He never did, but he sure lingered on the fact that bitcoin could very well be a great contender for a digital currency, which bitcoin is used today. From the quotes and posts you linked in here, it clearly state Satoshi's oversight of what's to come given the nature of his creation. Free from banks, anonymous, deflationary and of course, peer-to-peer, this is what he really had in mind and not overthrow the current financial system that we have right now.
Whatever he created, it's working real good and we are reaping the bemefits off of it.
Topic: DID SATOSHI EVER THOUGHT TO MAKE BITCOIN A MAINSTREAM CURRENCY? - page 2. (Read 581 times)
There is a difference between anonymity and transparency. Satoshi wasn't much focusing on privacy, otherwise, it would be in the Bitcoin protocol already. He basically wanted to create a (digital) currency without the need of a 3rd party (banks, etc), convenient for unbanked people, cross border payments.
I'm sure he wasn't hoping to see Bitcoin and its ecosystem developed as much as it is today.
I'm sure he wasn't hoping to see Bitcoin and its ecosystem developed as much as it is today.
I don't think his plan was to make a mainstream currency for usage with only virtual presence. The growth has made it reach the level of getting compared and taking role of being a mainstream currency. The innovation from Satoshi have made a big change with most of the traditional system getting integrated to blockchain technology for an efficient working.
I am having this question in my mind for sometime that did Satoshi ever thought to make bitcoin a mainstream currency? Or did he just wanted to create merely an anonymous commodity which could be used for transactions as a side line currency to fiat. I came across this idea actually when I was scrolling around the past posts of satoshi in the Economics Section. Here are a few instances when he quoted bitcoin as a Commodity and not as a currency.
Here are the quotes of some of his messages. I think he was aware of the deflationary nature problem of scarcity with bitcoin due to which he was of an opinion that it is difficult to use Bitcoin as a mainstream currency with a government.
Bitcoin would be convenient for people who don't have a credit card or don't want to use the cards they have, either don't want the spouse to see it on the bill or don't trust giving their number to "porn guys", or afraid of recurring billing.
Bitcoins have no dividend or potential future dividend, therefore not like a stock.
More like a collectible or commodity.
More like a collectible or commodity.
As a thought experiment, imagine there was a base metal as scarce as gold but with the following properties:
- boring grey in colour
- not a good conductor of electricity
- not particularly strong, but not ductile or easily malleable either
- not useful for any practical or ornamental purpose
and one special, magical property:
- can be transported over a communications channel
If it somehow acquired any value at all for whatever reason, then anyone wanting to transfer wealth over a long distance could buy some, transmit it, and have the recipient sell it.
Maybe it could get an initial value circularly as you've suggested, by people foreseeing its potential usefulness for exchange. (I would definitely want some) Maybe collectors, any random reason could spark it.
I think the traditional qualifications for money were written with the assumption that there are so many competing objects in the world that are scarce, an object with the automatic bootstrap of intrinsic value will surely win out over those without intrinsic value. But if there were nothing in the world with intrinsic value that could be used as money, only scarce but no intrinsic value, I think people would still take up something.
(I'm using the word scarce here to only mean limited potential supply)
- boring grey in colour
- not a good conductor of electricity
- not particularly strong, but not ductile or easily malleable either
- not useful for any practical or ornamental purpose
and one special, magical property:
- can be transported over a communications channel
If it somehow acquired any value at all for whatever reason, then anyone wanting to transfer wealth over a long distance could buy some, transmit it, and have the recipient sell it.
Maybe it could get an initial value circularly as you've suggested, by people foreseeing its potential usefulness for exchange. (I would definitely want some) Maybe collectors, any random reason could spark it.
I think the traditional qualifications for money were written with the assumption that there are so many competing objects in the world that are scarce, an object with the automatic bootstrap of intrinsic value will surely win out over those without intrinsic value. But if there were nothing in the world with intrinsic value that could be used as money, only scarce but no intrinsic value, I think people would still take up something.
(I'm using the word scarce here to only mean limited potential supply)
Here are the quotes of some of his messages. I think he was aware of the deflationary nature problem of scarcity with bitcoin due to which he was of an opinion that it is difficult to use Bitcoin as a mainstream currency with a government.
I think yes! Satoshi certainly thought of Bitcoin as something big. Every time I read it, he showed Bitcoin as part of something big. I don't know what else he could do. Satoshi, I don't know. I don't think she'il ever show up again. Still, Satoshi's vision for the future is very high, and he is very intelligent. There's no need to be a prophet to see this. And I think that a smart person can be kept its ID from us.
i think yes, and that was the goal. Satoshi always wanted bitcoin to be a currency and you can see that all over the bitcoin white paper and even in these comments you quoted. he never meant it to be as a commodity, that came later and was introduced by governments wanting to categorize bitcoin.
and i also think that he envisioned bitcoin to gain massive popularity or become mainstream currency. otherwise there is no reason to create something that only is used by a select few!
and i also think that he envisioned bitcoin to gain massive popularity or become mainstream currency. otherwise there is no reason to create something that only is used by a select few!
I always believe in Bitcoin, that it will lead cryptocurrency already and as it is doing. Its value is constantly increasing.
