Topic: What Do you think Satoshi Would Think About Today's Bitcoin? - page 4. (Read 735 times)

Yeah really sound like Satoshi in today’s date. Imagine his working around the clock to build the blockchain and release genesis thinking that go dear bitcoin you will be the master of decentralised payment network. Yet here we are already building huge financial institutions to reap the profits from people’s wallet.

Everything went wrong when someone might have thought about bitcoin as trading instrument started listing it. Everything got even worst when Altcoins formed. That’s really the world Satoshi never ever imagined.

So I believe, we are in wrong direction for sure.

He will very disappointment of the ordinal spam.

Well, thanks for sharing your thought @op, but for me, I believe bitcoin is just where satoshi dreamt it will be, forget the whole centralized entities controlling bitcoin and having the power to manipulate the price so they can make money off it, forget it all, you will have to agree with me that, nothing in this world will succeed without centralized help, like it or not, it's a fact.

If bitcoin was left to be a p2p money like you think that is exactly what satoshi created bitcoin to be, do you really think that bitcoin will be where it is today...

I am going to make a thread on this soon..

I agree with your opinion, regardless of the current vision of Bitcoin, Satoshi initially aimed to make it a digital currency, but I also cannot deny that now the vision has shifted to a valuable means of storing value. It's just that when Satoshi created Bitcoin, perhaps the conditions and situations were focused on its incompatibility with the damaged fiat system. Even though Bitcoin vision is now to become a means of storing value, we still do not reduce the initial vision and still provide open space for anyone or any country that ultimately implements the vision in accordance with what Satoshi hoped for from the start. Because in the end, whether as a means of storing value or digital currency, both still complement each other and are in the same circle, namely freedom.

He will feel sad and happy at the same time.

I think if he's really want to see people is use high security cryptocurrency as a currency, he should create decentralized stable coin (although we're already have DAI now). But whatever it's, there's no cryptocurrency will overtake Bitcoin, at least for next two decades.

Hey!

I didn't say he would be dissapointed, I think he would be proud of his creation having a life of its own and went on its own way. I just believe bitcoin deviated from his vision into a different entity in ways.

Respect.

Tetaeridanus✨

Satoshi made this as a currency which is still something that we used but most of us used it as an investment because of its price. His vision is still true as it is widely used and for sure happy with the outcome of it but Bitcoin is just too young still not mined all the Bitcoin and just getting adopted by countries so there is still a lot of room for adoption and maybe the future of the cashless world.

No matter what people use it for or the purpose of it the mission of it really is to help people and ease the burden so it is doing its purpose so both of us and Satoshi are happy because of Bitcoin.

If he was alive and saw what we are doing with bitcoin, I don't think he will be as disappointed as the OP or many people think. It is true that bitcoin is not being used as a currency and is being used by us more as an investment. But that doesn't mean it can't be used as payment, there are still a lot of people using bitcoin for payment. It shows that bitcoin has become more multifunctional than Satoshi expected, today bitcoin can be used as an asset, currency, payment method, your own bank...I don't think he will be disappointed with this result. What is more important is that people have supported his idea, and more and more people are using bitcoin, how can it be said that he will be disappointed?

Let's be honest, even Satoshi would have not been able to change the course of history and the course of cryptocurrency. Bitcoin has come a long way and let's not forget that for most people on the planet it's still something relatively new so there's always room more growth and change. Maybe Bitcoin didn't turn out exactly as it was initially anticipated by Satoshi, but it has survived and thrived in the market for 14 years which is no little accomplishment.

Thank you all for your replies, I can't seem to reply all of you one by one hence I'm a newbie it will take forever.

To add on the thread;

I agree with most of you on Satoshi's brilliance and forseeing on the future. He would have thought every scenerio that could happen to bitcoin. One thing I want to add is that no one would have known how big will Bitcoin be, however Satoshi created and implemented every thing just in case.

- We all know Bitcoin's true goal was adoption as many of you have said, but in what way; I still don't believe it became the Bitcoin that Satoshi visionized, maybe not the technology but the community is far far away from the initial days cypherpunk era.

Although I have missed my opportunity on BTC by selling them early, I don't believe owning *** BTC's is the goal here unlike the people the new bull season has brought. I believe Satoshi not only created Bitcoin, but created a new form of thinking, decentralisation. Some people think he is dead some people think he is alive. I also have high belief on Hal but this is off topic so I'm not going into it. All I know is that the day Satoshi dissappeared off this earth, BTC became alive as never before; %100 percent decentralised and community driven. And most importantly here to stay for a long time. Who knows, maybe this was the master's plan all along.


Thanks for reading, as always.

With respect,

PS: Thanks for the merits NotATether! You made my week!
Tetaeridanus✨

It is completely irrelevant what Satoshi would think about where Bitcoin is today compared to the time when he was still active, because the essence of everything was to create something decentralized and to offer people an alternative to the existing financial system. He did his part of the job more than well, but he could not or did not want to influence what happened afterwards.

I agree that his idea only partially succeeded and that it works for a small percentage of people, and the rest are just waiting for some influential individual or some company to say something and buy BTC so that they can profit from such a decision. The direction we're going in could very easily result in Bitcoin becoming a toy for the rich (as long as it's fun/profitable for them), while the average Joe will have been thrown out of the game a long time ago because he thought a six-digit number was a great opportunity for an exit point.

Satoshi created bitcoin to become a peer-to-peer currency, but today, bitcoin is being used by us as a speculative tool to make profits. I don't think he would have been very happy to have been alive to see what was going on.  but I agree with you, although many people are making bitcoin more centralized by using centralized exchanges, custodial wallets but bitcoin will not lose its decentralized nature just because of a few parts that small.

Satoshi’s main motive was to develop a decentralised way of payment. Bitcoins were initially developed for these purpose only. Now a days we have seen many adaptations of uses of Bitcoins. If Satoshi is still present, then he might also be witnessing the same. I would say Satoshi doesn’t really care about the way people are treating Bitcoins now. He did his part by developing it. Now how the world uses it, completely depends on the people only.

With all due respect to Satoshi, I think that bitcoin has grown beyond what his original plans might be, because millions of people with different ideologies have adopted it. The only constant thing in life is change, therefore, bitcoin being decentralized will mean that majority of people that holds it will influence how it is used. Satoshi, has to accept what bitcoin is today, because the geometrical increase in the number of people that are adopting the coin everyday is based on the fact that they can earn  from it. People capitalize on things that will reward them financially, so focusing on bitcoin more as an investment, rather than on P2P is no surprising.  

Decentralization is not always fair, because one entity can take the largest portion and manipulate the market. However, for the Bitcoin market itself, which is already quite large, I doubt that one cex or entity can manipulate the market alone because the Bitcoin market position is already quite large and they certainly need large funds to manipulate this market. Moreover, when they do dumping or pumping, of course there is a Bitcoin community that is ready to do backup, whether it's buying it back or selling it, so the opportunity for one entity to manipulate the market is quite difficult.

We wouldn't know what Satoshi would say if he were on this forum. But he is certainly happy to see that Bitcoin has grown rapidly in just a short time. Whether Bitcoin has become a peer to peer digital currency or a store of value, it will go that way. It needs government approval to become a digital currency, and we cannot avoid it.

That's why Bitcoin has now "looks" become centralized but Bitcoin is not connected to any entity. Bitcoin still stands alone without anyone being able to control it. They are the ones who control price movements. However, Bitcoin has become a digital currency in online shops that accept Bitcoin payments.

However, people are currently using Bitcoin as a store of value because they couldn't accumulate much of it in the early days of it.

I agree with your point of view, bitcoin today is not going in the right direction as he expected (whitepaper), BTC is being turned into an investment, a commodity, not a currency or peer-to-peer payment method. But I don't think it's a serious problem. It's like if you graduate in accounting but you become a manager or a businessman, that's not so bad. As long as the work you do brings comfort and a good income, it's even better for you. Similarly, bitcoin is not a currency but it still benefits people by being an asset, which means the Satoshi vision hasn't failed either.

I don’t think he would think negatively about it. I reached the goal that he set out to achieve pretty much. Remember those hashrate wars and how many miners were mining at a loss? It proves how resilient the network was during times of chaos.

Globally it’s pretty much accepted by regulations with KYC, he would have to accept that this was going to happen anyways. You can’t have anything survive in any developed countries without some form of government regulation. So I think he would be proud of what it has become.

When we back and read his white paper, for sure everything was happened today is not in accordance with that. However, what does not deviate from the initial goal today? everything that's going on today is not on the right path. because of circumstances, bitcoin must follow the existing situation, we can't force things that go with the real, If we force it, of course, we will face all rejections because of the basic law of the country,

Probably if Satoshi were still alive now he would drink coffee and watch the news about crypto every day and sometimes he laugh.


To be honest I think this would be one reason people joining Bitcoin "to get profit " from it. BlackRock and other asset management will say the same or look the same.

For now, there is article that talk about Bitcoin transaction "Bitcoin, contrary to popular belief, is traceable. While your identity is not directly linked to your Bitcoin address, all transactions are public and recorded on the blockchain. So, while your name is not attached to your address, your address is attached to your transaction history." - https://originstamp.com/blog/how-to-trace-bitcoin-transactions/

So if you address related to any CeX or you buy it from real life person I do believe is still tracable. and there is company like ARKHAM that are trying to DEANONYMIZING THE BLOCKCHAIN - https://www.arkhamintelligence.com/

and the other hand bitcoin block cant use for everyday payments unless you are using layer 2 like lightning in my opinion