What would happen if Satoshi dumped his coins?

TomVelvetPaws

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BTC=1GjeqWFLc4TBDg3bwdQk9ZWnEoNPCT9t6G

The biggest ponzi scheme in history that lasted over 100 years? Cheesy

however I doubt it would have a lasting effect because it is a disruptive technology that does not obey or recognize borders or rules or governments.You would have millionaires governments and everybody buy up the cheap coins the price would drop for awhile but it would go back up.Remember there will be only so many of them.Last one being minted in what 2112 or something like that?Maybe Satoshi liked Rush or 2112 is is a prediction?

4th verse.

Look around this world we made
Equality our stock in trade
Come and join the Brotherhood of Man
Oh what a nice contented world
Let the banners be unfurled
Hold the Red Star proudly high in hand

and well it is inevitable that some will be lost.Your going to have someone in the future looking through old computer parts find a hard drive or thumb drive or some other piece of hardware with a unencrypted wallet on it and that treasure just waiting for them its not a matter of if its a matter of when.

DKdance

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REAP WHAT YOU SOW I'm a big fish

Quote from: DeathAndTaxes on March 06, 2014, 02:41:38 PM

Where do you get 13M from and no unless you are calling me a liar it won't go to zero. I will buy all the unbought coins at the first recorded exchange rate (1,309.03 BTC per dollar) even if every coin on the planet was sold it would only cost me <$10,000. I think the network is worth many magnitudes more than that so yeah I would buy em all.

So standing open order from me. I will buy Satoshi (and anyone else's) coins for 1,309.03 BTC per dollar in the event Satoshi sells them.

I'm in ! ^^ I want 100 MILLIONS BTCs at 1 satoshi. 10K at 0.01 USD ! 1K at 1$.

pungopete468

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I think it would be awesome if he put up a 1 million coin Sell wall at $10,000.

seleme

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Duelbits.com

Quote from: Tzupy on March 06, 2014, 06:08:21 PM

Quote from: TERA on March 06, 2014, 04:35:24 PM

No, if Satoshi would dump all his coins it would be much worse than that, a bear market like 2011 means that the price would only drop to about 80$.
A similar drop to the one in 2011, from 32$ to 2$, can happen on Bitstamp if the bid sum drops below 5M$ and the ask sum gets close to 100k BTC.
Which is possible in 3 - 4 months, if there will be no new demand for bitcoins and some extra bad news. If Satoshi dumps all, we might see single digits.

Let's do it Satoshi boy, let's do it Grin

knightcoin

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Stand on the shoulders of giants

sounds like question of big investor ... regular guys are not like this ...

btw hodlers not give a shit for questions like that

Cassius

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This story has really been picked up in the last couple of hours. Nothing much new, just recycled, even by 'reputable' (yeah, I know what an oxymoron is) news outlets. Sucks for Mr D. Nakamoto. If it's not him I hope that journalist gets slapped with a lawsuit.
Supply/demand. Dump anything on the market and the price goes down. Dump a lot and it drops a lot. Dump a very lot and maybe there's enough to depress the price for quite a while.
No reason why Satoshi would do this, or why any major bitcoin holder would do this. You might as well ask what would happen if xx pension fund dumped all their stock of yy company.

Tzupy

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Quote from: TERA on March 06, 2014, 04:35:24 PM

No, if Satoshi would dump all his coins it would be much worse than that, a bear market like 2011 means that the price would only drop to about 80$.
A similar drop to the one in 2011, from 32$ to 2$, can happen on Bitstamp if the bid sum drops below 5M$ and the ask sum gets close to 100k BTC.
Which is possible in 3 - 4 months, if there will be no new demand for bitcoins and some extra bad news. If Satoshi dumps all, we might see single digits.

porcupine87

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hm

Would the Facebook stock go to zero, because one guy owns 30% and can "dump" it?

The other question is, if Satoshi still has the keys. Maybe he is so idealistic, that he threw them away. I can't really estimate, how high the chances are for that...

leopard2

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Quote from: DeathAndTaxes on March 06, 2014, 02:28:26 PM

Quote from: MatTheCat on March 06, 2014, 02:19:44 PM

It isn't going to happen. But if it did happen, Bitcoin would go to zero. Its that simple.

Nonsense. The network would still have value and people would be insane to not buy at a fraction of a penny. I tell you what since you are "worried" about it going to zero, if Satoshi dumps them all I will buy any unbought coins at the first recorded exchange rate of 1,309.03 BTC per dollar. If we guestimate that Satoshi has one million coins that would be a grand total of $763.93 to buy them all.

