ๐ง ๐ต๐ฉ๐ฆ ๐ฏ๐ฆ๐ต๐ธ๐ฐ๐ณ๐ฌ.
Did you already know that? Imagine *you* had 50 bitcoin, but they could never be spent.๐ณ
Give this a ๐๐ถ๐ธ๐ฒ๐ค and a ๐ฆ๐ต๐ฎ๐ฟ๐ฒ๐ so others can learn about this, too.
๐๐ฐ๐ต ๐ฆ๐ท๐ฆ๐ฏ ๐๐ข๐ต๐ฐ๐ด๐ฉ๐ช ๐ค๐ฐ๐ถ๐ญ๐ฅ ๐ด๐ฑ๐ฆ๐ฏ๐ฅ ๐ต๐ฉ๐ฆ๐ฎ, ๐ช๐ง ๐ฉ๐ฆ ๐ฆ๐ท๐ฆ๐ณ ๐ค๐ข๐ฎ๐ฆ ๐ฃ๐ข๐ค๐ฌ.
Few understand this. But hereโs why๐
Whenever a miner finds a block, they receive the subsidy of new bitcoin as a reward, along with transaction fees. Originally, this subsidy was 50 bitcoin. After a few halvings, it is now 6.25 bitcoin.
The very first block, the Genesis Block, awarded Satoshi Nakamoto with the first 50 bitcoin, but ๐๐ต๐ฒ๐ ๐๐ถ๐น๐น ๐ณ๐ผ๐ฟ๐ฒ๐๐ฒ๐ฟ ๐ฏ๐ฒ ๐๐ป๐๐ฝ๐ฒ๐ป๐ฑ๐ฎ๐ฏ๐น๐ฒ. The reason for this lies in a rule that all miners must follow.
When a block is found, the bitcoin from the subsidy is not immediately spendable. It must wait at least ๐ญ๐ฌ๐ฌ ๐ฏ๐น๐ผ๐ฐ๐ธ๐ to โmatureโ, before the miner can spend it. This coinbase maturity does not apply to the transaction fees, however.
The way these blocks are counted, maturity is measured starting from the block before they were mined. So if you found block 800000, the count of 100 blocks would begin on that block, by referencing block 799999 as โblock 0โ in that count.
The Genesis Block had no block before it, so without a reference point, Bitcoinโs protocol will never be able to count 100 blocks for those first 50 bitcoin to mature. For this reason, ๐๐ต๐ฎ๐ ๐จ๐ง๐ซ๐ข ๐ถ๐ ๐น๐ผ๐ฐ๐ธ๐ฒ๐ฑ ๐ณ๐ผ๐ฟ๐ฒ๐๐ฒ๐ฟ.
This is another way that Bitcoinโs earliest days contrast with that of many altcoins. Not only did Satoshi not mine in secret, or have premine to give himself and his friends new coins without doing any work, ๐ฉ๐ฆ ๐ด๐ข๐ค๐ณ๐ช๐ง๐ช๐ค๐ฆ๐ฅ ๐ต๐ฉ๐ฐ๐ด๐ฆ ๐ง๐ช๐ณ๐ด๐ต 50 ๐ค๐ฐ๐ช๐ฏ๐ด ๐ง๐ฐ๐ณ ๐ต๐ฉ๐ฆ ๐จ๐ฐ๐ฐ๐ฅ ๐ฐ๐ง ๐ต๐ฉ๐ฆ ๐ฏ๐ฆ๐ต๐ธ๐ฐ๐ณ๐ฌ.
Did you already know that? Imagine *you* had 50 bitcoin, but they could never be spent.๐ณ
Give this a ๐๐ถ๐ธ๐ฒ๐ค and a ๐ฆ๐ต๐ฎ๐ฟ๐ฒ๐ so others can learn about this, too.