Could the bitcoin crisis be one of master plans of Satoshi?

naidray

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Quote from: darewaller on May 21, 2016, 11:25:22 AM

Quote from: sana54210 on May 21, 2016, 07:11:29 AM

Satoshi must have designed bitcoin with the expectation of creating digital gold. Mining and limited supply are some of confirmation for this. Then, it is obvious he must have expected this much growth of bitcoin.

I agree on this part. Because there were very less chances for underestimating bitcoin ecosystem like it was suitable only for few micro transactions. Even, Satoshi had targeted for micro transactions it has nothing to do with the higher value of bitcoin nor grown popularity of bitcoin ecosystem.

It is obvious that no one will want to develop a limited system. Everyone will put their effort for a system which must be versatile in all means.
So, definitely Satoshi would have developed bitcoin system with an ambition of mainstream adoption of payment systems.

Yipdard

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I don't think.

Hazir

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Stop with these crazy theories. Satoshi designed Bitcoin as experiment and he didn't even know if 1 BTC will be worth more than 1 dollar someday.
Not to mention it will be mainstream currency. He did not have any master plan so stop overthinking this. Overcoming problems like these are just part of bitcoin evolution.

~Bitcoin~

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I think satoshi feels like 1 mb blocks will be enough for future transactions and i still believe that he have never thought bitcoin will be accepted by big brands like steam and dell. But he have made this opensource so that anyone can fork it to adapt with future need but lots of politics is going into block size debate. I personally love 2 mb block.

quintiilieo

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Quote from: alyssa85 on May 21, 2016, 08:46:00 AM

Nothing that has happened in the last year is satoshi's fault. Bitcoin is like the world wide web - it is beyond the control of it's creator and developing in unforseen ways. Crypto in general is a very exciting space and we still don't know which coin will win the race - and I expect satoshi will be as surprised with the final result as anyone else.

I agree with this that it beyond way expectation of the creator that it will be more popular and blew up the market and know that is bitcoin is big. Crpyto is just like a ghost we don't know whats it made from and what is the composition of it. Its just like on the outer space roaming around and cannot be seen by everyone. Bitcoin is the most revolutionize many that we have right now and can earned a lot on it. Just don't be greedy on it and you will dance like a star soon. Grin

a7goo

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yes probably satoshi could have plan this issues, but it's not a possibility a "fail" , just wait in the end we can see a solution about this debate

QuestionAuthority

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You lead and I'll watch you walk away.

You've all set satoshi up to be an all seeing, all knowing God so I guess this is the next logical step.

Here's a look at the step right after this one.

Supercrypt

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I strongly disagree with the discussions of bitcoin can not become mainstream of payments.

In my view bitcoin is going to replace paypal or even dollars too in terms of highly being used through online.
We can assume bitcoin will start being used online as main stream adoption then gradually into physical world.

Kprawn

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You know that bigger block sizes can be implemented in a heart beat, if consensus are reached... right? The miners will never willingly allow for Bitcoin not to succeed.. if they see a incoming crisis, and

a need for a change to prevent that crisis, then they will reach consensus very fast. Why would they kill the cow... if it still produce milk? Satoshi would never have wished for Bitcoin to stay small.. he

made it scalable, but he also wanted people to reach consensus, before this scaling were done. If he wanted it to stay small... he would have coded it that way.. and he did not. Roll Eyes

darewaller

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Quote from: sana54210 on May 21, 2016, 07:11:29 AM

Satoshi must have designed bitcoin with the expectation of creating digital gold. Mining and limited supply are some of confirmation for this. Then, it is obvious he must have expected this much growth of bitcoin.

I agree on this part. Because there were very less chances for underestimating bitcoin ecosystem like it was suitable only for few micro transactions. Even, Satoshi had targeted for micro transactions it has nothing to do with the higher value of bitcoin nor grown popularity of bitcoin ecosystem.

alyssa85

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Nothing that has happened in the last year is satoshi's fault. Bitcoin is like the world wide web - it is beyond the control of it's creator and developing in unforseen ways. Crypto in general is a very exciting space and we still don't know which coin will win the race - and I expect satoshi will be as surprised with the final result as anyone else.

sana54210

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Satoshi must have designed bitcoin with the expectation of creating digital gold. Mining and limited supply are some of confirmation for this. Then, it is obvious he must have expected this much growth of bitcoin.
We can also guess, block size of 1MB must be a temporary solution with the plan of updating it according to the future requirements.

Redrose

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No, that's surely not his plan, except if you're still dumb enough to think Craig is Satoshi. Also, I don't see why miners would lose money by increasing the block size. That's more node runners who will have a bigger bandwith usage that will get penalised.

