Where are Satoshi now?
No one knows, in fact, his identity is unknown.
Strange indeed.
Topic: Who got first Bitcoins? - page 2. (Read 1876 times)
No one knows, in fact, his identity is unknown.
Strange indeed.
Where are Satoshi now?
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It is strange that people are throwing away money on mining, but that doesn't make it a scam.
Well those rig selling companies are making people believe that they can get profit on mining. Obviously it is not true. They are misleading people.Quote
Pool owners aren't making a huge profit. Pool owners collectively earn less than 5 bitcoins a day.
Only one pool I'm in mined more than 20 blocks yesterday. That is 500 bitcoins. 2% or 10 bitcoins went to the pool owner. Pool members can't profit presently.Quote
What risks at the beginning? Financial risks mainly. You have to pay for electricity. Is it an investment? Yes it is. Is it risky investment?
With the low difficulty there was no significant electricity usage to get large amounts of bitcoins.Quote
Yes, you could get no return. Is this investment (being done in 2009) could make you a millionaire for spending a single buck? Yes! Is it fair to a new comer now? I can't see why it is not (Do you complain that nobody wants to sell you the shares of Apple or Microsoft at the prices just after their IPO?)
It would probably be fair in the case of a start-up company, but we are talking about electronic currency here.Quote
As for ASIC producing companies and pools - is it a property of bitcoin itself or a result of the people's behavior?
Bitcoin model encouraged the appearance of these scam companies.Quote
You have a lot of information in this forum to take a decision to invest or not to invest.
Yeah, I read a lot about it last couple of days. It reminds me the old times when I first met HYIP community with e-gold as a main currency. I've seen a couple of Forex related Ponzy schemes that were working for more than 4 years... 
It would be interesting if one of the most famous people in the world one day called a HUGE news conferences and announced that he or she would be launching a new altcoin which is an exact clone of bitcoin on January 1, 2015. He or she should announce this across all social media, their latest song, album, movie, website, etc. They should partner with Google to put it on their homepage and Facebook to put it on their homepage.
They would release the new Genesis Block at the exact pre-scheduled time. The goal here is that everyone knows about the new cryptocurrency in advance, so everyone can plan for it and start mining it, all at the exact same moment. Thus, it would be more "fair".
The world makes the switch over to this new currency - which has the endorsement of one of the world's most famous people.
They would release the new Genesis Block at the exact pre-scheduled time. The goal here is that everyone knows about the new cryptocurrency in advance, so everyone can plan for it and start mining it, all at the exact same moment. Thus, it would be more "fair".
The world makes the switch over to this new currency - which has the endorsement of one of the world's most famous people.
Or it goes nowhere, and the promoters get thrown in jail for promoting a scam that cost people billions of dollars.
What risk are you talking about? At the beginning no huge computational resources were needed because difficulty was low.
Your perspective is skewed. Things were very different 4 years ago. Back then, nearly everybody believed that bitcoins were worthless. Why should they profit when they were wrong?
What about all these companies who are selling and renting ASICs? Pure scam. There are no rigs that can make you profit currently.
It is strange that people are throwing away money on mining, but that doesn't make it a scam.
Pool owners making huge profit on pool fee?
The idea is brilliant, but many things around it look so fishy.
There are some sketchy people in the bitcoin world, but overall it is very transparent. Things look fishy because you haven't learned how things work.
It would be interesting if one of the most famous people in the world one day called a HUGE news conferences and announced that he or she would be launching a new altcoin which is an exact clone of bitcoin on January 1, 2015. He or she should announce this across all social media, their latest song, album, movie, website, etc. They should partner with Google to put it on their homepage and Facebook to put it on their homepage.
They would release the new Genesis Block at the exact pre-scheduled time. The goal here is that everyone knows about the new cryptocurrency in advance, so everyone can plan for it and start mining it, all at the exact same moment. Thus, it would be more "fair".
The world makes the switch over to this new currency - which has the endorsement of one of the world's most famous people.
They would release the new Genesis Block at the exact pre-scheduled time. The goal here is that everyone knows about the new cryptocurrency in advance, so everyone can plan for it and start mining it, all at the exact same moment. Thus, it would be more "fair".
The world makes the switch over to this new currency - which has the endorsement of one of the world's most famous people.
What risk are you talking about? At the beginning no huge computational resources were needed because difficulty was low.
What about all these companies who are selling and renting ASICs? Pure scam. There are no rigs that can make you profit currently.
Pool owners making huge profit on pool fee?
The idea is brilliant, but many things around it look so fishy.
What about all these companies who are selling and renting ASICs? Pure scam. There are no rigs that can make you profit currently.
Pool owners making huge profit on pool fee?
The idea is brilliant, but many things around it look so fishy.
What risks at the beginning? Financial risks mainly. You have to pay for electricity. Is it an investment? Yes it is. Is it risky investment? Yes, you could get no return. Is this investment (being done in 2009) could make you a millionaire for spending a single buck? Yes! Is it fair to a new comer now? I can't see why it is not (Do you complain that nobody wants to sell you the shares of Apple or Microsoft at the prices just after their IPO?)
As for ASIC producing companies and pools - is it a property of bitcoin itself or a result of the people's behavior?
You have a lot of information in this forum to take a decision to invest or not to invest. You would say: 'it is huge amount of pages to read!'. Yes, it is huge. But no one said that this is a place where someone gives out free money. You have to do some work to earn some money. At last, you are free not to touch the theme at all. Nobody pushes you to get involved.
P.S. I got involved into all this stuff in April this year after I read some news article about bitcoin. Presently, I would prefer not to read that article.
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No. Satoshi did not make his invention a secret. He made it public beforehand. At the moment of its establishment the bitcoin had been worth nothing. There were no proof it would worth something in the future. There were some people who believed it will worth and they started mining. Why do you think that the risk they took should not be covered now?
About the difficulty at the beginning: the first miners were very slow. It was just straight implementation of double sha256 in pure C code without any optimizations using mmx, sse, GPU or whatever. Still the mining had been producing 50 coins a block regardless of GPU mining introduction, FPGA or whatever. Yes, a year ago the bonus had been halved - just as per design.
What risk are you talking about? At the beginning no huge computational resources were needed because difficulty was low.About the difficulty at the beginning: the first miners were very slow. It was just straight implementation of double sha256 in pure C code without any optimizations using mmx, sse, GPU or whatever. Still the mining had been producing 50 coins a block regardless of GPU mining introduction, FPGA or whatever. Yes, a year ago the bonus had been halved - just as per design.
What about all these companies who are selling and renting ASICs? Pure scam. There are no rigs that can make you profit currently.
Pool owners making huge profit on pool fee?
The idea is brilliant, but many things around it look so fishy.
Satoshi mined the first 1 million bitcoins but he never used them.
May be he is already dead and the coins are lost with the private keys or may be he is waiting until one BTC is one tousand USD worth.
Or maybe he lost the private keys and not remember where he save it. Haha May be he is already dead and the coins are lost with the private keys or may be he is waiting until one BTC is one tousand USD worth.
It migh be NSA project, they dont need money.
I mean Satoshi = NSA
Satoshi mined the first 1 million bitcoins but he never used them.
May be he is already dead and the coins are lost with the private keys or may be he is waiting until one BTC is one tousand USD worth.
Or maybe he lost the private keys and not remember where he save it. Haha May be he is already dead and the coins are lost with the private keys or may be he is waiting until one BTC is one tousand USD worth.
after the early adopter phase was over, Bitcoins were under $2 apiece. So 99% of the profit early adopters made, anyone who wanted to could have made by buying Bitcoins at $2 each. You know why people didn't? Because they didn't think it was worth the risk.
I agree, but what about those who didnt know about Bitcoin
What about Microsoft shares at the days Microsoft was founded?
after the early adopter phase was over, Bitcoins were under $2 apiece. So 99% of the profit early adopters made, anyone who wanted to could have made by buying Bitcoins at $2 each. You know why people didn't? Because they didn't think it was worth the risk.
I agree, but what about those who didnt know about Bitcoin
Satoshi mined the first 1 million bitcoins but he never used them.
May be he is already dead and the coins are lost with the private keys or may be he is waiting until one BTC is one tousand USD worth.
May be he is already dead and the coins are lost with the private keys or may be he is waiting until one BTC is one tousand USD worth.
From what I've heard, satoshi started mining since day one, and he has almost 1,000,000(unconfirmed however) bitcoin holdings.
I think that Satoshi Nakamoto has the most bitcoins and was the first owner.
No really fair to say the least 
Especially when many believe BTC will be the world's most widely used electronic currency. Wouldn't it be more fair to start rewarding BTC for mining at the point when the difficulty is high enough or make high enough difficulty on the first day of system? 
You believe it's unfair for the people who develop a new technology that will improve the world to profit from it? You'd prefer Bitcoin enrich ASIC manufacturers and electric companies rather than people who devoted years to developing Bitcoin? Especially when many believe BTC will be the world's most widely used electronic currency. Wouldn't it be more fair to start rewarding BTC for mining at the point when the difficulty is high enough or make high enough difficulty on the first day of system? When people got Bitcoins nearly for free in the early days, that was because they were nearly worthless then. They invested resources, at super high risk, to bootstrap the currency.
A Bitcoin is worth $200 or so today. Long after the early adopter phase was over, Bitcoins were under $2 apiece. So 99% of the profit early adopters made, anyone who wanted to could have made by buying Bitcoins at $2 each. You know why people didn't? Because they didn't think it was worth the risk. Now think about contributing hardware and electricity when Bitcoins were a hundred to the dollar.
Now is your chance to be an early adopter. If Bitcoin takes over the world, it's still early.
If those people keep their bitcoin until now, they turned billionaire... But I wonder how many people really did that...
Yeah, I read wiki. It doesn't really say much details about the start. The idea of Bitcoin is great, but it looks like a huge scam. The question is still open. Why did the founders and first users get a substantial share of the total Bitcoins? Would look much more real if they set difficulty at the start to today's level for example. Would be much harder to make huge profits for a relatively small group of people at the beginning.
No. Satoshi did not make his invention a secret. He made it public beforehand. At the moment of its establishment the bitcoin had been worth nothing. There were no proof it would worth something in the future. There were some people who believed it will worth and they started mining. Why do you think that the risk they took should not be covered now?
About the difficulty at the beginning: the first miners were very slow. It was just straight implementation of double sha256 in pure C code without any optimizations using mmx, sse, GPU or whatever. Still the mining had been producing 50 coins a block regardless of GPU mining introduction, FPGA or whatever. Yes, a year ago the bonus had been halved - just as per design.
This is a pretty good explanation.
Remember Bitcoins weren't worth anything when they were first released. So mining thousands a day still equated to very little or nothing in monetry value.
And why would you want to discourage new-comers to mining by setting the difficulty so high from the start. Satoshi and other developers wanted to encourage people to adopt BTC, not scare them away. It's not unfair that they go there first.
And why would you want to discourage new-comers to mining by setting the difficulty so high from the start. Satoshi and other developers wanted to encourage people to adopt BTC, not scare them away. It's not unfair that they go there first.
exactly. There would be no incentive for people to start mining and attracting people. No one would be talking about BTCs today if it were as diffcult back then as it is now.
Satoshi himself is a very good bet although the first coins are dormant.
What number would you say we are talking here?
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