Why Satoshi was dumb | Bitcointalksearch.org

Oilacris

hero member

Activity: 2996

Merit: 609

Quote from: Yoda7331 on March 19, 2022, 02:50:52 AM

Even a genius like Satoshi miscalculated the stupidity, ignorance and greed of the average person

Come to think that he was never intending for his creation to become this big because all the thing he do need to do is to make something a payment system which doesnt have 3rd party.
He was never intending to become rich or something like that and we dont know on what future holds and for those premined coins then if he has the plans then he would accumulate on bigger
percentage in overall current supply and had able to sell off into those ATH times and make himself rich but we've seen nothing.

kryptqnick

legendary

Activity: 3248

Merit: 1402

Join the world-leading crypto sportsbook NOW!

Op, I'm not sure what stuff you were on when you came to this realization, but it seems far from the truth. Maybe Satoshi didn't spend the coins because it's not time for it yet, or maybe it's because Satoshi died. Also, while it's true that it's more in line with the decentralized project to not have the overwhelming influence of one person (which would've been the case if Satoshi remained involved), it's not removing the last form of authority. And I don't think Satoshi intended to get as much money out of BTC as possible or that having no premining was a mistake.

BlackHatCoiner

legendary

Activity: 1512

Merit: 7340

Farewell, Leo

Quote from: OgNasty on March 31, 2022, 12:14:06 PM

Bitcoin is actually based on greed and without could not function.

There's difference between incentive and greed. Incentive is when you're motivated to do something for you or/and the common good and has a nearly positive meaning. For example, we say that you're incentivized to recycle if there's a law that charges those who don't. On the other hand, greed is by definition, negative. You use it to describe bad things, such as eating while you're full.

Miners are incentivized to earn their reward as they only do good. Environmental issues? No problem, they're incentivized to switch to cheaper, renewable ones.

OgNasty

donator

Activity: 4760

Merit: 4323

Leading Crypto Sports Betting & Casino Platform

Quote from: Yoda7331 on March 19, 2022, 02:50:52 AM

Even a genius like Satoshi miscalculated the stupidity, ignorance and greed of the average person

I don't think this is true at all. Bitcoin is actually based on greed and without could not function. Some might call it Game Theory which powers the beauty of Bitcoin's security model. Miners are counted on to act in the most greedy way possible (using the most high value transactions from the mempool and as many as they can fit in a block) in order to earn rewards for their effort in security the blockchain. Without the greed of miners, Bitcoin's security model would be severely flawed. So while you say satoshi miscalculated the greed of the average person, I would say that he not only did not do that, he counted on their greed surpassing attempts by others to bring the transaction processing to a halt.

ivankoh

full member

Activity: 1428

Merit: 120

Sugars.zone | DatingFi - Earn for Posting

My thinking is simply that silence is his way of truly “respecting” bitcoin. Basically satoshi wallets can also be checked and marked thoroughly, so even if the genius is still alive, I think he was smart to keep the bitcoins anonymous which is also what makes the difference greatness of bitcoin.

lepbagong

full member

Activity: 2268

Merit: 121

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

Quote from: riso2015 on March 28, 2022, 10:51:08 PM

You are now good at reading people's minds, you even dare to say Satoshi is stupid, right as you said satoshi is stupid because he is not selfish and does not want to be seen as a genius, because he is not naive, and does not want to take advantage of his followers. , unlike other bosses who are good at enriching themselves, after they issue new coins.

satoshi is not stupid but he is not greedy like most people, he wants to give knowledge to all that happiness is being able to give trust to others to be able to benefit from what has been done for now, later or in the future.

agree with my friend above, that satoshi is actually a genius and seems simple and not naive to want to take advantage of what can actually be done, but he doesn't want to be equated with other humans who are full of greed if they have something only for individuals and groups.

riso2015

sr. member

Activity: 1246

Merit: 254

Trphy.io

You are now good at reading people's minds, you even dare to say Satoshi is stupid, right as you said satoshi is stupid because he is not selfish and does not want to be seen as a genius, because he is not naive, and does not want to take advantage of his followers. , unlike other bosses who are good at enriching themselves, after they issue new coins.

thecodebear

hero member

Activity: 2240

Merit: 848

ha yeah funny. Satoshi gave the world something pure, and by doing so it allowed a bunch of people to come make far worse versions to get rich off them. But of course if Satoshi had gone that route crypto never would have gained popularity in the first place and it would have died in its infancy. Funny how things work like that.

Ale88

legendary

Activity: 2576

Merit: 2880

Catalog Websites

Quote from: Yoda7331 on March 19, 2022, 02:50:52 AM

I woke up today, completely lucid, with the following realization: Satoshi was naive at worst and plain dumb at worst.

Back in 2008/2009 when Satoshi created/launched Bitcoin, he made the decision to 1) Have no premine 2) Never spent any of the coins he minted. 3) Disappear to eradicate himself as the last form of 'authority'. His reasoning probably being that nobody in their right mind would buy into a crypto that was unfairly distributed from the beginning, of which its creators would stand to benefit most and was controlled by them. I think at this point, you realize where I'm going with this.

13 years later, there are many thousands of shitcoins, most of which had some form of premine, made the creators bank and are still in control to a high degree. These shitecoins are worth millions and some even 100s of billions.

Even a genius like Satoshi miscalculated the stupidity, ignorance and greed of the average person

Not a bad presentation for being your first post in this forum... If Satoshi was so dumb why didn't you create a better bitcoin before him? It took you 13 years just to say that things could have been done in a different way? I hope this is a joke post because none of what you said makes sense.

meser#

legendary

Activity: 1358

Merit: 1000

I have great respect for him. Because if he had followed the steps you mentioned. You wouldn't be talking like that today. You would be lost in the false freedom that centralization gives you. Yes, it's hard to reject what you're talking about, but great victories require great sacrifices. If he had chosen the easiest way, we wouldn't call him satoshi, he would be Yoda7331 Wink

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

Quote from: Fundamentals Of on March 20, 2022, 08:32:09 PM

The intention of Satoshi was good. And he was consistent in pursuing it. He simply was a person who have sort of foreseen everything. He seemed to have known everything that would make his invention successful. All things were considered. He made it perfectly. But more than that he made sacrifices for its success.

But to the surprise of everybody who saw and believed Satoshi's vision and invention, shitcoins which were all Bitcoin was not, also sold well to the people. Satoshi must have asked himself, where did I go wrong? Lol.

One of the thing with inventions is that once the inventor releases their creation to the public at large what happens after it is not under their control at all, when it comes to the things that Satoshi could control everything was executed to perfection, however once he released bitcoin now it was up to the public to do their part, and while without a doubt the growth of bitcoin has been impressive, at the same time the market of shitcoins is probably way larger than what anyone could have imagined back then, but Satoshi is not at fault for this, the ones at fault are all of those that keep investing and losing their money on those shitcoins.

pawanjain

hero member

Activity: 2702

Merit: 716

Nothing lasts forever

Quote from: pooya87 on March 19, 2022, 03:02:51 AM

I can't tell if you are trolling, are sarcastic or serious. The tone is not being conveyed in text form.

In case you are serious is there is anyone thinking this way, I have to tell them that not everyone is doing everything for the "money". You don't necessarily have to be rich to not want money, one can be not-rich and still be content at the same time.
If you can't understand this, it means you are not and will never be content in your life even if you had all the money in the world.

That was a mind blowing reply indeed. I would have given a plenty of merits but you already have many. So I will reserve it for other posts

What you say is very true. Being rich definitely doesn't mean one should have lots of money.
It simply means he should have enough food to survive through the day and happiness in his life to be satisfied with what he has.
Satoshi didn't seem to care about money and cared about his privacy because if it might affect his life and also his loved ones' lives.
So he pretty much didn't care about the money and vanished for good and I respect him for that.
Calling him dumb for this seems like a preposterous act.

wozzek23

sr. member

Activity: 1568

Merit: 283

Quote from: virasog on March 21, 2022, 03:59:31 AM

Remember that Satoshi only created bitcoins and no altcoins. Who cares about those shitcoins and if you invest in those altcoins, it's your own fault.
Satoshi has given us the best cryptocurrency, that is Bitcoin. If you invest in other altcoins, don't blame satoshi, blame yourself and your greediness.

