Topic: satoshi is either dead or in prison - page 3. (Read 4558 times)

Interesting, you'd love satoshi to crash the price but fear a large holder manipulating the price profitably?  I'd love a large holder to manipulate the price profitably but would be less than happy to see satoshi crash the price (unprofitable).  The reason?  Profits are good!

Ron-Popeil is spot on though in noting that, in the event of a satoshi-crash, the various day-traders and speculators in the market would quickly set to work discovering the new fair price.  Those that work most efficiently and that have large fiat reserves at the ready for such a crisis will be the most richly rewarded.  This is precisely why good day-traders are a boon to humanity and another example of the profit motive benefitting everyone.

I happily acknowledge that satoshi could disrupt the market significantly and for a prolonged period.  However, he's not alone in this.

Bill Gates, for example, could easily cause more disruption if he dedicated his net worth to the cause.  He could buy bitcoins with seemingly no limit in sight and then crash the market at a moment of his choosing.  He could do this repeatedly, crashing at different times with different amounts.  Ultimately, he'd go broke, but we'd have chaos for quite some time.

If this possibility worries you, you really ought to get out of bitcoins now and into a much deeper and less volatile asset.


What if satoshi revealed himself.  Would you be happier then?  What if two years later, he decided to crash the market.  Would it really make any difference that you could put a face to the act?


If satoshi having 10% is a big problem then I imagine that Warren Buffet having 10% would also be a big problem.  Could you design a cryptocurrency as decentralised as Bitcoin which made it practically impossible for Warren Buffet, dedicating all of his resources, to acquire 10%?  I couldn't.

Stuff and nonsense.

Yes, _if_ Satoshi liquidated his entire stash, it would likely burn through every buy order on every market. So what? A bunch of people get a major deal on a bunch of coins as the bid/ask drops to a silly value.

Then once the liquidation is complete (in hours if not seconds), the price jumps back up to maybe half that of before the event. And the historical price trend resumes its incessant upward creep in value.

The only lasting effects are that: the price appreciation over time gets set back by a month or seven, and; Satoshi's one-time sword of Damocles is forever rendered powerless.

I've already factored such an event into my buying. Have you?

Requires trust, my ass.

Satoshi might be an ET who returned to his cloaked spaceship and continued his travels to start Bitcoin on another planet.
If/when he returns you will need at least 10 BTC to be invited on his next flight into deep space.

Not necessarily. IMO, I believe that too much volatility in the Bitcoin exchange rates can harm the adoption of the digital currency. Also, if Satoshi dumps 1 million coins all of a sudden, then his motives will be questioned.

nicolas van saberhagen is also a funny name - read the paper yesterday the writing style is different. I think even though it does not matter, the place to look at is nick szabo, but probably this person is also a pseudonym

Exactly.

Any sane Bitcoin user would love Satoshi to crash the price, each time the coins become owned by more and more people.

Fear of the Satoshi crash is irrational. The only fear is large holders that control both the buy and sell sides manipulating the price to increase their stash. Because Satoshi is already so rich he doesn't need to do this and thus we have nothing to fear.

He most likely has spent many of his coins. The coins mined much later when many people were involved.

It's only his first mined coins that haven't moved. No one knows anything about the coins Satoshi was mining late 2010. Thing is, he could have sold $10,000,000 of bitcoin and you would never ever know.

He wouldn't be so obvious as to sell or move his signature early coins! (That had a convenient footprint in the nonce or something.)

I'd imagine if that footprint is true, Satoshi did it on purpose to hide over coins he mined with no tell tale sign.

I am not at all concerned about Satoshi becoming some boogie man and suddenly crashing bit coin. As with any market it would recover and find value at the place price meets demand.

Satoshi being a mysteriously founder is okay.  People can live with that.  But Satoshi owning 10% is the elephant in the room that bitcoin fanatics are refusing to acknowledge or accept.  That their "trustless" tech actually requires a huge amount of trust in him.  

This I think is another reason why every week a new "Satoshi" thread pops up talking about him.  Some say, "let him be anonymous".  Well..... That doesn't work.  I don't want a person that has control over ALL my money being anonymous.  We all instinctively know with that much coin, his leverage is ridiculous.  And yes, he is still alive and on a computer.  He sent out a message recently.  Anything could happen.

I also think that he is a good guy.  That he built bitcoin because he believed in it and he won't crash it.  But.... there is the problem.  If he really believes in having the ideal form of money "the bitcoin in the sky" then he knows that him having 10% is a big problem.  So why would a guy create a perfect money and then also have a flaw created in it.  The fact of the matter is, we just don't know.

