What if ... S. Nakamoto lost all priv. key and can't use "his" btc?

bitbollo

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Quote from: johnyj on December 01, 2015, 12:02:21 PM

I had a thought, there has never been a person called Satoshi Nakamoto from the beginning, it is just a name made by a group of people, and maybe some of them is already died, but just like the God in various religions are also made by a group of people, he become an immortal figure that represent the spirit of decentralization and an incorruptible monetary system

Quote from: LFC_Bitcoin on December 01, 2015, 07:22:12 PM

Quote from: bitbollo on November 30, 2015, 01:47:20 PM

As subject...
cut

Selfishly it's probably a good thing for us because it limits supply & makes our coins worth more.

Think of it like oil, if a large % of the worlds oil dries up what do you think happens to the price of the available oil?

Well...
As johnyj says this "protocol" was created by a group of people.
I think this as to be a "sure" fact, because, every one work in academia or study at university and can understand
"the quality" of a paper... well... one person could not do a paper like this.
Nor a genius, because there are some "points" that need the help of "other" people and not one only!
[I do know if there is a thread about the "paternity" of paper and some one has already talk about it...]
And this an important point, because:
- probably more than one person could be "satoshi" or use an address linked to "satoshi".
- this people need to have a strong agreement, because "what do you think happens to the price" ? One of this people could selfishly

pump/dump the price.

There is a "time capsule"?
They decide to "destroy" all proof

?
Hundreds of developer work on this project and they get a reward?

Light

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Quote from: ranochigo on December 01, 2015, 12:25:20 AM

At most, we can divide Bitcoin in denominations smaller than satoshi if the supply is too limited. I don't find that a huge problem however. Those coins can be retrived by a fork but I don't think it is reasonable.

I doubt we'll come to the need for denominations smaller than a satoshi in this lifetime (i.e. 80 years) and that's being hopeful given the uncertain nature of Bitcoin in the short term. As to 'retrieving' coins via a fork - that would be a definite no-go simply because if you could effectively steal someone's coin by getting a network consensus very few people would trust Bitcoin (and a great number of people would never support such a fork in the first place).

spazzdla

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Quote from: odolvlobo on December 01, 2015, 07:20:18 PM

Quote from: Spoetnik on November 30, 2015, 11:35:59 PM

So let me get this straight guys.

People have speculated he has 1.5 million coins worth right now $566,490,000.00 USD
...

That number seems to grow over as time goes on. A year ago it was estimated that he had half that number of coins.

It's 100% known he has 1 mill coins min, they have never moved, mined to known addresses. People are estimating coins mined to unknown addresses.

spazzdla

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Quote from: NorrisK on December 01, 2015, 05:35:49 PM

Quote from: Kprawn on December 01, 2015, 01:28:44 AM

If he lost the private key, it would be better for us all... The reason why I am saying this is A. Satoshi will have to reveal himself/herself to spend those coins, and that will not be good for us. The people hunting

Satoshi, needs to put a face to the person, and this might trigger that. B. If those coins are spend, the price will drop significantly.... to the levels where it was in the early days. A lot of people will lose a lot of

money. Just imagine if you bought bitcoins at $400 and the price drops to $0.20 cents. Roll Eyes

It is very unlikely that the price will drop that far if he starts moving any coins. I guess it is even more unlikely though, that he will start moving any coins as it will indeed put his project at a serious risk.

Maybe the coins should just be send to a burn address to get rid of them forever.

That's a potential of 7% of all BTC that could be pushed at once.. it would spook people. The price would react 100%.

The only person that can send them is one that knows the private key.

LFC_Bitcoin

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Quote from: bitbollo on November 30, 2015, 01:47:20 PM

As subject...
What if ...
S. Nakamoto lost all priv. key and can't use "his" btc?
(can't sign a message etc etc?!?)
I know it's likewise "impossible" but did you think there is a possibilities about this?
Or even, if this happened, what are the consequences for btc environment?
Thank you to all responders/readers

Selfishly it's probably a good thing for us because it limits supply & makes our coins worth more.

