Topic: Why did Satoshi Nakamoto create bitcoin? (Read 4069 times)
to create a currency without a central bank who can do quantative easing
I think bitcoin was created to shake up a corrupted banking system. If you ask me it's working slowly but surely. An experiment that has shown to have much success.
he's a billionaire, i think he can more than afford a beer on his own.
Any man would appreciate a free beer.
A new thread entitled, "Does Satoshi Drink Beer?" in 5...4...3...
Doubtful as beer contains alcohol which is a poison to the body. Now weed on the other hand; there's no way he thought of bitcoin while not absolutely cooked.
If only i knew back then this must of been said a thousand times on these forums...who ever the dude was he has certainly started something hot 
he's a billionaire, i think he can more than afford a beer on his own. he/the group is most likely a libertarian who is against banks, but it could have been a get rich quick scheme that took a year or two to become profitable.
It's not about that fact that he could afford a beer on his own, more as a thank you gesture. 
I love the way bitcoin works, for example you should tell all customers of a specifc bank to withdraw their funds. The bank will collapse in a day! When all the customers have for example 10.000.000 of money stored with the bank. The bank only has a small piece of that to be withdrawn, so when a large number of customers withdraw their money, the bank ends up with no money at all.. Which automatically means collapsing.
This has happened all over the world the last couple years, dont trust your money with the banks! Especially live savings!
This has happened all over the world the last couple years, dont trust your money with the banks! Especially live savings!
So why does Satoshi have so many coins? Simply because he kept the network running for that first year, when hardly anyone else would use it. Occasionally someone would hear about Bitcoin and try it out, so Satoshi needed to keep the network running at all time. But few of those very early adopters stuck around.
[...]
Bitcoin came SO CLOSE TO FAILING because hardly anyone else would use it during that first year. If Satoshi didn't keep steadily mining, Bitcoin would have failed for sure.
Absolutely true about the network basically failing in the first year:[...]
Bitcoin came SO CLOSE TO FAILING because hardly anyone else would use it during that first year. If Satoshi didn't keep steadily mining, Bitcoin would have failed for sure.
Difficulty 1 is the 1e-6 point (right axis) so there was a whole span in the middle of the first year when blocks were wider than 10 minutes apart because the network couldn't even keep up with difficulty 1.
But take care about "so many"— we really don't know how many coins he has. He was not the only party mining the first year, by far— the analysis are abundantly clear about that (as are the personal testimonies of many). A lot of people make the mistake of assuming all the unspent first year coins were his, and this is erroneous. I think it's likely he has/has-had many, sure, but take any specific estimate with a grain of salt.
Well, that sorts everything out.
Quote from: Satoshi
The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible.
...With e-currency based on cryptographic proof, without the need to trust a third party middleman, money can be secure and transactions effortless.
...With e-currency based on cryptographic proof, without the need to trust a third party middleman, money can be secure and transactions effortless.
He saw a problem and solved it
Perhaps Satoshi was a group of people burned by PayPal and their gruesome bankster antics which are wholly inappropriate for the new digital age.
Bitcoin > Banksters
Bitcoin > Banksters
Just curious, why did he create bitcoin?
A pyramid scheme is my best bet.
1. He "invents" it
2. He mines it for 50 bitcoins each time.
3. He makes sure others can only get 25 bitcoins and less and less, making his 50 bitcoins worth more eventually/on the long run.
4. He limits the output to 21 million ensuring his bitcoins become worth even more.
5. Perhaps even writes a sloppy client so even more wallets are lost lol
6. Uses multiple cpus from the start to out smart single cpu users
7. Announces/publishes it after he mined lots of t.
8. Perhaps even got into contact with criminals/drug dealers to make the system popular and get a user base
9. He designs the system to give out some free bitcoins/money to encourage others to spread the word, like a true pyramid system, making them coins more valuable.
10. All bitcoin users behave like pyramid scheme suckers, promoting it to others to make them coins more valuable and sought after/desired.
Now he has some problems perhaps:
1. Perhaps he lost the private keys, seems somewhat unlikey, but a harddisk crash or other corruptions because of overheat is plausible.
2. He cant spent the coins, those coins will be watched like hawks on rabbits, if he does he may be arrested for questioning
3. Database is getting out of control, he may run out of time to cash in.
4. Other attacks/problems possible too, virus/trojans/etc.
Others/the system have problems too:
1. Perhaps some private keys lost to crashes.
2. Millions of bitcoins stolen.
3. Millions of bitcoins to be seized.
And then people claim the chinese are coming... no I think the loss of bitcoins is what triggered the shot up in dollar value.
Perhaps the price was being controlled by silk road and such... now that he's gone the price free-falls upwards because of bitcoin shortage.
And yes... the chinese may be coming as well adding insult to injury
It was a brilliant scheme to get rich quick... and many suckers fell for it ! =D
Other motivates might be at play as well (for example assuming it was Samsung, Toshiba, Motorola):
1. Selling lots of cpu/gpus/hardware.
2. Overheating/kill PCs trying to bring back demand for PCs
I'm liking your analysis
The guy had a vendetta against processors.
