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The Satoshi Fortune

At Whale Alert we analyze and report interesting blockchain transactions and for Bitcoin there is no subject more interesting and mysterious than the founder known by the alias Satoshi Nakamoto. We were able to make the most accurate estimate of the number of blocks mined and bitcoins owned by Satoshi: 1,125,150 bitcoin mined up to block 54,316 with an estimated total value of the unspent bitcoin of at least $10.9 billion USD in today’s market. In addition to the size of his fortune we were also able to deduce the purpose of the Patoshi miner: to defend the young network from attacks.

Central to the workings of the Bitcoin network is mining, which ensures transactions are safely executed. In order for a transaction to be processed, one of the many miners needs to bundle it in the block they have mined. The strength of the Bitcoin network is positively correlated to the number of miners: more miners means a safer network that is more reliable and more resilient to attacks. Very simply put, mining is a guessing game in which the participants simultaneously try to guess a huge number. The winner gets to mine the block and claim the block reward (50 bitcoin per block in the early days)and, in addition to the transactions, other details related to the mining process, like the nonce and extranonce values (used by the miner during the mining process), are added to the block. In 2013 Sergio Demian Lerner discovered that there was a distinct pattern visible in this extranonce value in the coinbase transaction (the transaction in which the rewarded bitcoin for mining a block is created) of each block.

Figure1 shows the extranonce values at a block heights below 20,000 with each block represented by a dot and creating a distinct saw like pattern. Lerner argued that the diagonal lines are created by miners using the publicly released standard bitcoin software: the straight lines they leave behind are the result of the miner incrementing the extranonce either during their own mining process or each time a new block is mined on the network. The distinct saw pattern is created by resetting the extranonce value to zero which happens whenever a miner is restarted. The almost vertical lines in the graph have been attributed to a miner that Lerner named Patoshi. We know for certain that Patoshi was operated by Satoshi, because its pattern emerges at the very birth of the network and it mined the block that created the bitcoins sent to Hal Finney. Lerner found additional proof for his claims in the nonces (another value used in the mining process that is also stored in each block, but is different from the extranonce) of the blocks mined by the Patoshi miner: the last byte of the nonce was always within the ranges of 0 to 9 or 19 to 58 whereas all other miners used the full range of 0 to 255. This discovery made it easier to attribute blocks to Patoshi by removing the ones with nonces outside of the range. However, attributing blocks remained difficult at the intersections of Patoshi and standard miner patterns, especially past block 20,000 after which the number of active miners increased greatly.

We suspected that the limited range of the last byte of the nonces was the result of work being divided over a number of computers or CPU cores, with each one using a different number to prevent duplication of work. With this in mind we checked if there was any variation within the range itself as a result of mining capacity being added or removed and we found that it indeed changed over time. For instance, the range [0–9][19–58] was only used during the first 18,015 blocks and was then reduced to [0–9][19–48] until block 21308 with the same happening for later block periods (ranges per block period listed in table below) (Similar findings have been described in this anonymous blog). Our research also revealed some interesting new details: between blocks 21,467 and 25,777 the range [0–9] was only used at the start of each Patoshi chain (each chain being a single run of the miner, and thus a single line in the above graph) and the number 39 was only used sporadically. Between blocks 25,811 and 54,316 the number 29 is missing entirely from some chains. These anomalies could indicate that certain computers or cores were defective or turned off during these periods. These findings allowed us to exclude even more blocks that were not mined by Satoshi and provided us with a clearer image (see figure above) which was especially valuable at higher block heights where the mining activity on the network increased drastically.

The improved attribution of Patoshi blocks allowed us to accurately determine the average mining speed for Satoshi’s miner and surprisingly we found that changes in the nonce ending range did not correlated to changes in mining speed: the average mining speed stayed incredibly constant for long periods of time. For example, for the entire range of blocks between height 2,000 and 16,000 the average number of blocks mined by Patoshi per hour was almost exactly .6 per 10 minutes, even though the number of miners varied greatly during this period. From the data it is apparent that the Patoshi miner adjusted its speed between blocks to maintain the average; when a Patoshi chain was creating more than .6 blocks/10 minutes, the block time for the following Patoshi block was on average lower and vise versa. There are two reasons why Satoshi would want to maintain this average: first, he saw 51% attacks as the biggest threat to the growing network and by maintaining a constant 60% of the processing power he could prevent these from happening while leaving enough blocks for others to mine. As more “honest” miners joined the network and a 51% attack became less likely, Satoshi was able to gradually scale down his mining activities. Second, Satoshi stated that the ideal block time was around 10 minutes and by controlling enough processing power it was possible to artificially keep the block time around this time when there was not enough or too much activity on the network. We suspect that Patoshi was comprised of at least 48 computers, with one machine for coordination and more on standby in case of an attack, which would explain the missing range of [10–18]. As soon as Satoshi deemed the network strong enough he reduced Patoshi’s blocks per 10 min target to give others a better chance at mining a block.

