the reason why Satoshi didnt use his 500k-1Million Bitcoins - page 2.

ransomer

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Quote from: Hazir on July 04, 2015, 03:58:56 PM

Quote from: NyeFe on July 04, 2015, 03:16:17 AM

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 [...]

But the problem is we don't know if Satoshi abandoned his coins, maybe he is waiting for bitcoin to reach higher price, or he is still in control of the private key and have perfect access to his coins.
For us these coins are not lost at all. We are just in the dark about who owns it now. And I honestly doubt that anyone would sacrifice so much money just to 'gift' community.

It's not hard to believe. Bill Gates is giving away most of his fortune... as are many other people. And it makes some sense that Satoshi is proud of 'his' invention. He knows that this is his historical legacy. If Bitcoin becomes a real alternative to FIAT then he will be remembered 1000 years from now. Longer than perhaps any other millionaire or billionaire from our time. Just having money is not really worth being remember for.

Hazir

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★Nitrogensports.eu★

Quote from: NyeFe on July 04, 2015, 03:16:17 AM

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 [...]

But the problem is we don't know if Satoshi abandoned his coins, maybe he is waiting for bitcoin to reach higher price, or he is still in control of the private key and have perfect access to his coins.
For us these coins are not lost at all. We are just in the dark about who owns it now. And I honestly doubt that anyone would sacrifice so much money just to 'gift' community.

Hollingsworth

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Quote from: ransomer on July 04, 2015, 03:23:33 PM

Quote from: Hollingsworth on July 04, 2015, 03:17:20 PM

I remember a few years back, a news crew was pursuing this Japanese fellow who they thought was the enigmatic Satoshi. He denied the assertion that he was Satoshi, albeit very humbly and appeared to be living a very middle class lifestyle.

I choose to believe he is the One, perhaps wishfully. If this middle aged, briefcase carrying, and Toyota Camry driving software engineer is in fact the One...than he is a fitting epitaph... representing a coin of the people and for the people. Not a ponzi scheme, not a government conspiracy.

H.

Was it San Francisco he lived in?

No, hes in a suburb of LA, his last name is Nakomoto. Just Google "interview with bitcoin inventor"

ransomer

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Quote from: Hollingsworth on July 04, 2015, 03:17:20 PM

I remember a few years back, a news crew was pursuing this Japanese fellow who they thought was the enigmatic Satoshi. He denied the assertion that he was Satoshi, albeit very humbly and appeared to be living a very middle class lifestyle.

I choose to believe he is the One, perhaps wishfully. If this middle aged, briefcase carrying, and Toyota Camry driving software engineer is in fact the One...than he is a fitting epitaph... representing a coin of the people and for the people. Not a ponzi scheme, not a government conspiracy.

H.

Was it San Francisco he lived in?

Hollingsworth

full member

Activity: 168

Merit: 100

I remember a few years back, a news crew was pursuing this Japanese fellow who they thought was the enigmatic Satoshi. He denied the assertion that he was Satoshi, albeit very humbly and appeared to be living a very middle class lifestyle.

I choose to believe he is the One, perhaps wishfully. If this middle aged, briefcase carrying, and Toyota Camry driving software engineer is in fact the One...than he is a fitting epitaph... Just a humble Joe, representing a coin of the people and for the people.

H.

Hollingsworth

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Activity: 168

Merit: 100

Quote from: tokeweed on July 02, 2015, 09:46:02 PM

Quote from: toinew on July 02, 2015, 06:51:17 PM

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.

Yes it's a scam. Sell your .64324 BTC and get out.

lmao

The Dude abides...

bryant.coleman

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Quote from: Cryptopher on July 03, 2015, 05:05:28 PM

Quote from: bryant.coleman on July 03, 2015, 01:13:25 PM

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.

Assuming 10 then repeat the above for the buyer? Grin

If #10 is true, then #1 to #9 are possibilities, but the ranking will change. According to the estimates by some Bitcoin experts, Satoshi is believed to be holding a total of BTC980,000. He might have sold the private keys to some billionaire in 2013 or 2014, and that person might be waiting for Bitcoin to climb to new peaks, before exchanging them for fiat.

Kprawn

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Image if we wake up one morning and we see the headlines on the news... "Inventor of Bitcoin dumped his 1 000 000 hoard and crashed the price"

We have seen what impact the Silkroad coins had on the price, and it took a while for the price to increase after those coins entered the market.

If Satoshi's coins was dumped on the exchanges, it would kill the price for sure. {Over supply} Roll Eyes

NyeFe

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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 [...]

