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Topic: Did Satoshi expect Bitcoin to last this long? - page 4. (Read 4461 times)

hero member
Activity: 699
Merit: 501
I doubt that Satoshi was yet another drunk bloke on a university.
Yeah, same here. I guess it was a group of people but I'm not sure.
Moreover, I don't think he thought Bitcoin would last this long


 Bitcoin P2P e-cash paper
Quote from: Satoshi Nakamoto Sat, 01 Nov 2008 16:16:33 -0700
I've been working on a new electronic cash system that's fully
peer-to-peer, with no trusted third party.
long

This obviously highlights that Satoshi, is an individual.
hero member
Activity: 854
Merit: 500
I doubt that Satoshi was yet another drunk bloke on a university.
Yeah, same here. I guess it was a group of people but I'm not sure.
Moreover, I don't think he thought Bitcoin would last this long
legendary
Activity: 896
Merit: 1000
i think yes. he knows that there was a need for something like bitcoin where we move around the traditional payment system and have a bank in our pocket. and look now. bitcoin is the reason for many people to start a business and the list of merchants accepting bitcoin is only growing.
legendary
Activity: 1596
Merit: 1005
★Nitrogensports.eu★
As far as I know bitcoin longevity is present in bitcoin general trait. After all Satoshi designed bitcoin in a way it could (and it will be) mined for over 100 years. We won't be able to mine bitcoins before year 2140, no matter how hard we might try. That is just grand scheme Satoshi prepared for us.
hero member
Activity: 910
Merit: 1000
You cannot expect this outcome, although s/he probably did plan for longevity. I think not even Satoshi knows if it will succeed and is along for the experimental ride.
hero member
Activity: 1582
Merit: 502
Just wondering what you guys think was this just a project that he made whilst being drunk in univeristy and decided to release it and it caught on fast or did he know that it was going to get this big?

NO!

Only stoners can create something like this.
Drunken people produce fights and car/driving accidents.

And to answer your question: YES, he/she/they knew exactly where this is heading, hence the need for privacy and the need to dissapear after the FBI took notice.
Hope that helps.
legendary
Activity: 3346
Merit: 1352
Leading Crypto Sports Betting & Casino Platform
It must have been "Pot" or "crack" ..... Drinking makes you dumb and clueless.  Wink

Seriously... This is not a person, who did something on a whim... This is carefully thought out... Read the whitepaper again... it's specific, and it makes room for future developments. {Processing power increase.. deflationary features... etc.}

Nope... He knew what he was doing and he executed it with perfection.  Grin


Yes I second your post. This was not a child's game. He has planned every step of it. He might be having a vision even more than what we all are thinking right now.
legendary
Activity: 1904
Merit: 1074
It must have been "Pot" or "crack" ..... Drinking makes you dumb and clueless.  Wink

Seriously... This is not a person, who did something on a whim... This is carefully thought out... Read the whitepaper again... it's specific, and it makes room for future developments. {Processing power increase.. deflationary features... etc.}

Nope... He knew what he was doing and he executed it with perfection.  Grin
sr. member
Activity: 448
Merit: 250
Isn't Satoshi cashing out today? April 15th?

At least that would get us some major headlines for a few minutes  Undecided
sr. member
Activity: 406
Merit: 250
Just wondering what you guys think was this just a project that he made whilst being drunk in univeristy and decided to release it and it caught on fast or did he know that it was going to get this big?
He has knowledge about writing science articles so he wasn't drunk while writing it. It was probably some university professor, that didn't think it will explode like it did.

We don't know if he had previously written scientific articles before. The name "Satoshi Nakamoto" appeared out of nowhere in 2008 and is absent in cryptography discussions before Bitcoin was announced. The whitepaper is quite well written and conforms with well-established practices for the most part which points towards some sort of scientific/academic background. However, there is also the possibility that he is more than one person and the Satoshi Nakamoto that devised the idea might not be the same Satoshi Nakamoto that wrote the actual paper.

It's also interesting to note that the paper was written in OpenOffice.org instead of the much more common LaTeX which some people have perceived as a sign that he might not come from a formal programmer/mathematician/physicist background (although this could also have been done on purpose to throw people off his trail):

Just wondering what you guys think was this just a project that he made whilst being drunk in univeristy and decided to release it and it caught on fast or did he know that it was going to get this big?
He has knowledge about writing science articles so he wasn't drunk while writing it. It was probably some university professor, that didn't think it will explode like it did.

I agree he probably didn't know it would take off. I would venture to guess that most people who actually create something revolutionary really don't realize it at first. And I could see a professor with a background in computers AND economics!

I agree he probably didn't know it would take off.

No, I'm pretty sure, regarding the style of his posts, that he realized what he was doing, and was confident it would be successful.

Satoshi was around and active for a good 2 years before he began fading away from the forums. 2009 was a pretty lackluster year for Bitcoin adoption but by 2010, things really started to take off. Satoshi probably became more confident in his creation as time went on, especially as interest continued to grow and no major flaws were discovered.
hero member
Activity: 529
Merit: 500
According to this very early post made by Satoshi in the Cryptography Mailing List two weeks after Bitcoin was released, he believed that decentralized electronic currencies such as Bitcoin would be used for many different applications in the future:

Quote from: satoshi
I would be surprised if 10 years from now we're not using electronic currency in some way, now that we know a way to do it that won't inevitably get dumbed down when the trusted third party gets cold feet...

Another quote from February 14, 2010:

Quote from: satoshi
Right.  Otherwise we couldn't have a finite limit of 21 million coins, because there would always need to be some minimum reward for generating.  In a few decades when the reward gets too small, the transaction fee will become the main compensation for nodes. I'm sure that in 20 years there will either be very large (bitcoin) transaction volume or no volume.

