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Michael Terpin

đŸ‘€ Speaker
821 total appearances

Appearances Over Time

Podcast Appearances

Digital Social Hour
Michael Terpin: What Billionaires Aren’t Telling You About Bitcoin’s Next Cycle | DSH #1622

Mm-hmm.

Digital Social Hour
Michael Terpin: What Billionaires Aren’t Telling You About Bitcoin’s Next Cycle | DSH #1622

And so all of a sudden he was getting tons of Bitcoin.

Digital Social Hour
Michael Terpin: What Billionaires Aren’t Telling You About Bitcoin’s Next Cycle | DSH #1622

He was like solving the math problem quickest because he had his stronger processor.

Digital Social Hour
Michael Terpin: What Billionaires Aren’t Telling You About Bitcoin’s Next Cycle | DSH #1622

So if all of a sudden the math problem is really easy and boom, he gets it first, right?

Digital Social Hour
Michael Terpin: What Billionaires Aren’t Telling You About Bitcoin’s Next Cycle | DSH #1622

And so that ended up triggering the algorithm to go, oh, we need to double the difficulty to level two.

Digital Social Hour
Michael Terpin: What Billionaires Aren’t Telling You About Bitcoin’s Next Cycle | DSH #1622

A month later, it went to level three, triple the difficulty.

Digital Social Hour
Michael Terpin: What Billionaires Aren’t Telling You About Bitcoin’s Next Cycle | DSH #1622

A month after that, it was five.

Digital Social Hour
Michael Terpin: What Billionaires Aren’t Telling You About Bitcoin’s Next Cycle | DSH #1622

Five X the difficulty.

Digital Social Hour
Michael Terpin: What Billionaires Aren’t Telling You About Bitcoin’s Next Cycle | DSH #1622

A month after that, it was eight.

Digital Social Hour
Michael Terpin: What Billionaires Aren’t Telling You About Bitcoin’s Next Cycle | DSH #1622

During this rapid run-up, Satoshi emailed him and said, I know I can't stop you, but we're not supposed to increase the difficulty this early before people know about Bitcoin.

Digital Social Hour
Michael Terpin: What Billionaires Aren’t Telling You About Bitcoin’s Next Cycle | DSH #1622

And of course, Laszlo didn't stop.

Digital Social Hour
Michael Terpin: What Billionaires Aren’t Telling You About Bitcoin’s Next Cycle | DSH #1622

He ended up mining over 100,000 Bitcoin.

Digital Social Hour
Michael Terpin: What Billionaires Aren’t Telling You About Bitcoin’s Next Cycle | DSH #1622

That's the guy that bought 10,000 pizza for, I mean, sorry, two pizzas for 10,000 Bitcoin.

Digital Social Hour
Michael Terpin: What Billionaires Aren’t Telling You About Bitcoin’s Next Cycle | DSH #1622

He's not doing fine because he sold all of his Bitcoin.

Digital Social Hour
Michael Terpin: What Billionaires Aren’t Telling You About Bitcoin’s Next Cycle | DSH #1622

He bought pizza a few more times.

Digital Social Hour
Michael Terpin: What Billionaires Aren’t Telling You About Bitcoin’s Next Cycle | DSH #1622

And then when it got to about a dollar, he ended up buying a computer.

Digital Social Hour
Michael Terpin: What Billionaires Aren’t Telling You About Bitcoin’s Next Cycle | DSH #1622

No way.

Digital Social Hour
Michael Terpin: What Billionaires Aren’t Telling You About Bitcoin’s Next Cycle | DSH #1622

There's no Bitcoin left.

Digital Social Hour
Michael Terpin: What Billionaires Aren’t Telling You About Bitcoin’s Next Cycle | DSH #1622

So it depends what you believe.

Digital Social Hour
Michael Terpin: What Billionaires Aren’t Telling You About Bitcoin’s Next Cycle | DSH #1622

Satoshi sort of disappeared from public view around the time that one of his core devs, Gavin Anderson, went and did a presentation to the CIA because they asked.