Topic: The Well Deserved Fortune of Satoshi Nakamoto, Visionary and Genious (Read 13344 times)

If he got all that BTC, he is so rich that he hardly can be an unknown person. At least around where he lives.

So we can look for millonaires to find satoshi 

Well, said.
However, Satoshi did NOT want a lot of immediate/unwanted attention coming to Bitcoin.
So Satoshi was a bit cautious when advertising Bitcoin.

I don't think it really matters what IP address he was using, nor if he was accessing reddit via tor (or some other IP masking service).

I can say with a fairly high level of confidence that whoever broadcast the transaction that spent the coinbase inputs is currently located in Australia, has connections to someone who is currently located in Australia, traded with someone that is currently located in Australia, or wanted to give the appearance of being currently located in Australia (I think this is unlikely because of how discrete he was about revealing his connection to Australia). I think the chances of none of the above being accurate are less then ~15% or so.

To  rpietila's observations, I would add that Bitcoin has already seen an almost Satoshi-sized dumps of coins: USG auctioning off Ross Ulbricht's SR1 coins! He had commissions of something like 600k+ BTC and the US government announced it'd be auctioning off not just the SR1 hot wallet but also all the coins seized off his laptop, for a total of 173,991btc, or almost a fifth of the Satoshi estimates (!). The Bitcoin sky has not fallen.

All of your statements make sense, except maybe the last since in the same way the total supply of Bitcoin is worth less in dollar amount just like Satoshi's chunk.

Still, 1.5M is a lot of coins and if these coins are to be moved, started being dumped or whatever else, we would see a real super earthquake that would last for a while.

I honestly think that Bitcoin is still not ready for this nor it is big enough to accumulate a move like this or the amount of coins.

- They represent less of the total supply than 1.5 yr before
- The time since Satoshi's disappearance is longer, and nothing has happened, giving markets more time to account them
- Bitcoin is older, proving that it is not dependent on Satoshi any more
- Market valuation is not in a bubble anymore - adding more supply suddenly would have turned the tide of events in the boomtime, now hardly
- They represent much less in dollar amount as well.

Could you please back this statement with proper logic ?

Satoshi was a genius and deserves to be rich.

Short term bitcoin price movement is very easy to cause. To make a 10% move in exchange rate happen as a flashcrash, only 0.02% of the coins need to be sold (or conversely bought). Satoshi coins' percentage is hundreds of times bigger - so selling some of them could collapse the price totally.

But, on the other hand, the rational response is to keep the previous marketcap [all - satoshi] equal to the new marketcap [all], which would mean that the price suffers less than 10% total when the dust has settled.

If you fear short term things and buy and sell based on rumors of them, on average you lose money. The factual significance of satoshi coins has become much less important in the last 1.5 years.

   
 
Do you doubt that the price would immediately nosedive if Satoshi sold any of his coins, regardless of whether its his right to do so? 
 
Every time one of the early miners sells any coins is always the same panic: "ZOMG IS SATOSHI SELLING COINS?" 
 
In a proper functioning currency, we shouldn't know if Satoshi buys or sells any coins.

Satoshi has every rights to move or sell his own bitcoins. And we can strongly believe he will never ever sell all his coins at once. So, there is no clue to panic that price go bottom. Satoshi also will buy some coins if price go some what below from the current prices. Because current prices are just mining costs.

This is one of the things that caused me to realize that Bitcoin may succeed, but will not work as a worldwide currency.   
 
The fact that if Satoshi ever moved his coins (even a few of them), the entire Bitcoin universe will panic is absurd.  Obviously this isn't going to work on a global scale. 
 
Privacy is needed so that Satoshi would be able to own those coins and move/spend them whenever he likes without anyone knowing that one of the original miners was moving funds.

I dunno. Either they never move and it remains an eternal mystery with no real effect on the price because we can't know. Or they do move and the price shits itself even though they can only be sold once and Satoshi would probably prefer to eat his own buttocks than exchange them for the very thing he set out to usurp.

If I'd been Satoshi I would've kept them flowing around to avoid mythical status.

Well, then a lot of people would probably regard those coins as lost forever, and I would guess the price of bitcoin would probably go up.

 

Thank you.  
  
