Tell me why Satoshi Nakamoto didn't spend a Satoshi from his 1 Mio BTC - page 3.

STT

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Quote from: BitcoinHodler on March 03, 2016, 08:31:21 AM

i kinda have to agree with AGD though.
it also sounds very strange to me that satoshi have created something as big as bitcoin and then dissipated

In any solution I always look for the most natural occurance. People saying death here which of course along with taxes is the most normal thing in the world. But one point is the original group of creators planted an acorn not the finished product. Yes very clever, well founded and apparently in demand by the world but at that time it was just a tiny seed that grew and is now a branching Oak tree that may last a hundred years. We dont know, they didnt know the future but merely put down the origins of this situation we are at now. I find it most likely they cared about the destination too much to endanger its progress with this kind of premine account.

It is a massive question no doubt though, I dont know if the core team now can put it out of hand now entirely or not

bitowl

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I think dead makes the most sense. Wasn't there a lot of speculation about him being a computer engineer with health problems that died alone in like 2011?

BitcoinHodler

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Quote from: STT on March 03, 2016, 08:25:27 AM

Quote from: AGD on March 03, 2016, 05:23:44 AM

Nakamoto is kind of a psycho. Why disappearing then and give control over your code/website etc to a stranger? If money would be your motivation, wouldn't you act different? I think, this theory only works, when thinking of Satoshi being a programmer with an inferiority complex. He has this genius moment where he invents Bitcoin and as he knows about the importance to the world.
So far so good. Up to this point he still looks like a normal genious and pretty idealistic, but the fact, that he instamines a big part and keeps it secret and untouched for years, makes him look pretty much like a freak. I would then assume he was going for "power" instead of "money" and he was waiting to "rule the world when Bitcoins is worth 10.000 or 100.000 or more". This sounds pretty much like a freak to me.

You are over thinking it lol Cheesy

Its been said before just this one person doesnt exist, it was a group of people who resolved to start this coin but not retain the power to flood the market with so many coins. So between them the key was put out of use, no one can use these coins.

Its either that or the long con to end all others and he'll appear out of the mist and be an insta billionaire
https://en.wikipedia.org/wiki/The_Sting

i kinda have to agree with AGD though.
it also sounds very strange to me that satoshi have created something as big as bitcoin and then dissipated. i can understand the wanting to stay anonymous part but i can not understand why not weighing in from time to time in important matters like block size.

STT

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Quote from: AGD on March 03, 2016, 05:23:44 AM

Nakamoto is kind of a psycho. Why disappearing then and give control over your code/website etc to a stranger? If money would be your motivation, wouldn't you act different? I think, this theory only works, when thinking of Satoshi being a programmer with an inferiority complex. He has this genius moment where he invents Bitcoin and as he knows about the importance to the world.
So far so good. Up to this point he still looks like a normal genious and pretty idealistic, but the fact, that he instamines a big part and keeps it secret and untouched for years, makes him look pretty much like a freak. I would then assume he was going for "power" instead of "money" and he was waiting to "rule the world when Bitcoins is worth 10.000 or 100.000 or more". This sounds pretty much like a freak to me.

You are over thinking it lol Cheesy

Its been said before just this one person doesnt exist, it was a group of people who resolved to start this coin but not retain the power to flood the market with so many coins. So between them the key was put out of use, no one can use these coins.

Its either that or the long con to end all others and he'll appear out of the mist and be an insta billionaire
https://en.wikipedia.org/wiki/The_Sting

KiwiParty

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Quote from: aardvark15 on March 03, 2016, 07:48:09 AM

Even if he has the private keys, at some point he will die and those private keys are lost forever. If he doesn't spend the bitcoins or give them away, they will be lost forever.

This wouldnt be a problem. 20 million is still enough.
But the true reason lies within the possiblity to go for the sunken chest.
Everyone will try to find those million btc. thats better than advertising.
The lost BTC of Satoshi Nakamoto. Come, join the treasure hunt!

BTW, you should update your signature, aardvark15

aardvark15

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Even if he has the private keys, at some point he will die and those private keys are lost forever. If he doesn't spend the bitcoins or give them away, they will be lost forever.

iCEBREAKER

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Quote from: AGD on March 01, 2016, 08:08:20 AM

Satoshi Nakamoto is dead

Satoshi changed his nym and moved on to the next phase of his master plan.

