Today, all followers of the Whale Alert twitter account and official website could witness something rare. Their tweet posted at approximately 2 PM GMT revealed that 40 BTC mined in 2009 just moved to the unknown wallet, suggesting that that might have been Satoshi Nakamoto's wallet. The market went "OMG, Satoshi moves his Bitcoin".
The tweet mentions that the wallet has been dormant since 2009. Furthermore, it suggests that the address might belong to the creator of Bitcoin himself. However, the 40 BTC (roughly $388,000) transaction is virtually nothing compared to the overall amount of 980,000 Bitcoin Satoshi Nakamoto supposedly owns. Moreover, the destination address doesn't belong to any of the cryptocurrency exchanges.
Why All the Panic?
The wallet from which Bitcoin was sent ever only held 50 BTC. Therefore, considering the fact that the amount of 40 Bitcoin doesn't really categorize as "whale", the all-encompassing buzz is hardly justified.
Source: blockchain.com
However, some may be intrigued by how easy it was to mine Bitcoin during the first month of its existence. As a matter of fact, 50 BTC landed in a single transaction on February 9th, 2009. Coins were a part of the coinbase (Newly Generated Coins), which is visible by the transaction description.
If Satoshi or anybody else who mined Bitcoin at the very beginning, moved 50 BTC, should that create a FUD? Well, not really.
For example, yesterday, the same source reported that 1,500 BTC ($14,5 million) left Xapo wallet to find their place at OKEx exchange. Of course, this huge transaction going directly from a private wallet to the exchange dwarfs 40 Bitcoin. Moreover, it also foreshadows a serious sell-off by a Bitcoin whale. Yet, this didn't trigger nearly as much speculation as the alleged "Satoshi transaction".
We can only speculate about the possible reasons for this transaction. However, since the wallet still isn't empty, there is a possibility that this Bitcoin has a purpose other than being sold on exchanges.
Was This Really Satoshi Nakamoto Moving His Bitcoin?
With all this in mind, there is just enough evidence that this wasn't Satoshi's transaction at all. A well known Twitter user nic carter compiled the data from satoshiblocks.info. According to him, Satoshi's blocks have a specific pattern in the nonce. The original block where 40 BTC came from, doesn't have the same pattern.
"Patoshi" you can see in the chart above is how bitslog.com researcher refers to one of the first BTC miners in the extensive article published on April 16th, 2019.
So, what does this mean?
Well, in the simplest possible terms, the buzz created around the 40 BTC transaction is another proof that the cryptocurrency market is, in fact, still in the infancy phase. On the other hand, Satoshi created a mythical aura around himself by remaining anonymous. Thus, it is sure to generate more controversy until we discover who he really is. If we ever learn the truth at all.
Next time Satoshi moves his Bitcoin, it better be a much larger amount, or else we might just become immune to overhyped spectacles like this one.
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Originally published on CoinSyncom: https://coinsyn.com/satoshi-moves-his-bitcoin-maybe-investors-panic/