Should Satoshi's coins be deleted? - page 4.

Amph

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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.

it could also explain why he didn't dumped even a tiny portion of his amount

bryant.coleman

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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.

TinEye

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Quote from: TheGr33k on April 22, 2015, 04:32:23 PM

Quote from: shorena on April 22, 2015, 03:47:53 PM

Quote from: TheButterZone on April 22, 2015, 03:45:11 PM

I thought "Satoshi's coins" were unspendable even if he A) was still alive B) had the original wallet.

Only the 50 BTC from the genesis block are unspendable. Considering that Satoshi mined several blocks there should be plenty more available.

there where 70+ blocks mined before Hal mined any (from my knowledge) plus there are plenty more blocks after that which are thought to be his aswell (I think)

The total is close to a million BTCs.

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.

Amph

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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.

he didn't instamine shit, because the diff started from 1 on bitcoin, you know this right? apparently not, also he did it for testing, and the price was like zero back then, nothing to compare with modern crapcoin

btw your math is way off, by a long shot

RodeoX

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The revolution will be monetized!

I also don't like redheads, their coins should be deleted. And postal employees, don't get me started, let's delete their coins. Basically I'm cool with deleting all your coins but not mine. Roll Eyes

Thank God this is impossible.

Hazir

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★Nitrogensports.eu★

Quote from: ?? on ??

Since it can't be deleted & he never spend his coins
How about give it to everyone ?

And if we can delete satoshi's coins
It means we can delete every coins too

You sound like a greedy fool, why would we give away someones money without their permission and to whom? Just random wallets? It would lower the value of BTC instantly.

The fact that we would have less coins in circulations will probably increase value of everyones coins. But there is second factor - physiological - when people realise that these coins are being tinkered with they came to conclusion that any bitcoin is not secure and they can lost bitcoins too. But it is purely hypothetical scenario as I don't think deleting coins is possible.

lucasjkr

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Why should the marjet collapse? Do you really think he would just place a marker sell order for all of his coins in one go? Or would your faith in Bitcoin be so shaken that its creator wanted to spend some of his coin like everyone else? I don't get it.

Agestorzrxx

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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.

virtualx

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LOTEO

Quote from: shorena on April 22, 2015, 03:28:18 PM

Quote from: virtualx on April 22, 2015, 03:24:23 PM

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

There are ways to get rid of satoshi's coins. Should they be deleted?

What do you mean by delete? There is no delete or copy on the bitcoin blockchain. The blockchain is not a file system.
They can be moved by anyone who has the private keys.

They could be send to an address that has no known private key associated with it.
like http://blockexplorer.com/address/1BitcoinEaterAddressDontSendf59kuE

I dont think it makes any difference whether they are not used or send to another address that no one currently can use.

That's correct, whiletechnically it is not a delete it is unlikely someone has that private key

This could be seen as a delete.

randy8777

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Quote from: ?? on ??

Since it can't be deleted & he never spend his coins
How about give it to everyone ?

And if we can delete satoshi's coins
It means we can delete every coins too

just no. coins must stay where they are for ever. and who knows maybe there are already "deleted" as satoshi might not be able to access these coins anymore.

Slark

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Quote from: shorena on April 22, 2015, 03:28:18 PM

Quote from: virtualx on April 22, 2015, 03:24:23 PM

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

There are ways to get rid of satoshi's coins. Should they be deleted?

What do you mean by delete? There is no delete or copy on the bitcoin blockchain. The blockchain is not a file system.
They can be moved by anyone who has the private keys.

They could be send to an address that has no known private key associated with it.
like http://blockexplorer.com/address/1BitcoinEaterAddressDontSendf59kuE

I dont think it makes any difference whether they are not used or send to another address that no one currently can use.

It is psychological difference, if people would know and be sure about that Satoshi's coins are unable to be spend/lost. They will stop talking when/if Satoshi will claim his coins and that will provide additional 'ease of mind' for doubters and theorycrafting individuals. So it is a difference.

--Encrypted--

copper member

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hee-ho.

No. I think he/she/it/they pretty much deserved that much as the creator of bitcoin (which leads to the making of other cryptocurrencies).

at least not as long as he doesn't use those btc to ruin btc itself. that would be like ruining other people's life.

Zoomer

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Quote from: BitmoreCoin on April 23, 2015, 03:10:57 AM

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.

Any thing (coins) you do not own or know previously is a instamine? Those coins were mined for very long time.

Exactly and them coins what was mined for a long time took dedication to bitcoin, time, electricity, just because the value went up doesn't mean the altcoin fan boys should come cheer for something that someone worked for to be deleted! I have never heard so much **&*..

Clearly i vote they should not be deleted nobody has the right except satoshi who 'worked' for them, also you could say that is pretty much done himself. Proof of this 21% so called instamine or it never happened.

I have made bold the most stupid thing i have heard in my life so far, well done!

BitmoreCoin

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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.

Any thing (coins) you do not own or know previously is a instamine? Those coins were mined for very long time.

Kprawn

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You want to pi$$ off the inventor of one of the greatest and disruptive technologies in this world?

Leave the coins, they increase the value of all of our coins by being out of circulation... it's existance is no threat to me at all. Those coins are like a monument and it makes different statements to different people.

If they hard fork Bitcoin to get rid off those coins, many people would question the security of their own coins. {To whom would it be done next?}

Pente

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I find it interesting that almost 15% of the population on this forum (which probably has above average intelligence) is so full of envy that they would destroy someone else's wealth.

It is to early to say yet, but Satoshi's algorithm may end of changing the world. If Bitcoin succeeds, we may finally see a reversal of the government centralization and corporate corruption. Decreased wars, end to mass plunder, and greater respect for property rights.

The fact that I can store wealth in my mind is something I never imagined before. I sleep much better at night knowing that I can travel the world without worrying about borders or governments confiscating my bank accounts.

I will admit to feeling jealousy of those who heard of Bitcoin before I did in summer of 2013. However, there is a big difference between jealousy (wanting something for myself) and envy (wishing to destroy something owned by someone else).

If nothing else, just think of Satoshi's wealth as a user fee for using his algorithm. The church asks for 10% of your earnings and all they do is make people crazy. Certainly we can honor Satoshi with less than that % for Bitcoin.

fox19891989

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No. Just my 2 cents

Firstly, it can't be deleted. The answer of your question is definitely NO.

Secondly, Satoshi never cashed out 1 btc or 0.01btc, he is a super sage.

Thirdly, almost every public company founder has large share of the company, you can't ask them delete their shares.

Finally, he deserves those coins, but he never sold one. If he sells some coins, how can we blame him?

Light

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Circa 2010

No. For the reason that if you did you'd set a precedent that people with power could choose to delete someone's coins meaning that as a store of value Bitcoin would be worthless. Nobody would be willing to keep and buy Bitcoins if they knew that one day someone could just remove/delete them all.

bitllionaire

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I would say that depending on the amount,but I guess he has a huge amount of thousands,and in that case I think that it is really dangerous that one person holds that high percentage of bitcoins

bryant.coleman

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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.

Explain from where did you got that 21% figure? 21% means a total of BTC4,410,000. According to most analysts, Satoshi is in the possession of a total of BTC980,000, which accounts for just 4.67% of all coins. And a majority of his coins were mined after other individuals started mining.

Topic: Should Satoshi's coins be deleted? - page 4. (Read 5211 times)