Was Satoshi someone who lost everything in 2008 Market Crash? - page 4.

Oilacris

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Quote from: Virtual miner on May 11, 2019, 04:53:29 AM

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.

No one knows but talking about the possibility or chances for this kind of reason is lit.Bitcoin creation or generating ideas wont really be sufficient on 1 year time.This do
need a couple of years for btc to be molded not just on a single year for this revolutionary tech that do opposes fiat system.

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Quote from: Virtual miner on May 11, 2019, 04:53:29 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

We don't for sure, but it is possible for that to happen. The thing that makes it harder to be true is that the span of time is very short, only 1 year to complete Bitcoin is far beyond unbelievable. But who knows? The very truth that he created can also be assumed that it could happen with just a year. If that is the case then he is really a genius that was born in our generations like Einstein, Tesla etc.

Adriano2010

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I don't think this happen, and i think Satoshi create bitcoin for his thought about create a system which is totally different from what banks offer.

The Sceptical Chymist

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Quote from: gentlemand on May 11, 2019, 04:58:35 AM

There's no way he'd arrive home in 2008 to find his locks changed after the bank had shut him out, gone to his car in a huff and created BTC in a Burger King car park to spite them before going off to drown his sorrows.

LOL. Very true, and I never thought of Satoshi as one person but as an organization and that bitcoin might have been released in response to the crisis of 2008. I don't have any evidence for that, nor was I around here when Satoshi was posting, so my theory has a big ignorance factor attached to it.

You have to admit that it was one hell of a coincidence that a bank-less, government-less form of money was created right when there were legitimate fears that the whole banking system might come crashing down. Of course it didn't turn out to be as bad as a lot of people thought it might, but bitcoin would have solved the problem of having a form of money that didn't depend on banks or governments.

And no, I don't think Satoshi lost everything in the 2008 crash. I had a lot of money in the stock market at that time, and I was unaffected by it. Why? Because I didn't sell any stocks when the Dow dropped to 6000 or whatever the low was. You only could have lost everything if you were crazy enough to sell at the bottom, and I doubt someone as intelligent as Satoshi (assuming it's a single person) would make that rookie mistake.

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I think if you watched the news and you saw the millions of desperate people begging for their own money in front of Banks, then you would also become very motivated to develop something to "disrupt" the system that caused all that misery and hopelessness.

The moment for me was when I saw a old man collapse in front of a Greece Banks, because they closed their doors and he could not get money to pay for food. Why should they have that kind of power to control your money, if they were only suppose to keep it safe from other people. Huh

fiulpro

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To be honest , everyone on some level is sick with banks and the government to be honest , even in the most democratic countries like India there are still things that makes you sick to the stomach when you actually experience them yourself and that's just how even in the most democratic republic banks , governments , politicians and even people with huge amount of money controls the market .
This is sad , and it's true for most of the world , if you have money you have power , the power to influence the market and I think Mr. Satoshi quite honestly experienced everything and was sad , and instead of accepting that he actually went ahead and made something that is ground braking.
This guy deserves credit more than he gets.

vv181

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We can't know for sure but there is a possibility. Keep in mind that the underlying technologies that built within BItcoin already exist way before the existence of Bitcoin like Blockchain, and etc. Satoshi might know it before and require some time to learn about it then mix all of them to Bitcoin. Which currently, it is still a strong cryptographic built technology, even though some expert said the Bitcoin code quality isn't perfect since as far as I know Satoshi arent a c/c++ coder.

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Quote from: CryptoBry on May 11, 2019, 09:40:39 AM

Quote from: gentlemand on May 11, 2019, 04:58:35 AM

Quite possible. Nothing to do with the creation of BTC though. It's an idea that would've taken many years to brew and a lot of experimentation. There's no way he'd arrive home in 2008 to find his locks changed after the bank had shut him out, gone to his car in a huff and created BTC in a Burger King car park to spite them before going off to drown his sorrows.

Bitcoin is not an overnight experiment, that's for sure. However, the economic crash in 2008 became one of the impetus for the introduction of Bitcoin to the world but it would already be a stretch to imagine that Satoshi Nakamoto lost everything in that economic malady because I am sure that he was a smart guy who can easily sense of things coming to the economy. Remember that before 2008, there were already many prophets of gloom predicting that an implosion can be coming and Satoshi must have had heard of them

There's no lack of such prophets, ever

You can find many claiming the US economy is on the brink of collapse under the burden of its national debt. But they have been telling that (and all other possible doomsday stuff, for that matter) for years and one year (or even one day) some of them may in fact turn out right after all (read, a broken clock can be right at times)

However, we could rephrase the question asked in the opening post in the following way, i.e. would Bitcoin appear if there hadn't come the economic crisis of 2008? If you ask me, the emergence of Bitcoin (or something very similar conceptually) was kinda set in stone to occur no matter what (read, crisis or no crisis)

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I never think like that, but it could be possible.
I am sure the bitcoin project was running before 2009, and Satoshi Nakamoto with his groups (if any) was created one technology to solve the financial problem.
Maybe he sick to see the situations, so he introduced peer to peer transaction to the public in 2009, and it's boom as what we see today.