Even the satoshi themselves aware of that like this can happen but what can they do to prevent it? Nothing. He just focused on his own business and do what makes him think right. I wouldn't call him dumb for his bitcoin invention but I will call him a genius because if I look in the process of how to make bitcoin, it's so complicated.

If there is someone that we can blame for the altcoins and shitcoin that we see right now, that is not satoshi but that is their own creators while there are coins that we think bad but they are actually helpful because they serve as an alternative to bitcoin, that is why there is that word "altcoins" that we are using when we talk about coins other than bitcoin.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Quote from: Fundamentals Of on March 21, 2022, 08:50:54 PM

Quote from: Wind_FURY on March 21, 2022, 01:26:52 AM

Quote from: Fundamentals Of on March 20, 2022, 08:32:09 PM

The intention of Satoshi was good. And he was consistent in pursuing it. He simply was a person who have sort of foreseen everything. He seemed to have known everything that would make his invention successful. All things were considered. He made it perfectly. But more than that he made sacrifices for its success.

But to the surprise of everybody who saw and believed Satoshi's vision and invention, shitcoins which were all Bitcoin was not, also sold well to the people. Satoshi must have asked himself, where did I go wrong? Lol.

There are no "good intentions"

There are no "bad intentions"

There are only

[Some action]

Intentions

Cool

Satoshi knew he had the "formula" for the censorship-resistant network/protocol for "money" that the Cypherpunks have always failed to build. Whatever Satoshi's intentions were, the secret component was adding Proof of Work in the "formula", and Satoshi needed to let the cat out of the bag.

But if Satoshi wanted to create a better money, a currency which is resistant to the abuses of those few people who are controlling fiat, I must say the intention was good. We have a generally bad fiat currency so if somebody wants to correct that and tries to create a much better alternative, the intention must be considered good. To innovate in order to provide freedom for the people is to mean good. Is there even a neutral intention?

It was merely my humble opinion, and you might disagree and you would also be right. But from my point of view, the intention was more technical than moral. Bitcoin had to be invented, and it was Satoshi that invented it first. If he failed, I believe another coder would have discovered that the Proof of Work was the most required component for something like "a Bitcoin".

Fundamentals Of

sr. member

Activity: 2380

Merit: 366

Quote from: Wind_FURY on March 21, 2022, 01:26:52 AM

Quote from: Fundamentals Of on March 20, 2022, 08:32:09 PM

The intention of Satoshi was good. And he was consistent in pursuing it. He simply was a person who have sort of foreseen everything. He seemed to have known everything that would make his invention successful. All things were considered. He made it perfectly. But more than that he made sacrifices for its success.

But to the surprise of everybody who saw and believed Satoshi's vision and invention, shitcoins which were all Bitcoin was not, also sold well to the people. Satoshi must have asked himself, where did I go wrong? Lol.

There are no "good intentions"

There are no "bad intentions"

There are only

[Some action]

Intentions

Cool

Satoshi knew he had the "formula" for the censorship-resistant network/protocol for "money" that the Cypherpunks have always failed to build. Whatever Satoshi's intentions were, the secret component was adding Proof of Work in the "formula", and Satoshi needed to let the cat out of the bag.

But if Satoshi wanted to create a better money, a currency which is resistant to the abuses of those few people who are controlling fiat, I must say the intention was good. We have a generally bad fiat currency so if somebody wants to correct that and tries to create a much better alternative, the intention must be considered good. To innovate in order to provide freedom for the people is to mean good. Is there even a neutral intention?

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Quote from: NeuroticFish on March 21, 2022, 03:18:05 AM

Quote from: Yoda7331 on March 19, 2022, 02:50:52 AM

I woke up today, completely lucid, with the following realization: Satoshi was naive at worst and plain dumb at worst.

