The first open source bitcoin client was released on 9 January 2009, hosted at SourceForge. This note has been interpreted as both a timestamp of the genesis date and a derisive comment on the instability caused by fractional-reserve banking. The text refers to a headline in The Times published on 3 January 2009. The Times 03/Jan/2009 Chancellor on brink of second bailout for banks Embedded in the coinbase of this block was the text: On 3 January 2009, the bitcoin network came into existence with Satoshi Nakamoto mining the genesis block of bitcoin (block number 0), which had a reward of 50 bitcoins. This paper detailed methods of using a peer-to-peer network to generate what was described as "a system for electronic transactions without relying on trust". Later that year, on 31 October, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list. On the 4th of January 2008, the domain name was registered. In the bit gold proposal which proposed a collectible market-based mechanism for inflation control, Nick Szabo also investigated some additional aspects including a Byzantine fault-tolerant agreement protocol based on quorum addresses to store and transfer the chained proof-of-work solutions, which was vulnerable to Sybil attacks, though. Hal Finney developed reusable proof of work (RPOW) using hashcash as its proof of work algorithm. The first proposals for distributed digital scarcity based cryptocurrencies were Wei Dai's b-money and Nick Szabo's bit gold. The idea was independently rediscovered by Adam Back who developed hashcash, a proof-of-work scheme for spam control in 1997. The idea that solutions to computational puzzles could have some value was first proposed by cryptographers Cynthia Dwork and Moni Naor in 1992. That should offer value for the longer-term trader, but until we get clarity, one must think that back and forth range bound trading off the stochastic oscillator is probably the easiest way to deal with this noise.Prior to the release of bitcoin, there were a number of digital cash technologies starting with the issuer-based ecash protocols of David Chaum and Stefan Brands. With the larger traders shorting the market, one would have to think that sooner or later they will get their way. Of note is that many of the institutional investors out there are starting to short the futures market, as a hedge against the spot market. I believe that the volatility is going to be very difficult to deal with, as Bitcoin doesn’t seem to know where it wants to go now that we have a futures market influencing traders. One of the biggest concerns is that we are overbought on the longer-term charts, and sooner or later we are going to need to break down to offer some type of value for longer-term traders. I think that using small positions will probably the best way to express your opinion on Bitcoin, as the market continues to be very noisy. Volume of course is probably going to be thin for the next week, so we could get erratic moves in both directions. At this point, I think we break above the $17,000 level, the market probably goes towards the $19,500 level. We could also rally though, and that’s the conundrum that I find myself in right now.