Bitcoin Forum

Hello,

I honestly wonder - if the creator of BTC became multi-billionaire, how could we justify BTC as a legit currency ? One who made the currency gets rich because others bought his currency that is made out of thin air.

Would someone please explain to me satisfactorily ? I could be ignorant on this matter, but I am not trying to be a troll. Thanks.

The creator of BTC didn't become a multi-billionaire overnight. Satoshi built an amazing network which is open to everyone and it was very cheap to join initially. BTW, so far Satoshi hasn't spent a penny.

Hi ranreichman, so you are not denying that he became multi-billionaire (at least on paper) just because he "made" it.

You should rephrase your question.   There's no need for justification.   Isn't knowledge similarly made out of thin air?   You would quantify its value the exact same way.   Based on it's usability, reliability and demand.

There's no denying that, it's obviously true. But it's also meaningless. You're also welcome to create a currency but it won't reach billions of dollars of value if it's not amazing.

Similar to anyone else who ever created an invention that became popular, people use it and create value in the ecosystem.
The person who created and started the system all is rewarded for their efforts as people adopt it and use it, the opportunity was given to those who wanted to mine back then and were aware of it no premine.

When Satoshi wrote the paper and developed the software, bitcoins were worthless and there was very little reason to think that Bitcoin might actually succeed. Even now, there is a good chance that Bitcoin will fail and fade into obscurity.

But none of that matters. Bitcoin is legitimate because it is exactly what it purports to be, it is 100% transparent, and it stands on its own merits.

If you want bitcoin to be legitimate, you should also be prepared to deal with taxes and other fees, because there's already government interference and many others.

Rather than make a really newbie post about "making a currency out of thin air" why don't you educate yourself first then you'll have your own answer and or opinion?


Yes and no. A currency can be legitimate but you could avoid taxes. It's not the currency's fault.

The creator of bitcoin was not just an individual but rather a group of people who built bitcoin not just by overnight im sure creating it was not that easy. To be able use this currency with only few flaws was brilliant, all that hardwork im sure they're all now multi billionaire people. I think you already know the answer if bitcoin is legit currency or not, yes it is a legitimate currency because people use it to send money, buy products or goods and services, local and online use it as payment method this crypto currency has value and that proves its legit.

what you said has nothing to do with whether or not bitcoin is legitimate!
and there is nothing wrong with Satoshi becoming a multi billionaire or whatever because the coins that Satoshi may or may not have are not gained out of thin air, it is pre-mine, it is not ICO or any other crap. it was mined. you could mine it too. the fact that you didn't care back in 2008-2009 doesn't mean those handful of people such as Satoshi, Hal Finney and a couple of others who cared shouldn't be richer than you now.

also you are going to say the same thing in 10 years about me and those of us who bought at $200 too!

It is being used as a currency to exchange goods.  There is value, regardless of how much the person who created it profited or didn't profit on it.  Bitcoins don't appear out of thin air (there is work being performed to generate and exchange them).  As far as I'm concerned, that makes it legitimate.  Satoshi should cash a bit out, and it would make no difference.

Why you are thinking about the Bitcoin in negative ways , the best thing should be that you should see about its positive views .
No doubts that Bitcoin helping to the worldwide payment without regulation and identification but still it is safe and trusted and nothing is bad . Because here the Bitcoin was not made for the earnings or any payment purpose .
The origin of the Bitcoin was only to show the talent that there can be better thing then bank system  but from time to time many people understanding about this thing and made it famouse .
So why not mr. Satoshi make profit , he is owner and also the honest person also because they can steal the Bitcoin of everyone but he is not doing , so we can say he is totally honest and good person  and he is the hero also for us .

You should reword your question and I feel you are just not seeing straight. Satoshi built an amazing system and cryptocurrency and it wasn't done overnight. He spent a a lot of time on his project, bitcoin and since it is so popular now he is a multi-billionaire, how does that make bitcoin any less legitimate.

If you invented something new, waited a couple of years for it to become popular and felt accomplished, I'm sure you would be okay with being a multi-billionaire, so why can't Satoshi be?