Amph

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also none is telling us that he didn't dump at 1200 or whatever other good price, there is no proof of that, he can dumb privately(off market) and no one will ever know, maybe small portion at time, or on exchange always with small portion

there isn't a really good reason for him to not dump, too attached to bitcoin? liberalist? bullshit, when big money come in play you forgot all the rest, especially if you were not a rich person

chrisvl

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Trainman

Quote from: toinew on July 02, 2015, 06:51:17 PM

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.

How you can be sure for that ??

ransomer

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I think there are only a few realistic options: Super-rich or dead. He did not forget them, and he did not get hacked. And he did not just start this thinking it would not be anything really and therefore was sloppy... no. he was not sloppy. He thought this through ahead of time - why else would he have managed to stay anonymous? And if he had been hacked the hackers would be more likely to spend huge amounts etc.

I actually have thought about whether 'he' is a group. Like Samsung, Toyota etc. forming a joint venture around this idea. The more I think about it the more I doubt it - it would be very unlikely that something would not have been revealed by now had there been about involved. This is standard knowledge for any type of group and secrecy. Criminals in groups are almost impossible to not get revealed - while individual villains can keep hidden much easier.

At the end of the day.. I cannot decide whether I think he is super-rich or dead.

BADecker

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Quote from: Cryptopher on July 03, 2015, 05:05:28 PM

Quote from: bryant.coleman on July 03, 2015, 01:13:25 PM

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.

Assuming 10 then repeat the above for the buyer? Grin

He is someone in one of the super rich families. He doesn't like the ways the super rich are handling the world fiat. But being only one, there was no other way to bring about changes.

The so-called Satoshi Nakamoto doesn't need any more wealth. His developing of Bitcoin was simply a way to change the course of the stupid things that the rest of the super rich are doing with world finances.

Cryptopher

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Keep it dense, yeah?

Quote from: bryant.coleman on July 03, 2015, 01:13:25 PM

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.

Assuming 10 then repeat the above for the buyer? Grin

eerygarden

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Activity: 406

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Quote from: qwk on July 03, 2015, 01:52:55 PM

Quote from: eerygarden on July 03, 2015, 01:32:18 PM

In the year 2141 the first transaction from one of satoshi's addresses will be made. The world will go crazy. The prices which people have become accustomed to paying in BTC will sky rocket. People will die because they can't afford bread any more. People will curse their BTC and blame the generation before for handing down to them this pesky digital nothingness which has been their main motivation in life for so long. Conspiracy theories will be rife, conflict will be at it's maximum. This is life.

If this comes true and you come across this post in 2141, put me on the news and say nice things.

Not gonna happen. Skynet altered the Bitcoin protocol to make satoshi's coins unspendable by sending back cyborgs from 2140 to 2016 to replace the Bitcoin core developers.

Haha. Nice imagination

jeannemadrigal2

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Activity: 322

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Assuming he is alive, the strategy that makes the most sense is to slowly sell them off over time. No one would be stupid enough to dump them all at once. OK maybe someone out there would be. It is strange to think that Satoshi has all this money and would not want to cash it in.

But if you think that satoshi is just an alias for a group of developers, then things become a little more interesting.

qwk

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Shitcoin Minimalist

Quote from: eerygarden on July 03, 2015, 01:32:18 PM

In the year 2141 the first transaction from one of satoshi's addresses will be made. The world will go crazy. The prices which people have become accustomed to paying in BTC will sky rocket. People will die because they can't afford bread any more. People will curse their BTC and blame the generation before for handing down to them this pesky digital nothingness which has been their main motivation in life for so long. Conspiracy theories will be rife, conflict will be at it's maximum. This is life.

If this comes true and you come across this post in 2141, put me on the news and say nice things.

Not gonna happen. Skynet altered the Bitcoin protocol to make satoshi's coins unspendable by sending back cyborgs from 2140 to 2016 to replace the Bitcoin core developers.

eerygarden

sr. member

Activity: 406

Merit: 250

In the year 2141 the first transaction from one of satoshi's addresses will be made. The world will go crazy. The prices which people have become accustomed to paying in BTC will sky rocket. People will die because they can't afford bread any more. People will curse their BTC and blame the generation before for handing down to them this pesky digital nothingness which has been their main motivation in life for so long. Conspiracy theories will be rife, conflict will be at it's maximum. This is life.

If this comes true and you come across this post in 2141, put me on the news and say nice things.

bryant.coleman

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Activity: 3766

Merit: 1217

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.

Demille

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Merit: 10

I don't think it's likely that he's dead. He was still active for a bit and never spent them. Does anyone know the value of his coins when he was last active on the forums here?

Quote from: johnyj on July 03, 2015, 12:40:12 PM

A secret weapon Wink

He could sure afford one.

Topic: the reason why Satoshi didnt use his 500k-1Million Bitcoins - page 2. (Read 3260 times)