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Topic: Satoshi's faceless identity is the greatest Bitcoin success strategy - page 4. (Read 1135 times)

hero member
Activity: 2114
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I really bet to disagree with your point. Bitcoin too can be called centralized in this context. Satoshi Nakamoto holds 1 Million bitcoins, which is roughly 5% of the total supply of bitcoins as it is 21 Million. This actually is too much and enough to actually call this coin centralized as well. Infact some other cryptocurrencies have even less promoter holding than this. But yes the only advantage here is that one the creator is anonymous and secondly it has not moved even a single penny from what the holds so far which indicates bitcoin is quite safe to hold and obviously much better than the rest.
Satoshi Nakamoto Bitcoin holding is actually more than 1 million as you mentioned, and no bits have been used since the bitcoin was locked in Satoshi's wallets. But no one knows if Satoshi still has access to the wallet holding the coins.
I think this is pretty stupid to think that because he hasn't moved a single bitcoin from his address he might have lost the private key. There are huge chances he has some other wallet as well which we people aren't aware of and is enough for him to do his daily transactions and he is just keeping his bitcoin locked for the right time moreover he knows even a slightest of movement from his vault will attract huge attention from throughout the world so he might also not be doing this because of this.
Years have passed and no transaction is made from that specific wallet. This increases the trust over the network, because a transaction made from the particular wallet will surely make disturbance in the market. In specific the network might loss it's feature of functioning without lying on someone's decision.
Moving funds into those known satoshi wallet or any of them would really be signifying that Satoshi is still alive and i dont see for it to be a negative thing but rather a positive one since the entire community do knows
that he's still living and rather give out that kind of boost up and so much trust in bitcoin although there are some cons with it which some people might be thinking that he came back just for him to sell off this bag
which might create some fud and panic on the entire market although we cant be sure but the probabilities are  there and we know on how peoples mind do really play on these particular times.
For now lets just not stress ourselves on finding satoshi because it cant really be known whether his still existing or already dead.
I think at this point it's no more important to find Satoshi and definitely he too isn't going to reveal his identity even if he is alive by any chance. I too think him revealing his identity will be a big blow in the market it will shift lots of things and parameters and no one knows whether things will go bullish or bearish. But yes it would have been great if the inventor of this great invention could be honoured suitably on global level.
hero member
Activity: 1974
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Currently the majority of new users who come to bitcoin are not interested in such a relevant characteristic of bitcoin, sometimes they do not even care about learning who Satoshi Nakamoto is or what he represents in his eventual anonymity for bitcoin.

On the other hand, criticizing other crypto projects for their eventual customization would have nothing to do with the success or failure of those projects.
What they are interested in right now is profit, how can they make money and become rich thanks to bitcoin. I guess a lot of new entrants in the market these days not only don't care who Satoshi is but never read its white paper, they only care about the price. What price to buy and when to sell to make a profit.

~

As franky1 stated, they will do nothing to Satoshi, since the founder of LTC, ETH is still free.
There's still no guarantee they won't do anything to him, so he'd better remain anonymous forever.
legendary
Activity: 3248
Merit: 1402
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I agree with the op that it's great that Bitcoin creator remains anonymous. Whoever this person really is, not only would that person have a major effect on Bitcoin development over the years (which is a downside for something that calls for decentralization), I think Bitcoin would also be less popular. That's because no matter who that person is, somebody would be unhappy with this person's views, beliefs, actions etc. If it's a social democrat, conservatives would be very unhappy. If it's a person who committed some serious crimes, supports Russia or is a fan of flat Earth society, it would also put a ton of people off. The less we know and the less influence Satoshi has, the better. It is true decentralization in action.
legendary
Activity: 1918
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LE ☮︎ Halving es la purga
Currently the majority of new users who come to bitcoin are not interested in such a relevant characteristic of bitcoin, sometimes they do not even care about learning who Satoshi Nakamoto is or what he represents in his eventual anonymity for bitcoin.

On the other hand, criticizing other crypto projects for their eventual customization would have nothing to do with the success or failure of those projects.
hero member
Activity: 1918
Merit: 564
Can we truly peg Bitcoins as a Decentralized heaven?

We are now seeing a bit of centralization all because of the whales and the government who are trying to somehow manipulate the market while making sure that they are able to gain profits from it.

IMHO, (I might be wrong)Bitcoin development decision is centralized though since the majority of the influence is coming from a small group of people.  Even though we ought to believe that the consensus of implementing such development is decentralized but the decisions are decided by the one who has the major hashes.


I do think that Mr. Satoshi just like the artists Sia and Marshmallow did not only create anonymity through their hidden identity but also generated tons of interest as well. I do think that it's impossible to know what the government will do with him once they do catch him, they might try and find out if he was actually using this for some other purposes like collecting data etc. One cannot guarantee his security as well.

