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Topic: Let's say satoshi is cashing out 1million BTC - page 3. (Read 5242 times)

sgk
legendary
Activity: 1470
Merit: 1002
!! HODL !!
Think about this:  Not only have Satoshi's coins not been sold or spent; Satoshi's coins haven't even moved.

Except for a 10BTC test transaction he spent to Hal in 2009, and maybe one or two coinbases that nobody noticed or tracked down to him, they are all still sitting there untouched in his mined coinbase txOuts. I have a list of over 5000 of his coinbase addresses, and they have not budged.  He hasn't consolidated coins in one wallet, he hasn't tumbled coins, he hasn't bought anything from overstock.com or anywhere else.

We're talking here about someone who could cause deep unrest, perhaps bordering on panic, just by generating a new address and sending 50BTC from one of his old addresses to it.  I can name dozens of places that would light up like Christmas trees if even one of his known addresses moved; hell, my own computer would light up like a Catharine wheel.  I'd have a text message within fifteen seconds of a transaction spending one of those addresses hitting the Bitcoin network, and that message hasn't been sent even once in the months since I set up the script.


But are you sure we know ALL of Satoshi's addresses?

If Satoshi was still mining in 2011 like any other 500+ people mining at that time, how would we know?
legendary
Activity: 924
Merit: 1132
Think about this:  Not only have Satoshi's coins not been sold or spent; Satoshi's coins haven't even moved.

Except for a 10BTC test transaction he spent to Hal in 2009, and maybe one or two coinbases that nobody noticed or tracked down to him, they are all still sitting there untouched in his mined coinbase txOuts. I have a list of over 5000 of his coinbase addresses, and they have not budged.  He hasn't consolidated coins in one wallet, he hasn't tumbled coins, he hasn't bought anything from overstock.com or anywhere else.

We're talking here about someone who could cause deep unrest, perhaps bordering on panic, just by generating a new address and sending 50BTC from one of his old addresses to it.  I can name dozens of places that would light up like Christmas trees if even one of his known addresses moved; hell, my own computer would light up like a Catharine wheel.  I'd have a text message within fifteen seconds of a transaction spending one of those addresses hitting the Bitcoin network, and that message hasn't been sent even once in the months since I set up the script. 

legendary
Activity: 978
Merit: 1001
I wish that the addresses would be dumped today because if they do anytime in the future it will hurt bitcoin to the point of no return. Yes, it will crash the price today, and for many months to year afterwords. But because everyone is so fucking schizofrenic about these coins, nobody vested in bitcoin will be able to sleep at night and these threads will appear 10 at a time every day. Get it over with already.
sgk
legendary
Activity: 1470
Merit: 1002
!! HODL !!
start a somewhat shady exchange like btc-e, and put your own coins on the orderbooks.

This would be the most plausible way to do it if he wants to sell his coins and protecting his identity at the same time.

Better yet, he would create a decentralized exchange. What better way to cash out his coins and providing something really cool to bitcoin community at the same time?



Edited because I quoted the wrong post initially
sr. member
Activity: 324
Merit: 250
I don't know about those ideas but have anybody ever figured out that maybe you can use a portion of that btc to a luxury yacht or even sports cars where the sellers are actually a bitcoin fan and is willing to accept btc. Work out a deal to get somehow to purchase the item on your behalf and once you own the item, just sell it off to any of the sports car enthusiast or any of the dot com mogul living in Silicone Valley. Either way there are bound to be buyers, it's a matter of knowing the right people. So what do you guys think? Workable?

Well that would be great, except it's called money laundering and could land you in jail. Sure, there are ways to do it and not get caught but if you do you'll pay the price, but this wouldn't help satoshi because as soon as he spent his coins people would know. They then might be able to trace the coins to the person who got them from satoshi and then find out details of who he sold the car to. That's why it's not as easy as him to just spend or even launder his funds like this as it could potentially expose him.
tyz
legendary
Activity: 3360
Merit: 1533
I am more interested in the question, why is Satoshi hodling a such huge amount of Bitcoins? Does he still own the private key or are there any particular plans for it when Bitcoin will reach the mass?
Q7
sr. member
Activity: 448
Merit: 250
I don't know about those ideas but have anybody ever figured out that maybe you can use a portion of that btc to a luxury yacht or even sports cars where the sellers are actually a bitcoin fan and is willing to accept btc. Work out a deal to get somehow to purchase the item on your behalf and once you own the item, just sell it off to any of the sports car enthusiast or any of the dot com mogul living in Silicone Valley. Either way there are bound to be buyers, it's a matter of knowing the right people. So what do you guys think? Workable?
sr. member
Activity: 274
Merit: 250
Why couldn't anyone cash out and stay anonymous?

I sold a lot of coins and my personal information is not floating on the internet. Satoshi could have sold too. Nobody knows.

