Can Satoshi Stop bitcoin? - page 4. | Bitcointalksearch.org

Asuspawer09

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Quote from: TIDOVEE on August 29, 2020, 01:02:20 AM

Satoshi Nakamoto has done a great job in bitcoin invention, his idea is what many of us are celebrating and enjoying today and we are grateful to have such a great idea, we have all believed that by the decentralized nature of bitcoin, it should be unstoppable by any government,even by Japan where Satoshi was claimed to be a citizen. Now that his idea has been propelled far and wide, do you think he has the capacity to stop it again?

What do you mean by stopping it again?

I guess one of the things is we don't know if Satoshi exists or bitcoin is made by a company or maybe just a country, somehow for me it is impossible to stop the bitcoin now but what could happen is to kill the bitcoin marketprice that is surely going to killed bitcoin. The main theory here is Satoshi is holding a big percentage of bitcoin, having a big percentage of bitcoin and dumping it in the market could potentially kill bitcoin, we don't know but that's how the bitcoin scam is going to work. Also, it might affect all of the cryptocurrency in the market when the market price reaches 0.

posi

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Quote from: imstillthebest on August 29, 2020, 02:51:58 PM

Quote from: posi on August 29, 2020, 12:43:58 PM

Quote from: TIDOVEE on August 29, 2020, 01:02:20 AM

Now that his idea has been propelled far and wide, do you think he has the capacity to stop it again?

No. Despite that I dont see a reason why someone will decide to stop or destroy what he worked hard and labor for

So many people hate btc and they try to take it down and thier reason is that they are jealous .

They want their coin to be on the spot of btc and they want their coin to be the next btc but I don't think Satoshi himself will destroy what he created because he is proud of it . We can feel the same if we built something and we will only develop it to perfection , not to destroy it .

You make a good point because the act of trying to be top coin was among the reason why some altcoin was hit with double spend by a group of people but we all know that no altcoin can dethrone or have the potential Bitcoin had.

Quote from: welovedcrypto on August 30, 2020, 06:22:04 AM

In my opinion Satoshi can't stop bitcoin and no one else can stop it even Jeff Bezos Cheesy

Jeff Bezos never show any interest in Bitcoin but this might change in the future and now that Bitcoin potential was proved during the total lockdown.

bearexin

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First of all why would he want to stop Bitcoin when it’s a success? I don’t think he would wish to do that. That aside, I don’t believe that, whoever Satoshi Nakamoto is,that he would be able to stop cryptocurrency anymore. The power is decentralized, I don’t know if you have heard when it’s being said that Bitcoin doesn’t have any central control unit that anyone can use to shut it down, it is spread all around the world and one person will not be able to stop or control it.

Why do you think the government is having a difficult time in regulating cryptocurrency? That’s because there is no particular unit that they can use to control it. Imagine that Bitcoin was based on a particular unit, then they can just go there and shut it down once they discover where it is.

suvo05

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NO he can't stop the blockchain of it.
BUT!! selling the total amount of BTC he holds, will harm its market value tremendously.
Satoshi is wise enough though, he/she just want his dream work running smoothly. Despite of several people claim himself as satoshi (it to take the all credit of creating BTC) , the real always stayed clam and keep his identity secret. Such a person will never going to harm his own project by doing anything like selling all the BTC.

Nhor1011

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Quote from: TIDOVEE on August 29, 2020, 01:02:20 AM

Satoshi Nakamoto has done a great job in bitcoin invention, his idea is what many of us are celebrating and enjoying today and we are grateful to have such a great idea, we have all believed that by the decentralized nature of bitcoin, it should be unstoppable by any government,even by Japan where Satoshi was claimed to be a citizen. Now that his idea has been propelled far and wide, do you think he has the capacity to stop it again?

No! He can't stop it and he will never do it because he already know the output of his creation and if ever he will return in crypto not to stop bitcoin but to help it grow more in it's other features. He already know how helpful his bitcoin and how it helps peoples live, he will never ever stop it for sure.

Anna138

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Quote from: joinfree on August 30, 2020, 10:04:56 AM

No, and I don't see any reason why he would ever want to do that seeing the revolution he has caused in the financial industry. Moreover, the power supporting the bitcoin network is now decentralized and in the power of the people hence Satoshi can't stop it but he can surely threaten the market if he decides to move the genesis coins and dump them.

Given how popular and decentralized bitcoin has become, it is impossible to stop these processes, just as it is impossible to disable the Internet on the entire planet at the same time. Just think why do it? Every time someone asks such innovative ideas on the planet somewhere one Satoshi Nakamoto cries)

joinfree

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No, and I don't see any reason why he would ever want to do that seeing the revolution he has caused in the financial industry. Moreover, the power supporting the bitcoin network is now decentralized and in the power of the people hence Satoshi can't stop it but he can surely threaten the market if he decides to move the genesis coins and dump them.