Hirose UK

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Quote

Could it be that satoshi had envisioned this crisis long before? or did he design it in such a way that this crisis ensures bitcoin does not go mainstream and bitcoin remains a low player, very much suitable for criminal activities alone?

probably he created bitcoin not to go mainstream, but for another purposes.

calkob

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Quote from: cuddaloreappu on May 20, 2016, 10:34:17 AM

bitcoin needs to go mainstream but it cannot go

The corporations and companies are in favor of increasing the block size to handle the increasing number of transactions. The massive consumer adoption and bitcoin moon moment is not going to happen without this change.

Miners are against increasing block size since it affects their profits, they feel shameful to tell this , so they identify themselves as vanguards of bitcoin principles such as decentralization, as it favors large centralized miners. A classic example of how self interest can hamper the very own thing that they are working upon. Developers also join this bandwagon.

Could it be that satoshi had envisioned this crisis long before? or did he design it in such a way that this crisis ensures bitcoin does not go mainstream and bitcoin remains a low player, very much suitable for criminal activities alone?

I think your giving satoshi way more intelligence than he is due, satoshi hadnt a clue what was going to be happening now. For example he didnt foresee Asics and the whole mining arms race at the beginning, he thought we would still be using CPU. He was just a cleaver man, not Yoda...... Grin

jacobmayes94

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Thing is, we have the lightning network soft fork which is good. But I do agree that the block size HAS to be increased, if there simply isn't the capacity and transactions stall, they will simply use the more expensive but working alternative. The best system in the world isn't worth diddly squat if it doesn't work.

The lightning network is a great idea, and this can be implemented with a soft fork. They seemed to have found a way to increase the block size in some way via a soft fork too, I think by only including essential data in the block to 'simulate' an increase?

I am with the core devs on this one, why do a hard fork if you can do the same result with a soft fork? Although a hardfork could be more of a pain when t is more adopted.

Boosterious

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Quote from: cuddaloreappu on May 20, 2016, 10:34:17 AM

bitcoin needs to go mainstream but it cannot go

The corporations and companies are in favor of increasing the block size to handle the increasing number of transactions. The massive consumer adoption and bitcoin moon moment is not going to happen without this change.

Miners are against increasing block size since it affects their profits, they feel shameful to tell this , so they identify themselves as vanguards of bitcoin principles such as decentralization, as it favors large centralized miners. A classic example of how self interest can hamper the very own thing that they are working upon. Developers also join this bandwagon.

Could it be that satoshi had envisioned this crisis long before? or did he design it in such a way that this crisis ensures bitcoin does not go mainstream and bitcoin remains a low player, very much suitable for criminal activities alone?

i dont agree with that,i can't assume that bitcoin can't going mainstream now,since it founded people more know and many of them start adopt bitcoin,this is good and part of long way to be mainstream and more people will aware that bitcoin is one of many better investement and currency in this world for better future.

Cyaren

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Why can't bitcoin go mainstream? It can, just with a little more promotion.

I doubt satoshi had envisioned this "crisis". I don't even think this is a crisis. It's just a problem, like any other that can be solved. After all, satoshi is the founder of bitcoin. He wants to bring good to the community...

Or does he? Wink

GreenBits

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Quote from: mindrust on May 20, 2016, 11:17:00 AM

If bitcoin doesn't go mainstream it will be stucked at the price of 400-450$ forever or maybe less. Because in time more people will get sick of stable prices and leave bitcoin. (Sounds like a ponzi lol)

Bitcoin needs to reach more people. Bitcoin is like a company. If it doesn't grow, it will shrink.

I disagree, but not with malice. If the bitcoin price were more stable, traditional finance would be less reluctant to invest. The risk due to volatility is simply too great, there is much to gain, but so much that can be lost. Also, I think consumers are used to fixed fiat prices, it's still a little weird that I can lose 1 to 3 percent of my value with a tiny price fluctuation. If the prices at Wal-Mart did that, I'd blow a gasket in short order Grin

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You lead and I'll watch you walk away.

Quote from: Holliday on May 20, 2016, 11:13:20 AM

Quote from: cuddaloreappu on May 20, 2016, 10:34:17 AM

bitcoin needs to go mainstream

No, it doesn't.

Have you been on holiday, Holliday? Haven't bumped into you in a while. I hear the corned beef hash is on sale today. lol

All the rug rats here think Bitcoin should be used by everyone in the world so they can sell their .0005 bitcoins for a million dollars. Hurrah for mainstream! ROFL

Topic: Could the bitcoin crisis be one of master plans of Satoshi? (Read 1696 times)