Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Tuesday, April 9th, and today we're talking about the having.

Hello, friends. This is an AI version of NLW coming to you from the road to introduce a show about a really fun topic, the Bitcoin halving.

In this episode, we're going to look at the halving through history. Let's dive in.

Hello, Bitcoin Friends, NLW here. The

halving is fast approaching, and with that occasion in mind, I thought it would be fun to go

back and talk about just how different each of these havings have been, especially in terms of

what was going on in the Bitcoin and the wider world around them. So let's enjoy a historical

tour of past halvings. The first having occurred on November 28, 2012, with the block reward

being cut from 50 Bitcoin to 25 Bitcoin. At the time, 10 million of the supply had been issued,

and Bitcoin's price was around $12. Back then, Mount Gox was the largest exchange in the world. As you can see

from the piece behind me, Gox was handling somewhere between 70% or more of Bitcoin's trading,

and really it's hard to describe how insane the process was to acquire Bitcoin at the time. For Mount

Gox, it was wiring money to Japan and hoping that it arrived. Locally, it was sending cash in the mail

or meeting up with some guy off Craigslist. There were constant problems with draw-haltz, major hacks, rumors of

price manipulation, the infamous Willybot, but of course nothing would compare to what followed.

850,000 Bitcoin stolen from Mount Gawks in February 2014. Of course, leading to the longest running

fud of all time, which is the Mount Gawks Unlocks, and Mark Carpels

was later arrested in Tokyo for embezzlement, a charge of which he was eventually cleared.

The main narrative back then around Bitcoin was payments, both legal and illicit.

We'll steer clear of the illicit, but this is why Bitcoin is for criminals became such a

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