Thinking one has fully understood other individual's reasoning is imho at least naive, if not plain dumb.
Thinking one knows for sure how much bitcoins other individual has is imho at least naive, if not plain dumb.

From my knowledge one important point in Satoshi's leaving was his own physical security/integrity.
If he's alive and well, I surely hope that he did buy or mine plenty of bitcoins around 2010 so he has a good life.
Since we don't know who is he, we don't know if he has known crypto business and lives between us or he's enjoying life somewhere far from all this.

And any wild guess about what he has done after leaving.. is just a guess. We will probably never know the truth.

OP is merely trolling. Satoshi left nothing, or tried to leave nothing, open for nefarious groups, or government agencies to use something like a "premine" in Bitcoin's boot-strapping phase to FUD the project. Satoshi himself also took extra steps, and made sure his identity is hidden. It might either be, he's someone "known" or he works for a tech company who doesn't want the intellectual property rights of his invention to belong to that company.

virasog

legendary

Activity: 3136

Merit: 1172

Leading Crypto Sports Betting & Casino Platform

Quote from: Yoda7331 on March 19, 2022, 02:50:52 AM

13 years later, there are many thousands of shitcoins, most of which had some form of premine, made the creators bank and are still in control to a high degree. These shitecoins are worth millions and some even 100s of billions.

Even a genius like Satoshi miscalculated the stupidity, ignorance and greed of the average person

Remember that Satoshi only created bitcoins and no altcoins. Who cares about those shitcoins and if you invest in those altcoins, it's your own fault.
Satoshi has given us the best cryptocurrency, that is Bitcoin. If you invest in other altcoins, don't blame satoshi, blame yourself and your greediness.

NeuroticFish

legendary

Activity: 3668

Merit: 6382

Looking for campaign manager? Contact icopress!

Quote from: Yoda7331 on March 19, 2022, 02:50:52 AM

I woke up today, completely lucid, with the following realization: Satoshi was naive at worst and plain dumb at worst.

Thinking one has fully understood other individual's reasoning is imho at least naive, if not plain dumb.
Thinking one knows for sure how much bitcoins other individual has is imho at least naive, if not plain dumb.

From my knowledge one important point in Satoshi's leaving was his own physical security/integrity.
If he's alive and well, I surely hope that he did buy or mine plenty of bitcoins around 2010 so he has a good life.
Since we don't know who is he, we don't know if he has known crypto business and lives between us or he's enjoying life somewhere far from all this.

And any wild guess about what he has done after leaving.. is just a guess. We will probably never know the truth.

Zlantann

legendary

Activity: 1050

Merit: 1100

Yes he was dumb based on your standard. We live in a world where selflessness has lost its place and value. Every invention or innovation that exists today is driven by profit maximization. Although is Satoshi anonymous hence we cannot say he/she is living or not living a life of luxury somewhere. But from the operations of Bitcoin, Satoshi was not totally driven by wealth or riches, and this indeed makes the Bitcoin founder an extraordinary human. For the fact that he remained anonymous also prove that he is not also motivated by fame. Rather his driving force was to accomplish what he dreamt of and helping people gain financial freedom.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Quote from: Fundamentals Of on March 20, 2022, 08:32:09 PM

The intention of Satoshi was good. And he was consistent in pursuing it. He simply was a person who have sort of foreseen everything. He seemed to have known everything that would make his invention successful. All things were considered. He made it perfectly. But more than that he made sacrifices for its success.

But to the surprise of everybody who saw and believed Satoshi's vision and invention, shitcoins which were all Bitcoin was not, also sold well to the people. Satoshi must have asked himself, where did I go wrong? Lol.

There are no "good intentions"

There are no "bad intentions"

There are only

[Some action]

Intentions

Cool

Satoshi knew he had the "formula" for the censorship-resistant network/protocol for "money" that the Cypherpunks have always failed to build. Whatever Satoshi's intentions were, the secret component was adding Proof of Work in the "formula", and Satoshi needed to let the cat out of the bag.

Topic: Why Satoshi was dumb (Read 587 times)