Bitcoin Forum

Satoshi, bitcoin is extremely volatile and run by organizations now, not the people. There's constant forks such as Bitcoin Cash and other garbage that shows just how jokey the coin is. The only thing worthwhile is the blockchain itself and I honestly believe this was not meant to function as a method of payment, but as a method of storage(Bitcoin's constant dramatic price changes, good and bad, show this)
 
My resolution? Dump all your bitcoins on the biggest exchanges and destroy the currency, then start over.

Fantastic. The revolution you created will destroy all the efforts that every developer and Bitcoin Holders has built. No need to dump coins, which can hurt a lot of people.

That's the point. The coin is not decentralized nor revolutionary(only the blockchain is), and has none of the bearings of an actual currency(no sane average person is going to use bitcoin to buy groceries when it's price can drop down $1,000 within 24 hours, etc). After all these years, it's still just a pump and dump pennystock

Hmmm, what exactly do you propose instead?

lol dumped 100k is enough to make blood bath on market , how if she sell all of his bitcoin , and 1 million bitcoin cash , and 1 million bitcoin gold , and 1 million bitcore , and 10 million bitcoin diamond , and 1 million whatever upcoming bitcoin fork lmao

We can loose anything if Mr. Satoshi would do that. You should say prayers that he never do that.. He has 700 million dollars in his pocket, so why he would even do something like this :)

Raed here: http://uk.businessinsider.com/satoshi-nakamoto-owns-one-million-bitcoin-700-price-2016-6

Could you show me where satoshi holds these 1 million bitcoins?  :D I'm so curious to see it and I'm so glad you can finally prove it unlike many others in the past. Thanks so much. I really appreciate all the years of work that must have gone into this.

 :D

But really, what do you suppose would happen if he or she dumped this? Assuming he or she still has it or has not done multiple actions to it

,as the others say, it will be a huge disaster to all of us. it could be bad for all of us. think about so many forks that had come out and for the future and upcoming forks, did you ever think that if it is true that he or she has 1 million bitcoins, then its expected that from the previous forks he got something from it right? and what if he would dump it all at once? then its pointless.

Considering that there were hundreds of thousands of coins mined when only satoshi and a few other knew Bitcoin existed at the time, we can obviously speculate that either this satoshi or someone else then owns the roughly 1,000,000 BTC. Either way, someone mined it

If this is not an attempt in FUD, I don't know what it is - so many random statements that this is just absurd. There's nothing inherently wrong with the forks - Bitcoin is an open source project, like Linux, for example, and anyone is free to create their own versions. Sadly, it is sometimes misused to attack Bitcoin by declaring that forks are "the real Bitcoin", but this is not a threat to Bitcoin - 99% of the community is not buying it and see that it's a scam. Now, about the blockchain - it's simply a database, a ladger and without mining it's worth nothing - and Bitcoin is the most successful application of it, unlike all those corporate blockchains. Satoshi is free to do with his coins whatever he wants, and the fact that he hasn't touched them may very well indicate that he approves Bitcoin's direction or at least not going to oppose it.

lets say that Satoshi did dump his coins, 1 million is going to be eaten up by the market like there is no tomorrow! then the price recovers again in about a week, or 1 month tops and we are back where we are now. on the rise to the moon without the "fear of 1 million satoshi stash". the price would rise even faster.

now lets assume we killed bitcoin and started from scratch, what is stopping the new coin to go the same way bitcoin went? nothing! the same idiots are going to switch over and the same history will be repeated.

this only shows that you either don't understand what are the things that are going on, or you want bitcoin to drop so you can buy more!

If satoshi did not came forward with the scaling debate and many other forks that have been attempted in the past then I think it is safe to say he is never going to come back or to do anything with his coins, while I'm speculating I think he just moved on with his life, he did what he wanted and leaved when he thought it was the right time, he is probably doing something completely different and probably more stimulating to his mind.

Have you ever read Bitcoin's whitepaper? It seems like you're massively uninformed regarding a lot of topics that surround cryptos and blockchain. I'd start by doing that before asking for satoshi to dump his coins, lol.

