Will Bitcoin fail if Satoshi is found? - page 8.

Kemarit

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Quote from: Abiky on January 03, 2020, 01:43:38 PM

What are the odds of Bitcoin's survival once Satoshi is found? Will it continue to operate as is? Or will it fail in the long run? Huh

On the contrary, I think Bitcoin will pump when/if Satoshi is found.

Crypto enthusiast will get excited and it could bring fresh new blood in the market that could push the price and even goes above the previous all-time-high. And could shutdown CSW for good about his claim of being Satoshi. Well there's a lot of "what if/theory", but we all know that Satoshi will just not simply surface at this time.

Murat

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I don't think so, It's already 10years gone, but who knows what will happen if really satoshi will get caught and the government pushes him to break the chain of this system, nothing is impossible, but the main thing is that. I don't believe that Satoshi is not existed here, by this name, another person is working behind this stage, but if they will find the real satoshi then something will happen, from my perception, No one can find the real satoshi's identity because it's also a surname and he or she is anonymous.

adaseb

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Another week and I guess another "Who is Satoshi Nakomoto" thread.

Regarding the tax liability, unless he actually sold his coins then most likely its not a taxable event. And since many of those early coins never moved out of their coinbase address, its safe to assume they were never sold. You can get technical and say that "he sold the private keys to those coins" which is possible but highly unlikely and risky.

If his identity is revealed will it be negative for bitcoin? Probably since one entity having access to that amount of BTC could set off some fears. However its been years since we last heard from him so we can assume he will never move those coins. Why didn't he sell them when BTC was $20K? So why sell now?

LUCKMCFLY

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It would not present any risk to Bitcoin, perhaps if it represents a risk to Satoshi, since many are interested in their Bitcoins, it would have to have an extreme type of security.

I believe that the value of Bitcoin is above such an encounter, bitcoin has developed a large speculative market, represents technology at the same time, represents a totally different economy from the traditional one backed by supply and demand, by Blockchain, it would hardly have a negative market impact. Many speculators are only interested in the market regardless of technology or the like. Investors would not move or withdraw their money from the market, they know that the potential there is enormous.

TEX-LXRY

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The likelihood of Satoshi emerging and recognized publically is slim. Even if Satoshi were to emerge, the Bitcoin as a social/financial/technological experiment will continue. The Bitcoin network effect is already massive along with its open-source code deployed as well as maintained by a group of core devs.

iamsheikhadil

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I don't think if Satoshi is a human being and has gone hidden, he must have taken all the precautions already and calculated all odds that even if he comes out no one would be able to prove he's Satoshi but even if someone does and he shows us his wallet and transacts, Bitcoin price will surely be affected for many years but then again, Bitcoin has intrinsic value along with blockchain so there will still be value and demand for bitcoins

joniboini

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Quote from: Eclipse26 on January 03, 2020, 11:20:48 PM

Everyone would be hype with the Creator's identity revelation but for Satoshi, it may be hard for him because he could be targeted by those people with bad intention and the government who will investigate him and such.

Not if CW is really satoshi.

That aside, Abiky sure loves to create new threads recently.

Anyway, this discussion is likely going nowhere, please lock this thread when you found enough spam posted.

pooya87

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the only thing that the revelation of the real Satoshi Nakamoto could cause is a lot of FUD and some short term panic where newbies sell their bitcoin in fear of Satoshi supposedly selling his virtual but enormous stash of bitcoins to crash the market! then price picks up and starts rising with bigger whales.
nothing else would change though!

Eclipse26

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If ever Satoshi was found, it will bring a huge impact to Bitcoin. It will be one of the greatest news in Bitcoin history and this could affect bitcoin's price positively. This is my own perspective but I see that it will bring a good news. Everyone would be hype with the Creator's identity revelation but for Satoshi, it may be hard for him because he could be targeted by those people with bad intention and the government who will investigate him and such.

Ailmand

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I doubt if the government will put him to jail anyway, on what ground? His invention is revolutionary and him being revealed in the eyes of the public might make bitcoin even more volatile. People will be dependent on what will satoshi announce or improve in bitcoin. Maybe he had forseen this that is why he chose to be anonymous which is good for his security.

tungaqhd

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Quote from: Abiky on January 03, 2020, 01:43:38 PM

It's now 10 years since Bitcoin was created, yet many people are wondering who Satoshi Nakamoto might be. It's still today, where the creator of Bitcoin has hidden his/her identity well from the general public. All attempts in finding who created the world's most popular cryptocurrency have failed so far. But we all know that there's no such thing as 100% anonymity. A slight error in covering tracks, could expose your identity within the mainstream world.

Now, imagine if the real Satoshi's identity is found. If he/she is still alive, governments would be on his/her tail to put him/her in jail or even pay a hefty sum of taxes. Once this happens, Bitcoin might fail within the mainstream world. Of course, the community is what makes Bitcoin great. But I'm sure that the reveal of Satoshi's identity will have an influence (either positive or negative) over the cryptocurrency's price and reputation worldwide.

What are the odds of Bitcoin's survival once Satoshi is found? Will it continue to operate as is? Or will it fail in the long run? Huh

Why satoshi has to pay a hefty sum of taxes? He doesn't own the whole 21M BTC. Many people said that he own 1M Bitcoin which can affect on Bitcoin heavily if he sold them.

bitcoinsocial09

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Quote from: Abiky on January 03, 2020, 01:43:38 PM

It's now 10 years since Bitcoin was created, yet many people are wondering who Satoshi Nakamoto might be. It's still today, where the creator of Bitcoin has hidden his/her identity well from the general public. All attempts in finding who created the world's most popular cryptocurrency have failed so far. But we all know that there's no such thing as 100% anonymity. A slight error in covering tracks, could expose your identity within the mainstream world.