Just curious, why did he create bitcoin?
A pyramid scheme is my best bet.
1. He "invents" it
2. He mines it for 50 bitcoins each time.
3. He makes sure others can only get 25 bitcoins and less and less, making his 50 bitcoins worth more eventually/on the long run.
4. He limits the output to 21 million ensuring his bitcoins become worth even more.
5. Perhaps even writes a sloppy client so even more wallets are lost lol
6. Uses multiple cpus from the start to out smart single cpu users
7. Announces/publishes it after he mined lots of t.
8. Perhaps even got into contact with criminals/drug dealers to make the system popular and get a user base
9. He designs the system to give out some free bitcoins/money to encourage others to spread the word, like a true pyramid system, making them coins more valuable.
10. All bitcoin users behave like pyramid scheme suckers, promoting it to others to make them coins more valuable and sought after/desired.
Now he has some problems perhaps:
1. Perhaps he lost the private keys, seems somewhat unlikey, but a harddisk crash or other corruptions because of overheat is plausible.
2. He cant spent the coins, those coins will be watched like hawks on rabbits, if he does he may be arrested for questioning
3. Database is getting out of control, he may run out of time to cash in.
4. Other attacks/problems possible too, virus/trojans/etc.
Others/the system have problems too:
1. Perhaps some private keys lost to crashes.
2. Millions of bitcoins stolen.
3. Millions of bitcoins to be seized.
And then people claim the chinese are coming... no I think the loss of bitcoins is what triggered the shot up in dollar value.
Perhaps the price was being controlled by silk road and such... now that he's gone the price free-falls upwards because of bitcoin shortage.
And yes... the chinese may be coming as well adding insult to injury
It was a brilliant scheme to get rich quick... and many suckers fell for it ! =D
Other motivates might be at play as well (for example assuming it was Samsung, Toshiba, Motorola):
1. Selling lots of cpu/gpus/hardware.
2. Overheating/kill PCs trying to bring back demand for PCs
Please add: To pick up chicks.
Just curious, why did he create bitcoin?
A pyramid scheme is my best bet.
1. He "invents" it
2. He mines it for 50 bitcoins each time.
3. He makes sure others can only get 25 bitcoins and less and less, making his 50 bitcoins worth more eventually/on the long run.
4. He limits the output to 21 million ensuring his bitcoins become worth even more.
5. Perhaps even writes a sloppy client so even more wallets are lost lol
6. Uses multiple cpus from the start to out smart single cpu users
7. Announces/publishes it after he mined lots of t.
8. Perhaps even got into contact with criminals/drug dealers to make the system popular and get a user base
9. He designs the system to give out some free bitcoins/money to encourage others to spread the word, like a true pyramid system, making them coins more valuable.
10. All bitcoin users behave like pyramid scheme suckers, promoting it to others to make them coins more valuable and sought after/desired.
Now he has some problems perhaps:
1. Perhaps he lost the private keys, seems somewhat unlikey, but a harddisk crash or other corruptions because of overheat is plausible.
2. He cant spent the coins, those coins will be watched like hawks on rabbits, if he does he may be arrested for questioning
3. Database is getting out of control, he may run out of time to cash in.
4. Other attacks/problems possible too, virus/trojans/etc.
Others/the system have problems too:
1. Perhaps some private keys lost to crashes.
2. Millions of bitcoins stolen.
3. Millions of bitcoins to be seized.
And then people claim the chinese are coming... no I think the loss of bitcoins is what triggered the shot up in dollar value.
Perhaps the price was being controlled by silk road and such... now that he's gone the price free-falls upwards because of bitcoin shortage.
And yes... the chinese may be coming as well adding insult to injury
It was a brilliant scheme to get rich quick... and many suckers fell for it ! =D
Other motivates might be at play as well (for example assuming it was Samsung, Toshiba, Motorola):
1. Selling lots of cpu/gpus/hardware.
2. Overheating/kill PCs trying to bring back demand for PCs
he's a billionaire, i think he can more than afford a beer on his own.
Any man would appreciate a free beer.
A new thread entitled, "Does Satoshi Drink Beer?" in 5...4...3...
he's a billionaire, i think he can more than afford a beer on his own.
Any man would appreciate a free beer.
he's a billionaire, i think he can more than afford a beer on his own. he/the group is most likely a libertarian who is against banks, but it could have been a get rich quick scheme that took a year or two to become profitable.
To break the backs of the bankster cartels.
I and millions of others would like to buy Mr Satoshi a beer.
I and millions of others would like to buy Mr Satoshi a beer.
“The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with hardly a fraction in reserve.”
-Satoshi Nakamoto
-Satoshi Nakamoto
you can read the published paper here http://bitcoin.org/bitcoin.pdf
it states there that there needs to be a new way for transactions to occur, to cut out the middle man who is not necessary. he's also probably a libertarian and hates the corrupt rich people and politicians.. but that's just my guess.
it states there that there needs to be a new way for transactions to occur, to cut out the middle man who is not necessary. he's also probably a libertarian and hates the corrupt rich people and politicians.. but that's just my guess.
Jump to: