Topic: Aren't Satoshi's coins a liability? (Read 3213 times)

I think he almost certainly will spend them eventually. He may well be waiting for more ways that he can move/spend them without his identity being revealed.

i wouldnt really worry about this.
satoshi kept coins even at 1k price i doubt he/they will spend them now

This is why satachi's bitcoin is a liability to Bitcoin. When Satachi eventually does sell/spend his bitcoin it will be seen by many as something is "wrong" with bitcoin in some way. This will cause at the very least some kind of temporary panic. I think it is also why satachi stopped participation in the development and discussion of bitcon as he likely did not want to be seen as this kind of person

I am talking about the arguments presented here when people start saying "Satoshi meant ..."  The fact is it does not matter what Satoshi wanted, said, or did at this point.  It is an open source software program for which he has no control.  The only thing that matters is what he will do with his coins and there is no basis for the conjecture that he will never spend the coins.  In fact I believe he said you should never destroy a private key.  Everyone should plan for Satoshi using his coins at some point.  As pointed out, if his intention was to destroy the coins he probably would have done so by now to remove this risk.

Someone who spends their time endlessly analyzing Satoshi chats and IRC logs, etc. is like sitting around analyzing the Dead Sea Scrolls.  Unless it is some technical issue that you are trying to explain it serves no purpose except to turn Bitcoin into some kind of religion.

I don't think anyone said that or thinks that.

those thinking that i treat satoshi like a messiah are wrong. the reason i say what i say is that i have read satoshi's posts, IRC logs emails etc. so i understand what he wanted. yet all you can quote is the genesis block, as if thats the only thing he wrote.

it might be worth you researching more to realise that satoshi didnt just think of it as a meaningless experiment, or something he didnt want to succeed. my mindset is in the "satoshi=smart developer" not "satoshi=god". and although i call him a smart developer i know his unix skills lacked a bit. but that didnt stop him having a smart idea.

might be worth some of you reading the research and double checking it. rather than believing the summarized plot lines.

Yes, I noticed this after just a few weeks of being involved in Bitcoin.  Especially some of the people associated with the Foundation.  In March of 2013 I complained to them that they chased Satoshi away and I predicted that within 18 months all the current businesses associated with the Foundation (Mt. Gox, Bitinstant, Coinlab etc.) would all be gone.  I wish the current Foundation would just dissolve so some new organization can form which is not saddled with the history of the current Foundation.  Just this week the crazy Roger Ver Bounty hunters vid.  I mean, c'mon.  This is lunatic fringe kind of stuff and it drives people away from Bitcoin.  And Ver says if I don't think his project is good then I don't understand what Bitcoin is.  Sure.  What you have is a bunch of nut cases who attach themselves to Bitcoin and try to say anyone who uses Bitcoin agrees with them.  I am all for limited government and freedom and I work with the NJ Libertarian party on their Open Government project and I have even funded some law suits against local governments.  But some of these Bitcoiners are just from outer space when they start discussing this issue. 

To get an idea of what I am talking about listen to the Let's Talk Bitcoin interview with Preston Byrne who is a very reasonable person compared to Stephanie Murphy who is completely unreasonable and interjects herself into the interview several times spouting complete nonsense and disrupting the interview to the point of making the host angry.
http://letstalkbitcoin.com/blog/post/lets-talk-bitcoin-137-eye-of-the-beholder

Also, yes, that message in the Genesis Block merely proves the date the software was released and makes kind of joke.  I have seen people claim that this "proves" all kinds of intent by Satoshi and it obviously does no such thing.  If someone points to that message and claims it proves some kind of intent by Satoshi don't bother to listen to anything else that person has to say because it will be all nonsense.

Satoshi didn't move any BTC when it worthed 1000$.
How many people would be able to do nothing with a billion dollar, even not convert 1 million dollar or less?

I think there is nothing to worry about his bitcoins : he would have sold a part of his fortune if he was interested in anything but money.

5% of total supply will definitely affect the price.

Or he will wait until the price does not matter and spend it.

Is this the message?



https://blockchain.info/tx/4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b?show_adv=true

What if satoshi is the antichrist......!!!

There are several people on this forum (franky being one of them) that seem to treat bitcoin as a religion and satashi as a messiah (many of them crazy). I would speculate that this was at least part of the reason why satashi "left".

I also agree that satashi likely did not know that bitcoin would become as successful as it has become to date. I know that he had said that bitcoin will either have a lot of transactions in 20 year or very few, but he likely did not imaging it having this large of a market cap

No, I don't realize why he invented Bitcoin and neither do you.  I suspect he had no idea it would become this valuable and to talk like he had everything planned out from the start seems pretty unlikely to me.  Bitcoin is not a religion that was planned out by the messiah, it was some computer science people who put together a concept.  I know, I know, he put some message in the Genesis Block and that proves it was some kind of long complicated theory to replace the entire world financial system.

I do consider the coins a liability, just because of the fact they might not always remain in the hands of Satoshi. 

Other than that, I think that Franky1 has thought out the most likely and most reasonable path.  I would like to add though, I doubt he really ever left the scene.  I think he just stopped mining under the Satoshi name and was mining under a new name back in 2010, one that we might very well recognize.  And he can now spend coins as that persona and has more than enough that the Satoshi coins need not be touched. 

guys.. you do realise why satoshi made bitcoin right?? to get away from FIAT.

if satoshi was to use his stash of a few hundred thousand coins. it would NOT be to convert to FIAT. it would be to buy real world things like cars, houses, islands, everything he desires in life USING BITCOIN. not cashing out to fiat first, as that just goes against the whole point of what bitcoin is truly about.

that's like inventing a car, then trading it in for a horse.

this means that satoshi wont be throwing coins onto the exchanges.

i believe he learnt this early on that cashing out goes against his ethos. he also realized that by trading coins for real life tangible products/property (food, houses, etc) people he is trading with would follow the taint and his anonymity would be ruined.

so those couple hundred thousand coins in his 2009 wallet. will remain locked. and since he disappeared in late 2010, he THEN began mining fresh coins pretending to be a normal average joe person under a different username

I would agree that he will likely wait until far in the future to start spending his bitcoin and I think he will likely start to spend some of it until the block reward has just halved. I also think he will give a lot of warning before actually selling the coins on an exchange/at merchants (I think he will likely attempt to move the coins without warning via a mixer in order to keep his anonymity). 

I think it is very likely Satoshi will use the coins at some point.  I don't think he knew it would become this valuable so he is probably deciding what to do.  The system is too fragile to move the coins now so I expect he will wait at least until the next halving if not two. 

a single actor did not single handedly mine bitcoins. as that means that for 319 days(1148800/3600) only satoshi was mining bitcoins. meaning others only joined in november 2009.

for instance
dont you even know that hal finney was mining from block 70 onwards (in january 2009!!!!), dont you know that sirius was mining before november 2009, do i need to relist the other people that were into bitcoin during 2009-2010.

it does make me chuckle how soo many people read someones opinion of a graph they made, and not actually get a second opinion, deeper analysis of the results, or check other information to see if the information corresponds to the analysis.

 

Satoshi != a videogame developer.