See it won't go to zero. Of course I will never be able to buy that low, but now you can stop panicking about it going to zero.

Exactly. We may compare to the oil price after 9/11; it spiked but then dropped because the (airplane) game changed.

Markets are funny. I could imagine that price would drop but then things would happen like: investors grap cheap coins to repair Gox, Wallstreet grabs cheap coins to get their funds filled, and finally the "market" would recognize that there will never be so many coins thrown at the market in the future and price could go up quite a bit.

Btw. I don't think he would sell them like that, this would probably be a dark pool transaction to a Wallstreet vehicle. An open transaction is not in Satoshi's interest and not in the investor's interest either. And the tax issue of course ...

TERA

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kkaspar

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banned but not broken

Not only Satoshi.. When you look at the history of bitcoin, then in all probability, there are millions of coins out there that have been earned by drug dealers,computer crackers and confidence men.
This is the main reason I only hold coins when going to sleep, when there is a very strong upwards momentum, like we witnessed in November.
I can trust the source code of bitcoin, and I can even somehow trust some of the exchanges, but I can't trust a bunch of unknown people with unknown motives to keep my coins valuable.
It seems that most people are just ignoring this problem, since it hasn't happened yet. But this isn't making me feel any secure, because The Crash would only happen once, with leaving bitcoin in ruins.

knightcoin

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Quote from: seleme on March 06, 2014, 03:07:42 PM

Lol, moment he would move 0.01 from that address he would have to sell it for 5$ a piece. Those coins are lost forever.

you mean ... these computer cycles are lost forever Huh

nop

cdooer

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Quote from: Caiapfas on March 06, 2014, 03:50:17 PM

He had better sale before Bitcoins are a foot note in history

How can we trust someone who says, in a public forum that Natalie Portman is 'ugly as hell'??

Caiapfas

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He had better sale before Bitcoins are a foot note in history

knightcoin

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Stand on the shoulders of giants

people who
know him ... knows he does no need withdraw anything ... anywhere, anytime he goes... he will be welcomed ... even in the star haven

derpinheimer

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Quote from: Omega0255 on March 06, 2014, 03:42:07 PM

What? of course it would go to ZERO when all buy orders are fulfilled and there are none left on the exchange, that is essentially zero. He has enough bitcoins to push the market to fulfill all buy orders listed at any time.

No, he doesnt. Even all the bitcoins in existence isnt enough to push it to 0.

WompRat

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We should know soon I guess if he intends to withdraw. Which exchange offers the fastest verification for USD withdrawls? I had a Vault of Satoshi account get verified in <12 hours. Bitstamp is still taking about 48-72 hours I think.

I hope they waive the fees for Mr Nakamoto.

knightcoin

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Stand on the shoulders of giants

Honestly if u asked about "dropped" u know almost anything about cryptology

...

Code:

autoconf macros use $SED

Omega0255

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What? of course it would go to ZERO when all buy orders are fulfilled and there are none left on the exchange, that is essentially zero. He has enough bitcoins to push the market to fulfill all buy orders listed at any time.

derpinheimer

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Quote from: MatTheCat on March 06, 2014, 03:09:27 PM

Quote from: ?? on ??

Quote from: MatTheCat on March 06, 2014, 02:37:37 PM

However, if Satoshi did indeed dump around 13'000'000 Bitcoin, I am sorry but the price would go to zero. I am sorry but if you can't see that, then there is something wrong with your head.

Wut? o_O

Satoshi has 1'300'000 BTC.

How deep is the complete order book on the most liquid exchange, Bitstamp? 30K BTC? 50K BTC?

Y'all say ya would dive in on double and single digit coins, but the reality is that the first sign on the blockchain of Satoshi moving his coins around and this market would freak right out and dump a shit ton. There are millionaires in Bitcoinland who if not for their lucky investments, would be flipping burgers in McDonalds (billyjoeallen?). Bitcoins nominal worth is held up by the fact that less than 10% of these mined Bitcoins are in circulation. Take 10% of all the Bitcoins in existence and dump them on the market then Bitcoin is over.

Of course, they won't go to zero, but then neither will Maxcoin go to zero.

Uh... just about every exchange has millions of BTC of bids in the $1 range.

Topic: What would happen if Satoshi dumped his coins? (Read 6611 times)