Silk Road, an Open Marketplace with few Restrictions where sometimes Illegal Drugs were Traded, Is Closed and the Value of Bitcoin Plummets

Since its creation in early 2011, Silk Road had been operating as a dark web marketplace for sometimes illegal drugs. And given the site’s wares, it’s understandable that the FBI had been tracking its operations very closely. Agent Chris Tarbell, in particular, had been searching for the identity of the mysterious “Dread Pirate Roberts,” and when [...]

By | 2018-01-30T20:12:51+00:00 October 1st, 2013|Uncategorized|0 Comments

Bitcoin Milesone: Bitcoin Reaches Parity with the US Dollar

President Washington Bitcoin Dollar A little more than two years after the first Bitcoin transaction in January 2009, the digital currency passed a major milestone. It was on February 9, 2011, in fact, that Bitcoin first reached parity with the U.S. dollar on leading exchange MtGox – an achievement that arguably now marked [...]

By | 2018-01-30T11:19:57+00:00 February 9th, 2011|Money|0 Comments

New Liberty Standard Publishes First Exchange Rate on Bitcoin of 1,309.03 BTC to one U.S. Dollar (0.0008/BTC)

Liberty Standard opens a service to buy and sell bitcoin, with an initial exchange rate of 1,309.03 BTC to one U.S. Dollar, or about eight hundredths of a cent per bitcoin. The rate is derived from the cost of electricity used by a computer to generate, or “mine” the currency. Sources: Read more: Complete [...]

By | 2018-01-29T23:59:08+00:00 October 5th, 2009|Money|0 Comments

First Transaction of Bitcoin Currency takes place between Satoshi and Hal Finney, a Developer and Cryptographic Activist.

Hal Finney, first Bitcoin buyer On March 19, 2013 Hal Finney posted on the following: I thought I'd write about the last four years, an eventful time for Bitcoin and me. For those who don't know me, I'm Hal Finney. I got my start in crypto working on an early version of [...]

By | 2018-01-29T23:13:43+00:00 January 12th, 2009|Money|0 Comments

The First Bitcoin Block Is Mined by ‘Satashi Nakamoto’ including within the code a Headline from ‘The Times’ that read, “Chancellor on Brink of Second Bailout for Banks”

In January 2009 the mysterious Satoshi Nakamoto set the Bitcoin revolution in motion by mining the fledgling currency’s first ever block of 50 coins. And Nakamoto presumably intentionally made sure that the moment was fixed in history by including within the code for the block a headline from the January 3, 2009, edition of British [...]

By | 2018-01-29T23:10:34+00:00 January 3rd, 2009|Money, Technology|0 Comments

‘Satoshi Nakamoto’ Released a White Paper called “Bitcoin: A Peer-to-Peer Electronic Cash System” and the Idea of Peer-to-Peer Electronic Cash System Was Officially Born

Satoshi Nakamoto (a pseudo-name) publishes a design paper called “Bitcoin: A Peer-to-Peer Electronic Cash System” through a cryptography mailing list that describes the Bitcoin currency and solves the problem of double spending so as to prevent the currency from being copied. The internet-based money enabled online payments without a third party and also wasn’t [...]

By | 2018-01-29T22:41:36+00:00 October 31st, 2008|Money|0 Comments

Neal Kin, Vladimir Oksman, and Charles Bry file an application for an encryption patent application

An interesting patent application... Neal Kin, Vladimir Oksman, and Charles Bry file an application for an encryption patent application. All three individuals deny a connection to Satoshi Nakamoto, the alleged originator of the Bitcoin concept. Those familiar with the world's first cryptocurrency, Bitcoin, know that there's near universal consensus that "Satoshi Nakamoto" doesn't exist. Instead, [...]

By | 2018-01-29T21:46:28+00:00 August 15th, 2008|Banking Cartel|0 Comments

Wei Dai Proposes b-money that Arguably laid the Groundwork for Cryptocurrencies

Computer science graduate Wei Dai arguably laid the groundwork for cryptocurrencies all the way back in 1998. His outline of the working of b-money, an electronic currency, was posted on an internet mailing list in November of that year and, as Dai told IEEE Spectrum in 2012, it aimed “to enable online economies that are [...]

By | 2018-01-27T19:58:25+00:00 November 26th, 1998|Money, Technology|0 Comments

Adam Back Invents Hashcash, a Proof-of-Work System that Inspired the One Bitcoin Uses to Mine New Coins

Adam Back Well over a decade before Bitcoin ever came to fruition, British cryptographer Adam Back came up with an algorithm that would prove crucial to the digital currency. Specifically, in March 1997 he devised the “hashcash” proof of work data that inspired the system that Bitcoin uses to mine new coins. “To [...]

By | 2018-01-27T16:28:45+00:00 March 28th, 1997|Money, Technology|0 Comments Launches, with the Online Currency e-gold – “a Private, International Currency that would Circulate Independent of Government Controls

As an amateur scholar of economic history, Douglas Jackson had formed the opinion that a currency backed by gold bullion was superior to the fiat money favored by most countries. In 1996 that notion prompted the one-time oncologist to launch e-gold, an innovation that Wired described in 2009 as “a private, international currency that would [...]

By | 2018-01-27T16:00:06+00:00 November 1st, 1996|Money|0 Comments