Jan 3rd is the 10th birthday of the Bitcoin genesis block. On that day, the Times led with “Chancellor on brink of
The genesis block contains the first 50 BTC block reward mined by Satoshi Nakamoto and was designed so that it can never be spent (all other mining rewards attributed to Satoshi still hasn’t been touched). Satoshi believed the old model of monetary philosophy was failing, so he built a new one without all of the controls and hazards that can lead to the debasement of fiat currencies with reckless printing practices.
His intent is covertly coded into the genesis block. Embedded in the hexadecimal code on the genesis block’s
The message is a direct allusion to the headline for The Times the day Bitcoin launched. As the article details, Alistair Darling, the U.K.’s Chancellor of the Exchequer at the time, was debating a second bailout for U.K. banks. This capital infusion would come nearly a year after the government flushed the same banks in an attempt to ballast credit flow and stanch impending economic downturn, something the United States did for its own banks in October of 2008.
The rest is obviously history.