You don't understand it because as a capitalist you are damn near incapable of comprehending a truly selfless act. I hold that the creation of Bitcoin was a selfless act - a gift to the world.

Those coins will never move.

I'll explain!

Satoshi made the first crypto coin blockchain.  It was written in C++ and was a giant hairball of code, but it allowed for tokens to be transferred.  Most of this code has been completely redone by now and Satoshi faded away.  It was a huge step in evolution of value. HUGE

BCnext made a 2nd generation crytpo coin blockchian.  It was written in Java and used POS instead of POW and allows for tokens to be transferred and so much more, including messaging, asset exchange, naming services have already gone live and there are plans to incorporated dozens of more features.  Basically any "feature" that a POW coin adds (outside of a small tweak to the mining algo) and then claims it is revolutionary because of, NXT can add that feature in a couple of months.  So if you look at the top ten features of the best top ten alt coins, NXT either does or can do those things pretty easily.  But, the code was kind of a hairball, there was no real client, and the initial distribution was so skewed that a lot of old timers won't even think about touching it.  It has been a big step in the evolution of value.  Not as big as fiat to bitcoin though.  Oh yeah, BCnext also walked away from the project with his coins and nobody knows who he is or where he went.

NEM is a 2nd generation crypto coin blockchain like NXT that is written in Java, but is written with really clean code from the ground up by a very large team of developers, not just one guy.  Each part is being unit tested and the core is being built so that new features will be easily added.  The distribution is spread out over thousands of people with the aim that every person will only have 1 share and for the most part taint analysis has done a good job upholding this.  NEM has not come out yet, so it is hard to say how good it will be.  But in many ways it looks to be a great product from the start, fair, high quality, and transparent, and no shady founders that own 10 or 20 or 50 percent.  Again, it is another step in evolution.  Probably not as big as Bitcoin to NXT though.  And then again, it might have addressed a core red flag and so in the long run turn out to be very important. It is up to the community to decide.

I know that we all think that Bitcoin is safe and Satoshi won't hurt us.  But the fact is, bitcoin is suppose to be a trustless tech, but actually anybody that owns bitcoin has HUGE trust in Satoshi.  People often buy bitcoin because they think that fiat is stupid because the government can just print more and devalue the existing fiat.  But Satoshi owning 10% of bitcoin could dump and easily sell bitcoin to every buy wall on every exchange crashing the price to $0.01 on every exchange and hold it there if he wanted. There wouldn't be anything any of us could do.  Now we all trust and think that he won't do that and so we are here, but the point is, we still are having trust in him when we are suppose to be using a trustless tech.  There are scenarios.  What if he was hacked?  What if he had an son or daughter that inherited keys and dumped?  What if the government seizes his keys like they did SilkRoad?  What if he was working for the government?  What if he decides he wants his cash?  What if he wants to donate half to charity?  Yes, all these are unlikely and we say, "that's not going to happen," but the reality is, WE JUST DON'T KNOW and therefore have trust and faith in him. 

NXT isn't actually much better in its distribution.  In someways better and in someways worse.  There are 20 or 30 massive NXT holders that at one time owned the majority of it.  They have sold off a lot but their accounts are still huge, Many of which still have more than $1,000,000 in NXT.  Lots of them would love to cash out and have that million dollars but the NXT liquidity is quite small and if they tried, again they would crash the market.  So again, with NXT we are having trust when using it that they won't harm us, when really we are suppose to be using a trustless tech.

NEM's fair distribution and and transparency in many other issues, is making it much more easy to trust.  It is just at the stage of private developer testing and only screen shots have been released of the client, but there is a lot of confidence behind NEM and in the community that when it comes out, it will come out fighting like a tiger. 

Satoshi is a benevolent alien who came to earth to help us get away from the corruption and than leave to reappear at a later time, when humanity learned to be less destructive.


(i do not actually believe this and i'm not trying to start a cult)

I don't know what any of this means. Care to explain?

Satoshi 1.0 and BCnext 2.0 make NEM 3.0

The important thing is that he is happy:

but i don't think you can code on toy trains

why do you assume he was framed? what if he really did it? did you check the police report?

Satoshi almost died.  But then he got better.  Sadly, his mom sold all his computer stuff while he was in the hospital.  It was either the computers or the toy trains and she knew what mattered most to him.

Care to enlighten me or point me in the right direction because you're the first person I've seen who says there's definite proof.