Topic: the reason why Satoshi didnt use his 500k-1Million Bitcoins - page 3. (Read 3260 times)
A secret weapon
If Mr. Satoshi used his premined bitcoin, bitcoin price will jump down and many bitcoin holders will sell their bitcoin because they don't trust him anymore. People hate developers who use their premined coins.
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).
Maybe he's undecided what he's going to do with them. He doesn't have to spend them on himself or on materialistic things but think about the good that could be done with those coins sometime in the future. If I became a billion or a trillionaire I'd buy myself a nice mansion and a nice car or two but make it my job to try change the world in the little ways that I could. You could build a lot of hospitals, schools and affordable houses with that money for sure.
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).
these discussions will never end
Satoshi might end them
I think there's only three possible reasons:
1) Morally he doesn't think it's right to keep them
2) He's dead
3) He's bitcoin's biggest hodler and is going to be the world's first trillionaire
.
1) Morally he doesn't think it's right to keep them
2) He's dead
3) He's bitcoin's biggest hodler and is going to be the world's first trillionaire
. 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.
i am sure that he is not going to use his large stack of bitcoin and that is not because of what you said. it is because he didn't create bitcoin to make a profit.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.
you are comparing bitcoin to a random alt(copy)coin with a greedy dev.
and premine is not what you think it is!
Satoshi didn't lose or delete his private keys.... that is really silly to even consider!
unless he is died, if he is really died, than he surely lost his key or someone stole it via brute force(not cracking i mean by killing him), otherwise how can you explain the fact that he didn't dumped some of his coin? i know that this cannot be proven, but if he did indeed dumped his coins, this whole would be thread is useless, OP you can't really prove that his coins were not dumped in the market or privately, this point is unsolvable
Satoshi didn't lose or delete his private keys.... that is really silly to even consider!
Satoshi enjoys his life and his job and has no urge in changing it.
Because he is a univeristy teacher and he is one of the most educated people in the world.
In turn, he has strong moral principles.
Because he is a univeristy teacher and he is one of the most educated people in the world.
In turn, he has strong moral principles.
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.
Then Gavin went to speak to the 3 letter agency and he got spooked and he dropped the whole project.
If he was still around, he would have been in court for most of his days. I think there is no sinister motive behind these coins... It's just a experiment with lost results.
*The he, can be replaced by she / they / it
Then Gavin went to speak to the 3 letter agency and he got spooked and he dropped the whole project.
If he was still around, he would have been in court for most of his days. I think there is no sinister motive behind these coins... It's just a experiment with lost results.
*The he, can be replaced by she / they / it
i have a better theory, i think he didn't use those coin, because he want bitcoin to be more scarse, by removing 1/21 the price should in theory rise more in the future when all coins will be mined
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 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.
@AGD
these discussions will never end
1. I think, Satoshi was in fact "instamining" instead of "premining". One has to start supporting the network anyway, so why not the creator of the code himself?
2. OP. This topic has been discussed here countless times. Why opening another thread?
3. Searchfunction
/thread
2. OP. This topic has been discussed here countless times. Why opening another thread?
3. Searchfunction
/thread
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.
He probably mined and sold plenty just not the very early coins that people have identified as his. So I think he is doing fine financially. I don't think he "sacrificed" the original stash or lost the keys either. If he tried to sell any of them (other than all in one big dump) he'd crash the price anyway, devaluing the rest of his coins.
many people are monitoring those coins (addresses) for fun, for curiosity, and many other reasons. if any of them starts moving there is going to be mass panic IMO.
and we are not talking about hundreds of bitcoin , the amount is big enough to cause this panic.
and the panic will result in mass dumping
200 years from now people will be waiting for the return of Satoshi to airdrop his bitcoins upon the true believers. and we are not talking about hundreds of bitcoin , the amount is big enough to cause this panic.
and the panic will result in mass dumping
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.
So if Satoshi comes to me and wants to unload a 100,000 coin account and I give him 200usd (pick a number) a coin.
That is 20,000,000.
I put it in an unmarked swiss account.
I hold the coins until 2020 then cash them out.
So in 2020 everyone will think I am Satoshi.
Since in reality I am Bill Gates, a Saudi Prince , Donald Trump , Queen of England. Anyone you choose. I was just looking for some skin in the game.
My point is the so called first 500,000 to 1,000,000 coins that are supposed to be Satoshi may all belong to anyone above. Satoshi could have fully offloaded all the coins last year or two years ago. To anyone looking to get into the game. Terms of the agreement include a 5 year no cash out of coins rule.
and we are not talking about hundreds of bitcoin , the amount is big enough to cause this panic.
and the panic will result in mass dumping
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.
From what I know bitcoin was never premined. It was tested and mined from the beginning. 'Pre Mining' is having generated coins right away from the start without mining.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.
At that time difficulty were like not existent really, so he could mine a lot of coins in short time. But 'premine' is not the word I would use to describe these coins.
- snip -
i think Satoshi prefered to sacrifice those premined coins
- snip -
i think Satoshi prefered to sacrifice those premined coins
- snip -
You keep using that word. I do not think it means what you think it means.
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.
@Newbie
Premine means mining BEFORE releasing to the public.
Satoshi released Bitcoin allowing anyone who wanted to mine BTC the opportunity from Block 1 forward.
~BCX~
yes public, like a dozen people from a mailing list ? Funny cause you play with the meaning of Premine but then use the word PUBLIC when it was confidential at most. Also calling me newbie makes no point, i could be your father or your mother IRL so stop be a dick because you came here everyday for so long. Go call the first member a newbie too since he also has that rank.
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.
Yes it's a scam. Sell your .64324 BTC and get out.
Jump to: