Fork and Destroy Satoshi's 1 million Bitcoin? - page 4.

kaya11

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Quote from: Ucy on April 13, 2019, 05:53:19 AM

Bitcoin should be forked and Satoshi's 1 million Bitcoin destroyed completely, if he really owns that much.
A sudden withdrawal of of 1 million (or large gradual withdrawals) should be regarded as an attack on Bitcoin.

Or it should be frozen for now until developers are sure no one is going to withdraw the whole thing and crash the market.

Is it possible to freeze someones withdrawal transaction without even affecting other transactions on the Bitcoin network? I thought we can freely send and receive our Bitcoin without any hindrance, so the development team is still in charge o our moneys flow if that is a yes.

Iamtutut

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Quote from: Ucy on April 13, 2019, 05:53:19 AM

Bitcoin should be forked and Satoshi's 1 million Bitcoin destroyed completely, if he really owns that much.
A sudden withdrawal of of 1 million (or large gradual withdrawals) should be regarded as an attack on Bitcoin.

Or it should be frozen for now until developers are sure no one is going to withdraw the whole thing and crash the market.

Why dont you burn your own coins ?

DooMAD

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Quote from: hatshepsut93 on April 14, 2019, 02:20:54 AM

I wonder if in the future we'll have more attack that will target this part of the community, something like SegWit2x and Bcash have tried - promising people high profits while saying that Bitcoin will fall because it will get abandoned.

I still feel that "attack" isn't the right word. Do you feel that the OP is trying to attack Bitcoin, or is it just that their views might be a little misguided? Same with the different fork proposals you mentioned. Just because some users might have ideas that don't integrate well with your own beliefs, doesn't necessarily mean we have to presume hostility on their part. People are allowed to have bad ideas every once in a while. It's if/when they take things to excessive levels that we should start to think of it as an attack.

It would be fair to describe the actions of certain individuals in their chosen methods to promote certain fork coins as an attack, but that doesn't mean we can attribute the actions of these particular individuals to all users of those chains. Nor does it mean the fork coin itself is an attack.

I understand the temptation for people to go with the "if you're not with me, then you're against me" mentality, but sometimes we take it too far. One could argue there's enough toxic behaviour in the community already and that we don't need to contribute to that by treating every opposing idea as some sort of threat.

pawanjain

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Quote from: mk4 on April 13, 2019, 06:02:28 AM

Quote from: Ucy on April 13, 2019, 05:53:19 AM

A sudden withdrawal of of 1 million (or large gradual withdrawals) should be regarded as an attack on Bitcoin.

How is withdrawing 1 million BTC an "attack" on bitcoin? It's Satoshi's money. Let him do whatever he wants with his money. He can spend it all on blackjack and hookers and hell do I care how he wants to spend it.

Yeah, I would personally be more than happy if he does that because doing this would mean that he is alive and is still interested in bitcoin.
If so then at least we would know that he is there if something bad happens to bitcoin. Also, if he would really care about BTC then he would definitely not spend all his BTC in one go.

hatshepsut93

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Quote from: DooMAD on April 13, 2019, 07:24:07 AM

Fork what you like, just don't assume people will naturally want to follow your fork. I suspect anyone who respects property rights will not be following a chain that advocates theft. This topic has come and gone so many times now and yet some people still don't seem to understand the concept of ownership after all these years.

People like OP just want to get rich quick, this is why they are into Bitcoin, and this is why they are so worried about theoretical scenarios when someone crashes the market. I wonder if in the future we'll have more attack that will target this part of the community, something like SegWit2x and Bcash have tried - promising people high profits while saying that Bitcoin will fall because it will get abandoned.

bxipp

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One million bitcoin will not hurt the market so bad but it will hurt himself to lose that bitcoin with a cheap price. Btw how you want to know if someone dump one million bitcoin that could be Satoshi? It could be someone else. That was billion that we talking about.

r1s2g3

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Once the developer and community start deciding like this that person has so much amount of coin let burn it, then nobody is going to support any project.
You forget that early investor always get huge benefits if project become successful.

Anyway OP idea is against the Bitcoin idea that says "nobody else can control your money".

Pursuer

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one of the main reasons why I (and many others) chose bitcoin was because it allows us to have full control over our money and it doesn't let anybody else touch it. your idea is taking that away and I would never follow that bitcoin.

Quote from: stompix on April 13, 2019, 02:47:46 PM

Oh, and there is one fork, don't remember if it's bitcoin diamond/silver/platinum or whatever that claimed it will destroy every coin before block xxxxx, till satoshi's disappearance.

it was JGarzik's fork if I am not mistaken where he started the fork after the SegWit2x failed. and it was obviously an altcoin that nobody paid any attention to and died in its early days.

arbiter5

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This is probably going to be the worst bitcoin fork, ever. Even worse than bsv, bitcoin gold, etc

Kakmakr

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You know what a few years ago a whale created a Sell wall on one of the mayor exchanges and he/she dumped a large amount of coins onto an exchange. The Bitcoin users stood together and they chipped away at that wall, until it was gone in a few days.