And another one from July 14, 2010:

Quote
I anticipate there will never be more than 100K nodes, probably less.  It will reach an equilibrium where it's not worth it for more nodes to join in.  The rest will be lightweight clients, which could be millions.

One of the last quotes made by Satoshi in late 2010:

Quote
No, don't "bring it on" (Wikileaks). The project needs to grow gradually so the software can be strengthened along the way. I make this appeal to WikiLeaks not to try to use Bitcoin. Bitcoin is a small beta community in its infancy. You would not stand to get more than pocket change, and the heat you would bring would likely destroy us at this stage.

Satoshi probably thought that Bitcoin had a fair chance of being successful in the long term but he probably did not expect it to become so successful in such a short period of time. The growth rate Bitcoin experienced in its first 3-4 years would probably have surprised him and I doubt he could have predicted that it would become so mainstream so quickly. Notice how Satoshi talks in terms of decades, not years. Would he have known that Bitcoin would reach $1,200 less than 4 years after its creation and be accepted by major retailers like Overstock and Microsoft in less than 5? I doubt it.

Thanks for this
member
Activity: 112
Merit: 10
Isn't Satoshi cashing out today? April 15th?
legendary
Activity: 2590
Merit: 3015
Welt Am Draht
It's clearly a project that was thought through with incredible thoroughness and designed to sustain itself for a long, long time. Answers were already waiting for questions that didn't exist yet and things were considered that'll happen decades in advance.
hero member
Activity: 854
Merit: 1000
Maybe not at the beginning,while he was creating it or the first days, but when the forum was created and people started to get interested in the project I am sure he realised this was a really big project
sr. member
Activity: 728
Merit: 256
Just wondering what you guys think was this just a project that he made whilst being drunk in univeristy and decided to release it and it caught on fast or did he know that it was going to get this big?

This post speaks volume about Satoshi's foresightedness...

Right.  Otherwise we couldn't have a finite limit of 21 million coins, because there would always need to be some minimum reward for generating.  In a few decades when the reward gets too small, the transaction fee will become the main compensation for nodes.  I'm sure that in 20 years there will either be very large transaction volume or no volume.

Hal Finney once said, he felt he was communicating with a highly educated man of Japanese ancestry. Satoshi was no way a drunk kid from university.
hero member
Activity: 658
Merit: 500
I agree he probably didn't know it would take off.

No, I'm pretty sure, regarding the style of his posts, that he realized what he was doing, and was confident it would be successful.
newbie
Activity: 56
Merit: 0
Just wondering what you guys think was this just a project that he made whilst being drunk in univeristy and decided to release it and it caught on fast or did he know that it was going to get this big?
He has knowledge about writing science articles so he wasn't drunk while writing it. It was probably some university professor, that didn't think it will explode like it did.

I agree he probably didn't know it would take off. I would venture to guess that most people who actually create something revolutionary really don't realize it at first. And I could see a professor with a background in computers AND economics!
full member
Activity: 184
Merit: 100
Bitcoin FTW!
Just wondering what you guys think was this just a project that he made whilst being drunk in univeristy and decided to release it and it caught on fast or did he know that it was going to get this big?
He has knowledge about writing science articles so he wasn't drunk while writing it. It was probably some university professor, that didn't think it will explode like it did.
newbie
Activity: 56
Merit: 0
Just wondering what you guys think was this just a project that he made whilst being drunk in univeristy and decided to release it and it caught on fast or did he know that it was going to get this big?

It gets better and better ... What next? He coded it whilst sitting on the toilet one night?

That's a given, I assume the idea came to him in a dream. A ghost appeared and told him what to do and to call his creation "The better internet tender" but since he was still half drunk he scribbled BIT on the piece of paper on his nightstand. Bitcoin was born.
sr. member
Activity: 406
Merit: 250
According to this very early post made by Satoshi in the Cryptography Mailing List two weeks after Bitcoin was released, he believed that decentralized electronic currencies such as Bitcoin would be used for many different applications in the future:

Quote from: satoshi
I would be surprised if 10 years from now we're not using electronic currency in some way, now that we know a way to do it that won't inevitably get dumbed down when the trusted third party gets cold feet...

Another quote from February 14, 2010:

Quote from: satoshi
Right.  Otherwise we couldn't have a finite limit of 21 million coins, because there would always need to be some minimum reward for generating.  In a few decades when the reward gets too small, the transaction fee will become the main compensation for nodes. I'm sure that in 20 years there will either be very large (bitcoin) transaction volume or no volume.

And another one from July 14, 2010:

Quote
I anticipate there will never be more than 100K nodes, probably less.  It will reach an equilibrium where it's not worth it for more nodes to join in.  The rest will be lightweight clients, which could be millions.

One of the last quotes made by Satoshi in late 2010:

Quote
No, don't "bring it on" (Wikileaks). The project needs to grow gradually so the software can be strengthened along the way. I make this appeal to WikiLeaks not to try to use Bitcoin. Bitcoin is a small beta community in its infancy. You would not stand to get more than pocket change, and the heat you would bring would likely destroy us at this stage.

Satoshi probably thought that Bitcoin had a fair chance of being successful in the long term but he probably did not expect it to become so successful in such a short period of time. The growth rate Bitcoin experienced in its first 3-4 years would probably have surprised him and I doubt he could have predicted that it would become so mainstream so quickly. Notice how Satoshi talks in terms of decades, not years. Would he have known that Bitcoin would reach $1,200 less than 4 years after its creation and be accepted by major retailers like Overstock and Microsoft in less than 5? I doubt it.
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