Topic: Implications of Satoshi holding 10% of bitcoins - page 2. (Read 8002 times)

I think Satoshi maybe attempting to inflate the price by providing support to the market with large buys just below market price and smaller buys up front. On Sat, as everyone was expecting a correction there was too much selling pressure to hold it up and he had to let it slide, possibly the 17,00BTC that people keep talking about was sold by another early adopter and he wasn't willing to absorb it.

I saw a couple of times on the way down there would be multiple $100,0000 buys which would quickly vanish when it was clear that price wasn't going to hold. I just don't see anybody risking that kind of money, unless they have a vested interest in bitcoins success and doesn't have as much to loose.  Satoshi probably can't sell a large volume at the moment, while keeping his anonymity, he needs to wait for the price to increase and then he can sell of less for higher value. It's also his creation and he with out a doubt wants it succeed.

At $10 I think he finally managed to prevent the price falling through the floor and helped it quickly rebound,  confidence is now partially restored as people think we have survived the bubble. He may now on be both sides of the order book trying to peg the price around $20 to provide some semblance of a stable economy (until the next boom). Kind of like a bitcoin guardian angel.

I like that.  He also might make some of us rich by buying stuff (even small stuff) from our online stores.  Now we have collectable bitcoin with a touch of Satoshi.  I can only dream. 

Of course I have never checked my coins so I probably already spent it!

Surely Satoshi and the developers are so elite that they above the need for spendable currency.  LOL.  Ninjas right???  Ninjas that live off the land???  Ha.

That's what I choose to believe too.

It's actually quite a convincing argument, because the scenario of someone buying up 1000000 BTC to attack the Bitcoin economy and Satoshi defending it is far likelier than the scenario of Satoshi attacking his own creation or his wallet being stolen.

How? By selling more coins?

Now if he's rich in other assets from selling some then he can reabsorb the evil mass unleashing of coins I guess.

He could use his coins to protect us from thugs and such. Maybe build Galt's Gulch.

Indeed.

Here's more:

The sandwich shop boy happens to be a block chain geek and notices that he's selling a sandwich (spoiler: to a woman) for the first coins ever minted, but he doesn't say anything. He is inspired and leaves the sandwich shop to do amazing thing X.

I think Satoshi whoever he/they are, chose to keep significant amount of BTC to protect the economy against an attack.
Such attack would consist of first buying huge amounts of BTCs making value skyrocket and then dumping it making value plummet. Someone with a lot of BTCs could smooth things out preventing panic

That will be a story cooler than any Hollywood movie.

Yeap!

This thread isn't rooted in jealousy. It's rooted in the long term welfare of Bitcoin.

Yes it is unregulated. I was looking for some confidence that it's unmanipulated too.

But I guess for a while yet any billionaire could buy a huge share of bitcoins and manipulate the market, so Satoshi having so many probably isn't the biggest danger by far.

Merely suggesting that I would like the developers to be more transparent has nothing to do with jealousy.  But I can see you'd rather attack me as a person rather then understand my point of view.  Oh well.

I imagine him waiting until Bitcoin saturates the planet, buying a sandwich, securely deleting his wallet, and moving on to his next adventure.

I don't. But it's the one aspect of Bitcoin I don't rest easy with and I think it's reasonable grounds for discussion. There are lots of scenarios where the concentration of so many bitcoins in one place might reasonably cause problems.


Again, I think this is reasonable grounds for discussion irrespective of whether I'm envious (I'm not) or think Satoshi is a lunatic (I don't).


I hope so too.

If you think this thread and the hundreds like it aren't rooted in abject jealousy, you need to learn something about human emotion.

I'm not sure anyone suggested that.

Any currency that's regulated is manipulated...

I thought the idea here was to get away from that.  Don't be bringin' your crazy ideas about regulation in here.

If he did, he would just burn most of it.   

it's sooo UNFAAAIIIIRRRRRR!

I guarantee that once bitcoin establishes itself, there will be people who rise out of the ashes and become large holders of bitcoin. The problem is not the bitcoins themselves, but more about individuals being able to generate massive amounts of wealth. (I don't consider it a problem personally) The issue i guess is that people with a lot of wealth also have a lot of influence.


haha thats so true!