Topic: the reason why Satoshi didnt use his 500k-1Million Bitcoins (Read 3260 times)
If you read the whitepaper, bitcoin's concept is generally against the greediness and control of a central authority. Satoshi doesn't want people to be controlled anymore, so he created a trustless cash system wherein you don't have to trust somebody in order to keep and spend your coins safely and securely. Given the words from the whitepaper, Satoshi is a man of principles, and he also once said 9non-verbatim) that every coin that is lost will only add to the scarcity of the coin hence, it will grow on value. The coins he had mined, I think, were somehow left unspent on purpose so as to add up to the scarcity of the coin, though I will not remove my hints of him/her being dead right now.
Because if he had used his huge stash of bitcoin, it would look like a huge premine (around 2 and 3% mined by him, the dev)
Also, the block rewards are supposed to distribute the bitcoin, and not centralize all the bitcoin mined in 1 person hands.
Therefore, i think Satoshi prefered to sacrifice those premined coins for the sake of a better distribution of coins.
Also, the block rewards are supposed to distribute the bitcoin, and not centralize all the bitcoin mined in 1 person hands.
Therefore, i think Satoshi prefered to sacrifice those premined coins for the sake of a better distribution of coins.
It is not a premine, just so many people did not know it.
Therefore, i think Satoshi prefered to sacrifice those premined coins for the sake of a better distribution of coins.
I think he did not think it would make such a big splash.... When he realised it, he already lost the private key to the coins he mined as part of the experimental in the beginning.
Satoshi had much bigger plans for BTC and he will never touch these coins. it is very likely that he destroyed his private keys in my opinion.
If satoshi really had decided to sacrifice or destroy his coins, he would have done so publicly by spending them to a black-hole address.He did not. Which only leaves us with two options, either he wants to keep them for whatever reason or he really lost the private keys (which I personally doubt).
The fact is that Satoshi wants to keep his identity secret and spending his coins would most likely cause his identity to leak. This is especially true in regards to the earliest coins that he mined, he might be able to sell some of his later coins and only raise a few eyebrows but have nothing concrete about the coins being from satoshi.
Also if satoshi were to start selling his coins, it would likely cause a massive drop in the price of bitcoin because people might assume that he will sell a large portion of his coins at once. Even if he were to get the market to believe that he will only sell a small portion of his bitcoin at a time, it would still be a large amount of additional supply that the market might not be able to handle. I might predict that satoshi would decide to start selling some of his coins after the next few block reward halvings when little additional supply enters into the market from the miners.
Because if he had used his huge stash of bitcoin, it would look like a huge premine (around 2 and 3% mined by him, the dev)
Also, the block rewards are supposed to distribute the bitcoin, and not centralize all the bitcoin mined in 1 person hands.
Therefore, i think Satoshi prefered to sacrifice those premined coins for the sake of a better distribution of coins.
Also, the block rewards are supposed to distribute the bitcoin, and not centralize all the bitcoin mined in 1 person hands.
Therefore, i think Satoshi prefered to sacrifice those premined coins for the sake of a better distribution of coins.
satoshi only wanted to design it and he didn't expect earn huge amount of money from bitcoin, so he was unhappy to see so many people are speculating bitcoin, so that's why he never sold any of his bitcoin.
The other reason may be satoshi is dead, or CIA/FBI wants him, so he has to keep anonymous, there are so many scam cases and money laundry cases of bitcoin, I am pretty sure FBI will arrest him if he is not anon.
Therefore, i think Satoshi prefered to sacrifice those premined coins for the sake of a better distribution of coins.
I think he did not think it would make such a big splash.... When he realised it, he already lost the private key to the coins he mined as part of the experimental in the beginning.
Satoshi had much bigger plans for BTC and he will never touch these coins. it is very likely that he destroyed his private keys in my opinion.
If satoshi really had decided to sacrifice or destroy his coins, he would have done so publicly by spending them to a black-hole address.He did not. Which only leaves us with two options, either he wants to keep them for whatever reason or he really lost the private keys (which I personally doubt).
The fact is that Satoshi wants to keep his identity secret and spending his coins would most likely cause his identity to leak. This is especially true in regards to the earliest coins that he mined, he might be able to sell some of his later coins and only raise a few eyebrows but have nothing concrete about the coins being from satoshi.
Also if satoshi were to start selling his coins, it would likely cause a massive drop in the price of bitcoin because people might assume that he will sell a large portion of his coins at once. Even if he were to get the market to believe that he will only sell a small portion of his bitcoin at a time, it would still be a large amount of additional supply that the market might not be able to handle. I might predict that satoshi would decide to start selling some of his coins after the next few block reward halvings when little additional supply enters into the market from the miners.
Maybe he mined all those coins to test the software out in a real environment. Lets remember back in the day everything was extremely new. Now no one needs to premine to test anything, but back in the day it wasn't the same. Because of this he may have purposely destroyed the private keys to those coins, which only makes Bitcoin more valuable since it shrinks the total supply by 1million+.
Also let's not forget back in the day all those coins were worthless.
Also let's not forget back in the day all those coins were worthless.
It is pretty clear that if he used his bitcoins then will it have a big impact on the bitcoin price. The market cannot absorbe 500K bitcoins, they price will colapps and his project will be in vain.
I think that reward from block 0 will never be touched, its a historical milestone.
I think that reward from block 0 will never be touched, its a historical milestone.
well he could have dumped small portion per day, like 10k or more, he may be the responsabile of the 1200 crash, no one will never know
i still think that if he dumped something, he didn't dumped everything, he know that bitcoin has a greater potential than a simply 1200 value
Most of satoshi's coins are completely untouched.