As franky1 stated, they will do nothing to Satoshi, since the founder of LTC, ETH is still free.
sr. member
Activity: 2226
Merit: 347

I really bet to disagree with your point. Bitcoin too can be called centralized in this context. Satoshi Nakamoto holds 1 Million bitcoins, which is roughly 5% of the total supply of bitcoins as it is 21 Million. This actually is too much and enough to actually call this coin centralized as well. Infact some other cryptocurrencies have even less promoter holding than this. But yes the only advantage here is that one the creator is anonymous and secondly it has not moved even a single penny from what the holds so far which indicates bitcoin is quite safe to hold and obviously much better than the rest.
Satoshi Nakamoto Bitcoin holding is actually more than 1 million as you mentioned, and no bits have been used since the bitcoin was locked in Satoshi's wallets. But no one knows if Satoshi still has access to the wallet holding the coins.
I think this is pretty stupid to think that because he hasn't moved a single bitcoin from his address he might have lost the private key. There are huge chances he has some other wallet as well which we people aren't aware of and is enough for him to do his daily transactions and he is just keeping his bitcoin locked for the right time moreover he knows even a slightest of movement from his vault will attract huge attention from throughout the world so he might also not be doing this because of this.
Years have passed and no transaction is made from that specific wallet. This increases the trust over the network, because a transaction made from the particular wallet will surely make disturbance in the market. In specific the network might loss it's feature of functioning without lying on someone's decision.
Moving funds into those known satoshi wallet or any of them would really be signifying that Satoshi is still alive and i dont see for it to be a negative thing but rather a positive one since the entire community do knows
that he's still living and rather give out that kind of boost up and so much trust in bitcoin although there are some cons with it which some people might be thinking that he came back just for him to sell off this bag
which might create some fud and panic on the entire market although we cant be sure but the probabilities are  there and we know on how peoples mind do really play on these particular times.
For now lets just not stress ourselves on finding satoshi because it cant really be known whether his still existing or already dead.
legendary
Activity: 2646
Merit: 1106
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I really bet to disagree with your point. Bitcoin too can be called centralized in this context. Satoshi Nakamoto holds 1 Million bitcoins, which is roughly 5% of the total supply of bitcoins as it is 21 Million. This actually is too much and enough to actually call this coin centralized as well. Infact some other cryptocurrencies have even less promoter holding than this. But yes the only advantage here is that one the creator is anonymous and secondly it has not moved even a single penny from what the holds so far which indicates bitcoin is quite safe to hold and obviously much better than the rest.
Satoshi Nakamoto Bitcoin holding is actually more than 1 million as you mentioned, and no bits have been used since the bitcoin was locked in Satoshi's wallets. But no one knows if Satoshi still has access to the wallet holding the coins.
I think this is pretty stupid to think that because he hasn't moved a single bitcoin from his address he might have lost the private key. There are huge chances he has some other wallet as well which we people aren't aware of and is enough for him to do his daily transactions and he is just keeping his bitcoin locked for the right time moreover he knows even a slightest of movement from his vault will attract huge attention from throughout the world so he might also not be doing this because of this.
Years have passed and no transaction is made from that specific wallet. This increases the trust over the network, because a transaction made from the particular wallet will surely make disturbance in the market. In specific the network might loss it's feature of functioning without lying on someone's decision.
hero member
Activity: 2114
Merit: 619

I really bet to disagree with your point. Bitcoin too can be called centralized in this context. Satoshi Nakamoto holds 1 Million bitcoins, which is roughly 5% of the total supply of bitcoins as it is 21 Million. This actually is too much and enough to actually call this coin centralized as well. Infact some other cryptocurrencies have even less promoter holding than this. But yes the only advantage here is that one the creator is anonymous and secondly it has not moved even a single penny from what the holds so far which indicates bitcoin is quite safe to hold and obviously much better than the rest.
Satoshi Nakamoto Bitcoin holding is actually more than 1 million as you mentioned, and no bits have been used since the bitcoin was locked in Satoshi's wallets. But no one knows if Satoshi still has access to the wallet holding the coins.
I think this is pretty stupid to think that because he hasn't moved a single bitcoin from his address he might have lost the private key. There are huge chances he has some other wallet as well which we people aren't aware of and is enough for him to do his daily transactions and he is just keeping his bitcoin locked for the right time moreover he knows even a slightest of movement from his vault will attract huge attention from throughout the world so he might also not be doing this because of this.
hero member
Activity: 1022
Merit: 667
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Bitcoin's decentralized nature has made it possible for Bitcoin users to maintain high privacy, but even at that there have been a lot of speculations around Satoshi's identity but again none of his social media or other communication channels have been active since his exit from the science some years ago.
hero member
Activity: 812
Merit: 560
As mentioned in by an user, even the known identities of the altcoin inventors of Litecoin, ethereum weren't arrested or kept under control. So, the same could've happened with Bitcoin inventor. However we can't have the same thoughts for Satoshi same as Vitalik or other inventors. The World have changed out of the innovation, so surely governments will find ways to keep him under control. Upon this, the faceless identity is a big thing with bitcoin growth.