20kevin20

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Quote from: BlackFor3st on August 30, 2020, 07:26:14 AM

If he is the only one who created or invented the bitcoin then I am pretty sure that he knows also on how to stop or dismantle it. But I am not 100% confident with it as I am not a professional one in terms of blockchain.

But most of the creators knows how to stop or dismantle their creations, that is my basis only but we are talking to blockchain so I am hoping that I am wrong so we can still use
bitcoin without worrying anything.

There's just literally no way he can do it, unless he's working with the government (or is the government itself) - and then you'd have to wonder whether the costs are really worth it. They probably aren't - while first it might've been a cryptocurrency they felt were losing control over, today the gov has enough resources and tools to successfully trace probably more than 85% of the crypto wallets.

Inventing something doesn't necessarily mean you also have the perfect weapon against it or know how to "dismantle" your invention. All satoshi can really do is either influence the majority to transform Bitcoin into the opposite of Satoshi's whitepaper or somehow obtain 51% of the hashing power and use it against us. Other than that.. it is what it is.

BlackFor3st

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If he is the only one who created or invented the bitcoin then I am pretty sure that he knows also on how to stop or dismantle it. But I am not 100% confident with it as I am not a professional one in terms of blockchain.

But most of the creators knows how to stop or dismantle their creations, that is my basis only but we are talking to blockchain so I am hoping that I am wrong so we can still use
bitcoin without worrying anything.

DougM

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Quote from: mindrust on August 29, 2020, 02:26:25 AM

If he still owns the private keys of the coins he mined, he can create a huge selling pressure.

When people see that satoshi's coins are moving to the exchanges, this will create panic. Satoshi has around 1 million coins and anybody in the right mind will be afraid because the number is so huge, he can manipulate the market in any direction he wants.

On the top of that, satoshi is seen as the ultimate holder. If any coins move from his addresses, then it pretty much means the game is over. Run for your lives.

Yes, I was thinking along the same lines. Estimates range of Satoshi mined coins to be from ~800,000 to 1.1+ MILLION. Today there is ~18,474,000 coins in circulation with only 900 coins mined (added to circulation) each DAY. Imagine the impact of Satoshi dumping, say, 1,000,000 coins overnight on the market? That is roughly 5% of the entire amount of coins circulated. Think about the impact to the gold market if someone suddenly wanted to sell 5% of all of the gold ever mined all of a sudden Huh

Technically it is ~5% of the existing coins in circulation, but Satoshi's coins have been dormant over 10 years so some started to wonder if they were lost for good (fun fact the last suspected 'spend' transaction for Satoshi took place on July 22, 2010...if you are interested in a technical analysis of Satoshi's other suspected spent coins see my recent thread Chain Archaeology revisited -- suspected Satoshi SPENT blocks analysis )

Quote from: DougM on August 29, 2020, 01:02:53 PM

snip technical blah...blah....
To be honest I was secretly hoping that Satoshi's special miner was simply burning the coins he mined to keep bitcoin going in the early days, but now I don't believe that is the case. I guess he had to test out his wallet code he was actively involved in developing/maintaining before he move on so why not stress test it with his own massive coin collection?

I now believe, and fully expect, that some day Satoshi's coins will surface only to prove to us that Satoshi is even smarter than we all believed and be crowned as the ultimate HODLer....I just hope Satoshi's coins don't appear all at once Tongue

Taskford

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Quote from: TIDOVEE on August 29, 2020, 01:02:20 AM

Satoshi Nakamoto has done a great job in bitcoin invention, his idea is what many of us are celebrating and enjoying today and we are grateful to have such a great idea, we have all believed that by the decentralized nature of bitcoin, it should be unstoppable by any government,even by Japan where Satoshi was claimed to be a citizen. Now that his idea has been propelled far and wide, do you think he has the capacity to stop it again?

Before questioning that you should ask yourself if why would Satoshi do that? Bitcoin is so successful right now and I don't even think that will happen so no owners will stop their business or creation if it gets a huge success the price of bitcoin is much appealing so provably this will never be stop by him at any cost. Maybe if regulatory bodies will stop the bitcoin maybe there's a chance for stoppage.

welovedcrypto

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+2 Merit for such a interesting topic. I got to learn more things from comments and I found they are already got merit but you didn't Grin

.
In my opinion Satoshi can't stop bitcoin and no one else can stop it even Jeff Bezos Cheesy

dondonk

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Because bitcoin technology is already big and has a lot of users like now, maybe even Satoshi Nakamoto can't just stop bitcoin, because in the system alone bitcoin is not centralized. meaning that everyone can control their own bitcoin. but what is possible is to reduce the circulation of the number of bitcoins slowly.

