It is not known if Satoshi Nakamoto created Bitcoin (BTC) alone, if they had help from others, or whether they themself are just a pseudonym for a developer collective. However, after the launch of Bitcoin on Jan. 9, 2009, Nakamoto worked to improve the software by receiving feedback and opinions from several collaborators.
Among them is Dustin D. Trammell, one of the first cypherpunks to download the official version of Bitcoin and mine the cryptocurrency. Trammell is a computer security research scientist and a specialist in virtual security. In addition to talking to Satoshi and suggesting improvements to Bitcoin, he also received some Bitcoin from the creator themselves.
Cointelegraph Brasil talked to Trammell about the early days of Bitcoin, after the virtual currency hit a new valuation record above $61,000. Here’s what the early adopter thinks about the future of cryptocurrency.
Cointelegraph: Before Bitcoin, what was the atmosphere and how did you come to learn about BTC?
Dustin Trammell: I’m not really sure… My introduction to digital currencies was literally when Satoshi published the Bitcoin white paper to the mailing list. Prior to that, most of my experience with alternative currencies was of the metals-backed physical kind, like the Liberty Dollar.
I was mostly following the cryptography mailing list as a casual interest in cryptography from my career in information security, and was mostly focused on things like new algorithms, attacks on and weaknesses in algorithms.
“I did not speak to Satoshi before they released the Bitcoin white paper. The first version I was able to review and run was the initial public release to the mailing list a few months later. Yes, I used the very first public version and every version thereafter.”
I immediately began submitting bugs and asking questions, which led to the emails that I published via my blog. I remember being on the SourceForge list, as I wanted to keep up with development, but I don’t think I ever posted to it. I was subscribed to the Bitcoin-Development and Bitcoin-List lists, although it looks from my email history like I didn’t subscribe until 2013/2014. I don’t recall being in the IRC channel or the original forum. I joined BitcoinTalk after it was created.
CT: How was mining at that time? Was it something of a “study” or did you already think that Bitcoin could be a currency as it is today?
DT: Mining was incredibly easy, although I did not realize for the first few days that you had to go into the settings and specifically turn mining on. Once I did that, I was off to the races… So, there were a few days at the very beginning when I was running the software but not mining yet. Back then, you could easily mine with commodity CPUs and you could generate a block of 50 anywhere from a few times a day to one every few days, depending on your processing power.
“Given my interest in alternative currencies and information security, I was definitely interested in the project and thought it showed promise, but at the time I wasn’t thinking this far ahead and about what it has evolved into today. If I was, I would have saved far more Bitcoin than I did.”
I used to run other “spare processing power” programs on my computers like SETI@home, so I thought I could spare some computers to mine Bitcoin and participate in the network with my spare processing power.
Back then, I mostly sent Bitcoin to myself, consolidating coins into a single wallet from the various computers that I was mining on. I don’t recall sending any to anyone else until years later, when they were finally worth more than $0. Satoshi only sent me coins once using my IP address.
Coins were always sent by Bitcoin address on the blockchain, but to send by IP, the client would connect to that IP and then request a Bitcoin address from it to send to, and then send to that address on-chain. Satoshi’s client connected directly to mine in this way, and my client just gave it the next available address from its address pool.
I actually stopped mining at some point and forgot about Bitcoin for a year or two, and was blissfully ignorant of what was happening with the project. During that time, the value appreciated from $0 to around $9. I started paying attention again when the news story about Bitcoin being used on the Silk Road came out. This is probably when I joined the other email lists.
CT: Do you think Satoshi had already worked on creating an e-cash before Bitcoin?
DT: Not sure, but probably not. It seems that they had pulled together many different technologies and concepts to create Bitcoin. I’m not sure you could have that kind of clarity and lack of bias if you had specifically been working on digital currencies prior. I think you might have needed an outside perspective.