That's because you're not the creator of bitcoin and don't have an army of people watching your addresses like a hawk. If you were satoshi and was spending your coins freely without a worry for security then people may already have tracked your coins or what you purchased and where. Bitcoin isn't as anonymous as you might think especially if you're sloppy with your usage of it and it could possibly be quite easy to trace your coins or get personal details if you didn't know what you were doing. Thankfully satoshi probably does.
AGD
legendary
Activity: 2070
Merit: 1164
Keeper of the Private Key
Why couldn't anyone cash out and stay anonymous?

I sold a lot of coins and my personal information is not floating on the internet. Satoshi could have sold too. Nobody knows.

Sorry, but:


hero member
Activity: 854
Merit: 503
Legendary trader
Why couldn't anyone cash out and stay anonymous?

I sold a lot of coins and my personal information is not floating on the internet. Satoshi could have sold too. Nobody knows.
legendary
Activity: 3766
Merit: 1217
I wouldn't be so sure. The US government's powers often exceed the borders of the US.

Yes. That is true. The US government's powers extend to its vassal states, such as the UK and Germany.

You don't think it would be possible for the US government to force another country into revealing that sort of information? Remember Kim Dotcom? He was a German guy with German citizenship living in New Zealand. The FBI was even able to seize his hard drives too. And that's assuming that Satoshi isn't a US citizen living aboard. If he is, then both the IRS and the FBI would be after him.

With Germany and New Zealand, may be. What if Satoshi is actually living in Russia or Belarus? Or even in Venezuela or Bolivia? What the FBI is going to do if he is a resident of Russia?
copper member
Activity: 924
Merit: 1007
hee-ho.
Satoshi selling any amount of btc for fiat will be like him saying bitcoin has failed and thats never going to happen

so you're saying he's never going to sell them? what if he found himself in a desperate need of money?
there's only 3 possible reason why Satoshi haven't sold his bitcoins yet
1. he lost access to his own wallet
2. he doesn't need money yet
3. he's dead. (or if my assumption on a certain thread are correct, deleted/selfdestructed)

btw, he = he/they/it. whichever is correct
full member
Activity: 149
Merit: 100
Satoshi selling any amount of btc for fiat will be like him saying bitcoin has failed and thats never going to happen
full member
Activity: 350
Merit: 118
Another reason is that if he is selling all the coins he have, he would be selling near 1 million of Bitcoin. If large amount of money gets to his bank, the FBI would definitely find him. Also, the seller would be suspicious too.

How the FBI is going to find him, if he is living outside the United States, and using exchanges such as BTC-e, which are not that friendly to the US government agents?

I wouldn't be so sure. The US government's powers often exceed the borders of the US. You don't think it would be possible for the US government to force another country into revealing that sort of information? Remember Kim Dotcom? He was a German guy with German citizenship living in New Zealand. The FBI was even able to seize his hard drives too. And that's assuming that Satoshi isn't a US citizen living aboard. If he is, then both the IRS and the FBI would be after him.
legendary
Activity: 3766
Merit: 1217
Another reason is that if he is selling all the coins he have, he would be selling near 1 million of Bitcoin. If large amount of money gets to his bank, the FBI would definitely find him. Also, the seller would be suspicious too.

How the FBI is going to find him, if he is living outside the United States, and using exchanges such as BTC-e, which are not that friendly to the US government agents?
legendary
Activity: 3038
Merit: 4418
Crypto Swap Exchange


Quote
You want to do it in a relative short period of time, so no cashing out slowly in 5 years version.

Why?

Cashing in a short period of time would crush the price and he would effectively lose money. Cashing over longer period of time would allow him to get more FIAT for his coins.
Another reason is that if he is selling all the coins he have, he would be selling near 1 million of Bitcoin. If large amount of money gets to his bank, the FBI would definitely find him. Also, the seller would be suspicious too.
sr. member
Activity: 308
Merit: 250
I think that will be disastrous , that will drop the btc economy and the faith in Satoshi by people but as you say given certain circumstances and condition ,it would be nice
hero member
Activity: 886
Merit: 1013
It's funny that one of the most favourite topic of newbies is the satoshi stash.

In reality he couldn't really sell it anywhere near the market price, as soon as those coins would move the markets would crash immediately.
member
Activity: 70
Merit: 10
No need for him to sell it better to give it away and create more bitcoins. Grin
legendary
Activity: 1904
Merit: 1074
This is how I will do it :

1. I would identify say 30 000 "poor" people and true Bitcoiners and give them some coins. {This will keep the NSA or whoever is tracking me, busy for a long time....}
2. I will also split those coins into smaller amounts... and start to mix.  Wink
3. I will fund my travelling expenses from the first batch of mix coins. {Staying on the go, paying for everything in fiat}
4. I will not convert huge amounts of coins in one go... it will hurt the price too much.
5. I will then "create" my own mixing software {remember, we are dealing with a skilled individual here} and then mix the remaining coins and then destroy the evidence. {Logs}
6. Once these coins are broken up, I will slowly extract small amounts from different locations around the world.

When I have travelled the world and I helped all my friends and contributed to the need of the poor. {Paying it forward} ... I will die in peace, in a bed on a island, with a grin on my face.  Grin

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