Just an example, try examine block 0 - 2000... most are untouched.
Teoretical could he have sold the private keys, but that is not a "dump" since they have never been on the exhange.
I vividly remember a quote from Satoshi, with the meaning "every coin lost is a gift for the community..." In that case it's highly possible that he dumped the coins, to give us a gift long after his departure [...]
Damn, really? Do you have the source for this? If he did say this then I guess he might have purposely lost his coins for the good of the community, though I would like to think he still has them safe somewhere and would use them for charitable means at some point.
It is pretty clear that if he used his bitcoins then will it have a big impact on the bitcoin price. The market cannot absorbe 500K bitcoins, they price will colapps and his project will be in vain.
I think that reward from block 0 will never be touched, its a historical milestone.
I think that reward from block 0 will never be touched, its a historical milestone.
The Winklevos twins how many do they have? 150.000?
Some guy mined on company server early in the game, and have like 330k Bitcoins. I wonder what happened to him.
it was the guy were the police came into his house, he was talking about his story here on bitcointalk, happened in 2012, i can't find the thread now, but he was holding more than 200k coins
Why did the police come, and what happened to his coin?
It is pretty clear that if he used his bitcoins then will it have a big impact on the bitcoin price. The market cannot absorbe 500K bitcoins, they price will colapps and his project will be in vain.
I think that reward from block 0 will never be touched, its a historical milestone.
I think that reward from block 0 will never be touched, its a historical milestone.
The Winklevos twins how many do they have? 150.000?
Some guy mined on company server early in the game, and have like 330k Bitcoins. I wonder what happened to him.
it was the guy were the police came into his house, he was talking about his story here on bitcointalk, happened in 2012, i can't find the thread now, but he was holding more than 200k coins
Some guy mined on company server early in the game, and have like 330k Bitcoins. I wonder what happened to him.
It is pretty clear that if he used his bitcoins then will it have a big impact on the bitcoin price. The market cannot absorbe 500K bitcoins, they price will colapps and his project will be in vain.
I think that reward from block 0 will never be touched, its a historical milestone.
I think that reward from block 0 will never be touched, its a historical milestone.
The Winklevos twins how many do they have? 150.000?
Some guy mined on company server early in the game, and have like 330k Bitcoins. I wonder what happened to him.
Here are the possible reasons in my opinion (ranked from the most probable one to the least):
1. He is dead
2. He has lost the private keys
3. He is not interested in accumulating wealth
4. He is waiting for BTC to climb to 1BTC = $ 100,000
5. He is in jail
6. He is under surveillance from the tax authorities
7. He is in a coma
8. He is saving them for his retirement
9. He is terminally ill
10.He has already transferred / sold the private keys to someone else.
1. He is dead
2. He has lost the private keys
3. He is not interested in accumulating wealth
4. He is waiting for BTC to climb to 1BTC = $ 100,000
5. He is in jail
6. He is under surveillance from the tax authorities
7. He is in a coma
8. He is saving them for his retirement
9. He is terminally ill
10.He has already transferred / sold the private keys to someone else.
lmao oh god,
11. He has a lot of child support and he doesnt want the court to know he has bitcoins
12. He is scare that he's wife might take half of his bitcoin and leave him
not bad i would say #10 there is always private deals going on.
Because if he had used his huge stash of bitcoin, it would look like a huge premine (around 2 and 3% mined by him, the dev)
...
...
Which premine? I don't think it was a premine... because all the source was released so technically it was not really a premine (the problem was the lack of confidence by a lot of person).
Its best just to assume that he will return for them one day.
Catch 22. Bitcoin is premined, but without that premine bitcoin would not exist.
Reason for not touching the funds probably have to do with his deep wish to remain anonymous. Imagine all the threads here if some his coins suddenly moved after six years.
That's where the real catch-22 starts. As long as he doesn't touch his coins, they're (potentially) detrimental to the value of Bitcoin, since some people might stay away from a currency where a significant percentage of money supply is controlled by just one entity. If he touches them, though, that might have an even more detrimental effect with people expecting a huge drop Reason for not touching the funds probably have to do with his deep wish to remain anonymous. Imagine all the threads here if some his coins suddenly moved after six years.
Catch 22. Bitcoin is premined, but without that premine bitcoin would not exist.
Reason for not touching the funds probably have to do with his deep wish to remain anonymous. Imagine all the threads here if some his coins suddenly moved after six years.
Reason for not touching the funds probably have to do with his deep wish to remain anonymous. Imagine all the threads here if some his coins suddenly moved after six years.
It is pretty clear that if he used his bitcoins then will it have a big impact on the bitcoin price. The market cannot absorbe 500K bitcoins, they price will colapps and his project will be in vain.
I think that reward from block 0 will never be touched, its a historical milestone.
I think that reward from block 0 will never be touched, its a historical milestone.
well he could have dumped small portion per day, like 10k or more, he may be the responsabile of the 1200 crash, no one will never know
i still think that if he dumped something, he didn't dumped everything, he know that bitcoin has a greater potential than a simply 1200 value
It is pretty clear that if he used his bitcoins then will it have a big impact on the bitcoin price. The market cannot absorbe 500K bitcoins, they price will colapps and his project will be in vain.
I think that reward from block 0 will never be touched, its a historical milestone.
I think that reward from block 0 will never be touched, its a historical milestone.
The Winklevos twins how many do they have? 150.000?
It is pretty clear that if he used his bitcoins then will it have a big impact on the bitcoin price. The market cannot absorbe 500K bitcoins, they price will colapps and his project will be in vain.
I think that reward from block 0 will never be touched, its a historical milestone.
I think that reward from block 0 will never be touched, its a historical milestone.
Jump to: