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Author Topic: Alts market if C. Wright moves coins from early blocks  (Read 5905 times)
sockpuppet1
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May 11, 2016, 12:08:07 PM
 #101

Theymos defacto in effect admits TPTB_need_war might be correct with his technical allegation upthread that Bitcoin could possibly have a back door that could be cracked:

Edit: To be absolutely clear: I am not proposing (and would never propose) a policy that would have the goal of depriving anyone of his bitcoins. Satoshi's bitcoins (which number far below 1M, I think) rightfully belong to him, and he can do whatever he wants with them. Even if I wanted to destroy Satoshi's bitcoins in particular, it's not possible to identify which bitcoins are Satoshi's. I am talking about destroying presumably-lost coins that are going to be stolen, ideally just moments before the theft would occur.

This issue has been discussed for several years. I think that the very-rough consensus is that old coins should be destroyed before they are stolen to prevent disastrous monetary inflation. People joined Bitcoin with the understanding that coins would be permanently lost at some low rate, leading to long-term monetary deflation. Allowing lost coins to be recovered violates this assumption, and is a systemic security issue.

So if we somehow learn that people will be able to start breaking ECDSA-protected addresses in 5 years (for example), two softforks should be rolled out now:

Vindicated!
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May 12, 2016, 02:34:49 PM
 #102

Re: Theymos: “Bitcoins Belonging to Satoshi Should Be Destroyed”

With all the drama raging, everyone already at each other's throats, why would someone bring up quantum computers breaking Bitcoin and start talking about destroying Satoshi's coins?
Help me out with this Undecided

Maybe theymos was actually using reverse psychology to make a hidden point. That could be he is ridiculing those who say there might be a potential but unproven back door in Bitcoin, by pointing out that such unproven FUD would justify stealing Satoshi's coins in advance to prevent the hacker from causing havoc.

Perhaps he is slyly trying to refute my hypothesizing about a back door in Bitcoin (but my technical argument was not about a quantum computing attack).
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May 12, 2016, 09:57:21 PM
 #103

There is no fix. It is an inherent phenomenon of the economics of mining. Satoshi of course knew this. He was no dummy.

That's very interesting! Could you explain this a bit more?
If this was intended, what did Satoshi ultimately hope for?
Thank you for your time

I explained the economics centralization upthread, just search "sockpuppet1" to find all the posts.

Satoshi obviously intended for us to end up with a centralized token. What other possibility could there be?

Note Satoshi even wrote in the discussions with others, that he did envision Bitcoin's mining becoming controlled by corporations. All that ideological crap about "better gold" and "usurping financial institutions" was just putting lipstick on a pig.
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May 13, 2016, 07:10:00 AM
 #104

The 1 million "Satoshi owned" bitcoins have been priced in by the market to stay put forever. Craig "Satoshi" Wright said he was going to move them, what are your opinions what would happen to altcoins prices if he stands by his word?

http://www.bbc.com/news/technology-36213588 Whether Charlie Sheen is actually Satoshi or not, he is not so desperate for money that he would dump coins. If coins have so far not moved then simply knowing who the main bitcoin dev was will not cause him to sell.
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