early coins moving? | Bitcointalksearch.org

franky1

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Quote from: sbtctalk on June 01, 2016, 06:39:37 AM

But if Bitcoin loses its perceived value, then items that can be purchased via Bitcoins become unreachable and people will stop using Bitcoins (and uses Fiat or ETH) and the Bitcoin system will be a waste.

no.
if bitcoin was to drop from $525 to $52.50 (imaginary unicorn dream scenario)

people can easily buy 10 bitcoins for the same fiat as they were able to buy 1 bitcoin this week
and then use 10 bitcoins to buy the product that they strangely need right at the moment of some price drama

when the price crashes, it is not a time to start buying products or panic selling.

smart people know that price drama is temporary.
smart people know when the price drops. grab as many as you can at a discount
smart people know to only panic sell if the project is completely broke and will never work again
smart people know moving the early mined coins of 2009 is not breaking bitcoin beyond repair. bitcoin will continue and its just temporary price drama.

only a fool sells at a loss. only a smart guy buys at a discount

lastly.. people can happily use fiat to buy products.. but ETH is not really a retail use currency. it doesnt have thousands of retailers accepting it. and so
i would not suggest moving your bitcoins over to ETH. because you cant buy anything with it. and the price drama would make you lose out on chances to buy cheap bitcoin

sbtctalk

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Quote from: Lauda on June 01, 2016, 06:49:44 AM

Quote from: sbtctalk on June 01, 2016, 06:39:37 AM

But if Bitcoin loses its perceived value, then items that can be purchased via Bitcoins become unreachable and people will stop using Bitcoins (and uses Fiat or ETH) and the Bitcoin system will be a waste.

No. You will just need to use more Bitcoin to acquire the goods that you want. It is simple as that. Those that truly think that the price per Bitcoin will keep infinitely rising are being irrational at best.

No. User "A" has 20 Bitcoins and he bought each at average of $350. A laptop cost $1050 at a online shop and accepts Bitpay. So the laptop costs 3 BTCs.

If one day Bitcoin crashes to $1 each due to movement of satoshi coins, that means the buyer needs 1050 BTCs to buy the same laptop but User "A" has only 20 Bitcoins. Not only he has lost $6980 ($349 x 20), he has also lose faith in the Bitcoin system.

User "A" could buy more Bitcoins at $1 each to buy that laptop, but he won't as the faith is lost.

Lauda

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Quote from: sbtctalk on June 01, 2016, 06:39:37 AM

But if Bitcoin loses its perceived value, then items that can be purchased via Bitcoins become unreachable and people will stop using Bitcoins (and uses Fiat or ETH) and the Bitcoin system will be a waste.

No. You will just need to use more Bitcoin to acquire the goods that you want. It is simple as that. Those that truly think that the price per Bitcoin will keep infinitely rising are being irrational at best.

sbtctalk

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Quote from: Lauda on June 01, 2016, 06:17:36 AM

Quote from: SuperCoinGuy on June 01, 2016, 06:10:24 AM

I was wondering who is going to inherit the Satoshi Nakamoto coins after say 50 years? If there is really a group behind that pseudonym then who is going to be in control of the coins later on and are they going to split the coins between themselves? I wonder what will happen to the private keys when the original owners die of age?

Wondering in this case equals to speculating, so it is useless. As far as we know, those private keys could have been printed and eaten by a unicorn. You need not worry about these things.

Quote from: sbtctalk on June 01, 2016, 05:38:33 AM

I worry for a crash in prices once satoshi's coins are moved.

It doesn't matter. 1 BTC will always equal to 1 BTC. Even if 1 Bitcoin = $0.1, Bitcoin will remain functional.

Quote from: themusicgod1 on May 31, 2016, 04:55:03 PM

..did Dr. Wright end up moving any of satoshi's coins as he said he would do within 30 days of 30 days ago? I don't see it.

No, because he is not Satoshi and because he probably (hopefully) does not have access to any of his private keys (in case that he did have some sort of connection with the actual Satoshi).

But if Bitcoin loses its perceived value, then items that can be purchased via Bitcoins become unreachable and people will stop using Bitcoins (and uses Fiat or ETH) and the Bitcoin system will be a waste.

Lauda

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Quote from: SuperCoinGuy on June 01, 2016, 06:10:24 AM

I was wondering who is going to inherit the Satoshi Nakamoto coins after say 50 years? If there is really a group behind that pseudonym then who is going to be in control of the coins later on and are they going to split the coins between themselves? I wonder what will happen to the private keys when the original owners die of age?

Wondering in this case equals to speculating, so it is useless. As far as we know, those private keys could have been printed and eaten by a unicorn. You need not worry about these things.

Quote from: sbtctalk on June 01, 2016, 05:38:33 AM

I worry for a crash in prices once satoshi's coins are moved.

It doesn't matter. 1 BTC will always equal to 1 BTC. Even if 1 Bitcoin = $0.1, Bitcoin will remain functional.

Quote from: themusicgod1 on May 31, 2016, 04:55:03 PM

..did Dr. Wright end up moving any of satoshi's coins as he said he would do within 30 days of 30 days ago? I don't see it.

