Should Satoshi's coins be deleted? - page 3.

johnyj

legendary

Activity: 1988

Merit: 1012

Beyond Imagination

Quote from: minerpumpkin on April 23, 2015, 04:50:34 PM

Quote from: Cryddit on April 23, 2015, 04:39:14 PM

I kept looking at the OP's poll, and the only available answers were 'yes' and 'no'.

Can we edit the poll to add a 'That's a Stupid Question' button?

Well, I agree that this is a rather stupid question, but I think it would be a wise thing to do to explain to him why it really doesn't matter whether those coins are still available or not. Also it is very important to understand why this really wouldn't hurt Bitcoin by undermining one of it's key principles.

Central banks hold 1/3 of world's gold reserve, should they destroy them? What if they dump all the gold on market and crash the gold price to cents?

Even central banks decided to dump small amount of gold, they would still do it gradually, to not affect the market price too much

minerpumpkin

hero member

Activity: 686

Merit: 500

A pumpkin mines 27 hours a night

Quote from: Cryddit on April 23, 2015, 04:39:14 PM

I kept looking at the OP's poll, and the only available answers were 'yes' and 'no'.

Can we edit the poll to add a 'That's a Stupid Question' button?

Well, I agree that this is a rather stupid question, but I think it would be a wise thing to do to explain to him why it really doesn't matter whether those coins are still available or not. Also it is very important to understand why this really wouldn't hurt Bitcoin by undermining one of it's key principles.

Cryddit

legendary

Activity: 924

Merit: 1132

I kept looking at the OP's poll, and the only available answers were 'yes' and 'no'.

Can we edit the poll to add a 'That's a Stupid Question' button?

pereira4

legendary

Activity: 1610

Merit: 1183

Quote from: RodeoX on April 23, 2015, 03:33:08 PM

For the record, these are thought to be coins under the control of Satoshi. Since they have never moved after they were mined, It is quite possible that these are now inaccessible.

Probably he freezed them on purpose. I can imagine him being a man of higher morals and thinking "well, a single entity doesn't need to be in control of this ridiculous amounts of coins" and forgot the password to freeze them forever and help the overall scarcity factor.

ensurance982

hero member

Activity: 518

Merit: 500

Trust me!

Quote from: josef2000 on April 23, 2015, 02:34:23 PM

Why should satoshis coins be deleted? He is the founder of bitcoin. Without him, we all wouldnt be here at this forum. Dont you think he should at least get a reward for it?!

Well it is up to every miner and everyone who is running a full node to decide whether coins should be deleted or not. I think such a precedent would be something very very bad to BTC since it would destroy the fungibility of the underlying asset. No one could be sure that their coins wouldn't be the next to be deleted.

1Referee

legendary

Activity: 2170

Merit: 1427

I don't mind Satoshi his coins at all, he deserves them in full if he really happens to have that many coins. Deleting coins/value is never a good idea.

I'm also pretty sure that these coins won't move as he had the chance to sell his coins at the +$1000 peak if he wanted to. Coins will sleep for ever.

fartbags

legendary

Activity: 1190

Merit: 1004

Quote from: RodeoX on April 23, 2015, 04:01:54 PM

Quote from: blumangroup on April 23, 2015, 03:58:20 PM

Quote from: fartbags on April 22, 2015, 03:22:57 PM

I think yes, a 21% instamine is ridiculous. It gives a bad name to BTC.

I would want to give them to Mark Zuckerberg and have him distribute them on facebook.

No coins earned/worked for by our inventor/s should be dictated what should be done with them by anyone except them lol We are nobody's in the scheme of things it was created to help us all climb out from under the banks control and be our own bank plus a whole brilliant things and you want to repay that buy deleting his/their coins?!

Come on dude that is what is ridiculous like your grasp on how many and how the coins was acquired he worked for them as did every other miner, should we delete them all Cheesy

It would be awesome for you to give the coins to that zuckerberg because you would not be losing much by everyone of the distributed coins getting dumped on our face and crash the price more than we can ever imagine.

Even better. Let's take the coins owned by the Winklevoss twins and give them to Mark Zukerberg! lol

Damn, F-ed again! Cheesy

LOL that's funny.

RodeoX

legendary

Activity: 3066

Merit: 1147

The revolution will be monetized!

Quote from: blumangroup on April 23, 2015, 03:58:20 PM

Quote from: fartbags on April 22, 2015, 03:22:57 PM

I think yes, a 21% instamine is ridiculous. It gives a bad name to BTC.

I would want to give them to Mark Zuckerberg and have him distribute them on facebook.

No coins earned/worked for by our inventor/s should be dictated what should be done with them by anyone except them lol We are nobody's in the scheme of things it was created to help us all climb out from under the banks control and be our own bank plus a whole brilliant things and you want to repay that buy deleting his/their coins?!

Come on dude that is what is ridiculous like your grasp on how many and how the coins was acquired he worked for them as did every other miner, should we delete them all Cheesy

It would be awesome for you to give the coins to that zuckerberg because you would not be losing much by everyone of the distributed coins getting dumped on our face and crash the price more than we can ever imagine.

