184 Billion Bitcoin Bug

𝐆𝐄𝐓 𝐓𝐇𝐄 𝐁𝐈𝐓𝐂𝐎𝐈𝐍 𝐂𝐎𝐔𝐑𝐒𝐄➜➜➜
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In this video, I discuss the famous Bitcoin inflation bug of 2010, where someone created an extra 184 billion Bitcoin ("value overflow incident").

This bug was patched by Satoshi within 5 hours of its initial discovery by Jeff Garzik, and Satoshi encouraged miners to build on top of the "good chain" that did not contain this block.

Inflation bugs are not a huge threat to Bitcoin, because there are so many eyes on both Bitcoin Core and the Bitcoin blockchain. Bitcoin does not need an official security audit for this reason.

Ultimately, Bitcoin's 21 million max supply is a social value that is enforced through the code by the social layer of Bitcoin. Without this strong social layer that holds the max supply cap to be sacrosanct, it would be relatively easy to change the supply schedule and cap by just changing the software code..

Bitcoin inflation bugs are easy to spot, unlike inflation bugs in Monero and Zcash, which have the potential to do a lot more damage before they are spotted.

It is absurd to compare Satoshi rolling back the blockchain in 2010 to Vitalik rolling back the Ethereum blockchain in 2016 in the wake of the DAO hack. The latter took place when Ethereum had a market cap of $1 billion and was done to protect Ethereum pre-mine beneficiaries.

Whenever someone talks about the Bitcoin inflation bugs of 2010 and 2018, it is almost always in the context of trying to sell you their favorite altcoin. Let the buyer beware!

Not investment advice! Consult a financial advisor.

The Day Someone Created 184 Billion Bitcoin:
https://decrypt.co/39750/184-billion-...

Typical misleading article on Bitcoin inflation bugs:
https://medium.datadriveninvestor.com...

Value overflow incident:
https://en.bitcoin.it/wiki/Value_over...
https://bitcointalk.org/index.php?top...
https://bitcointalk.org/index.php?top...

Ethereum market cap historical chart:
https://www.globaldata.com/data-insig...

2018 Bitcoin inflation bug:
https://bitcoincore.org/en/2018/09/20...
https://medium.com/hackernoon/bitcoin...

I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.

My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#bitcoin
#inflation
#bitcoinhack

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