Do you realize that more than 1M BTC was traded in December 2013 only?
Now, remember the recent flash price drop on btc-e to sub $200? That was 12,000 coins.
Topic: Satoshi should give away a good chunk of the 1.000.000 btc he has - page 2. (Read 5516 times)
March 05, 2014, 06:58:50 PM
Do you realize that more than 1M BTC was traded in December 2013 only?
Now, remember the recent flash price drop on btc-e to sub $200? That was 12,000 coins.
March 05, 2014, 05:00:14 PM
lol @ those who think Satoshi is filthy rich.
If he were to place those coins on the market, price would drop like there is no tomorrow. Even a mere 10k BTC can drop the price to 100 USD on most exchanges, 1M BTC would surely drop things to single digits.
If he were to place those coins on the market, price would drop like there is no tomorrow. Even a mere 10k BTC can drop the price to 100 USD on most exchanges, 1M BTC would surely drop things to single digits.
March 05, 2014, 04:51:51 PM
Which is probably the point. If I had a million coins, there's no way in hell I would just give them away and neither would you, but it's bad for the supposedly decentralized Bitcoin in general, when one person/entity holds almost 10% of the entire supply and thus has the power to kill it for years.
If I'm doing my math right, miners will mine what Satoshi allegedly holds in 278 days. His share drops from 10% to 9%. His power to "kill" bitcoin will degrade over time.
No, the rate of new Bitcoins degrades exponentially. Even at the maximum limit of 21 million Bitcoins, Satoshi would still hold almost 5% of the entire supply a hundred years from now. Still way too much.
That is a good point. However, the fear is that Satoshi would commit a irrational malicious act against bitcoin at no or little personal gain for him/herself. Unlikely, but a concern. Currently, that 1MBTC isn't worth anywhere near the spot price if suddenly converted to fiat (because the markets aren't big enough), he/she has a while to wait before using it to buy the private island and the fleet of yachts -- or spending it on eradicating some horrible disease from the planet. It is much more likely to be sold off as needed, as the price goes up, without crashing the market.
As I understand it, the richest person in the USA, Bill Gates, cannot convert the majority of his wealth to fiat money or anything else. Most of his wealth is in Microsoft stock, and he is legally constrained to the amount of Microsoft stock he can sell, such that he couldn't sell it all before dying naturally from old age.
Sorry to say but your wrong, Bill Gates can sell/give away all of his shares for their prices' worth in Fiat assuming they're buyers...He's not legally constrained so that he can't sell it all before dying of all old age..
March 05, 2014, 04:48:02 PM
Where is the link showing he has that many?
March 05, 2014, 04:39:05 PM
If satoshi moved his coins the market would go into a panic. That would be the worst idea in the world for him to do.
Yes it would force a price drop, but theoretically it only dilutes the coins out there by 10%, so in practice price would only drop by more than 10% for as long as it took the market to absorb the extra 10% into normal daily turnover. (A few days to a month perhaps). Corporations do this all the time when they issue additional stock, so his holdings are NOT a systemic risk to the BTC economy.
You do realize that 1M BTC would destroy the market to sub $100 or even $1?
Do you realize that more than 1M BTC was traded in December 2013 only?
March 05, 2014, 04:04:52 PM
If satoshi moved his coins the market would go into a panic. That would be the worst idea in the world for him to do.
Yes it would force a price drop, but theoretically it only dilutes the coins out there by 10%, so in practice price would only drop by more than 10% for as long as it took the market to absorb the extra 10% into normal daily turnover. (A few days to a month perhaps). Corporations do this all the time when they issue additional stock, so his holdings are NOT a systemic risk to the BTC economy.You do realize that 1M BTC would destroy the market to sub $100 or even $1?
March 05, 2014, 04:00:23 PM
If satoshi moved his coins the market would go into a panic. That would be the worst idea in the world for him to do.
Yes it would force a price drop, but theoretically it only dilutes the coins out there by 10%, so in practice price would only drop by more than 10% for as long as it took the market to absorb the extra 10% into normal daily turnover. (A few days to a month perhaps). Corporations do this all the time when they issue additional stock, so his holdings are NOT a systemic risk to the BTC economy. March 05, 2014, 03:10:16 PM
he donated them to all of us by never using them.
This seems like a bang on description(mainly because I want it to be true lol).
I'm hoping Satoshi comes out one day and says this.
March 05, 2014, 03:07:37 PM
Is there any evidence that satoshi has that many coins? If so where is the proof on the blockchain?
He mined a bunch of the blocks in the very beginning of the blockchain. The genesis block was mined by satoshi... That alone is 50 btc right there.
March 04, 2014, 11:47:32 PM
He mined a bunch of the blocks in the very beginning of the blockchain. The genesis block was mined by satoshi... That alone is 50 btc right there.
Not that it matters much in relation to the amount of Satoshi's other bitcoins, but I though I read somewhere that the reward from the genesis block can't be spent due to an error in the implementation.
March 04, 2014, 11:05:07 PM
Is there any evidence that satoshi has that many coins? If so where is the proof on the blockchain?
He mined a bunch of the blocks in the very beginning of the blockchain. The genesis block was mined by satoshi... That alone is 50 btc right there.
March 04, 2014, 10:24:53 PM
Is there any evidence that satoshi has that many coins? If so where is the proof on the blockchain?
March 04, 2014, 10:07:12 PM
The SUPREME ideal behind BTC is decentralized, inflation buffered global currency.
I would be surprised if Satoshi went thru the trouble he did to create "New fait", or "just to get rich>
in the begining, 1MMBTC was risk, not a retirement plan.
I hope are the funds are used to strengthen the community, he himself initiated.
Please Satoshi, if you see BTC has a chance at a systemic failure (not the greedy speculators) use what funds you have to keep you brainchild safe-secure-revolutionary
TY
I would be surprised if Satoshi went thru the trouble he did to create "New fait", or "just to get rich>
in the begining, 1MMBTC was risk, not a retirement plan.
I hope are the funds are used to strengthen the community, he himself initiated.
Please Satoshi, if you see BTC has a chance at a systemic failure (not the greedy speculators) use what funds you have to keep you brainchild safe-secure-revolutionary
TY
March 04, 2014, 09:59:31 PM
If satoshi moved his coins the market would go into a panic. That would be the worst idea in the world for him to do.
March 04, 2014, 09:36:27 PM
Which is probably the point. If I had a million coins, there's no way in hell I would just give them away and neither would you, but it's bad for the supposedly decentralized Bitcoin in general, when one person/entity holds almost 10% of the entire supply and thus has the power to kill it for years.
If I'm doing my math right, miners will mine what Satoshi allegedly holds in 278 days. His share drops from 10% to 9%. His power to "kill" bitcoin will degrade over time.
No, the rate of new Bitcoins degrades exponentially. Even at the maximum limit of 21 million Bitcoins, Satoshi would still hold almost 5% of the entire supply a hundred years from now. Still way too much.
That is a good point. However, the fear is that Satoshi would commit a irrational malicious act against bitcoin at no or little personal gain for him/herself. Unlikely, but a concern. Currently, that 1MBTC isn't worth anywhere near the spot price if suddenly converted to fiat (because the markets aren't big enough), he/she has a while to wait before using it to buy the private island and the fleet of yachts -- or spending it on eradicating some horrible disease from the planet. It is much more likely to be sold off as needed, as the price goes up, without crashing the market.
As I understand it, the richest person in the USA, Bill Gates, cannot convert the majority of his wealth to fiat money or anything else. Most of his wealth is in Microsoft stock, and he is legally constrained to the amount of Microsoft stock he can sell, such that he couldn't sell it all before dying naturally from old age.
March 04, 2014, 09:04:32 PM
Having 1 million btc is a complete obscenity.
He should start giving them away somehow.
He is not the 1% but the 0.000001% Warren Buffet is broke compared to satoshi (talking about wealth percentage)
What do you think?
He should start giving them away somehow.
He is not the 1% but the 0.000001% Warren Buffet is broke compared to satoshi (talking about wealth percentage)
What do you think?
What did you do for the bitcoin project to make it better to have demand to what people should do with their bitcoins? Are you willing to use bitcoin cops against what you called "complete obscenity"? Who will be next? How much bitcoins max should bitcoiners have in their wallet according to you?
Stop asking for free stuff. Contribute.
March 04, 2014, 08:52:24 PM
I wonder what you could do with a Trillion dollars, mind blowing.
Buy a better body guard.
March 04, 2014, 08:43:44 PM
What if they are plotting to use those coins for Evil? 
But on a serious note maybe satoshi should abolish death... I read sending someone to mars could cost only 3 Billion dollars; It can be done.
17 billion to feed all the worlds poor for a year, no starvation for a moment in human history for once. 28 billion to build a super super LHC 50 mile radius, imagine what secrets we could discover with that! 30 billion to pay all the dept from developing countries, 100 billion buy Facebook.
I wonder what you could do with a Trillion dollars, mind blowing.
But on a serious note maybe satoshi should abolish death... I read sending someone to mars could cost only 3 Billion dollars; It can be done.
17 billion to feed all the worlds poor for a year, no starvation for a moment in human history for once. 28 billion to build a super super LHC 50 mile radius, imagine what secrets we could discover with that! 30 billion to pay all the dept from developing countries, 100 billion buy Facebook.
I wonder what you could do with a Trillion dollars, mind blowing.
March 04, 2014, 08:43:24 PM
Maybe they died and the coins are just sitting in a family members storage unit.
Time to travel across the world to storage auctions and find these coins!
Time to travel across the world to storage auctions and find these coins!
March 04, 2014, 08:34:19 PM
Satoshi, if you are reading this - my BTC address is in my signature. Just sayin'. 
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