Topic: Satoshi Nakamoto should offer a million bitcoin reward - page 2. (Read 5543 times)

+1

However this is also a downside. The more people know about Bitcoin, the better. If a country were to officially endorse Bitcoin imagine the worldwide press attention it would receive! Interest in Bitcoin would spike at an astronomical rate!

While it might just be wishful thinking, it certainly would be amazing...

Bitcoin doesn't need a government or central bank to endorse it.  That's one of it's biggest strengths.

Should happens... All the time.

He's on his island drinking and enjoying the rich life.

Ummm? Satoshi abandoned Bitcoin and disappeared into thin air. I think the chance of this happening are very remote.  

Not to bitcoin

No this won't ever happen.

You forget, governments like to control their own money, i.e. print and create at will.  We're just as likely to see a country return to the gold standard as we are to see a country exclusively adopt bitcoin as it's currency.

sounds like a good idea, I'll bet a micro nation would be the first.

Price recovers, I'm a millionaire? Wouldn't this be for the best.
Satoshi, if you're reading this: dump now!

What a beautiful day.

Price crashes, and I get thousands of bitcoins for $1.

they wont unload unless theres a lot investor

kind of scary to think what would happen if this person decided to unload even a fraction of that amount.  :S

The estimate I saw was 1,500,000.  They were very easy to mine in the early days.

If anyone was shown to hold 1,000,000 BTC, I think it would undermine the value of btc heavily.

If I was Satoshi, I would be a rich man.
So why would I bother with any of this, when I can just enjoy life?

Here's a thought experiment.

Satoshi Nakamoto should offer a million bitcoin reward for the first country (or group of countries) to completely abandon its national currency and make Bitcoin the exclusive legal tender for all debts public and private.  The reward could be paid to the government of the country over a 20-year period, just to make sure they don't start down the path, collect the reward, then go back to issuing their own currency.

Imagine a country like Argentina after the next round of hyperinflation.
1.  In anticipation of this move, the government might secretly spend a few million dollars to accumulate a few tens of thousands of bitcoins while they are still cheap.  If they have USD or other currencies in reserve, they could secretly convert those to bitcoins, as well.
2.  When their current peso gets in trouble, instead of replacing it with yet again another new one, they could simply declare Bitcoin to be their national currency.
3.  The price of Bitcoin should jump at least to at least $100,000 at the news, so their first reward installment of 50,000 XBT should be worth at least $5 billion.  This would allow the government to significantly increase its expenditures and/or lower its taxes.
4.  They modify their tax code as necessary, since it's hard to track income and sales, so it makes more sense to tax by user fees, per person, or based on the value of property.

Their economy should absolutely boom because of the advantages of Bitcoin, plus the $100 billion prize, plus the enormous appreciation of any bitcoins they accumulated before the price jump.  The government looks like a hero and probably stays in power, at least until the reward payments stop.

It doesn't have to be Argentina.  It could be any country whose currency gets into trouble, or a bloc of nations wanting the advantages of a common currency, or maybe even the U.S.

The first nation to make the conversion wins a huge reward.  The price of Bitcoin should increase just due to the anticipation and speculation that some country might attempt to win the prize.  And the higher the price goes, the more valuable the reward becomes, so the higher the pressure to be the first to convert.

If Satoshi owns 1.5 million bitcoins, then giving away this reward would make his remaining bitcoins a thousand times more valuable, so this would not be a purely altruistic action.

I'm sure Satoshi wants Bitcoin to succeed.  This would be a way to increase the chance.  Perhaps we need better infrastructure first, like good, cheap hardware wallets?