Obviously the market will crash as well as the other altcoins who are dependent on bitcoin price but that would be a temporary scheme, FUD's will spread around the internet promoting their own coin, what is 1 million stashes of Satoshi to the total numbers of btc owned and mined by people that is approximately 12 million bitcoins scattered all over the world, It will recover again by a month or two to its promising price, Satoshi's bitcoin's treasury is surely divided into a thousands of wallets addresses from the first blocks that mined, his wallet is also anonymous.

Sound great but I am 101% sure that it's not going to happen. Bitcoin is no more a cryptocurrency now, a huge number of traders/investors are using it for the speculation purpose and now institutional investors have jumped in so as far as these giant whales are manipulating the market with the pump, I don't see even a slight possibility of the dump. Even if I am not sure about it, I think that Satoshi has lost his private keys and hence it is already inaccessible to him and anyone else.

It seems to be you either sold your BTC too early and were not able to buy back or you wanted to but and did not get in on time. So now you claim Bitcoin s shit and should be dumped.

You change the way you think into a proactive one, start thinking how can you make some BTC, not how to destroy it.

At this point it doesn't matter anymore. I think the private key of the 1M coins are lost and will never be moved.
But even if they do, would only create a momentary fuss and some media attention. In the long term might indeed be beneficial.

If Satoshi dumped 1 million coins Bitcoin would die. That's over 3billion usd, no one could/would buy past that(if someone did btc would also die because all those coins would be in the hand of someone else who could also dump it)

destroy?
start over?

but why newbies have this destructive ideas? They doesn't know how it was hard and difficult arrive at this point also for the btc cash fork?!?
No I think no, because it's really a crazy idea " destroy" btc dumping satoshi btc.
I suggest you some lecture about Satoshi Nakamoto, because you can understand more about the creator (creators?) of btc and why probably he (they?) are not selling any dime (or probably only a small part was moved just some time ago). https://bitcointalk.org/index.php?topic=507458.0

Isn't Dumping 1 million Bitcoins would contribute more to its volatility rather than help us? Because it would hurt us more and ruin the image of Bitcoin. All the developments it have and the acceptance from new people will be gone in just one big dump. You know that 1 Million Bitcoin being sold in the market would create a massive panic selling in which we have never seen before. Be careful on what you wish for because you might not like it in the end as it is really a bad idea.

You guys know, that every Satoshi that Satoshi would sell, would have a buyer? Price would rather go up, because people knew Satoshi is alive. Huge promotion for Bitcoin.

The way i see this topic is what we call a catch 22 or a double edged sword. First of all if Mr or Mrs Satoshi are still alive or free " as in not prisoners " them selling all those bitcoins would cause a panic. I think we would see a massive sell off and a price drop up to 50%. The good thing about it is that there would no  longer be that elephant in the room. So we could continue buying without that worry so it might be a good thing in my opinion.

Start over? And do what with it? It'll just be a Bitcoin 2.0 scenario because now everyone is aware of the concepts and the blockchain and it would be no better for a new crypto. They would still do the same things over and over again. There is nothing to go back to; forks can be made by anyone and only people who use the forks assign value to it. It's not like it is Bitcoin's fault for something like that happening. What is Satoshi supposed to do after smashing the primary crypto? Just make another and pretend like everything will be fixed?

this only proves that you don't understand what bitcoin is. you think that if the price of bitcoin drops, bitcoin will die! but what you fail to understand is that bitcoin is not alive to have a price. there currently are many in bitcoin just because of the price and because it has been rise madly this year but there still are a lot more in it because it is a "decentralized currency" and they will remain even if the price fell down to $1 tomorrow. they will just buy more of it in that case.

Satoshi is part of that group, he didn't create bitcoin for it to have a rising value nor in order to become rich. he created a payment system that hopefully nobody can control. so far we have been true to this definition more or less. and that's what keeps bitcoin alive.

Your giving us a proposal with no definite action plan. How do you plan to start over once we dump all our Bitcoin on the biggest exchange sites? I believe that Bitcoin is good as it is right now. In fact, it is already making an impact in the world. Maybe Bitcoin's current price is too much for you and you can't afford to have it so you are encouraging us to dump our coins so that you can buy it on a cheaper price.