I saw a soccer mom on Facebook the other day talking about that MLM scam where women wrap themselves.... don't ask me; the latest bullshit going around after Herbalife.  Point is, she is desperately trying to earn some extra money for her family and thinks the best way to do that is to spam the shit out of her Facebook feed with this Wrap shit.  She's even bought a distribution kit from the company for $99 so she can call herself a 'business'.  
  
Holy hell man.  
  
So I IM'd her, and told her if she had spent that $99 on Bitcoin in 2010 that she would have the equivalent of about $200,000 now with no other work required.  I told her that money was about to change forever, and people who put in a little work now will be rich beyond reason in a decade.  I asked her she'd like to be the savior of her family, and the one who didn't bring in an extra few hundred a week - but actually changed her family line forever.  
  
She said she'd heard of bitcoin - that she thinks its some kind of digital money or something but she didn't know any more than that.  
  
So I linked her to Mr. Casares' excellent TED presentation and asked her to watch it: https://youtu.be/yPIvqJsCOSo and told her afterwards we could talk more about any questions she had.  
  
I've slowly reached out to my online and real life friends and the ratio is about 1 person who cares to 19 who don't.  But that's how things grow... laggards gonna lag.  And if there's anyone you shouldn't mind pitching cryptocurrency to it's these people who already show a predisposition to be brainwashed by this MLM shit - face it: cryptocurrency has speculatory aspects that mimic some parts of a MLM scheme, but diverge in that crypto can form the basis of a functioning economy while the money you pour into a pyramid scheme will always be worthless.  If they get interested in crypto then at least they'll be part of something genuine vs. flushing their money down the toilet of another pyramid company.  
  
You have to show people that not only does crypto have value, but also they can redistribute that value and wear it on their sleeve.  Someone needs to call up Jordan Belfort and tell him the hour of his great redemption has arrived.

^^ your posts are always a great read. I agree with every single words, it is indeed a fantastic time to be alive. I pity the fact that I have only a little number of real life acquaintance I can share this excitement with 

By 2020 80%+ of all bitcoins will be mined. It would take 120 years to mine the rest. Hence, supply crunch will begin after 2020. Till then the channels for usage will be created. The magic will begin after 2020.

Really... Try to think back and put yourself in 2008.  Shit was going down.  Stocks were collapsing.  News was going crazy with bank apocalypse talk.  Btw, most people still overwhelmingly got their news from the news - reddit was in its infancy and my daily net commute included CNN, Joystiq, and Digg.  Obama was elected, and that in itself was nuts.  Everyone was buzzing about this cool new Facebook thing.  Castle Crashers was coming out, which you could play online with your friends now that Xbox finally got its shit together.  
  
Look, point is... People had shit to do.  
  
And then some random mofo wants you to spend your computing cycles running some shady af digital money program?  It took a MASSIVE leap of faith and knowledge to buy into that, because it seemed like a silly nerd experiment at the time and there was no indication it would ever be any more than that.  
  
When theymos showed up a year after genesis and asked wtf was going on, Satoshi was probably just thrilled that some (anyone) was paying attention.  
  
Maybe you weren't there- I first encountered Bitcoin in 2012-ish and it *still* seemed shady af.  I'm one of the weirdest people I know and it was too "out there" for even me.  
  
My point is: there was no premine.  There was merely a period when this stuff was so alien and new that there was literally nothing you could say to convince most people to participate.  
  
"I have this neat new computer currency" - don't care.  
"It might change finance forever" - no it won't.  
"If you get into this now, you will be rich in a few years" -now you sound like a scammer.
  
Getting past whether satoshi's fortune is deserved, anyone who took the time to get into Bitcoin pre-2012 deserves a massive fortune.  And the ultra early adoption isn't even over yet.  In fact, we stand right now (in 2015) at a time when the success of crypto is more assured than ever and yet there are opportunities just as lucrative as early Bitcoin staring anyone in the face who bothers to pay attention.

What a lucky time to be alive.  
  
If you are reading my words now, in 2015, *you* are one of the lucky ones... There will be so many who won't get into crypto currency until it's built into their phone in the 2020's, but by then it won't make them rich.

It was available to everyone from minute one. It just took an awful long time to convince anyone else to join in and you couldn't do that unless it was already operating. If you read the early scriptures Satoshi was very keen to get people on board.

Oh I don't either. 
 
That would be disappointingly simple.