Knowing the changing nonce ranges allowed us to attribute more blocks to Satoshi and with higher certainty: an estimated 22,503 out of the first 54,316 blocks mined. For 50 of these blocks the coinbase transactions (or mining rewards) have been spent, one of which certainly by Satoshi in a transaction of 10 BTC to Hal Finney. 31 of the spent blocks are possible false positives, meaning they matched the Patoshi ‘fingerprint’ by chance and belong to a different miner. We are confident that 18 of the spent blocks belonged to Satoshi, making the total spent by Satoshi 907 BTC (price per BTC was less than $0.01 USD at the time of these transactions) and leaving 1,122,693 BTC unspent.

The goal of this research was not only to find out how much, but also why Satoshi was mining in this particular manner. Did Satoshi stop mining with the Patoshi miner after block 54,316? It is impossible to know whether the mining software was changed and became undetectable as a result or if Satoshi continued mining using the publicly available mining software. There are some anomalies found in higher blocks like the over-representation of nonces ending in [0–9] after block 70,000 and a strange pattern using the same ranges between block 109,500 and 112,500, but at the moment it is safe to say that the Patoshi miner was turned off in May 2010. The timing of the shutdown, the mining behavior, the systematic decrease in mining speed and the lack of spending strongly suggest that Satoshi was only interested in growing and protecting the young network. The bitcoin mined by Patoshi were possibly a mere byproduct of these efforts and it is unlikely that the remainder will ever be spent, although the question remains why Satoshi didn’t simply burn them in this case. Our findings do not exclude the possibility that Satoshi was also running a miner using the publicly released software, if only for testing purposes, and we believe it is likely that at least one of the non-Patoshi patterns belongs to Satoshi as well.

Note: according to our research the following blocks have been mined and spent by Satoshi: 9, 286, 688, 877, 1760, 2459, 2485, 3479, 5326, 9443, 9925, 10645, 14450, 15625, 15817, 19093, 23014, 28593 and 29097.

https://whale-alert.medium.com/the-satoshi-fortune-e49cf73f9a9b

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Ripple CEO on partnership with BNY to serve as custodian of stablecoin
00:01:12
Brad Garlinghouse In Washington 🚀

It’s time for a fair and open level playing field.

Under Gary Gensler it was quite the opposite.

  • Brad Garlinghouse
    July 9, 2025
00:01:56
More Of The Same...l

🚨 JUST IN: Patriot Tom Fitton, who has been fighting DOJ and FBI to release documents for years, has practically thrown in the towel.

👉 "The justice department and the FBI are irredeemably compromised and corrupted.
The leadership needs to understand that and act accordingly." ~Tom Fitton

00:01:30
👉 Coinbase just launched an AI agent for Crypto Trading

Custom AI assistants that print money in your sleep? 🔜

The future of Crypto x AI is about to go crazy.

👉 Here’s what you need to know:

💠 'Based Agent' enables creation of custom AI agents
💠 Users set up personalized agents in < 3 minutes
💠 Equipped w/ crypto wallet and on-chain functions
💠 Capable of completing trades, swaps, and staking
💠 Integrates with Coinbase’s SDK, OpenAI, & Replit

👉 What this means for the future of Crypto:

1. Open Access: Democratized access to advanced trading
2. Automated Txns: Complex trades + streamlined on-chain activity
3. AI Dominance: Est ~80% of crypto 👉txns done by AI agents by 2025

🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.

👉 Coinbase just launched an AI agent for Crypto Trading

🎁 As of July 8th there have been 84 VERI SmartMetal NFT Activations (1.3%). With shipments ramping up, we witness the corresponding jump in activations.

Need help getting started? Check out our knowledge base to get the info you need: https://veridao.freshdesk.com/support/solutions/articles/51000487052-what-are-the-nft-activation-steps

👉Interested in which NFTs have been activated? Check them out here:
https://basescan.org/token/0x4516a5d613c30a36d157d3b579813734cbb929a4

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🚨BREAKING: The US House Committee on Financial Services says that next week the House will deliver on President Trump's call to make the US the "crypto capital of the world!