In hindsight, Satoshi didn’t seem to be trying to solve a technical problem, but rather a social problem. A systemic problem with the legacy financial system. At the time though, they were very focused on the technology, so some of the philosophical points may have been overlooked or downplayed by those not paying close enough attention.
CT: Do you think Bitcoin has found the “formula” to achieve its value, or has it just become an investment asset that will be accumulated by the same “bankers” and governments that the cypherpunks once fought?
DT: Yes, today I truly believe that Bitcoin has the potential to become the world’s next global reserve asset. It has already conquered the internet; altcoins on exchanges are almost universally traded against Bitcoin in ALT/BTC pairs.
It has the rock-solid monetary policy and proven network effect to continue driving its value to the moon against other non-scarce assets. The new financial system that is being built on top of Bitcoin is going to completely outperform the legacy systems, that there’s literally no choice but for Bitcoin to supplant them. This is Finance 2.0.
“I think it’s a bit late for bankers and governments unless they get in the game quickly. Most of the Bitcoin has already been issued and the remaining authorized supply to be issued is dwindling rapidly, with the supply of newly minted coins halving every four years or so.”
They’ll have to buy from existing holders, and most of us have no intention of selling to them. That will drive the price in fiat currencies parabolic. The first central bank to print fiat to buy Bitcoin wins.
CT: Did you imagine that one day there would be this whole industry around Bitcoin?
DT: Yes, I saw the potential for Bitcoin to become very big, and there was some discussion at the time around scaling and what layer-two solutions might look like, but this has grown far beyond my early expectations.
I wish I still had most of the Bitcoin I mined. I had a lot. I gave a lot of it away to promote Bitcoin. I bought a lot of Casascius coins and Bitbills, and gave them out at hacker and computer security conventions, renaissance fairs, parties, left them as tips at restaurants, etc. I gave it literally to anyone that would take Bitcoin.
I also bought a lot of things with Bitcoin, from real estate and a car to Bitcoin miners to random electronics. I own one of the Bitcoin nerd merit badges that cost me… 1 BTC. They would still cost 1 BTC if they weren’t sold out.
“I have mixed opinions on other projects and what potential they have. I try to keep an open mind and consider each on its own philosophical and technical merits. For example, I actually do like Ethereum, but it’s not well decentralized and ETH is horrible money. It wasn’t intended to be money, and the Ethereum monetary policy is practically nonexistent. ETH is basically a utility token that you use to accomplish things on the Ethereum network.”
I hold a little ETH because I occasionally like to do things on the Ethereum network, such as play Decentraland, and following and participating in this whole NFT/crypto art movement is somewhat interesting. But I don’t hold it as an investment, or as money, because it has no stable, predictable monetary policy. I only hold enough of it to accomplish what I want to do on the network.
I think “DeFi” [decentralized finance] has a long way to go to work out the bugs and security issues with digital ledger contract systems. For now, I’ll stick to the original decentralized-finance project, Bitcoin.
CT: What about Satoshi — do you think they still have access to Bitcoin and continue to work on cryptocurrency development, or did they really abandon everything?
DT: I have no idea. My best guess is that Satoshi burned those keys early on to prevent themselves from being tempted to reveal themselves later, or lost them… Or Satoshi is dead. There are multiple plausible Satoshi candidates that are now no longer with us. Satoshi certainly isn’t Craig Wright though.
CT: Looking at what Bitcoin was in 2009 and what it is today, what is the future of the main cryptocurrency in the market?
DT: I believe it will continue to grow and evolve, from the speculative asset and store of value that it has now become, to later the global reserve asset, to a unit of account, and finally to actual currency.
We’re getting there with the floodgates of institutional money opening up and layer-two solutions like Bitcoin Lightning and Liquid coming online, but it’ll still take a while. That said, it’ll probably happen sooner than we expect. “Gradually, then suddenly…”
Coinbase Pro Lists Tether as USDT Supply Approaches 50 Billion
In an announcement on April 23, Coinbase Pro stated that it had enabled trading for the Tether stablecoin. The move is huge news as previously the leading exchange would only support its own native stablecoin, USDC.