He walks among us. He laughs with us! Cool

lrdeoliveira

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I still remain in my idea that satoshi is dead, i find impossible that a smart guy like satoshi could lost the private key of the early wallet

Cuidler

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Quote from: Amph on March 03, 2016, 03:45:39 AM

it was said that his amount was only 200k and not 1M, even so selling 1k at the last peak will not be seen easily, so it may be possible for him to sell something without none notice it

Seems likely, he may just spend some newer coins and no one would notice easily. Spending huge amounts of coins is problematic anyway, just imagine how much problems you get with just 100 Bitcoins selling to USD (like taxes). Another option is he might be dead and the private keys lost.

mkg96

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I see the being Anonymous the most reasonable one.

Why would he show himself at this point? Are there benefits for him?

I don't think so, keeping it in secret makes people talk about it which should be fun for him I guess. Again, he has nothing to win showing his identity and a lot to lose, at least, If I was him, I would do what I said.
And about his 1 Mio BTC, I think that he has a lot of money without the BTC anyways or he's just not interested of being ultramega rich, either of those 2 would make sense for me.

Anyways everything thats not confirmed leads to imagination.

BadGhost

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There is a few possibilities I see.

1. He did not want to be rich

He had created the bitcoin protocol for the sole purpose of a creation of bitcoin protocol. Look Zuckerberg once created the same design that all AOL messengers now uses. He created the equation that Pandora now uses. He never cashed a cent. The mentality of some people is different. The Internet is a place where some people do stuff for free, for a global use. Most people here are some kind of investors so they do not get it, but I believe, honestly, he had no intention for bitcoin to go this big. Maybe it was just a try whether it could work, and it got way too big. For some the creating - the product is more valuable than the price tag e.g. Jobs.

2. He had already sold it

Because you have not seen the transaction on a blockchain it does not mean it did not change hands. He might have sold the private key to someone directly, He might have wagered it. It might be a pledge for something. etc.

3. It is a safe guard

Allegedly, he holds a portion of Bitcoins that is big enough to create a price drop when dumped. If the owner of those decide that there is time for something new, he might just drop it to lower the price or If the bitcoin goes somewhere he did not intended to go he might just dump it. These coins represent a certain power.

AGD

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Keeper of the Private Key

Quote from: Amph on March 03, 2016, 03:45:39 AM

Quote from: AGD on March 02, 2016, 04:41:00 PM

Quote from: gentlemand on March 02, 2016, 04:34:14 PM

Because up until the time he disappeared there pretty much wasn't anywhere to spend a single Satoshi? Maybe some socks but even they might have come long after. Even if there had been a healthy commerce scene I assume he would've been wary of spending on digital or real products for paranoia reasons.

Imagine you have a million Bitcoins and the price goes to 1000$ and more. Wouldn't you or any normal person sell at least some part of it? Don't tell me he doesn't care about money or he wants to wait for a higher price. This makes no sense.

it was said that his amount was only 200k and not 1M, even so selling 1k at the last peak will not be seen easily, so it may be possible for him to sell something without none notice it

maybe he is betting on his own prediction, about huge volume or no volume, and wait for a very high value

At the time he disappeared, Bitcoin was worth about 0.30$. Short after it broke the 1$ hurdle and Satoshi was a (theoretical) millionaire already. Now imagine Satoshi when it went 10$, 100$ and then it even goes over 1000$. One needs balls of steel to resist to sell some at this point, I think.
If this hodl theory is real, I would think that this Mr. Nakamoto is kind of a psycho. Why disappearing then and give control over your code/website etc to a stranger? If money would be your motivation, wouldn't you act different? I think, this theory only works, when thinking of Satoshi being a programmer with an inferiority complex. He has this genius moment where he invents Bitcoin and as he knows about the importance to the world.
So far so good. Up to this point he still looks like a normal genious and pretty idealistic, but the fact, that he instamines a big part and keeps it secret and untouched for years, makes him look pretty much like a freak. I would then assume he was going for "power" instead of "money" and he was waiting to "rule the world when Bitcoins is worth 10.000 or 100.000 or more". This sounds pretty much like a freak to me.

chiajw1

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Maybe Satoshi is waiting for the coin to become mainstream before using it.
If he or she uses it now, it is very detrimental to the bitcoin price and the community and even the global economy. Bitcoin has raised attention not only the media but also the governments. I believe that some of the bitcoin users are tracking the wallets live. If the 1 million coin is liquidated then it will cause and oversupply sentiment. The bitcoin will literary crash. This is just my opinion

Amph

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Quote from: AGD on March 02, 2016, 04:41:00 PM

Quote from: gentlemand on March 02, 2016, 04:34:14 PM

Because up until the time he disappeared there pretty much wasn't anywhere to spend a single Satoshi? Maybe some socks but even they might have come long after. Even if there had been a healthy commerce scene I assume he would've been wary of spending on digital or real products for paranoia reasons.