Think of it like oil, if a large % of the worlds oil dries up what do you think happens to the price of the available oil?

odolvlobo

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Quote from: Spoetnik on November 30, 2015, 11:35:59 PM

So let me get this straight guys.

People have speculated he has 1.5 million coins worth right now $566,490,000.00 USD
...

That number seems to grow over as time goes on. A year ago it was estimated that he had half that number of coins.

NorrisK

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Quote from: Kprawn on December 01, 2015, 01:28:44 AM

If he lost the private key, it would be better for us all... The reason why I am saying this is A. Satoshi will have to reveal himself/herself to spend those coins, and that will not be good for us. The people hunting

Satoshi, needs to put a face to the person, and this might trigger that. B. If those coins are spend, the price will drop significantly.... to the levels where it was in the early days. A lot of people will lose a lot of

money. Just imagine if you bought bitcoins at $400 and the price drops to $0.20 cents. Roll Eyes

It is very unlikely that the price will drop that far if he starts moving any coins. I guess it is even more unlikely though, that he will start moving any coins as it will indeed put his project at a serious risk.

Maybe the coins should just be send to a burn address to get rid of them forever.

johnyj

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I had a thought, there has never been a person called Satoshi Nakamoto from the beginning, it is just a name made by a group of people, and maybe some of them is already died, but just like the God in various religions are also made by a group of people, he become an immortal figure that represent the spirit of decentralization and an incorruptible monetary system

Kprawn

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If he lost the private key, it would be better for us all... The reason why I am saying this is A. Satoshi will have to reveal himself/herself to spend those coins, and that will not be good for us. The people hunting

Satoshi, needs to put a face to the person, and this might trigger that. B. If those coins are spend, the price will drop significantly.... to the levels where it was in the early days. A lot of people will lose a lot of

money. Just imagine if you bought bitcoins at $400 and the price drops to $0.20 cents. Roll Eyes

dothebeats

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Eh, none of our business actually. Yes, many will get shocked by the news, but we can't do much about it. There is a possibility that the hacker might sell some, but not all, and that may cause a big disturbance price wise.

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Satoshi is rolling in his grave. #bitcoin

Quote from: junglist.massive on November 30, 2015, 06:42:52 PM

no way he lost it.
How you can imagine to make that kind of mistake in project that you invent? He is waiting for 5k or 10k and will start to selloff

I highly doubt that's true. If he was interested in money, he wouldn't be creating something with zero point of centralization, since it doesn't bring up profits to that central authority.
Satoshi is, i believe, interested in monetary revolution. Don't believe he lost his private keys either, and if he even uses some of his balance, it will be for the benefit of the bitcoin
network, and not for some private reasons.

ranochigo

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The total supply will decrease and the price would be higher. There isn't any significant differences right now. None of the Bitcoins were moved, excluding the 50BTC from genesis block which is unspendable. People are also burning Bitcoin. At most, we can divide Bitcoin in denominations smaller than satoshi if the supply is too limited. I don't find that a huge problem however. Those coins can be retrived by a fork but I don't think it is reasonable.

zivone

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Quote from: CoinBateman on November 30, 2015, 11:43:39 PM

Quote from: jaylin on November 30, 2015, 11:40:59 PM

Where did all this talk of him 'dying' come from?

Well, nobody has any conclusive evidence that he as a person even exists. It is equally likely that 'he' is actually a group of people.

Thanks to this thread I finally googled about S. Nakamoto and all the while I thought he was a real person. Now I wonder what kind of people are behind the creation of this bitcoin or what are their agenda if there is.

On his P2P Foundation profile, Nakamoto claimed to be a 37-year-old male who lived in Japan, but some speculated he was unlikely to be Japanese due to his use of perfect English and his bitcoin software not being documented or labelled in Japanese.