The announcement added that support for USDT will generally be available in Coinbase’s supported jurisdictions, with the exception of New York State. The only version of USDT available will be the Ethereum ERC-20 standard.
Trading will begin on or after 6 PM Pacific Time Monday, April 26, if liquidity conditions are met, it added. The following pairs will be available: BTC/USDT, ETH/USDT, USDT/EUR, USDT/GBP, USDT/USD, and USDT/USDC.
Tether is not available on the regular Coinbase exchange yet and is limited to the Pro version which is more suited to professional and institutional traders.
Starting today, inbound transfers for USDT are now available in the regions where trading is supported. Traders cannot place orders and no orders will be filled. Trading will begin on or after 6PM PT on Monday April 26 , if liquidity conditions are met. https://t.co/F5o73g8o4v
— Coinbase Pro (@CoinbasePro) April 22, 2021
Tether Supply Surges
The move comes as Tether’s circulating supply approaches a milestone all-time high of 50 billion. According to the Tether Transparency report, there are currently 49.58 billion USDT in circulation.
Of that total, almost half of it, or 24.4 billion is based on Ethereum while the majority of the remainder, almost 26 billion is circulating on the Tron network.
Since the beginning of 2021, the total supply of Tether has increased by 137% outlining the surge in demand for stablecoins in DeFi related activities.
Comparatively, there is currently 13.4 billion USDC in circulation according to the company that owns it, Circle. It has had an even greater increase this year with 244% since January 1.
The third-largest stablecoin is Binance USD which currently has a circulation of 7 billion according to Coingecko. The surge in supply for BUSD this year has been even greater at over 600%, largely driven by Binance Smart Chain and DeFi yield farms on PancakeSwap.
Crypto Market Correction Deepens
Cryptocurrency markets are currently correcting hard with a decline in total market capitalization of 20% from its all-time high of $2.3 trillion on April 16. Over the past 24 hours, $280 billion has left the space as Bitcoin and its brethren continue to pull back.
According to Coingecko, BTC prices have slumped 9.4% on the day dropping below $50K for the first time since March 7. It has now formed a lower low since the previous correction which could be a sign of a major trend reversal.
ORBS Is Now Accessible on Binance Smart Chain Via AnySwap
[PRESS RELEASE – Please Read Disclaimer]
The ORBS token is now accessible via the Binance Smart Chain. Hodlers can swap tokens to and from the Ethereum network. Exploring this additional blockchain allows Orbs to leverage BSC’s potential for speed, low costs, and DeFi purposes.
This integration of ORBS onto Binance Smart Chain is made possible through the cross-chain bridge developed by Multichain.XYZ – a platform co-developed by Anyswap and Andre Cronje. By integrating this functionality, holders can now move ORBS to and from the Ethereum and BSC networks at their own leisure.
Given the potential for BSC in the DeFi space, support on this blockchain can unlock new use cases for Orbs. As BSC is home to near-daily launches of new projects, products, and services, it is one of the more exciting blockchains in the industry today. It has a competitive edge over Ethereum – which remains the main ecosystem for DeFi – by providing faster transactions at a much lower cost.
“While the Ethereum ecosystem is leading the pack in terms of DeFi activity and public interest, in the last couple of months we are seeing more and more DeFi alternatives growing on BSC. Says Orbs co-founder Tal Kol. “We knew we had to be part of the opportunities and innovations happening in the BSC ecosystem” he continued.
As more and more DeFi alternatives launch on BSC, it makes sense for the ORBS token to be interoperable. As Orbs is a prolific decentralized finance project with unique advantages and multiple upcoming projects under development, both ecosystems will benefit from this compatibility. With the help of cross-chain bridges – such as multichain-xyz – the DeFi ecosystem can continue to grow and evolve into more encompassing solutions.