You know that Satoshi has been a name that covered any other inventors since he was the one to first launch the cryptocurrency coin which is bitcoin before others follows, they believe that Satoshi been a house hold name has the influence and control to effect on any other cryptocurrencies, let consider the effect of bitcoin price, bitcoin fall will effect a double fall on other cryptocurrencies at least, if you want to pull down a strong hold, then start from the ring leader first, that's one of the reasons all eyes on Satoshi and bitcoin and not much on altcoins.
hero member
Activity: 1890
Merit: 831
Can we truly peg Bitcoins as a Decentralized heaven?

We are now seeing a bit of centralization all because of the whales and the government who are trying to somehow manipulate the market while making sure that they are able to gain profits from it.

I do think that Mr. Satoshi just like the artists Sia and Marshmallow did not only create anonymity through their hidden identity but also generated tons of interest as well. I do think that it's impossible to know what the government will do with him once they do catch him, they might try and find out if he was actually using this for some other purposes like collecting data etc. One cannot guarantee his security as well.
legendary
Activity: 4410
Merit: 4788
the real success is not that he went away..

the real success is that he has transactions that exist in the blockchain that are 13 years old+
where:
a. no one has been able to associate them to a real name
b. bitcoin still runs 24/7 for over a decade+ so far without him, because thats what its suppose to do
c. no one can/has/will ever 'undo' his transactions
d. no one has proven the 'address re-use' risk FUD of actually stealing coins, else after 12 years of trying they would stole the coins from the addresses he did spend from, which still have value left since 2009 untouched

thats the real success story
hero member
Activity: 1092
Merit: 747
That is to say, no individual owned or control its network, so the room for influence is zero since the Bitcoin creator remain anonymous a long time ago.

But however, there are still certain factors which affect the price of Bitcoin, of which you and I know very well, which includes the increase or decrease in demand, government policies and global economic crisis, just in the recent case of Russia body Ukraine, where almost all section with connection to the Russian government was shut down, of which am sure is the primary case of this Bitcoin recent crash.
hero member
Activity: 1778
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Regarding the real identity of satoshi, there are not many things to say about it, but as you already said, one good point of bitcoin is about its founder of it. Since satoshi is still unknown and we still cannot even make sure if he is only one person or a group of people, this will help the decentralization of bitcoin because it's not related to any company, organization, or any person at least not so far. But on the other hand, since the founders of altcoins will usually reveal their names to become popular among people they do not have one basic factor of the decentralization while they claim to be decentralization.
member
Activity: 742
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Bitcoin decentralization and its strength majorly draw from the absence of satoshi's involvement in the Bitcoin network, and the fact that Bitcoin is highly Anonymous and privacy cautious. So I partially agree with you on the advantage of Satoshi's faceless identity.
hero member
Activity: 2338
Merit: 737
To be honest with you I don't visit the altcoin section any things as that section is full of a lot of spam and fake projects, I classify altcoin into worthless assets so I don't pay attention to them at all. Bitcoin has offered us the total freedom we desire.
It sounds really great when you ignore altcoins just for Bitcoin because it has been proven that Bitcoin is always better than any altcoin at this time and can also provide total freedom as many people want. And if I may know what are the things you do to earn Bitcoins apart from participating in the 1xBit.com campaign ? Because everyone on this forum says the campaign is not good to promote.
legendary
Activity: 3472
Merit: 10611
Satoshi Nakamoto Bitcoin holding is actually more than 1 million as you mentioned, and no bits have been used since the bitcoin was locked in Satoshi's wallets. But no one knows if Satoshi still has access to the wallet holding the coins.
You don't know how much bitcoin Satoshi really owns, you are just repeating a very weak guess made by someone many years ago. As a matter of fact a lot of coins from early days have already been moved not to mention all those early miners who came together to sign a message calling out the known scammer Craig.
legendary
Activity: 3234
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As mentioned in by an user, even the known identities of the altcoin inventors of Litecoin, ethereum weren't arrested or kept under control. So, the same could've happened with Bitcoin inventor. However we can't have the same thoughts for Satoshi same as Vitalik or other inventors. The World have changed out of the innovation, so surely governments will find ways to keep him under control. Upon this, the faceless identity is a big thing with bitcoin growth.
sr. member
Activity: 1064
Merit: 382
Hurrah for Karamazov!
Just like how Daft Punk wouldn't show their face.

"We’re not performers, we’re not models – it would not be enjoyable for humanity to see our features,”

- one of the guy with helmet on

I like to believe that the idea of Satoshi is based on a similar principle.

For daft punk, it's about maintaining their creative freedom.
For Satoshi, it's about keeping Bitcoin without "one general" and thus making it truly free from any form of centralization.
hero member
Activity: 2884
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I am terrible at Fantasy Football!!!
Not only the greatest Bitcoin success strategy but also the greatest case of mystery, hidden ID, which is almost impossible to conceal in the internet era, not even counting the fact that this person or entity is literally worth billions in fiat.
I really think this is going to be one of the greatest mysteries which are never going to be resolved, it is quite understandable that the people that developed technology thousands of years ago may have been forgotten by history as we have so little records about that time, but it is incredible that a technology that is going to change the way the world works was somehow created by a person that elected to remain anonymous in this era, and the more time passes in which we do not know about identity of satoshi the greater the mystery and the desire to know who he was.
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