Some considered Nakamoto might be a team of people; Dan Kaminsky, a security researcher who read the bitcoin code, said that Nakamoto could either be a "team of people" or a "genius"; Laszlo Hanyecz, a former bitcoin core developer who had emailed Nakamoto, had the feeling the code was too well designed for one person

zivone

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The public bitcoin transaction log shows that Nakamoto's known wallets contain roughly one million bitcoins. As of June 2015, this was the equivalent of US$250 million. Nakamoto's true identity remains unknown, and has been the subject of much speculation. It is not known whether the name "Satoshi Nakamoto" is real or a pseudonym, or whether the name represents one person or a group of people.

That 1 million bitcoin sounds really nice... Cheesy

DieJohnny

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Quote from: Spoetnik on November 30, 2015, 11:35:59 PM

So let me get this straight guys.

People have speculated he has 1.5 million coins worth right now $566,490,000.00 USD

How smart are all of you ?

1 single guy holds half a BILLION dollars in Bitcoin possibly and that means ? Nothing ? really ?

No offense but i am not usually surprised by all the dumb posts in this forum section.
To say his coins don't matter etc would be retarded.

He could trigger an avalanche that would crush the price into nothing.
If he wanted to destroy Bitcoin he could dump half and then threaten to dump the rest when he feels like it.

And yeah it -IS- very possible he had a drive failure or something and lost his wallet.
Or maybe he just didn't care way back and thought screw i am deleting all this bs.
Maybe he died ?
Who knows..

Proof either way though would be monumental !

I think those coins being spendable is so monumental to Bitcoin that satoshi is either dead or incapable of doing anything with them. He knows the impact, he full well understands what a million unspent coins means. He also would never have destroyed the keys as he knows that would mean nothing to the general population of bitcoiners. He would have sent them to a known unspendable address or he would have dispersed them evenly to every address with a balance.

He would have done something by now if he could have, but he can't. He is either Dead, in prison, or has had his computers taken by the government.

My guess is that someone down the road will get access to these coins or already has access to them. It may be that this was all an invention of the good old USA and they have 1 million bitcoins and are planning on a new currency to replace the dollar.

CoinBateman

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Quote from: jaylin on November 30, 2015, 11:40:59 PM

Where did all this talk of him 'dying' come from?

Well, nobody has any conclusive evidence that he as a person even exists. It is equally likely that 'he' is actually a group of people.

jaylin

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Where did all this talk of him 'dying' come from?

jacktheking

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I actually believe that Satoshi Nakamoto lost his private key and PGP key. As someone who is very formal and good , if he really want to leave the community he would delete everything that would lead him back. Cannot use his BTC means that there will be lesser supply of Bitcoin. Thus, the Bitcoin price will increase. This will also lead to competition to crack Satoshi Nakamoto private keys to release those "locked" coins. Which will be good in the long term as big companies will want those billions of dollars.

Edit: Let's assume Satoshi Nakamoto is a person and is a man for my post. Too tired of writing he/she/they or his/she/their.

Spoetnik

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So let me get this straight guys.

People have speculated he has 1.5 million coins worth right now $566,490,000.00 USD

How smart are all of you ?

1 single guy holds half a BILLION dollars in Bitcoin possibly and that means ? Nothing ? really ?

No offense but i am not usually surprised by all the dumb posts in this forum section.
To say his coins don't matter etc would be retarded.

He could trigger an avalanche that would crush the price into nothing.
If he wanted to destroy Bitcoin he could dump half and then threaten to dump the rest when he feels like it.

And yeah it -IS- very possible he had a drive failure or something and lost his wallet.
Or maybe he just didn't care way back and thought screw it, i am deleting all this bs..
Maybe he died ?
Who knows..

Proof either way though would be monumental !

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Possible but unlikely.

As to economic effects - this has none until it is confirmed, and given that he hasn't spoken out to date since he left - it's quite likely you'll never find him and there will never be a confirmation. Not to mention, even if you did - do you think he would just casually state he lost all of his private keys? If anything that would reduce confidence in Bitcoin - if it's creator couldn't even store his own keys safely how is a layperson meant to?

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