Satoshi, please start moving your coins - page 2.

hugolp

legendary

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Radix-The Decentralized Finance Protocol

Quote from: bitcoinator on May 17, 2013, 12:32:06 PM

... but in fact they trust Satoshi who probably can debase Bitcoins anytime.

Im going to go anal:

-bitcoin/bitcoins: is the currency and, as any other currency, you dont capitalize the first letter.

-Bitcoin: is the name for the network, the protocol and even the software, therefore you capitalize the first letter.

Note that you can not write "Bitcoins", you can only write "bitcoins" because only the currency can be plural and you never capitalize it.

FoBoT

sr. member

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what if some/most/all of them are lost? is that a possibility? by lost i mean, the owner can no longer access them or the owner isn't able to access (like owner is dead) , forgot password etc Shocked

Este Nuno

legendary

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amarha

Quote from: bitcoinator on May 17, 2013, 12:59:23 PM

Quote from: CasinoBit on May 17, 2013, 12:34:18 PM

Why do people just automatically assume that we're at the best of times for BTC, why not cash out when it's 1000$/btc? Better yet why not cash out from USD to BTC?

I am not talking about the best time to cash out. My point is that some anonymous entity controls significant part of Bitcoin supply. Is it really more trustworthy than Federal Reserve? If it moves a single satoshi from the first few blocks, you'll probably see panic selling on the markets.

So I suggest that that entity decides whether it plans to spend bitcoins, or not. If it plans to spend them - then it should announce it in advance and do it at predictible rate, otherwise it would be a pure market manipulation and a nightmare for all bitcoiners.

If it doesn't plan to spend them, then it should destroy them.

Pretty good point actually.

bitcoinator

full member

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Quote from: CasinoBit on May 17, 2013, 12:34:18 PM

Why do people just automatically assume that we're at the best of times for BTC, why not cash out when it's 1000$/btc? Better yet why not cash out from USD to BTC?

I am not talking about the best time to cash out. My point is that some anonymous entity controls significant part of Bitcoin supply. Is it really more trustworthy than Federal Reserve? If it moves a single satoshi from the first few blocks, you'll probably see panic selling on the markets.

So I suggest that that entity decides whether it plans to spend bitcoins, or not. If it plans to spend them - then it should announce it in advance and do it at predictible rate, otherwise it would be a pure market manipulation and a nightmare for all bitcoiners.

If it doesn't plan to spend them, then it should destroy them.

Quote from: SlyFoxy12 on May 17, 2013, 12:35:16 PM

what no option that he might just slowly give them away once the currency is more main stream?

Yes, it sounds good. I believe that is "Spend them at predictable pace" option.

SlyFoxy12

member

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Merit: 10

what no option that he might just slowly give them away once the currency is more main stream?

CasinoBit

sr. member

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Merit: 250

Why do people just automatically assume that we're at the best of times for BTC, why not cash out when it's 1000$/btc? Better yet why not cash out from USD to BTC?

bitcoinator

full member

Activity: 164

Merit: 100

It is assumed that significant part of bitcoins belong to Satoshi and few early adopters who mined when difficulty was low. Those funds represent significant part of potential Bitcoin supply, and significant part of world economy if Bitcoin is successful.

Bitcoiners claim that they don't rely on trust and any centralized authority, but in fact they trust Satoshi who probably can debase bitcoins anytime. And this seems to be a weakness of the cryptocurrency. People will probably panic if any of those early mined bitcoins move.

If Satoshi wants to ever spend his bitcoins, he should probably announce it in advance and start moving that funds at predictable pace (e. g. 1000 btc/day) to improve the long-term success of Bitcoin. That doesn't necessary mean to spend it. Just move it so that people don't panic when you really decide to spend it.

If Satoshi doesn't plan to ever spend his bitcoins, then he should probably destroy them (e. g. send them to some nonexistent address).

What do you think?

Topic: Satoshi, please start moving your coins - page 2. (Read 3014 times)