Satoshi is the one who opened the new door to the technology world.
Satoshi is the one who opened the new door to the technology world.
I don’t even know who Satoshi is, I wish I could had been to the forum much earlier rather than spend most of the time spamming the all over the Internet, and ask whatever non sense I could. Well, there is certainly a lot of virtual money existed during the time, I don’t think bitcoin will ever become mainstream, but to my surprise many of the virtual currency dead into oblivion, because the servers are constantly attacked. I could name a few of them which can be found for some most demanding internet games from the earlier day.
In my opinion I think bitcoin has grown even beyond satoshi imagination. The fact that major financial institutions are already looking into ways to harness the power of blockchain technology says it all. Bitcoin serves both as a priceless commodity and an efficient medium of perpetuating transactions..
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DID SATOSHI EVER THOUGHT TO MAKE BITCOIN A MAINSTREAM CURRENCY?
Yes he did, thats why he copyrighted it and will enforce it when he deceits it is the right time.A copyright can be maintained under a pseudonym.
Satoshi created bitcoin not to be used as an investment tool but as an alternative to credit card or cash. Maybe, he did not even thought and expected that bitcoin's value will grow this big. The convenience bitcoin brought to it's users is a really great innovation created by him. People were able to save a lot of time and money by cutting of third party in doing transactions.
Satoshi have made the point clear in his first post you quoted, that bitcoin will be convenient for those who are looking away from the usual centralized means of financial transactions such as ownership of credit card and using them and also to keep financial transactions anonymous from others, and at that Satoshi never have the intention of making bitcoin a mainstream currency.
He did not actually imagine that Bitcoin can grow as big as it is today practically because he knows that competing with the traditional financial and monetary system can be difficult. Basing on the posts he made on this forum, it is quite clear that in creating Bitcoin he had no intention that it should be replacing the fiat money we used to have...and right so I don't believe that Bitcoin can actually replace all the fiat money we have now because in the first place we are still under the power of the government. I am convinced that Bitcoin can sit side by side with the fiat money offering a good alternative for people to appreciate and use. I am for it becoming part of the mainstream economy but never as a monopoly. In a diversified global economy, Bitcoin can beautifully be a powerful part of it.
I think that we should stop with the "Did Satoshi wanted to make this,did Satoshi wanted to make that?" type of threads.You are asking questions that can't be answered,because Satoshi(if he is still alive) doesn't want to answer.Obviously we can't enter his mind and we can't figure out what he though back in the day.
It's all just guessing.
It's all just guessing.
Santoshi have made the point clear in his first post you quoted, that bitcoin will be convenient for those who are looking away from the usual centralized means of financial transactions such as ownership of credit card and using them and also to keep financial transactions anonymous from others, and at that santoshi never have the intention of making bitcoin a mainstream currency.
Satoshi intention was to create a decentralized digital currency. Maybe he did not realize that the future is of digital currency and his invention one day would become the world single currency. He might have created bitcoins for testing purpose but for sure he would have never thought that bitcoin could gain so much popularity in coming years.
Here are the quotes of some of his messages. I think he was aware of the deflationary nature problem of scarcity with bitcoin due to which he was of an opinion that it is difficult to use Bitcoin as a mainstream currency with a government.
Yep, it seems like Satoshi knows about the economy more than 95% of this forum users do. None of the world's dominating countries is using deflationsry currency for obvious reason. The only way to use government-issued crypto is to make some stablecoins, just as fiat that we use today. There is no need to use Bitcoin for that and push it to become an international currency.
I doubt satoshi has ever envisioned for Bitcoin to be this popular. It is very difficult for Bitcoin to be accepted widely by governments due to the inherent conflicting interest (ie. tracking vs anonymity). While satoshi did say that block size increase could be an option, it doesn't seem logical in the long run for people to use SPV clients while few run full nodes. Satoshi probably didn't thought of scalability thoroughly.
When I heard the news, binance was hacked. I was quite worried about their security but they fixed it quickly. Some people may leave this platform that not me because I think their technology and development team are still the best until now. I believe they will be responsible and overcome this hole. Including the possibility that they are continuing to offer outstanding activities in the near future as the number of transactions and the number of participants is increasing dramatically.
I think he didn't. In the first place who would know that cryptocurrency could go this far? I'm sure that he didn't expect Bitcoin to be in the mainstream. Everything went through a trial and error procedure and things go well when people have chosen it as a mode of payment and a digital currency.
Maybe he did or maybe he did not but does it really changes things. we all know Satoshi termed it as an experiment and always looked it like one of his pet dogs just putting some extra effort. he wanted to make something which people can use as an alternative to faint currency and we already have seen the breakthrough as at that time more and more digital wallets are coming out but none offered the concept as blockchain did.
I don't think so. I don't think he expected it to become something so big to be honest. He just wanted to provide an alternate payment option to people without the need to fill in documents and forms and depend on centralized forces. He must have been blown away by the response in this aspect.
Santoshi have made the point clear in his first post you quoted, that bitcoin will be convenient for those who are looking away from the usual centralized means of financial transactions such as ownership of credit card and using them and also to keep financial transactions anonymous from others, and at that santoshi never have the intention of making bitcoin a mainstream currency.
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