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Brinc Launches Web3 Accelerator with Octopus, XDC & IDA

Brinc Launches Web3 Accelerator with Octopus, XDC & IDA to Transform Hong Kong’s Loyalty and Payment Systems.

Read more: https://www.brinc.io/blog/brinc-launches-octopus-backed-web3-accelerator-program-to-revolutionize-hong-kongs-retail-loyalty-and-payment-ecosystem-with-xdc-and-ida-as-key-web3-infrastructure-partners/

🔗 Startups can apply from July 10

📅 Launching Sept 8

Learn more about the Web3 Accelerator program and apply now: https://www.brinc.io/stablecoin-accelerator/

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Musk Turns On Starlink to Save Iranians from Regime’s Internet Crackdown

Elon Musk, the world’s richest man and a visionary behind SpaceX, has flipped the switch on Starlink, delivering internet to Iranians amid a brutal regime crackdown.

This move comes on the heels of Israeli strikes targeting Iran’s nuclear facilities, as the Islamic Republic cuts off online access.

The former Department of Government Efficiency chief activated Starlink satellite internet service for Iranians on Saturday following the Islamic Republic's decision to impose nationwide internet restrictions.

As the Jerusalem Post reports, that the Islamic Republic’s Communications Ministry announced the move, stating, "In view of the special conditions of the country, temporary restrictions have been imposed on the country’s internet."

This action followed a series of Israeli attacks on Iranian targets.

Starlink, a SpaceX-developed satellite constellation, provides high-speed internet to regions with limited connectivity, such as remote areas or conflict zones.

Elizabeth MacDonald, a Fox News contributor, highlighted its impact, noting, "Elon Musk turning on Starlink for Iran in 2022 was a game changer. Starlink connects directly to SpaceX satellites, bypassing Iran’s ground infrastructure. That means even during government-imposed shutdowns or censorship, users can still get online, and reportedly more than 100,000 inside Iran are doing that."

During the 2022 "Woman, Life, Freedom" protests, Starlink enabled Iranians to communicate and share footage globally despite network blackouts," she added.

MacDonald also mentioned ongoing tests of "direct-to-cell" capabilities, which could allow smartphone connections without a dish, potentially expanding access and supporting free expression and protest coordination.

Musk confirmed the activation, noting on Saturday, "The beams are on."

This follows the regime’s internet shutdowns, which were triggered by Israeli military actions.

Adding to the tension, Israeli Prime Minister Benjamin Netanyahu addressed the Iranian people on Friday, urging resistance against the regime.

"Israel's fight is not against the Iranian people. Our fight is against the murderous Islamic regime that oppresses and impoverishes you,” he said.

Meanwhile, Reza Pahlavi, the exiled son of Iran’s last monarch, called on military and security forces to abandon the regime, accusing Supreme Leader Ayatollah Ali Khamenei in a Persian-language social media post of forcing Iranians into an unwanted war.

Starlink has been a beacon in other crises. Beyond Iran, Musk has leveraged Starlink to assist people during natural disasters and conflicts.

In the wake of hurricanes and earthquakes, Starlink has provided critical internet access to affected communities, enabling emergency communications and coordination.

Similarly, during the Ukraine-Russia conflict, Musk activated Starlink to support Ukrainian forces and civilians, ensuring they could maintain contact and access vital information under dire circumstances.

The genius entrepreneur, is throwing a lifeline to the oppressed in Iran, and the libs can’t stand it.

Conservative talk show host Mark Levin praised Musk’s action, reposting a message stating that Starlink would "reconnect the Iranian people with the internet and put the final nail in the coffin of the Iranian regime."

"God bless you, Elon. The Starlink beams are on in Iran!" Levin wrote.

Musk, who recently stepped down from leading the DOGE in the Trump administration, has apologized to President Trump for past criticisms, including his stance on the One Big Beautiful Bill.

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GENIUS Act lets State banks conduct some business nationwide. Regulators object

The Senate passed the GENIUS Act for stablecoins last week, but significant work remains before it becomes law. The House has a different bill, the STABLE Act, with notable differences that must be reconciled. State banking regulators have raised strong objections to a provision in the GENIUS Act that would allow state banks to operate nationwide without authorization from host states or a federal regulator.

The controversial clause permits a state bank with a regulated stablecoin subsidiary to provide money transmitter and custodial services in any other state. While host states can impose consumer protection laws, they cannot require the usual authorization and oversight typically needed for out-of-state banking operations.

The Conference of State Bank Supervisors welcomed some changes in the GENIUS Act but remains adamantly opposed to this particular provision. In a statement, CSBS said:

“Critical changes must be made during House consideration of the legislation to prevent unintended consequences and further mitigate financial stability risks. CSBS remains concerned with the dramatic and unsupported expansion of the authority of uninsured banks to conduct money transmission or custody activities nationwide without the approval or oversight of host state supervisors (Sec. 16(d)).”

The National Conference of State Legislatures expressed similar concerns in early June, stating:

“We urge you to oppose Section 16(d) and support state authority to regulate financial services in a manner that reflects local conditions, priorities and risk tolerances. Preserving the dual banking system and respecting state autonomy is essential to the safety, soundness and diversity of our nation’s financial sector.”

Evolution of nationwide authorization

Section 16 addresses several issues beyond stablecoins, including preventing a recurrence of the SEC’s SAB 121, which forced crypto assets held in custody onto balance sheets. However, the nationwide authorization subsection was added after the legislation cleared the Senate Banking Committee, with two significant modifications since then.

Originally, the provision applied only to special bank charters like Wyoming’s Special Purpose Depository Institutions or Connecticut’s Innovation Banks. Examples include crypto-focused Custodia Bank and crypto exchange Kraken in Wyoming, plus traditional finance player Fnality US in Connecticut. Recently the scope was expanded to cover most state chartered banks with stablecoin subsidiaries, possibly due to concerns about competitive advantages.

Simultaneously, the clause was substantially tightened. The initial version allowed state chartered banks to provide money transmission and custody services nationwide for any type of asset, which would include cryptocurrencies. Now these activities can only be conducted by the stablecoin subsidiary, and while Section 16(d) doesn’t explicitly limit services to stablecoins, the GENIUS Act currently restricts issuers to stablecoin related activities.

However, the House STABLE Act takes a more permissive approach, allowing regulators to decide which non-stablecoin activities are permitted. If the House version prevails in reconciliation, it could result in a significant expansion of allowed nationwide banking activities beyond stablecoins.

Is it that bad?

As originally drafted, the clause seemed overly permissive.

The amended clause makes sense for stablecoin issuers. They want to have a single regulator and be able to provide the stablecoin services throughout the United States. But it also leans into the perception outside of crypto that this is just another form of regulatory arbitrage.

The controversy over Section 16(d) reflects concerns about creating a regulatory gap that allows banks to operate interstate without the oversight typically required from either federal or state authorities. As the two Congressional chambers work toward reconciliation, lawmakers must decide whether stablecoin legislation should include provisions that effectively reduce traditional banking oversight requirements.

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If you find value in my content, consider showing your support via:

💳 PayPal: 
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Dubai regulator VARA classifies RWA issuance as licensed activity
Virtual Asset Regulatory Authority (VARA) leads global regulatory framework - makes RWA issuance licensed activity in Dubai.

Real-world assets (RWAs) issuance is now licensed activity in Dubai.

~ Actual law.
~ Not a legal gray zone.
~ Not a whitepaper fantasy.

RWA issuance and listing on secondary markets is defined under binding crypto regulation.

It’s execution by Dubai.

Irina Heaver explained:

“RWA issuance is no longer theoretical. It’s now a regulatory reality.”

VARA defined:

- RWAs are classified as Asset-Referenced Virtual Assets (ARVAs)

- Secondary market trading is permitted under VARA license

- Issuers need capital, audits, and legal disclosures

- Regulated broker-dealers and exchanges can now onboard and trade them

This closes the gap that killed STOs in 2018.

No more tokenization without venues.
No more assets without liquidity.

UAE is doing what Switzerland, Singapore, and Europe still haven’t:

Creating enforceable frameworks for RWA tokenization that actually work.

Matthew White, CEO of VARA, said it perfectly:

“Tokenization will redefine global finance in 2025.”

He’s not exaggerating.

$500B+ market predicted next year.

And the UAE just gave it legal rails.

~Real estate.
~Private credit.
~Shariah-compliant products.

Everything is in play.

This is how you turn hype into infrastructure.

What Dubai is doing now is 3 years ahead of everyone else.

Founders, investors, ecosystem builders:

You want to build real-world assets onchain.

Don’t waste another year waiting for clarity.

Come to Dubai.

It’s already here.

 

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If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto – Support via Coinbase Wallet to: [email protected]

Or Buy me a coffee: https://buymeacoffee.com/thedinarian

Your generosity keeps this mission alive, for all! Namasté 🙏 Crypto Michael ⚡  The Dinarian

 

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