CryptopreneurBrainboss

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Quote from: BITCOIN4X on August 30, 2020, 12:12:10 AM

If all the bitcoin Satoshi owned were sold on the market, the market would instantly turn into a bear market and that would be much worse than the whale could do.

Don't be surprised it might not go as you think. Those coins are already tagged that of Satoshi and I'm very positive there is already been system put in place to keep track of them. We have those or group of whales who'll be willing to take all out if his wallet if he ever think of selling them but of course that's just our imagination because nobody intentional want to lose money as Satoshi knowing fully well the capacity of bitcoin disrupting the economy won't want to let go of his bags.

In a situation where your scenario turns out to become the case then as always we'll still recover from the bear market. That's not new to us as the market has constantly been doing that in the period if the last 10years. In conclusion, Bitcoin is now bigger than Satoshi Nakamoto.

mr.smith

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Quote from: pixie85 on August 29, 2020, 04:30:05 PM

At this point all he could do is influence the price.

Even without access to genesis coins Satoshi would be able to incite a dump. His comeback would scare some whales for sure. I think that with Satoshi Back we'd be at 3000 if not lower.

I hope he will not even think of dumping even half of his shares if he still accesses to his shares, the 1 million Bitcoin that is in that wallet is enough to cause panic and dump of the price, this is something that can the community is wishing that he will not dump his shares or he lose access to his shares and so that Bitcoin is stuck forever in that wallet.

BITCOIN4X

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Quote from: CryptopreneurBrainboss on August 29, 2020, 11:38:22 PM

The only influence Satoshi has right now is the power to cause fud or fomo from his reappearance into the space and maybe air his views on what's currently ongoing in the community but I doubt that'll even happen. Satoshi knows his present won't be best for bitcoin that's why he disappeared and it's a good thing.

Satoshi can still lower the price of bitcoin in no time (if he want and he come back) because he has some bitcoin in his wallet. If all the bitcoin Satoshi owned were sold on the market, the market would instantly turn into a bear market and that would be much worse than the whale could do.

I dont doubt Satoshi's capacity as a bitcoin creator, and I believe he can still do some thing with bitcoin and the community and this is an unsolved mystery since then and that is his existence.

CryptopreneurBrainboss

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Quote from: TIDOVEE on August 29, 2020, 01:02:20 AM

Now that his idea has been propelled far and wide, do you think he has the capacity to stop it again?

What makes bitcoin different and unique is that it's a open source code development perfected by the community and not some centralized dominant CEO like other digital currency before bitcoin has and also some other crypto in the space like ETH. Satoshi has no say in what goes on in the bitcoin advancement. He doesn't have the power to shut it down, infact no one does.

The only influence Satoshi has right now is the power to cause fud or fomo from his reappearance into the space and maybe air his views on what's currently ongoing in the community but I doubt that'll even happen. Satoshi knows his present won't be best for bitcoin that's why he disappeared and it's a good thing.

rodskee

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Quote from: TIDOVEE on August 29, 2020, 01:02:20 AM

Satoshi Nakamoto has done a great job in bitcoin invention, his idea is what many of us are celebrating and enjoying today and we are grateful to have such a great idea, we have all believed that by the decentralized nature of bitcoin, it should be unstoppable by any government,even by Japan where Satoshi was claimed to be a citizen. Now that his idea has been propelled far and wide, do you think he has the capacity to stop it again?

have Satoshi stopped Bitcoin for the First time?where did the word "AGAIN" came from?

No Satoshi has no capacity or power over Bitcoin now and that is the reason why People are supporting this currency because of its independency
and this is one thing that we must be thankful about.

Actually this same idea why we are seeing too much support on this currency over other cryptos because of security and assurance.
Though we Don't know in future if there are other great mind that can break the blockchain but i doubt there will be one now or in near future.

minersday

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Quote from: TIDOVEE on August 29, 2020, 01:02:20 AM

Satoshi Nakamoto has done a great job in bitcoin invention, his idea is what many of us are celebrating and enjoying today and we are grateful to have such a great idea, we have all believed that by the decentralized nature of bitcoin, it should be unstoppable by any government,even by Japan where Satoshi was claimed to be a citizen. Now that his idea has been propelled far and wide, do you think he has the capacity to stop it again?

In my personal opinion, once satoshi created Bitcoin and its blockchain technology, it is quite possible for satoshi to stop the function of it. Just like creating your own technology or software, there are huge possibilities of splitting the codes of the software apart. I see the possibilities of satoshi stopping Bitcoin if satoshi decides to bring an end to the entire ecosystem of Bitcoin. Satoshi created Bitcoin and can definitely bring or stop Bitcoin.

pixie85

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At this point all he could do is influence the price.

Even without access to genesis coins Satoshi would be able to incite a dump. His comeback would scare some whales for sure. I think that with Satoshi Back we'd be at 3000 if not lower.

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