Bitcoin Forum

Here's a thought experiment.

Satoshi Nakamoto should offer a million bitcoin reward for the first country (or group of countries) to completely abandon its national currency and make Bitcoin the exclusive legal tender for all debts public and private.  The reward could be paid to the government of the country over a 20-year period, just to make sure they don't start down the path, collect the reward, then go back to issuing their own currency.

Imagine a country like Argentina after the next round of hyperinflation.
1.  In anticipation of this move, the government might secretly spend a few million dollars to accumulate a few tens of thousands of bitcoins while they are still cheap.  If they have USD or other currencies in reserve, they could secretly convert those to bitcoins, as well.
2.  When their current peso gets in trouble, instead of replacing it with yet again another new one, they could simply declare Bitcoin to be their national currency.
3.  The price of Bitcoin should jump at least to at least $100,000 at the news, so their first reward installment of 50,000 XBT should be worth at least $5 billion.  This would allow the government to significantly increase its expenditures and/or lower its taxes.
4.  They modify their tax code as necessary, since it's hard to track income and sales, so it makes more sense to tax by user fees, per person, or based on the value of property.

Their economy should absolutely boom because of the advantages of Bitcoin, plus the $100 billion prize, plus the enormous appreciation of any bitcoins they accumulated before the price jump.  The government looks like a hero and probably stays in power, at least until the reward payments stop.

It doesn't have to be Argentina.  It could be any country whose currency gets into trouble, or a bloc of nations wanting the advantages of a common currency, or maybe even the U.S.

The first nation to make the conversion wins a huge reward.  The price of Bitcoin should increase just due to the anticipation and speculation that some country might attempt to win the prize.  And the higher the price goes, the more valuable the reward becomes, so the higher the pressure to be the first to convert.

If Satoshi owns 1.5 million bitcoins, then giving away this reward would make his remaining bitcoins a thousand times more valuable, so this would not be a purely altruistic action.

I'm sure Satoshi wants Bitcoin to succeed.  This would be a way to increase the chance.  Perhaps we need better infrastructure first, like good, cheap hardware wallets?

If I was Satoshi, I would be a rich man.
So why would I bother with any of this, when I can just enjoy life?

If anyone was shown to hold 1,000,000 BTC, I think it would undermine the value of btc heavily.

The estimate I saw was 1,500,000.  They were very easy to mine in the early days.

kind of scary to think what would happen if this person decided to unload even a fraction of that amount.  :S

they wont unload unless theres a lot investor

Price crashes, and I get thousands of bitcoins for $1.

What a beautiful day.

Price recovers, I'm a millionaire? Wouldn't this be for the best.
Satoshi, if you're reading this: dump now!

sounds like a good idea, I'll bet a micro nation would be the first.

You forget, governments like to control their own money, i.e. print and create at will.  We're just as likely to see a country return to the gold standard as we are to see a country exclusively adopt bitcoin as it's currency.

No this won't ever happen.

Not to bitcoin

Ummm? Satoshi abandoned Bitcoin and disappeared into thin air. I think the chance of this happening are very remote.  8)

He's on his island drinking and enjoying the rich life.

Should happens... All the time.

Bitcoin doesn't need a government or central bank to endorse it.  That's one of it's biggest strengths.

+1

However this is also a downside. The more people know about Bitcoin, the better. If a country were to officially endorse Bitcoin imagine the worldwide press attention it would receive! Interest in Bitcoin would spike at an astronomical rate!

While it might just be wishful thinking, it certainly would be amazing... :)

Yeah...probably. Lol

I wish people would research him a little more. This is a direct quote from Satoshi's last post on this forum:

"This is one improvement, but there are still more ways to attack than I can count." ~ Satoshi

https://bitcointalk.org/index.php?topic=2228.msg29479#msg29479

He hung that thought out there for everyone and then vanished into thin air. Thanks a lot Satoshi! LOL  ;D

Wise words from a wise man.

You should do it yourself. I don't think Satoshi will do it for you.

Where does one get a million bitcoin from?

I like most of it, well, especially the part about BTC going to $100,000.... I like that :)

$110,000,000,000
110 Billion market cap? Not happening anytime soon (soon as in a decade).

it's easy to that someone else should give money for this or that.. when it is not your own  ;D

Why doesn't Satoshi San simply come out of the hiding and reveal himself.

Maybe he changed his username and is making an altcoin?  :o

1. If Satoshi would dump all of his 1,5Mio. coins at one time, price would be crash and maybe recover at half of the level. If he dumps it slowly the price will just raise slower...
2. Argentinia has a 800billion $ economy every year. I don't think they would be impressed by a few million dollars in one time...

He would never do that. Let's be realistic. It would cause a lot of problems for Bitcoin.

No he wouldn't do that, because it will risk Bitcoin's progress.
If he was active here, people would have spammed his PM box to death, that's for sure.

Easy, look at it as a logarithmic graph and you'll see why. This is exponential growth, not simple growth.

What is Satoshi doing now? Retired or forging the next big thing?


A country can't just make BTC their currency, quite the absurd thought. On a related note, my government doesn't even accept e-mail.

interesting idea, but i doubt satoshi would give away his stash considering he has abandoned bitcoin development

Retired/enjoying life.

I think quality altcoins are supportive of Bitcoin and decentralized currencies in general. We don't need a Bitcoin monopoly.  :)

Any kind of monopoly is not needed.
We will see in the future.

The only bad monopoly is one enforced by the coercive power of government.

He abandoned the working life.