Topic: What Do you think Satoshi Would Think About Today's Bitcoin? - page 5. (Read 735 times)

Unfortunately according to my beliefs, Hal Finney was satoshi and he's no longer with us to think about his amazing creation. The best part is that it's still the Number 1 Blockchain-based Cryptocurrency and there is no way any other project comes over and goes ahead in the ranking anytime soon. And even for a second if I imagine that he's alive, he will be proud of how his creation is still so relevant in 2023 and the math he did is fairly stable for many coming years.

In essence, this is true. That Satoshi created Bitcoin with the aim of being used as a digital-based transaction tool (P2P). However, if all this time Bitcoin only offered this feature (P2P), I'm sure Bitcoin would not be as famous as it is now. Because it cannot be denied that the attraction of bitcoin for investors is the potential for very high price increases and also the excellent storage of value. So for me personally this is not a problem. Because in my opinion, Satoshi will not question the reality of what is happening with Bitcoin today, the most important thing is that Bitcoin can be useful for many people, and has become an excellent example of a decentralized system. Because the reality is that currently bitcoin is more widely used as an investment asset, compared to P2P. But in my opinion this is also the way to the goal of satoshi, namely P2P. Because thanks to Bitcoin being used as an investment asset and also as a store of value, this makes Bitcoin increasingly popular among the public.

If you say it's completely wrong, I don't think it's true. Because in essence Satoshi created Bitcoin with the aim of creating a better financial system than the traditional money financial system.
Apart from that, currently quite a lot of bitcoin users use it as a medium of exchange (P2P), for example in El Salvador. There, Bitcoin is officially and legally used as a means of payment transactions.

And if, for example, bitcoin is currently only used as a digital transaction tool, it is important to remember that there are still many countries in the world that do not yet allow their citizens to use bitcoin as a transaction or P2P tool. So Bitcoin's challenge to realize its main vision is still very long. Therefore, although Bitcoin is used today, it does not yet conform to Satoshi's vision. But in my personal opinion this cannot be said to be wrong. Because even so, with the existence of bitcoin, many people, especially investors in bitcoin, know what is called decentralization, an asset that is very transparent, and can be managed independently by each investor.

Thank you all for your replies I will be replying very soon, working atm!

Satoshi impresses me as somebody who is more open-minded and tolerant than many of his/her/their followers now. Satoshi might not agree with certain opinions on the growth or fate of Bitcoin, but he/she/they will probably take them into serious consideration and might even suggest a fair compromise or common ground. It seems to me Satoshi won't outright dismiss the innovative ideas of others simply because they don't conform with his/hers/theirs.

Bitcoin was more exploratory than a final output. Bitcoin is still in beta until now. Before Bitcoin was launched, he/she/they let others scrutinize the idea and/or work. Satoshi reached out to certain personalities and was in close collaboration with them.

What I'm saying is that Satoshi won't probably rebuke or insult others for appreciating Bitcoin differently. There might be certain principles that Satoshi won't ever compromise, but the approach might not be the kind that many of us receive from some Bitcoin fanatics.

The vision Satoshi had for Bitcoin is for it to be used as currency and a store of value and I wonder why you said BTC doesn't have the vision Satoshi has for it.

 
This is something we should expect since the decentralization in nature of BTC doesn't make it something the CEX shouldn't get involved in and BTC being a volatile in nature cryptocurrency has made it a speculative/manipulation material.
I believe that's one of the reasons why Satoshi introduced the BTC block halving to control inflation in the market.

Bitcoin itself didn't change much after Satoshi left, but Bitcoin community sure did. When he was active on the forum, the members were very enthusiastic about Bitcoin use, cypherpunk, financial revoulation. These days the users are mostly talking about the price, and even if they talk about how fiat currency is bad, it's only to justify being bullish on Bitcoin.

Satoshi was an extremely smart individual, so it is to be expected that he knew that despite his goals once he released his invention to the world what will happen to bitcoin will be completely out of his hands, so even if deep down he is disappointed by the current state of things, I do not think this is an unexpected scenario for him, and if anything he could have predicted that things could have turned out to be this way, after all the current economic paradigm still relies on centralized institutions, so I find it natural they are trying to make bitcoin to fit this model.

Maybe it isn’t in exact but, it’s very much in line with what should have been. That Satoshi Nakamoto created bitcoin doesn’t mean the currency would be finite about his purpose for the coin. Can’t say the coin have shifted that much in purpose but rather, gained a life of its own that would ensure the 21million coins could serve an enabled world population with regards to adopters.

If we are to have price to be stable today and with the lost of adopters that comes pouring in everyday,
Don’t you think there wouldn’t be enough to go round? That would be the case and this would very much limit bitcoin to be a currency of the few which would in turn, cause a shift to altcoins for those who would be eager to use cryptocurrency.

For this reasons, bitcoin has gained a life of its own to adjust and suit purposes even before they are known.
I think the pride for Satoshi Nakamoto at the moment would be that, the creators creation has gained a life of its own in order to be sustainable.

Bitcoin is freedom, the proof of it is its decentralized nature free from any central authority.  Although Bitcoin is created as a peer-to-peer currency where anyone can have the freedom to transfer anywhere and anytime without the need for third-party institutions.  I believe Satoshi leave the spotlight because of this so-called freedom for he doesn't want to influence the market if he is not dead yet.  Satoshi getting out of the spotlight simply means that people who use Bitcoin are free to use it in whatever they see fit.

We cannot say that the Bitcoin pioneers never used it as speculative derivatives, since if they use it as a currency why most of these early adopters are still holding Bitcoin?  Bitcoin has been used as a speculative asset ever since so people looking at Bitcoin the same way is no news.  It comes in the free market I believe.

Satoshi had a vision, but the development didn't spread the role as he expected. To have his vision conveyed through the innovation is really hard thing, because everyone doesn't have the same thought process as him. Apart based the knowledge possessed by individuals they take it in their own way. This is how bitcoin got importance as investment, as people saw the growth in it better than its unique features. Even after decades it is going to be tough to make the vision of Satoshi come effective through bitcoin.

Satoshi innovated with a vision, but its usage kept rising for some other reason. Atleast there is some good reason for which it had got wide spread. If not this could've never been this good in terms of adoption as well as in multiple usage as investment, currency, store of value, currency, etc

I won't talk about markets, but BTC definitely is centralized as being controlled by various big institutions now, as a huge chunk of BTC is now held by them and the dream of evenly distribution of BTC has failed and only the riches are now running the markets and deciding the value of BTC currently.

But TBH, it's neither the institutions' fault nor the retailers'.
We wanted adoption, so I can say that we wanted it, we got it.

A decade ago when I started using this forum (and even knowing about BTC before that), I'd say that it's our failure that we didn't recognise the power of blockchain technology and didn't take BTC seriously, so now crying about centralization and all that shit isn't worth it when we only didn't give a damn about what we already knew years ago. Opportunities don't stay forever, but yeah they do come and go, and the cycle goes on.

Satoshi has said what he should have said and one of them is this one:


So I don't think Satoshi is very surprised by the current development of the bitcoin market because he actually predicted about it a long time ago. If Satoshi were really still alive (I assume he is) then he would definitely feel great happiness for what he created at this financial system. He has changed a lot of things and has changed the mindset of many people about the financial system, so he has been very successful in feeling what he is supposed to feel.

I am not entirely sure what he would think about bitcoin itself, but I am sure that he would be very much against %99.99 of the new coins that were created in the last 6-7 years. Ever since that ICO period started where the idea of "pay me some money to create a new coin", we have been going downhill in quality and not many great projects has existed. The main reason why we keep seeing most projects end up being in top 10 and in few years they are all out is the fact that they are all terrible "fund me" projects. He wanted decentralization, hence why he left bitcoin himself, not a system where people would pay each other to make new tokens on others chains.

All of this arises because when storing BTC, its value, when converted into FIAT, proves advantageous to its owners. At that time, the monetization technique stemming from Bitcoin market volatility gained popularity due to its sheer simplicity. Everyone is naturally enticed by the prospect of making money effortlessly, without significant effort or physical exertion. You simply buy and then wait for the opportune moment to sell. All of this takes place online, anywhere, and at any time.

Admittedly, this deviates from Satoshi's vision, but it is also challenging to avoid because the presence of Bitcoin is exceedingly rare, and demand consistently fluctuates. Therefore, price fluctuations are truly inevitable, and trading Bitcoin will remain an ever-accompanying activity.

The main missing thing right now, in my opinion, is the actual use as currency, but at the end bitcoin is still young. When big websites are retailers will start accepting bitcoins many things will change.
Regarding the centralization, that is something that no one has control over, if some people keep selling and others keep buying...

It's true! Bitcoin that was invented by Satoshi, is not the same as today's Bitcoin. Technically it's same but not how the way people are using it. The reason is Bitcoin itself and it's extreme price movement. It has become an investment asset more than anything.

But that's how a free market should operate to be honest. Inventor may have a vision but if the market decides something else than what was envisioned, no one can stop that.

It's hard to answer your question, but as you mentioned, you are looking for opinions that are definitely going to be varied. I will say it will be easy if we have some interviews with Satoshi about BTC. But Whitepaper does that work. And you have pointed out a good point here. But this is not something new in discussion.

If Satoshi is still alive (who knows), then I think he would definitely not think that BTC would have gone this far, as according to a factoid about Satoshi:
This indicates one thing for sure, he was not sure that either BTC would work. But I think BTC works, and if BTC works, then it will grow more, and that's for sure.

And you said, BTC and BTC price are two things, and according to Satoshi, it means p2p, but I can say something for sure:

Satoshi must not see the taproot, or lighting network coming. And he also does not see ordinals coming. And he also has not seen coming that people will start to use it as a store of value. But the thing is, BTC has performed unexpectedly and made many people rich too. I hope you get my version of the answer.

If a change occurs because Satoshi wants this thing or does not want it, then we have not yet reached the level of decentralization required, but I think he will be happy, as Bitcoin has prompted changes in the lives of individuals and in the understanding of the economy, not to mention that it is a realistic thing and has continued to work throughout the previous periods, and it is difficult to judge. It must succeed or fail, as we still need about 7 years before we reach the first evaluation, and let us remember that it took Apple decades of years to reach the current level.
It is not necessary to reach Satoshi's scenario, but it is something that works and there is continuous development, which is the most important thing.

Satoshi will not be silent if he doesn’t like what’s going on to Bitcoin. He is probably still alive and watching Bitcoin while spending most of his secret Bitcoin stash freely. I believe he will give a sign or a hint using the blockchain if he doesn’t like what’s going on to Bitcoin.

Bitcoin is controlled by the majority of Bitcoin community. He designed it that way so that there will voting among the community on what to do. This is the beauty of being decentralized, No one can dictate what should be done to Bitcoin and the majority decides what to do.

I hope that Satoshi is still with us, alive, watching what has become of their creation. We don't know what that person might think about the direction Bitcoin took, but there's a lot to be proud of. Bitcoin is familiar to hundreds of millions of people, it has a huge market capitalization, it is a major policy question in some countries, lots of tech giants dipped their fingers into it over the years. Now, turning to op's specific points:
I don't think it's a centralized market where a single exchange can manipulate the price.
I think many use Bitcoin precisely as a store of value, although probably less as a currency.
Scalability is a tricky part, that's true.
So overall, I think it's reasonable to be proud of this invention and the direction it took.