When Satoshi's coins gets dumped, the price of bitcoins will go down and people would be buying low priced coins like crazy, then the market will recover slowly and we will continue as normal. The plus side of this is the 1 000 000 coins that would once again be available in the total supply of bitcoins. Wink

Beerwizzard

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In the best case, Bitcoin should recover pretty fast from such attack. A mature market supposed to be resilient to such dumps that are not backed with any reasonable issue. Community shouldn't avoid this problem, everyone should work on it. We still need a bigger market cap with a bit amount of people in the market then big dumps won't have a long term impact.

cryptounicon

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I think that the precedent of such a fork would completely destroy the trust in Bitcoin itself. Such a suggestion goes against the very nature of bitcoin. It is a permanent ledger of all prior transactions. Even if those coins did eventually move, the market would absorb them and those coins are already counted in the circulating supply calculations regardless. He mined them and had a fair launch...you could have learned about Bitcoin at an earlier period of time and mined a huge amount of coins yourself if you had done your homework. Bitcoin is a global free market that is designed to be immune to any central interference.

Such a fork would mean Bitcoin is no longer decentralized.

blueteam09

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1 Satoshi owns 1 million Bitcoin, so he has the right to sell them if he wants to. If he wants to destroy the market why not sell them in 2017 when Bitcoin reaches $ 20,000? The Hard Fork is foolish, and I don't like these events happening.

Sithara007

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Quote from: blueteam09 on April 13, 2019, 09:31:34 AM

1 Satoshi owns 1 million Bitcoin, so he has the right to sell them if he wants to. If he wants to destroy the market why not sell them in 2017 when Bitcoin reaches $ 20,000? The Hard Fork is foolish, and I don't like these events happening.

Why would he want to destroy something that he has invented? For the second part of your question, there are two possible explanations. The first one is that he probably has lost the private keys to the wallets and therefore he is unable to spend the coins. If that is not the case, then he is waiting for even higher prices to sell his coins.

pooya87

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and what exactly gives you the authority to decide what other people do with amounts of bitcoin they have? Satoshi or anybody else having a large amount of bitcoin is none of anybody's business. that is why bitcoin is bitcoin not some shitcoin!
and why don't you start with this address and all the others that are linked to it (which belongs to you):
https://www.blockchain.com/en/btc/address/1KkDVZKQyC9am8S2Kw3Skvu3nbTYbFiome
i say lets burn your coins first because your username here has 3 letters and i don't like it, that is the same reasoning you are using to burn Satoshi's coins anyways Cheesy

pushups44

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Quote from: Ucy on April 13, 2019, 05:53:19 AM

Bitcoin should be forked and Satoshi's 1 million Bitcoin destroyed completely, if he really owns that much.
A sudden withdrawal of of 1 million (or large gradual withdrawals) should be regarded as an attack on Bitcoin.

Or it should be frozen for now until developers are sure no one is going to withdraw the whole thing and crash the market.

I totally disagree. Forks as a general rule have been very damaging in this community, diluting the value of tokens and causing brand confusion. Bitcoin is valued precisely because it has an immutable ledger. If you want an alternative blockchain, there are plenty out there.

eaLiTy

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Quote from: Ucy on April 13, 2019, 05:53:19 AM

Bitcoin should be forked and Satoshi's 1 million Bitcoin destroyed completely, if he really owns that much.
A sudden withdrawal of of 1 million (or large gradual withdrawals) should be regarded as an attack on Bitcoin.

Or it should be frozen for now until developers are sure no one is going to withdraw the whole thing and crash the market.

If anyone is able to destroy those bitcoin from the genesis block, the entire system will crash without a doubt, do you really know the reason why people are investing in bitcoin and why the market has flourished to a multi billion market, it is simply because of the trust in the system and another factor is decentralization, if anyone is able to destroy the coins then that trust factor is diminished, so think carefully what you wish for Tongue

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manok jepang

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If satoshi did not came forward with the scaling debate and many other forks that have been attempted in the past then I think it is safe to say he is never going to come back or to do anything with his coins, while I'm speculating I think he just moved on with his life, he did what he wanted and leaved when he thought it was the right time, he is probably doing something completely different and probably more stimulating to his mind. That would be very dangerous for the market. It would be better is the bitcoins would come out slowly but surely. It would cause a really unstable market.

stompix

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Quote from: Ucy on April 13, 2019, 05:53:19 AM

Bitcoin should be forked and Satoshi's 1 million Bitcoin destroyed completely, if he really owns that much.

Yeah, bring the pitchforks and let's burn all his coins, the damn kulak
To be really honest I'm amazed you haven't proposed that the coins should be redistributed to the addresses with a balance of less than two satoshis.

Oh, and there is one fork, don't remember if it's bitcoin diamond/silver/platinum or whatever that claimed it will destroy every coin before block xxxxx, till satoshi's disappearance.

cryptjh

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Quote from: Ucy on April 13, 2019, 05:53:19 AM

Bitcoin should be forked and Satoshi's 1 million Bitcoin destroyed completely, if he really owns that much.
A sudden withdrawal of of 1 million (or large gradual withdrawals) should be regarded as an attack on Bitcoin.

Or it should be frozen for now until developers are sure no one is going to withdraw the whole thing and crash the market.

Why should Satoshi's 1 million Bitcoin be destroyed?

I think you should just burn your own coins!

Satoshis bitcoins can if he never claims them, maybe one day be used to pay miners to continue their mining operations, but this should not be necessary for the next many decades, but his coins should be enough to pay for mining rewards for hundreds or even thousands of years.

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