What are your thoughts?
Of course, Satoshi will be happy if he is alive and sees Bitcoin. He wants people to be away from the bank and centralized system and Bitcoin is decentralised up to date. You said Bitcoin is centralized over time yeah it is true but still, bitcoin is decentralized as people run their own full nodes and participate in the network and many projects are working to reduce centralization like the lighting network. Bitcoin is still a new technology and is under construction and it has the potential to revolutionize the Financial system. 
Topic: What Do you think Satoshi Would Think About Today's Bitcoin? - page 6. (Read 735 times)
Satoshi will be sad because people are use Bitcoin completely opposite to the whitepaper.
People are prefer to hold their coins in centralized exchange than non custodial wallet.
People are view Bitcoin as a commodity than as a currency.
People always judge Bitcoin price in USD or local fiat requirement than 1 BTC = 1 BTC.
People don't care about decentralization and privacy, they choose to rely on centralized entity and share KYC to any unknown site.
Many countries are still ban Bitcoin which make no freedom.
People are prefer to hold their coins in centralized exchange than non custodial wallet.
People are view Bitcoin as a commodity than as a currency.
People always judge Bitcoin price in USD or local fiat requirement than 1 BTC = 1 BTC.
People don't care about decentralization and privacy, they choose to rely on centralized entity and share KYC to any unknown site.
Many countries are still ban Bitcoin which make no freedom.
If I have smerits, I would merit this; you also spoke my mind sir. Everything I wanted to say you made it easier to say.
Respect
Tetaeridanus
Satoshi will be sad because people are use Bitcoin completely opposite to the whitepaper.
People are prefer to hold their coins in centralized exchange than non custodial wallet.
People are view Bitcoin as a commodity than as a currency.
People always judge Bitcoin price in USD or local fiat requirement than 1 BTC = 1 BTC.
People don't care about decentralization and privacy, they choose to rely on centralized entity and share KYC to any unknown site.
Many countries are still ban Bitcoin which make no freedom.
People are prefer to hold their coins in centralized exchange than non custodial wallet.
People are view Bitcoin as a commodity than as a currency.
People always judge Bitcoin price in USD or local fiat requirement than 1 BTC = 1 BTC.
People don't care about decentralization and privacy, they choose to rely on centralized entity and share KYC to any unknown site.
Many countries are still ban Bitcoin which make no freedom.
I think that Satoshi and Hal Finney would be proud. Bitcoin has come a long way since 2009. And after 14years, bitcoin is one of the top preforming assets, it has not lost its vision of decentralization, the community is growing from just a group of people talking about it on the computer over the internet to millions of people adopting it and using it to escape oppressive regimes, for personal economic purposes and all. I think that they would be proud about the speed at which we can now send bitcoin from one wallet to another as compared to the time it took the bitcoin sent during their time to get to another wallet. They would be proud of the many bitcoin security measures in place. They would be proud that individuals in the community are owning the project and speaking about it. There are some other things that they may not be so proud of like too like the saboteurs in the community, who seek to lead us astray with their manipulations and gimmicks.
I do not know what Satoshi will think if he is still alive, but I would say that he will not be entirely happy with how things are going but if I were him I would not be pessimistic either because there is use of bitcoin as he devised it, to escape the clutches of states and central banks, basically P2P, but in the minority.
It is true that in a large part no, because as you say many people buy it to get rich, through centralized entities and without understanding the philosophy behind the creation. But if the price is where it is, it is also precisely because of that. If bitcoin had been reduced to P2P it would not have gone over $1K in price, and I think the maximum ATH today would be much lower. The path to mass adoption has come hand in hand with this.
It is true that in a large part no, because as you say many people buy it to get rich, through centralized entities and without understanding the philosophy behind the creation. But if the price is where it is, it is also precisely because of that. If bitcoin had been reduced to P2P it would not have gone over $1K in price, and I think the maximum ATH today would be much lower. The path to mass adoption has come hand in hand with this.
If i could add +1 to this I wouldn't be wrong. You put my mind into words. Thanks for your opinion sir.
I do not know what Satoshi will think if he is still alive, but I would say that he will not be entirely happy with how things are going but if I were him I would not be pessimistic either because there is use of bitcoin as he devised it, to escape the clutches of states and central banks, basically P2P, but in the minority.
It is true that in a large part no, because as you say many people buy it to get rich, through centralized entities and without understanding the philosophy behind the creation. But if the price is where it is, it is also precisely because of that. If bitcoin had been reduced to P2P it would not have gone over $1K in price, and I think the maximum ATH today would be much lower. The path to mass adoption has come hand in hand with this.
It is true that in a large part no, because as you say many people buy it to get rich, through centralized entities and without understanding the philosophy behind the creation. But if the price is where it is, it is also precisely because of that. If bitcoin had been reduced to P2P it would not have gone over $1K in price, and I think the maximum ATH today would be much lower. The path to mass adoption has come hand in hand with this.
Satoshi Nakamoto thought of it and wrote about it years ago.
We are going with a second scenario in Satoshi's vision for Bitcoin, very large transaction volume and trading volume, bigger with time.
We are going with a second scenario in Satoshi's vision for Bitcoin, very large transaction volume and trading volume, bigger with time.
Right. Otherwise we couldn't have a finite limit of 21 million coins, because there would always need to be some minimum reward for generating. In a few decades when the reward gets too small, the transaction fee will become the main compensation for nodes. I'm sure that in 20 years there will either be very large transaction volume or no volume.
Yes, I meant that in my writing too. I actually was talking about get rich quick motive; buy and hodl. Instead of peer-to-peer anonymous transactions.
Satoshi Nakamoto thought of it and wrote about it years ago.
We are going with a second scenario in Satoshi's vision for Bitcoin, very large transaction volume and trading volume, bigger with time.
We are going with a second scenario in Satoshi's vision for Bitcoin, very large transaction volume and trading volume, bigger with time.
Right. Otherwise we couldn't have a finite limit of 21 million coins, because there would always need to be some minimum reward for generating. In a few decades when the reward gets too small, the transaction fee will become the main compensation for nodes. I'm sure that in 20 years there will either be very large transaction volume or no volume.
Serious question, where I get different reply from everyone.
Personally, I think his vision of Bitcoin is not what Bitcoin has come today.
- It has became a centralized market, which is controlled by entities. A single cex or dex can manipulate the price in its favor, meaning dumping the price to aquire more btc in lower prices. (liq hunting) So it has become B2P instead of Satoshi's P2P vision.
- Many of it's adapters today don't even use it as a currency or store of value, they use it as a speculative derivative. You can look at this by looking at spot and futures volumes. Adapters pre-2020 know more about Bitcoin's motive, fundementals and mission where after 2020 the market is filled with idiot perma-bulls.
- Bitcoin and Bitcoin's price are two different things. According to Satoshi's Vision BTC is meant to be a digital peer to peer currency; not a store of value which contradicts today's investors. BTC's scalebility issues caused people to shift the narrative to a store of value. However, hence BTC is created as limited money, I believe satoshi also believed one day the narrative would be shifted to a store of value case.
- To conclude, I believe Bitcoin is in the wrong place today from Satoshi's vision. I'm a satoshi visionaire btw, you could think otherwise and I will respect you. This is just my thoughts.
What are your thoughts?
Personally, I think his vision of Bitcoin is not what Bitcoin has come today.
- It has became a centralized market, which is controlled by entities. A single cex or dex can manipulate the price in its favor, meaning dumping the price to aquire more btc in lower prices. (liq hunting) So it has become B2P instead of Satoshi's P2P vision.
- Many of it's adapters today don't even use it as a currency or store of value, they use it as a speculative derivative. You can look at this by looking at spot and futures volumes. Adapters pre-2020 know more about Bitcoin's motive, fundementals and mission where after 2020 the market is filled with idiot perma-bulls.
- Bitcoin and Bitcoin's price are two different things. According to Satoshi's Vision BTC is meant to be a digital peer to peer currency; not a store of value which contradicts today's investors. BTC's scalebility issues caused people to shift the narrative to a store of value. However, hence BTC is created as limited money, I believe satoshi also believed one day the narrative would be shifted to a store of value case.
- To conclude, I believe Bitcoin is in the wrong place today from Satoshi's vision. I'm a satoshi visionaire btw, you could think otherwise and I will respect you. This is just my thoughts.
What are your thoughts?
Jump to: