Topic: Satoshi's price - page 2. (Read 2143 times)
I guess if its true that Satoshi mined about 1 million bitcoins in the early days then he must have thought it might be worth something in years to come.
Does anybody know if Satoshi had any idea what price bitcoins may get to once all coins are mined and it is being used by a large percentage of people, or was he not really interested in that side of things?
How could he? I don't think that anything like Bitcoin has been done before, so there's no historic comparison he could make.
He made a decision to make the base integer unit in the protocol equivalent to 0.00000001 BTC. That would seem to imply that he may have believed that BTC could increase in value to the point where 0.01 µBTC would be able to purchase approximately the same amount of goods or services as $0.01 can purchase today.
I think he was smart enough to realise the potential or to at least accommodate for the potential of it. I'm guessing Satoshi wasn't into wildly speculation on the price, but he seemed to be aware of who would take advantage of the technology from what I've read so he must've know it could very well become quite valuable.
I think people assign too much importance to the fiat value of Bitcoin. 1 Bitcoin is always worth 1 Bitcoin remember.
He made a decision to make the base integer unit in the protocol equivalent to 0.00000001 BTC. That would seem to imply that he may have believed that BTC could increase in value to the point where 0.01 µBTC would be able to purchase approximately the same amount of goods or services as $0.01 can purchase today.
I agree on this, he also designed the system so that bitcoin would be deflationary. This suggests he knew the market price would rise, even if he is not interested in fiat.
Satoshi was not interested in the FIAT value of Bitcoin. He wanted Bitcoin to be an independent medium of exchange.
Agreed. Nobody cares what the exchange rate between USD and Zimbabwe dollar is.
Similarly, if fiat currencies keep inflating, then the fiat value of Bitcoin really doesn't matter and would keep increasing.
Does anybody know if Satoshi had any idea what price bitcoins may get to once all coins are mined and it is being used by a large percentage of people, or was he not really interested in that side of things?
Satoshi was not interested in the FIAT value of Bitcoin. He wanted Bitcoin to be an independent medium of exchange.
He made a decision to make the base integer unit in the protocol equivalent to 0.00000001 BTC. That would seem to imply that he may have believed that BTC could increase in value to the point where 0.01 µBTC would be able to purchase approximately the same amount of goods or services as $0.01 can purchase today.
Does anybody know if Satoshi had any idea what price bitcoins may get to once all coins are mined and it is being used by a large percentage of people, or was he not really interested in that side of things?
Satoshi was not interested in the FIAT value of Bitcoin. He wanted Bitcoin to be an independent medium of exchange.
Does anybody know if Satoshi had any idea what price bitcoins may get to once all coins are mined and it is being used by a large percentage of people, or was he not really interested in that side of things?
Well I think he wasn't sure that the protocol was going to work from the beginning, that people would notice it and start mining. Seriously none of us know and I think it's the same about him.
Does anybody know if Satoshi had any idea what price bitcoins may get to once all coins are mined and it is being used by a large percentage of people, or was he not really interested in that side of things?
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