Yes, Satoshi! Please become the most hated individual on this planet  :D ::)

Might not be obvious, but what if Satoshi lost his private keys?

If I were the founder and lost my private keys i'd also stay low profile  ::)

Even if he dumps all his Bitcoin - after a huge drop in price - it will rise even higher very fast.

Absolutely right. Dumping will be nonsense. If ever satoshi have a million bitcoin, what will be for him if he dumps it? Maybe it will be a huge dip for everyone to afford then it will just rise again. I think no one will want to miss that bloodbath. But surely satoshi will not dump it for someone who just wanted to get in. Of course everyone's opinion here.
And starting all over again will not make a difference. Another coins will just build up same as bitcoin and another high-priced coin exist.

Yeah, I would think so too. After all, 1 million coins represents around 6% of the current supply - why can't the market absorb 6% more over a reasonable amount of time? And once that "threat" of a million coin dump is behind BTC, I'd also expect a serious price rise.

Hah, not bad. Satoshi will read your message and think: "Indeed, this guy says a good idea, I think I should do as he advises me." Although in fact I would have looked at what would happen in the world, if he really thought so.

Bitcoin is now bigger than Satoshi. People believe in it.
Even if Satoshi dumps his coins now at exchanges, I believe that Bitcoin will survive. Look at the daily trading volumes, it is around $5Bn. So Satoshi's entire stash equals just 2 days of Bitcoin trading volume.

If you read Bitcoin white paper carefully you will learn that the main purpose of Satoshi was actually to build a method of payment. A p2p digital cash to be used for online transactions. While it's true Bitcoin could not be used without the blockchain, I would not say it is the only worthwhile invention. Bitcoin has revolutionary features, but we need to be patient to use it a method of payment for daily purchases.

Also, Bitcoin is getting more and more investors. Thus I think even if Satoshi would dump all his Bitcoin selling them on exchanges, this won't lead to the destruction of Bitcoin.
Bitcoin is just becoming to big to fail!

Bitcoin is very volatile LOL, this is unlikely because there are so many people keeping it and do not want to sell it so it is hard to evaporate.

Let's say satoshi listened to a newbie, and he actually destroyed bitcoin, what do you suggest to start over? What are you gonna change in bitcoin to make it better and not just repeat the whole cycle back to where we are now?

Or you just want to push an altcoin?

Or you are just jealous to those early adopters who have lots of money because of bitcoin that's why you want start over?

From what i know bitcoin is a decentralized currency and not run by any corporates and you need to pool talented developers to run the project smoothly and that does not mean they are organizing to be a corporate  :P .There are many forks from the main  chain and if you are not interested do not use those,we have more shit coins in the crypto currency market and these fork coins are much better than those shit coins.

That is not a good idea. It took almost 10 years to encourage investors to invest in Bitcoin. Why would we destroy it? Because some people have different vision of Bitcoin? There will be always some problems because it's not possible for everyone to think the same way. Some people prefer smaller blocks, some bigger. Some people don't want SegWit, some say it was necessary for further upgrading.

I even could say more! If one will destroy Bitcoin this will destroy the market of cryptocurrencies because no one will trust his money to the alts if the DAD is DEAD!
At least at this stage when we didn`t have the one crypto that is working as a world spread currency among the majour part of merchants!

Almost no one on here wants this to happen. We have Bitcoin and want it to go to the moon. Bitcoin is awesome and I'm happy a lot of people are realizing it now.

I almost expected you to be a BCH shill. I'm glad you're not.

I really don't see what that what that will prove after all, If he dumps the bitcoins that he is supposedly holding, it is not going to be a part of the unmined bitcoins but rather, its going to go some exchanges.

My original account got hacked and is legendary, I joined way earlier than you(years ago) and have been lurking even earlier. Please...

I bought over 50 btc back in early 2014, I am a "semi early adopter", but this coin is pretty useless asides from making money based entirely on speculation.

I'm also not pushing any other coin as they all suffer the same fate, though I have a bias for ones that are moreso entirely anonymous

If such an event does happen it will only create a seller panic frenzy
which can significantly hurt bitcoin and cripple its price action.