Even better. Let's take the coins owned by the Winklevoss twins and give them to Mark Zukerberg! lol

Damn, F-ed again! Cheesy

blumangroup

sr. member

Activity: 350

Merit: 250

'Slow and steady wins the race'

Quote from: fartbags on April 22, 2015, 03:22:57 PM

I think yes, a 21% instamine is ridiculous. It gives a bad name to BTC.

I would want to give them to Mark Zuckerberg and have him distribute them on facebook.

No coins earned/worked for by our inventor/s should be dictated what should be done with them by anyone except them lol We are nobody's in the scheme of things it was created to help us all climb out from under the banks control and be our own bank plus a whole brilliant things and you want to repay that buy deleting his/their coins?!

Come on dude that is what is ridiculous like your grasp on how many and how the coins was acquired he worked for them as did every other miner, should we delete them all Cheesy

It would be awesome for you to give the coins to that zuckerberg because you would not be losing much by everyone of the distributed coins getting dumped on our face and crash the price more than we can ever imagine.

cryptworld

hero member

Activity: 714

Merit: 503

Quote from: fartbags on April 22, 2015, 03:22:41 PM

If there was a way to get rid of satoshi's coins. Should they be deleted?

It always depends on the use they would be for and the amount.
But it is never good that only one person have that high percentage of bitcoins,because that is what we want to avoid here,centralization,and that is what happens if he has that huge amount

RodeoX

legendary

Activity: 3066

Merit: 1147

The revolution will be monetized!

For the record, these are thought to be coins under the control of Satoshi. Since they have never moved after they were mined, It is quite possible that these are now inaccessible.

crazyivan

legendary

Activity: 1652

Merit: 1007

DMD Diamond Making Money 4+ years! Join us!

The man created this beautiful industry, gave you the opportunity to be here and you want to leave him/her penniless. Why?

Buffer Overflow

legendary

Activity: 1652

Merit: 1016

Perhaps deleting OPs coins would be a better idea. Cheesy

josef2000

sr. member

Activity: 280

Merit: 250

Bro, you need to try http://dadice.com

Why should satoshis coins be deleted? He is the founder of bitcoin. Without him, we all wouldnt be here at this forum. Dont you think he should at least get a reward for it?!

TheGr33k

hero member

Activity: 518

Merit: 500

Quote from: Agestorzrxx on April 23, 2015, 07:36:06 AM

Satoshi's coins just as a time bomb, when he cashout, the market will definitely collapse, but we have no right to delete his coins, if this happened, the bitcoin will die, think about it, your wealth can be deleted, it's crazy.

Why would satoshi destroy what him and everyone else here created? I Like to think that if he ever comes back at that time many places will accept bitcoin and he will just use it. Bill Gates doesnt spend all his money or convert it all to euro

LiteCoinGuy

legendary

Activity: 1148

Merit: 1014

In Satoshi I Trust

Quote from: fartbags on April 22, 2015, 03:22:57 PM

I think yes, a 21% instamine is ridiculous. It gives a bad name to BTC.

I would want to give them to Mark Zuckerberg and have him distribute them on facebook.

when they never move, that is no problem.

S4VV4S

hero member

Activity: 1582

Merit: 502

There is NO chance you can ever find out how much or which coins belong to Satoshi because: http://blog.dustintrammell.com/2013/11/26/i-am-not-satoshi/

1000000

full member

Activity: 151

Merit: 100

Quote from: fartbags on April 22, 2015, 03:22:41 PM

If there was a way to get rid of satoshi's coins. Should they be deleted?

No. In my opinion, if you 'delete' satoshi's coins, you're basically going to destroy Bitcoin. Think about it, where would be the limit? How about deleting the lost Mt. Gox coins too? And how would you feel if someday suddenly all your own coins are gone?

bryant.coleman

legendary

Activity: 3766

Merit: 1217

Quote from: Amph on April 23, 2015, 10:08:17 AM

Quote from: bryant.coleman on April 23, 2015, 09:57:58 AM

Quote from: TinEye on April 23, 2015, 09:45:31 AM

Only one block was ever spent, the rest are where they are. It is very likely that Satoshi doesn't have access to them either.

Probably he threw away the coins, as he was more of an ideologically driven person, than a money-driven one. Also, he might have never expected the Bitcoin to become so valued. Anyway, it is good news for the rest of the users.

i beg to differ, he was expecting farm to grow big as they are right now, thus he was expecting a good price for bitcoin too(probably even more than 1k in 5 years) and a better adoption.

I agree with these two points in your post:

1. He was expecting BTC to grow big
2. He was expecting widespread adoption of Bitcoin

However, I disagree with this point:

1. He was expecting a high exchange rate for BTC, in comparison to fiat. (Satoshi was an ideologically driven individual. Exchange rates would be of no importance for him).

AtheistAKASaneBrain

hero member

Activity: 770

Merit: 509

The market wouldn't crash because there would need to be a demand high enough to absorb all these coins at once to create a bump, which I doubt. Dont be scared, satoshi will never sell anyway.

Topic: Should Satoshi's coins be deleted? - page 3. (Read 5211 times)