No, because he is not Satoshi and because he probably (hopefully) does not have access to any of his private keys (in case that he did have some sort of connection with the actual Satoshi).

SuperCoinGuy

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I was wondering who is going to inherit the Satoshi Nakamoto coins after say 50 years? If there is really a group behind that pseudonym then who is going to be in control of the coins later on and are they going to split the coins between themselves? I wonder what will happen to the private keys when the original owners die of age?

Kakmakr

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There are no doubt in my mind that Dr. Wright do not have private keys for any of those coins. He was seeking some attention and he got some negative attention from the wrong people. The tax authorities and the local law enforcement agencies is on his case. You will wait a very long time for him to move any coins for that matter. ^smile^

franky1

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Quote from: sbtctalk on June 01, 2016, 05:38:33 AM

I worry for a crash in prices once satoshi's coins are moved.

satoshi coins wont move.. but lets play 'dreamed up scenarios' game

would i be worried?? nah..
think about it a little harder.. any price crash is just a temporary bit of drama.. so think of the big long term picture, ill leave you with 4 words

DISCOUNT opportunity to buy

sbtctalk

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I worry for a crash in prices once satoshi's coins are moved.

Amph

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Quote from: DannyHamilton on May 31, 2016, 09:25:26 PM

Quote from: bitcoineverything on May 31, 2016, 07:44:08 PM

How much is Satoshi's coin?

At least several hundred thousand bitcoins. Possibly somewhere around 1.5 million bitcoins.

a new math that was done about the early mined block put it only at 200k coins in total, apparently there other joining the network much early then expected, maybe satoshi's friends

so i doubt he have even 1M let alone 1.5

fortuity

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I'm not surprised

bryant.coleman

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Quote from: bitcoineverything on May 31, 2016, 07:44:08 PM

How much is Satoshi's coin? Why is it that much? What will happen if it is stolen?

I read somewhere that it is close to BTC980,000. At today's market price, it will be worth somewhere around $0.5 billion. And no. I don't think those coins can be stolen. How can you hack in to the wallet, if you don't have the private key or the passwords with you? If the passwords are stored in a computer, or used recently, then there is a chance that you can steal them using keyloggers and trojans. But I don't think that is the case.

Cyaren

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Quote from: themusicgod1 on May 31, 2016, 04:55:03 PM

There's nothing on /r/btc, /r/bitcoin, /r/bitcoin_uncensored or twitter that I can see, did Dr. Wright end up moving any of satoshi's coins as he said he would do within 30 days of 30 days ago? I don't see it.

Nah, I'm pretty certain that all of the Wright stuff is major BS as always. Why would satoshi make himself known to the public if he originally planned to be anonymous? That simply doesn't work.

Well, who knows. Maybe satoshi will move his coins one day, but it wouldn't be right now.

Herbert2020

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Quote from: themusicgod1 on May 31, 2016, 04:55:03 PM

There's nothing on /r/btc, /r/bitcoin, /r/bitcoin_uncensored or twitter that I can see, did Dr. Wright end up moving any of satoshi's coins as he said he would do within 30 days of 30 days ago? I don't see it.

in order to move those coins he needs access to private keys of those bitcoins, and that is something he doesn't have.

if he had those private keys he would have signed a message in first place not saying i will move to prove Cheesy

DannyHamilton

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Quote from: bitcoineverything on May 31, 2016, 07:44:08 PM

How much is Satoshi's coin?

At least several hundred thousand bitcoins. Possibly somewhere around 1.5 million bitcoins.

Quote from: bitcoineverything on May 31, 2016, 07:44:08 PM

Why is it that much?

Because he was mining most of the blocks to keep the system running when the network didn't have many other miners yet.

Quote from: bitcoineverything on May 31, 2016, 07:44:08 PM

What will happen if it is stolen?

That is extremely unlikely. However, if it did happen then it would get spent, and Satoshi would become much less wealthy.

gentlemand

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Quote from: bitcoineverything on May 31, 2016, 07:44:08 PM

How much is Satoshi's coin? Why is it that much? What will happen if it is stolen?

Nobody knows how many he has. It's a couple of hundred thousand minimum, some think up to a million. It's that many because very, very few other people were mining in the early days. He had to keep mining to keep the network running so the rewards carried on piling up.

bitcoineverything

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How much is Satoshi's coin? Why is it that much? What will happen if it is stolen?

camimbo

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He didnt move them and i assume never will.

takingthis4

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i doubt that those coins will ever be moved, in my opinion wright is not the real bitcoin creator and hes just doing some nonsense in order to bring in some chaos to bitcoin world

i hope that those coins will never be moved in the future because it would cause a huge price dump in the near future in my opinion thus people will lose interest in it as investment

vanobe

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Quote from: Josef27 on May 31, 2016, 05:03:30 PM

That's what I figured .. Although maybe he's worried about some conspiracy, like getting offed by some government agency.

He's not Satoshi and doesn't control any of his coins. Instead of dragging out all that publicity he had, he would have simply signed a message on a forum if he was Satoshi.

Topic: early coins moving? (Read 1140 times)