Because they do not understand all what it was needed to happen for something like bitcoin to exist at all, many people imagined something like bitcoin for a very long time but it took a lot of time and a genius like satoshi to solve the puzzle and create bitcoin and now they want to start over when we have a market of 300 billion dollars, bitcoin is not perfect but it is what we have and we will have to deal with it.

Well you know satoshi left the building few years ago right? Without any trace of his true identity. We don't know what is he doing right now and some of us including me, speculated that he is dead so, how can we contact him? And also if satoshi came back to bitcoin do you think he will just dump all of his coins? And if he wanted to dump all his coins do you think exchanges can pay him in terms of fiat considering the price of bitcoin is over 10000?

 Dumping the 985050 Bitcoins will not sort-out the major problems.

What do you want to say broo I cant understand what are you say?

You are joking. Satoshi will keep these coins forever. It will be even worse. Maybe I understand 250000, but no more.

Maybe Satoshi lost the keys to the bitcoins in question, or perhaps Satoshi is deceased. Hal Finney was one of the first people to publicly work with Satoshi on bitcoin, perhaps they were one in the same and Satoshi was simply his nom de plume to avoid publicity. Now with Hal gone the keys are probably gone as well.

I thought that the common view was that 'Satoshi' was either the name of a group of developers or that the original 'Satoshi' was thought to have died?

I think that Satoshi would have been discovered by now.  It's difficult to 'lay-low' with such a fortune and to keep such a big secret for such a long time....

It is very easy for satoshi to lay low with such a fortune in bitcoin, he has not touched those coins and after so much time it is unlikely he is ever going to touch those coins, it is very likely that he deleted the private keys since it seems obvious he was not interested in being famous either, also there is not an agreement of who satoshi is or what has happened to him.

Please don't, send them to me.
In all honesty, I think Satoshi is Gates or Ellison. Someone who doesn't need the money

It is still early in the development of encrypted currency that the price of bitcoin is often fluctuating, and now the market is full of too much speculating. I think there will be more practical projects combined with the block chain in the future, and maybe that time the money market will not be encrypted as it is now.

Bitcoin volatility is well documented, but do you have a source in saying that Bitcoin is being run by an organizations?


I actually think forks show the exact opposite; it makes a great foundation for some shitcoin some random person is trying to launch. Fact of the matter is, most altcoins were based off Bitcoin, which is a testament as to how solid it is.


It was meant as a method of payment. Whether it is ideal as a form of payment is up in the air. I personally believe it could be, and that its value will settle down once it actually gets a good chunk of adoption.


I'm not sure this will destroy Bitcoin. It will cause a massive slide, yes, but recovery isn't out of the question. Not to mention that this will never happen; Satoshi has had every opportunity to be a billionaire and has never taken it. He's not going to take it now.

1) As you can clearly see on https://blockchain.info/pools Bitcoin mining is condensed into mostly a few pools. Coinbase themselves own the largest % of Bitcoins after Satoshi.

2) Constant forks that are "accepted" undermine Bitcoin, such as Bitcoin Cash, etc. This shows to the average person that Bitcoin is more like play money than anything substantial. Do you see there being any variants of the USD? No, there's only one United States Fiat

3) Bitcoin could never be anything close to an ideal method of payment. There is absolutely no way to solve Bitcoin's volatility currently, hence it will never become widely adopted. Not to mention once Bitcoin's are stolen, the action cannot be reversed(Like it could with banks, etc), and in the future quantamn computing will break into Bitcoin. Those few among many are reasons the average person will never use this crypto to buy groceries at the supermarket. Also, bitcoin is becoming used less, as Steam and others have stopped accepting it due to it's extremely slow confirmation times and high fees.

Bitcoin's exchange value is 100% speculative(it has no basis to it, it could drop to $100 by next week or go to $20,000), it's intrinsic value is based upon the $ it takes to mine one, which is less than $1500.

What does mining have to do with anything? I agree that the hashpower isn't as well distributed as well as I would like it to be, but it shouldn't matter for as long as a single entity doesn't hold more than 50%.


No forks are actually accepted by the community as the true Bitcoin though. Every fork is a side project and an altcoin. The moment it forks from Bitcoin, it becomes a different entity which takes advantage of Bitcoin's open source nature to use its branding. There is only one Bitcoin just like there is only one United States fiat. Bitcoin to Bitcoin Cash is far more comparable to, say, the United States Dollar to the Australian Dollar -- they may share a portion of their name but they're different entities.