Now, imagine if the real Satoshi's identity is found. If he/she is still alive, governments would be on his/her tail to put him/her in jail or even pay a hefty sum of taxes. Once this happens, Bitcoin might fail within the mainstream world. Of course, the community is what makes Bitcoin great. But I'm sure that the reveal of Satoshi's identity will have an influence (either positive or negative) over the cryptocurrency's price and reputation worldwide.

What are the odds of Bitcoin's survival once Satoshi is found? Will it continue to operate as is? Or will it fail in the long run? Huh

It is not going to fail if Satoshi Nakamoto was found i think if we found Satoshi if will not have a negative effect on bitcoin and bitcoin is already have its own system and life.
I think this could even help bitcoin technology to be used in a lot of countries surely it will be a huge influence on a lot of community if we have Satoshi.

Shasha80

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Most likely if satoshi nakamoto is discovered or his identity is revealed, it will negatively impact the price of bitcoin and the future bitcoin.
Because those who hate bitcoin will press satoshi nakamoto to make bitcoin centralized. This will make a lot of investors are disappointed
and sell their bitcoin, of course the price of bitcoin can drop dramatically. So from that satoshi nakamoto will not never open his identity,
and will always be anonymous. This is done for the future of bitcoin, so that it can continue to grow and develop.

yulionoo

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in my opinion if satoshi is found then maybe it will have a bad impact on the price of bitcoin. because there are definitely people who are not happy with bitcoin and satoshi they will try to capture satoshi and oppress him. or maybe they will also tell Satsohi to delete or weaken bitcoin technology. so this will make the value of bitcoin go down and bitcoin will be a centralized coin. I think from the beginning Satsohi had thought about this so that until now he has hidden his identity so that Bitcoin remains decentralized and moves freely without anyone controlling it.

Amel

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In my opinion it will have positive and negative impacts as you say. The positive scenario is that bitcoin fans will celebrate this and more news will be picked up, for the negative scenario as you say, the government will hunt it down and could force Satoshi to bow and stop bitcoin (at that time Satoshi was spreading his own FUD) if that happened.

asus09

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Quote from: Zemomtum on January 03, 2020, 06:47:30 PM

Satoshi is just 1 out of Millions. It has little or no control over Bitcoin at present since it is open-source. That is one good thing about a decentralized economy. The technology has developed beyond what Satoshi can imagine from the contribution of the community.

Maybe Satoshi has pass away because if still alive can make bitcoin have lower price because he has many bitcoin allocation in his wallet, maybe he still a live and hidden his self from public for keep his assets safety from hacker. But if Satoshi look still alive will available for selling many bitcoin and make price down, still confused who is satoshi and how much bitcoin assets in his wallet.

hatshepsut93

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Quote from: squatter on January 03, 2020, 02:42:58 PM

Would it survive? Yes. Would it be compromised? Probably. I would hate to see Bitcoin with its own version of Vitalik Buterin. That would be heartbreaking.

If Satoshi wanted to be a Vitalik, I'm sorry - a benevolent dictator, he would do so from day one instead of leaving this community. I think the fact that he left strongly implies that he doesn't want to be a single point of failure of Bitcoin, and if it's true, then this is the answer to OP's question - if Satoshi will be found, he wouldn't do anything to harm Bitcoin, he'd probably comment on it much less then people would expect.

JollyGood

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Quote from: Zemomtum on January 03, 2020, 06:47:30 PM

Satoshi is just 1 out of Millions. It has little or no control over Bitcoin at present since it is open-source. That is one good thing about a decentralized economy. The technology has developed beyond what Satoshi can imagine from the contribution of the community.

Even if Satoshi was discovered I doubt he would be able to control the direction Bitcoin is taking. As you rightly mentioned it has developed beyond what Satoshi imagined.

Thecryptocurrency09

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Quote from: Abiky on January 03, 2020, 01:43:38 PM

It's now 10 years since Bitcoin was created, yet many people are wondering who Satoshi Nakamoto might be. It's still today, where the creator of Bitcoin has hidden his/her identity well from the general public. All attempts in finding who created the world's most popular cryptocurrency have failed so far. But we all know that there's no such thing as 100% anonymity. A slight error in covering tracks, could expose your identity within the mainstream world.

Now, imagine if the real Satoshi's identity is found. If he/she is still alive, governments would be on his/her tail to put him/her in jail or even pay a hefty sum of taxes. Once this happens, Bitcoin might fail within the mainstream world. Of course, the community is what makes Bitcoin great. But I'm sure that the reveal of Satoshi's identity will have an influence (either positive or negative) over the cryptocurrency's price and reputation worldwide.

What are the odds of Bitcoin's survival once Satoshi is found? Will it continue to operate as is? Or will it fail in the long run? Huh

I think this doesn't matter anymore since the bitcoin is already have a great start in the market and I think even if we know who really Satoshi Nakamoto or not I think bitcoin will still be a great cryptocurrency because it is already recognized by a lot of company and even by the community.

Zemomtum

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Satoshi is just 1 out of Millions. It has little or no control over Bitcoin at present since it is open-source. That is one good thing about a decentralized economy. The technology has developed beyond what Satoshi can imagine from the contribution of the community.

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