Was Satoshi someone who lost everything in 2008 Market Crash?

neonshium

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Quote from: Virtual miner on May 11, 2019, 05:53:29 AM

Just came across this thought. We all know what happened after the housing debt bubble burst near 2008 which led to a global level depression in 2008 which really ruined lives of millions of people worldwide. It even raised some great question about fiat debt and it's working. Lots of people lost their jobs, houses and everything.

Another fact that Bitcoin was created right after one year in 2009. So do you think there is some chance that satoshi was someone who lost his everything in 2008 crash, his job, his assets and his house.

He was so frustrated with it that his trust on the fiat financial system completely broke. He was sick of government, sick of corporate and sick of banks because of which he thought of creating real money thus creating bitcoin over blockchain and completing it in the very next year. So that people don't lose their money just because of debt bubble

Another angle - I once discussed this with my friend and he said that Satoshi is a terrorist who created Bitcoin as a means of sponsoring himself… I couldn't stop laughing. Well, we know nothing about Satoshi yet, so we can all only just imagine who he is and what was his purpose for creating cryptocurrency and till he shows himself. Though I'm tired of seeing Craig Wright saying he's Satoshi… I'm just really confused. But the way he's been taking it seriously these days, I'm starting to think he is the one though…

Sithara007

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Quote from: shinharu10282016 on May 23, 2019, 02:31:55 PM

Not only that. Considering the technology behind it, no one can really erase the informations necessary. It also gave people jobs namely mining. Blockchain is not blockchain if no one is mining. though the cost to operate nowadays outweigh the profit. But think about why did he create this? Might be another useful scam for people to fall into or could really be a saving grace for the people of the world. Nobody knows.

I don't agree with you when you claim that mining is no longer profitable. For the large-scale miners, it is still very much profitable. And talking about the small scale mining firms, they are being pushed out of the competition by the large players, and that is why a section of the Bitcoin users forked out Bitcoin Gold as a separate crypto-currency. As far as I know, most of the mining cabals are operating at a profit right now, especially after the recent price rise (this is applicable for all the major cryptos, including BTC, BCH, BSV, BTG and even BCD).

fauzan Ichsan

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Quote from: bonker on May 23, 2019, 09:29:35 PM

If someone makes everything more valuable then he can can be the best person in this world because Santoshi give his life to the other people to get better life and the use of Bitcoin will reach everyone in this world and give the most profitable used for everyone.

Of course all praise and praise can be found for many people. More people get the benefits of bitcoin, making it possible to live luxuriously. but the most important thing is indeed a bitcoin trip to conquer the government to legalize it

bonker

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If someone makes everything more valuable then he can can be the best person in this world because Santoshi give his life to the other people to get better life and the use of Bitcoin will reach everyone in this world and give the most profitable used for everyone.

shinharu10282016

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Quote from: bhabygrim on May 15, 2019, 07:15:17 PM

We don't know anything about Satoshi's true identity but this could be possible if he have lost it all back then ,
But if he loss it all then this could really be the reaaon why Bitcoin is created .
Maybe he doesn't want others to suffer like he did so je created it to have a financial freedom.

Not only that. Considering the technology behind it, no one can really erase the informations necessary. It also gave people jobs namely mining. Blockchain is not blockchain if no one is mining. though the cost to operate nowadays outweigh the profit. But think about why did he create this? Might be another useful scam for people to fall into or could really be a saving grace for the people of the world. Nobody knows.

Naida_BR

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Quote from: Virtual miner on May 11, 2019, 05:53:29 AM

Just came across this thought. We all know what happened after the housing debt bubble burst near 2008 which led to a global level depression in 2008 which really ruined lives of millions of people worldwide. It even raised some great question about fiat debt and it's working. Lots of people lost their jobs, houses and everything.

Another fact that Bitcoin was created right after one year in 2009. So do you think there is some chance that satoshi was someone who lost his everything in 2008 crash, his job, his assets and his house.

He was so frustrated with it that his trust on the fiat financial system completely broke. He was sick of government, sick of corporate and sick of banks because of which he thought of creating real money thus creating bitcoin over blockchain and completing it in the very next year. So that people don't lose their money just because of debt bubble

I have never thought about it and it could be very interesting if it is true!
Of course he may got inspired by an event and this could be the debt crisis in 2008. However, what puzzles me is that he managed to create a coin (that was never developed before) in one 1 year? If he managed to do that, then he is a genius x2!

South Park

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Quote from: Virtual miner on May 11, 2019, 05:53:29 AM

Just came across this thought. We all know what happened after the housing debt bubble burst near 2008 which led to a global level depression in 2008 which really ruined lives of millions of people worldwide. It even raised some great question about fiat debt and it's working. Lots of people lost their jobs, houses and everything.

Another fact that Bitcoin was created right after one year in 2009. So do you think there is some chance that satoshi was someone who lost his everything in 2008 crash, his job, his assets and his house.

He was so frustrated with it that his trust on the fiat financial system completely broke. He was sick of government, sick of corporate and sick of banks because of which he thought of creating real money thus creating bitcoin over blockchain and completing it in the very next year. So that people don't lose their money just because of debt bubble

It is an interesting idea but it is unlikely, if bitcoin was truly the work of one person then it is safe to assume that his knowledge about the economy and how things work around the world was many times above the average person, so I find it unlikely that he was invested in the stock market, if bitcoin did not exist I will probably be invested in precious metals and other assets like them and I suppose many in the forum will do something similar and I do not see why satoshi would not do that as well.

Kimonoe

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Quote from: toast on May 18, 2019, 04:05:36 PM

Satoshi did not lose everything in a market accident in 2008, of course if Satoshi lost everything surely Bitcoin would not be able to date. in fact in the hands of satoshi bitcoin can develop from year to year and the price can penetrate up to hundreds of millions of that time.

right, maybe in 2008, satoshi had to take the risk. but I am sure he still has hope for rise and a tested psychology. after that we can see the development of bitcoin from year to year, until 2017. at that time all eyes were on him

justdimin

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Quote from: jakelyson on May 16, 2019, 10:34:12 PM

Quote from: Virtual miner on May 11, 2019, 05:53:29 AM

snip
So that people don't lose their money just because of debt bubble

I doubt that that is the purpose of bitcoin. Taking into consideration it is modeled into earlier versions of internet money like Bit Gold and Hashcash, I think Satoshi just continued the earlier work of the creator of those projects. It is just a coincidence that the 2008 recession happened that pushed bitcoins use and propelled its popularity.

This is what one of the forum user here on bitcointalk must have read that made him believe that another global recession which he believes is approaching will make bitcoin adoption and usage increase more, well, I am not an economist and I don’t know if that would be possible.

What I believe in is the real life working product that satoshi has created for whatever purpose he alone has the answer to, the only way we can just encourage him and appreciate him, is not to keep the good news and solution to ourselves alone, we need to take the news also to the world out there.

toast

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Satoshi did not lose everything in a market accident in 2008, of course if Satoshi lost everything surely Bitcoin would not be able to date. in fact in the hands of satoshi bitcoin can develop from year to year and the price can penetrate up to hundreds of millions of that time.

Cosbycoin

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Quote from: Virtual miner on May 11, 2019, 05:53:29 AM

Just came across this thought. We all know what happened after the housing debt bubble burst near 2008 which led to a global level depression in 2008 which really ruined lives of millions of people worldwide. It even raised some great question about fiat debt and it's working. Lots of people lost their jobs, houses and everything.

Another fact that Bitcoin was created right after one year in 2009. So do you think there is some chance that satoshi was someone who lost his everything in 2008 crash, his job, his assets and his house.

He was so frustrated with it that his trust on the fiat financial system completely broke. He was sick of government, sick of corporate and sick of banks because of which he thought of creating real money thus creating bitcoin over blockchain and completing it in the very next year. So that people don't lose their money just because of debt bubble

It is very possible that he or they lost from the 2008 crash, but we can't use that as a conclusion since satoshi himself or themselves haven't said anything of that nature. I just believe that they were concerned about the economic crash that was coming to the market in 2008 and wanted to make a difference by creating a platform that would make sure this kind of crash would not happen again since the fiat system is very faulty in nature.

iv4n

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Quote from: valta4065 on May 17, 2019, 08:01:46 AM

Quote from: Virtual miner on May 11, 2019, 05:53:29 AM

Just came across this thought. We all know what happened after the housing debt bubble burst near 2008 which led to a global level depression in 2008 which really ruined lives of millions of people worldwide. It even raised some great question about fiat debt and it's working. Lots of people lost their jobs, houses and everything.

Another fact that Bitcoin was created right after one year in 2009. So do you think there is some chance that satoshi was someone who lost his everything in 2008 crash, his job, his assets and his house.

He was so frustrated with it that his trust on the fiat financial system completely broke. He was sick of government, sick of corporate and sick of banks because of which he thought of creating real money thus creating bitcoin over blockchain and completing it in the very next year. So that people don't lose their money just because of debt bubble

I agree onto that Satoshi nakomoto might be someone who lost everything in the crisis in the year 2008 because the peoples who nearly loose everything have great mindset and can make impossible turn into possible. Satoshi was one of the most genius individual in the whole globe who might surely have been faced a lot of crisis.

The peoples who loose everything they have are the one's who have no worries about how much loss they might face but they concentrate on how profit can they bring for themselves. Those who fail at their first step would surely stand up in their second chance.

Might be, or not! We are creating conspiracy theories, we have some crazy ideas what happened 11 years ago, but the fact is that just handful of people know the truth and they are hiding it, they probably have their reasons. I left that story behind me, it`s not important who he was, what happened, we have something great here and lets focus on that, on present time and on the future.
I agree with people who say that we should leave that man alone, if he doesn`t wish attention who are we to bother the man, leave him be.

valta4065

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Quote from: Virtual miner on May 11, 2019, 05:53:29 AM

Just came across this thought. We all know what happened after the housing debt bubble burst near 2008 which led to a global level depression in 2008 which really ruined lives of millions of people worldwide. It even raised some great question about fiat debt and it's working. Lots of people lost their jobs, houses and everything.

Another fact that Bitcoin was created right after one year in 2009. So do you think there is some chance that satoshi was someone who lost his everything in 2008 crash, his job, his assets and his house.

He was so frustrated with it that his trust on the fiat financial system completely broke. He was sick of government, sick of corporate and sick of banks because of which he thought of creating real money thus creating bitcoin over blockchain and completing it in the very next year. So that people don't lose their money just because of debt bubble

I agree onto that Satoshi nakomoto might be someone who lost everything in the crisis in the year 2008 because the peoples who nearly loose everything have great mindset and can make impossible turn into possible. Satoshi was one of the most genius individual in the whole globe who might surely have been faced a lot of crisis.

The peoples who loose everything they have are the one's who have no worries about how much loss they might face but they concentrate on how profit can they bring for themselves. Those who fail at their first step would surely stand up in their second chance.

davinchi

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Quote from: Wind_FURY on May 16, 2019, 05:06:42 AM

Hahaha. It must be torture to be Satoshi. First he lost his house in the financial crisis, next he can't cash out some of his coins if he wanted to buy his house back.

Why do you think he can’t cash out his fund if he wanted to, as far as I am concerned, satoshi as an untouched 1 million bitcoin under his jurisdiction, and if we are to calculate his worth now, it makes him the 30th richest man on earth.