Moreover, Orbs and the Binance exchange strengthened their partnership in January to promote ongoing innovation in the world of decentralized finance. They were the first core sponsors of the DeFi.org accelerator bootstrapping new projects and DeFi protocols.
Other projects being worked on by Orbs include Liquidity NEXUS – to bridge the gap between CeFi and DeFi – and the Orbs DeFi Portal – an aggregation service for information regarding Orbs and decentralized finance. There is also the Orbs DeFi Grant Program which aims to foster ongoing growth among contributors developing the network and ecosystem.
Orbs is a public blockchain infrastructure designed for mass usage applications – offering developers a proper mix of performance, cost, security and ease of use. The Orbs protocol is decentralized and executed by a public network of permissionless validators using Proof-of-Stake (PoS) consensus.
Orbs Now Bridged to Binance Smart Chain (BSC) with Anyswap
Blockchain company Orbs said it is now available to trade on Binance Smart Chain (BSC). The move is yet another milestone in Orbs’ efforts to build bridges between complementary blockchains that will eventually bridge ORBS to multiple ecosystems.
With the release of this feature, ORBS holders will be able to leverage their tokens to participate in DeFi applications on the Binance network. At the same time, they tap into Binance’s ever-growing ecosystem that allows for cheap transactions and high scalability.
The BSC integration is also another step in growing token liquidity across multiple chains, while also preparing for the ability of other assets to live on the Orbs network.
ORBS, which has some $272 million in liquidity and around $1 million in 24-hour volume, was formerly only hosted on the Ethereum blockchain, which is currently suffering under increasingly high gas fees.
To kick-start this integration, Orbs is utilizing the cross-chain bridge infrastructure developed by multichain.xyz, which makes applications compatible with new and legacy systems. Effective today, ORBS tokens can be swapped from the Ethereum mainnet to the BSC mainnet and back.
Once the swap is complete, the ORBS token will be visible in the Binance Wallet connected to the service. From there, users can trade, swap, and interact with the associated token as they would with any supported asset in the Binance Chain.
The rapid rise of the Ethereum-based DeFi ecosystem has fueled the migration of many relevant applications to alternative blockchains. The trend has accelerated after the expensive gas fee on the Ethereum network has limited functionality and made many defi protocols barely usable.
Is BSC the Ethereum killer?
As the Defi ecosystem continues its boom, Ethereum seems to be losing its market to Binance Smart Chain (BSC). Binance’s native blockchain has become the go-to alternative for many traders, onboarding millions of users at an eye-watering pace.
As a result of BSC’s rising popularity, BNB token price has skyrocketed to become the world’s third biggest cryptocurrency, trailing only behind Bitcoin and Ether. Trading volume on Binance’s network has also outpaced that of Ethereum, a clear shift of the market to the new chain.
For Orbs, the main motivating factor for integrating Binance Chain is to give users new ways to use ORBS on various DeFi applications within the nascent ecosystem.
Orbs’ vision is to convert real-life businesses to blockchain at scale by turning the trust-enabling technology into mass-usage applications for many sectors.
The Israeli blockchain garnered attention earlier this year after partnering with Binance to fund a recently launched accelerator for decentralized finance innovation.
Named ‘DeFi.org,’ the incubator reviews submitted applications, even anonymous ones, and the one that fulfills requirements and receives approval gets the accelerator’s assistance.
Successful applicants receive many benefits and incentives including mentorship, funding from scratch and exposure to the DeFi community.
Upon receiving approval, they also get a “special consideration” if they apply to take part in Binance’s seed fund for Bridging DeFi and CeFi. In line with the sponsorship, Orbs also provides startups with a grant under the company’s Grant Program.
Meanwhile, Orbs has recently introduced a new liquidity-as-a-service application that makes access to defi easier for professional investors. Dubbed ‘Liquidity Nexus,’ the application provides a massive source of new liquidity for interested defi projects.
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