Poll: Is Satoshi a scammer, out to enrich himself? - page 2.

rico666

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Quote from: mdmx on December 18, 2013, 02:49:47 AM

It was my understanding that Satoshi only controlled the Genesis block, which as of today still remains untouched...

How could he use this to enrich himself if he doesn't have any more than 50BTC?

AFAIK the genesis block contains unspendable BTC. Therefore it may remain untouched for a very long time to come...

Rico

rico666

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Quote from: porc on December 18, 2013, 12:22:32 AM

Instead of arguing the actual points at hand, you attack me personally, by stating that I am dumb enough to trust fiat.

You make it quite hard not to attack you because of certain ... logical insufficiencies.

Despite your very biased post, which BTW is always a sign of bad style when issuing a poll, the poll results are against "your arguments".

As for your arguments:

* You have not provided proof, that Satoshi is holding the biggest stack
* You have not provided proof, that the 50% of the mined coins are in the hands of but a few

It seems to me you are angry about some aspect of bitcoin, but it remains unclear what it is. Didn't you get enough BTC? Is it too hard thus frustrating for you to get your hand on some?

Look - the market price is crashing. The same way it went hysterically up is now going down.

You may get it cheap in some time again. When you do - and hold it - please inform us in some years if you consider yourself being on top of "the pyramid".

Rico

bitcon

legendary

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colonialism only benefits early settlers. life is a scam. Grin

mdmx

newbie

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It was my understanding that Satoshi only controlled the Genesis block, which as of today still remains untouched...

How could he use this to enrich himself if he doesn't have any more than 50BTC?

Mike Christ

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Merit: 1003

Quote from: porc on December 18, 2013, 12:46:32 AM

Quote from: msc on December 18, 2013, 12:34:26 AM

Quote from: porc on December 17, 2013, 11:47:50 PM

Bitcoin heavily favors early adopters.

Yes, but that doesn't make it a scam.

This point alone makes it a scam, as Bitcoin cant succeed due to its heavy concentration towards a handful of early adopters. It was a FATAL DESIGN FLAW BUILT IN ON PURPOSE, so that Satoshi could enrich himself via this pyramid.

I'll take you seriously once you list any other way this would've worked without a central authority.

Hunterbunter

hero member

Activity: 994

Merit: 1000

Quote from: porc on December 18, 2013, 12:46:32 AM

Quote from: msc on December 18, 2013, 12:34:26 AM

Quote from: porc on December 17, 2013, 11:47:50 PM

Bitcoin heavily favors early adopters.

Yes, but that doesn't make it a scam.

This point alone makes it a scam, as Bitcoin cant succeed due to its heavy concentration towards a handful of early adopters. It was a FATAL DESIGN FLAW BUILT IN ON PURPOSE, so that Satoshi could enrich himself via this pyramid.

Bitcoin heavily favors early adopters, but only to the point where they actually sell.

Land ownership also favors early adopters. Is property ownership also a scam? Other precious, limited metals have the same issue, are they also scams?

porc

member

Activity: 98

Merit: 10

Quote from: msc on December 18, 2013, 12:34:26 AM

Quote from: porc on December 17, 2013, 11:47:50 PM

Bitcoin heavily favors early adopters.

Yes, but that doesn't make it a scam.

This point alone makes it a scam, as Bitcoin cant succeed due to its heavy concentration towards a handful of early adopters. It was a FATAL DESIGN FLAW BUILT IN ON PURPOSE, so that Satoshi could enrich himself via this pyramid.

furezasan

member

Activity: 67

Merit: 10

Quote from: porc on December 18, 2013, 12:22:32 AM

Quote from: johnyj on December 18, 2013, 12:08:40 AM

You have this doubt because you still have faith in government issued money, so you think dump the coins for some fiat is a nice move. I guess Satoshi does not have such faith, it is clearly written in the genesis block

Instead of arguing the actual points at hand, you attack me personally, by stating that I am dumb enough to trust fiat.

And that's why Satoshi left, no face for attackers to go after... just the Bitcoin protocol as it is.

Hunterbunter

hero member

Activity: 994

Merit: 1000

Quote from: porc on December 17, 2013, 11:47:50 PM

Pyramid, get rich quick nature:
It seems to me, that the distribution of bitcoin heavily favors its pyramid get rich quick nature. Satoshi never wanted to created currency, but instead was out to create a pyramid to enrich himself. He cleverly disguised this pyramid as a currency.

This might be the reason why he wants to stay anonymous.

He absolutely could have done this, but it would only have worked if people felt there were getting something out of it, when they really weren't.

As it seems, people are using bitcoins for both hoarding and transactions. It may not be much of an improvement over fiat trading, but it's still happening. If there's an actual use, and people prefer to use it over fiat, then is it really fair to say something of value wasn't actually created? A scam only means something when nothing comes of it, and in that regard bitcoins can only be called a scam or pyramid scheme if it's fatal flaw just hasn't been discovered yet. Until then, you have to assume he's innocent, because it's quacking the way it's supposed to quack.

msc

sr. member

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Merit: 250

Quote from: porc on December 17, 2013, 11:47:50 PM

Bitcoin heavily favors early adopters.

Yes, but that doesn't make it a scam.

porc

member

Activity: 98

Merit: 10

Quote from: johnyj on December 18, 2013, 12:08:40 AM

You have this doubt because you still have faith in government issued money, so you think dump the coins for some fiat is a nice move. I guess Satoshi does not have such faith, it is clearly written in the genesis block

Instead of arguing the actual points at hand, you attack me personally, by stating that I am dumb enough to trust fiat.

johnyj

legendary

Activity: 1988

Merit: 1012

Beyond Imagination

You have this doubt because you still have faith in government issued money, so you think dump the coins for some fiat is a nice move. I guess Satoshi does not have such faith, it is clearly written in the genesis block

porc

member

Activity: 98

Merit: 10

This conclusion (Satoshi=scammer) is inescapable, if you agree with certain assumptions:
1) Satoshi is highly intelligent
2) If Bitcoin wants to become currency, it must be widely distributed and in actual use (not hoarded)
3) Bitcoin goes against point 2)

Here is why Bitcoin goes against point 2) (as has been explained on this board before):
1) Bitcoin heavily favors early adopters. 50% of the currency supply is already mined, and Satoshi holds the biggest stack.
2) This fact entices people to hold onto their bitcoin and not spend them.
3) This fact discourages people from adopting bitcoin, as they would enrich the early adopters, unless they believe that they are early adopters as well that can still profit from a coming wealth transfer.

Pyramid, get rich quick nature:
It seems to me, that the distribution of bitcoin heavily favors its pyramid get rich quick nature. Satoshi never wanted to create currency, but instead was out to create a pyramid to enrich himself. He cleverly disguised this pyramid as a currency.

This might be the reason why he wants to stay anonymous.

The result:
A boom of people wanting to get rich. A bust once no one enters (believing that they are too late to the get rich quick party).

Destruction of confidence after the bust.

Topic: Poll: Is Satoshi a scammer, out to enrich himself? - page 2. (Read 2798 times)