BitBustah

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The market rebounded as it always does, anyone who panic sold in 2008 acted emotionally and not rationally. Smart investors were buying property and stocks after that crash. Investing isn't a short term gain, you need to have a long mind frame like Warren Buffet.

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Quote from: gentlemand on May 11, 2019, 04:58:35 AM

Quite possible. Nothing to do with the creation of BTC though. It's an idea that would've taken many years to brew and a lot of experimentation. There's no way he'd arrive home in 2008 to find his locks changed after the bank had shut him out, gone to his car in a huff and created BTC in a Burger King car park to spite them before going off to drown his sorrows.

Bitcoin is not an overnight experiment, that's for sure. However, the economic crash in 2008 became one of the impetus for the introduction of Bitcoin to the world but it would already be a stretch to imagine that Satoshi Nakamoto lost everything in that economic malady because I am sure that he was a smart guy who can easily sense of things coming to the economy. Remember that before 2008, there were already many prophets of gloom predicting that an implosion can be coming and Satoshi must have had heard of them.

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There are some articles that talked about the fact that Satoshi was a shy person so I think that the global financial crisis has affected his family, which led to his move to Britain or any English native speaker country.

It is true that the 2008 financial crisis has affected the world but the impact has been limited to individuals in some countries. "The impact was mainly in the United States and the European Union."
There are a lot of companies that have succeeded after the collapse so you can not count on it as a measure to create BTC.

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Quote from: Genemind on May 11, 2019, 07:07:54 AM

It's possible but we can't surely say yes. I think he has been through a lot of downfall as well before the creation of cryptocurrency. We can't say that he has that kind of agony in 2008 but he has experienced the same struggle once in his life.Even most of us has our own downfalls but Bitcoin is really life changing just how it even changed Satoshi's life and the entire crypto community.

yes. we cannot imagine his struggle during 2008, but clearly we can now enjoy the results of his thoughts. of course the struggle was harder than it is now, hopefully crypto can continue to grow and provide welfare to its members

Gozie51

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Quote from: Virtual miner on May 11, 2019, 04:53:29 AM

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.

I'm not of the thinking that bitcoin was created as a result of poverty or hardship, nope. Bitcoin must have been an after thought of replacement of some certain existing system and structure, be it payment system, gold, slow fiat transaction system, mode of asset accumulation and affluent.

It wasn't an impromptu creation, of course from its technology we could confirm that. It is a well codified structure that couldn't have lasted from 2008 to 2009 that bitcoin was created. It is far beyond the 2008 crash but must have been a coincidence of 2009. One year after the crash.

Genemind

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It's possible but we can't surely say yes. I think he has been through a lot of downfall as well before the creation of cryptocurrency. We can't say that he has that kind of agony in 2008 but he has experienced the same struggle once in his life.Even most of us has our own downfalls but Bitcoin is really life changing just how it even changed Satoshi's life and the entire crypto community.

davis196

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Quote from: Virtual miner on May 11, 2019, 04:53:29 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

The 2008 financial crisis was the main motivator for him to create bitcoin.However we can't be sure that he was personally affected by the 2007-2008 crisis.
I don't believe that Satoshi was a poor guy back then.Having money issues won't allow him to fully focus on that open source project.The lack of money can put immense amount of pressure over someone,thus he might start making mistakes and wrong decisions.

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Quote from: TheHas on May 11, 2019, 05:40:51 AM

Makes you think maybe satoshi was not only an expert in IT, but maybe involved in Finance.

I don't think you need a deep finance background to realise it's mainly a load of poo. Anyone could figure that out with a few minutes of reading.

There are a few decisions of his that strike me as those of someone buried in computing and little else. Ignoring unit bias is one of them. And if he'd truly set his heart on it being used as a currency then an ongoing, but very modest, tail emission would've made much more sense.

TheHas

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The timelines all line up so its possible. Makes you think maybe satoshi was not only an expert in IT, but maybe involved in Finance.

Blockchain can be used to record anything, like with namecoin and ethereum. So the fact that he/she chose currency (through bitcoin) as the use case could be significant.

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Quote from: Virtual miner on May 11, 2019, 04:53:29 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

Well it might not be necessarily Satoshi himself who lost a lot in 2008 but maybe who the situation was so bad and the amount of people that lost back then made him feel the incentive to do something about it and come up with a solution to prevent such things from happening by creating the Bitcoin we know today, and maybe when a crisis like this happen again people will look at their choices and start using bitcoin and take matters into their own hands rather than wait for governments to do something about it.

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Quote from: Virtual miner on May 11, 2019, 04:53:29 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

Interesting idea, This could be true maybe Satoshi lose so much due to debt bubble.
After all we don't know anything personal to the creator of Bitcoin.

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