Except he is dead or has lost his own wallet keys too which I think it will be easier for him to recover than for us to recover ours, he has the idea, he wrote the code and he will know how to bend and crack the code, but I am still wondering why he is not touching his coin, despite all the challenges he must have gone through if what op said is true in reality.

andriarto

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Quote from: pawanjain on May 16, 2019, 10:10:59 AM

It may or may not be the reason for the creation of bitcoin but the 2008 crisis definitely would have created a motive to change the traditional financial system.
There were many people who got affected due to the crisis. We don't know if Satoshi was one among them or not but it could have created a need in his mind to bring the next money.
What matter is that he did it and created a revolutionary cryptocurrency. If it wasn't for him then we wouldn't be discussing about it in this forum.
Bitcoin has added so many jobs in the crypto community. It has employed many freelancers and unemployed people. I believe that Satoshi has already achieved his motive to create Bitcoin.

right, what is important now is that bitcoin can become a concern throughout the world, that there are technological developments in the world of payment, with all its advantages. and now with bitcoin it creates jobs and prints rich people, and many other benefits. there are even countries that replace fiat currency with crypto because of the crisis

jakelyson

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Quote from: Virtual miner on May 11, 2019, 05:53:29 AM

snip
So that people don't lose their money just because of debt bubble

I doubt that that is the purpose of bitcoin. Taking into consideration it is modeled into earlier versions of internet money like Bit Gold and Hashcash, I think Satoshi just continued the earlier work of the creator of those projects. It is just a coincidence that the 2008 recession happened that pushed bitcoins use and propelled its popularity.

pawanjain

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It may or may not be the reason for the creation of bitcoin but the 2008 crisis definitely would have created a motive to change the traditional financial system.
There were many people who got affected due to the crisis. We don't know if Satoshi was one among them or not but it could have created a need in his mind to bring the next money.
What matter is that he did it and created a revolutionary cryptocurrency. If it wasn't for him then we wouldn't be discussing about it in this forum.
Bitcoin has added so many jobs in the crypto community. It has employed many freelancers and unemployed people. I believe that Satoshi has already achieved his motive to create Bitcoin.

hatshepsut93

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The answer is no, because if you look at the timeline of Bitcoin, Satoshi actually started working on it one year before the crisis begun, and since he most likely can't foresee the future, we can only conclude that this was some sort of a coincidence that Bitcoin's release got aligned with the crisis. Maybe Satoshi did suffer from a loss because of the crisis, maybe he didn't, but this didn't influence the creation of Bitcoin, and in fact Bitcoin has deep roots in the cypherpunk movement, as it's not the first attempt to create crypto money.

upsidedown75

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Quote from: Thanasis on May 15, 2019, 02:56:30 AM

Quote from: mu_enrico on May 14, 2019, 09:49:17 PM

Quote from: BlueStackz on May 14, 2019, 04:36:36 AM

Satoshi only created one project which is bitcoin

Quote from: BlueStackz on May 14, 2019, 04:36:36 AM

The project he even created himself was intended for payment purpose only

Proof? No seriously what's your point?

What I'm saying is that IMO one person could not do what SN did in relation with Bitcoin inception. Since it's a weak argument and my opinion only, I use ICOs as a comparison. ICO with a well-funded team cannot do what SN did. Therefore SN probably is not a human (single person) but a well-funded team, and won't be affected by 2008 market crash.

Above is not a fact, but my opinion supported with logical explanation/story.

Maybe Satoshi is the name of group of a people but no one can prove anything elated to it which is the also one of brand factor of bitcoin that is anonymity.

I am not sure that huge funds needed to bring that project but it is hard for a single person to do.

Whoever they are, whatever group they are, no one cares since they chose to remain anonymous, we are just grateful to them for creating a system that has been able to at least reduce the total power of government’s right claims over ones finance. Also the fact that it has transferred wealth and distributed it equally for its users who knows how to handle and use the system well.

The only hitch that everyone is afraid of about the system is just the little chance it gave to hacker to operate without being apprehended, and I do hope that satoshi and his groups is seeing this to see what can be done to make the system fully perfect by doing what will eliminate this threat to the development of cryptocurrency to the fullest.

Wind_FURY

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Hahaha. It must be torture to be Satoshi. First he lost his house in the financial crisis, next he can't cash out some of his coins if he wanted to buy his house back.

Topic: Was Satoshi someone who lost everything in 2008 Market Crash? (Read 11511 times)