Imagine you have a million Bitcoins and the price goes to 1000$ and more. Wouldn't you or any normal person sell at least some part of it? Don't tell me he doesn't care about money or he wants to wait for a higher price. This makes no sense.

it was said that his amount was only 200k and not 1M, even so selling 1k at the last peak will not be seen easily, so it may be possible for him to sell something without none notice it

maybe he is betting on his own prediction, about huge volume or no volume, and wait for a very high value

Mr Felt

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Jail. I don't actually believe this one, but it is different than anything else on the list.

Kakmakr

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Quote from: hv_ on March 02, 2016, 02:59:35 PM

Quote from: AGD on March 02, 2016, 02:08:51 PM

Quote from: Kakmakr on March 02, 2016, 01:47:19 AM

Just take a look at Dash as a example, the developers pre-mined the shite out of the coin within the first 8 hours of it's existence and then people started to complain and scream pump n dump. Nobody wants to invest in something that may end up as a scam or a Ponzi.

If Satoshi touch those coins, people will scream Pump n Dump again, and investors will pull out.

There are many ways to avoid this situation. He could step forward, dox himself and donate his Bitcoins to charities for example. He could even stay with a good part of it, without a great panic. He could also invest in a Bitcoin company or whatever. I even think, that this status quo weakens Bitcoin, because we never know, when this pandoras box will be opened.

I had also speculated he would donate some to the unbanked.
Or he could use some for solving some hard Future problems, e.g. fixing scalability or buying and running some miners for better decentralisation & trust.

No matter what he does, it would get criticized. When Dash developers wanted to Air Drop those pre-mined coins, people still got mad and wanted to crucify them. The best thing he or she can do, is to stay out of sight. Those coins must stay out of circulation and we must accept that those coins are possibly lost forever. I still think the private keys for those addresses are gone and SN is too sad to admit it. It would not look good, if the inventor of the best financial instrument ever invented, lost his private keys. ^hmmmm^

BellaBitBit

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I like option 4, 5, and 6. I am idealistic with btc and like to think that Satoshi is as well. Perhaps he is holding for the right moment, maybe to distribute income. Realistically I think he wanted complete anonymity and in order to have total anonymity he could not touch or move the coins. I just do not think that he is deceased, I think he is watching his project unfold.

gentlemand

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Quote from: AGD on March 02, 2016, 05:00:42 PM

So if he knows, that he can never spend his Bitcoins, just because he wants to stay anonymous, why he has collected them anyway? Also, there is no need to spend a big amount.

If you get the chance have a read of Digital Gold by Nathaniel Popper. It offers some eye opening insights about the very early days. For a decent amount of time there was pretty much no one mining other than Satoshi. Some of the curious tried it and then fell away. If Satoshi hadn't been there to keep it chugging along alone then it wouldn't be anything other than a white paper today. I'm sure he would've been over the moon to have had miners piling in from minute one and probably regarded the piling up of block rewards in his own wallets as a failure.

Wapinter

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1.He is super rich already without his
Bitcoins, so he doesn't need to sell
them.
All super rich people are well known to entire world Satoshi cant be the pseudonym of any of them so the only way SN can be super rich is bitcoin
2.Satoshi lost the private keys of his
early wallets
He knows the importance of private keys so chances of his losing them is least
3. He wanted to stay anonymous.
Bitcoin is not evil it is one of the greatest invention why would someone who invented something like to stay anonymous? He certainly is not criminal why dont he just come out and disclose his identity? what's the point in staying anonymous? I dont think anyone wouldn't want to be known
I subscribe to theory that btc is the creation of some Government secret agency like Mossad,CIA or KGB

AGD

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Keeper of the Private Key

Quote from: gentlemand on March 02, 2016, 04:48:53 PM

Quote from: AGD on March 02, 2016, 04:41:00 PM

Imagine you have a million Bitcoins and the price goes to 1000$ and more. Wouldn't you or any normal person sell at least some part of it? Don't tell me he doesn't care about money or he wants to wait for a higher price. This makes no sense.

What price anonymity? Only he can tell you what value it has for him.

A $1000 price means thousands of people will be constantly scanning his known coins for signs of life. As soon as something did twitch people would be going all out to find out where they were headed. He couldn't use any type of exchange for fear of being dug out. He'd be depending on exchange owners to be secure and they don't exactly have a great track record nor could they resist digging around either.

You couldn't use them to pay for a product because it has to be shipped somewhere. You couldn't buy anything digital just in case it's been marked somehow. He kind of scuppered himself a bit.

So if he knows, that he can never spend his Bitcoins, just because he wants to stay anonymous, why he has collected them anyway? Also, there is no need to spend a big amount.

Topic: Tell me why Satoshi Nakamoto didn't spend a Satoshi from his 1 Mio BTC - page 3. (Read 8828 times)