I respect that opinion. It's easy to be pessimistic towards Bitcoin's future as a method of payment because of how things have been going recently. However, there is no guarantee that quantum computing can break into Bitcoin. The slow confirmation times and high fees are also set to be addressed by future changes like the Lightning Network. Only time will tell.

That would be very dangerous for the market. It would be better is the bitcoins would come out slowly but surely. It would cause a really unstable market.

Well i think satoshi is in first only but. Maybe maybe it also be famous and become hug exchange rate.

Unfortunately quantum computing can 100% break into Bitcoins PoW. It can also break any known crypography today. The issue is, centralized services, while they can be hacked, your money is still ensured and $ gained by the attacker(digital) would be rendered void and worthless by the government. So if your bank get's hacked, you have an insurance for upto 250,000$ in the USA. So yea the hacking is going to cause problems(privacy leaks, etc), but not a total disruption.

However, if Bitcoin PoW were to be hacked, it's game over, the currency is dead from that point on. The reason being is because once your coins are stolen, you cannot get them back. There is no insurance. The only question is when will this hack occur, 5 years, a decade from now? That is unfortunately, a huge flaw in a crypto like this. The future of cryptocurrency is not bitcoin, it's a currency with a built in, very advanced A.I(this right now isn't even remotely feasible, so I'm talking maybe a few decades in the future).

The future of money as a whole, is not cryptocurrency either. In the advent of the internet shutting down or being disrupted for whatever reason, there would be no feasible way to use any cryptocurrency(crypto's require the internet). However, physical fiat would not be affected.

You can probably do that or if you want i will buy your BTC with 50% off in google's price,you should go first before anyone will follow.You shouldnt be using bitcoin if you do not believe in the technology behind it which is the blockchain.

Pardon me but that's exactly how a terrorist thinks.

' The world's a cruel place , let's just wipe everything up and start over '

What he fails to understand is that starting over is doing a mockery upon all the people who have worked forward to achieve this very place it is now.

Just like that bitcoins have seen a lot of ups and downs , a lots of effort has been put into it to make it amazingly dominant and worth the wait, I do think that instead of starting over .. making corrections will be more appropriate.

What makes you think dumping the coins will stop people from forking the coin or creating other Alt coins? The Blockchain is

the core thing that are being exploited at the moment. When a Bank or some financial institution says they are not interested

in the Bitcoin token, but only in the Blockchain technology, then you know we did something right.  ;D

Haven't heard something that stuff I'd for awhile now. That wouldn't help and Bitcoin is a method of payment and obviously it's violatile it's a new currency currently in adoption. It's not like fiat which has been around and has been established and used for a very long time. The same thing will just happen and Satoshi could always buy some Bitcoin back.

That will indeed shook some of the foundation but it is a mere 5% of the total amount of bitcoins to be mined and so it will not be able to completely render it useless if he dumps them but rather it will be cheap and others will buy at this time and join so the price will likely rise back up.

if what you are trying to imply is true that satoshi still has a stack of million bitcoin's.
then i believe enticing him to sell this will cause more disadvantage rather than benefits.
aside from totally disrupting the market price - other people may also lose trust with bitcoin and make them leave it for good.
.
for me it will be better if we will leave it the way it is.
if satoshi was able to hold it until this time then it only means that he can hold it for a longer time.
we don't have to be afraid of what he is hodling because i am confident that he knows what he has to do with it.

I wonder why you will think this low  ???. I don't blame you but sorry, bitcoin can never comeback to $0.01 for you to buy.

Bitcoin so has been so successful since its creation because it has manage to survived the struggles that are being faced by the new coins today like the reliability and accessibility. Bitcoin has almost been able to blend in the world of market. Do you really think such thing like destroying bitcoin then start over will be beneficial?

you got the point mate,but still if satoshi do as what OP says the whole crypto will collapsed and no one  coin will survive..why not just let the market flows on its own way.dont interfere on the pricing becaue the survival rate of market depends on the value of the coins in circulations.