Bitcoin Forum

Having 1 million btc is a complete obscenity.

He should start giving them away somehow.

He is not the 1% but the 0.000001% Warren Buffet is broke compared to satoshi (talking about wealth percentage)

What do you think?

he should do nothing and just throw away the private keys (if he hasn't done yet). He should, in my own interest. But he has the right to do everything with his coins. Don't you think he earned it? (or they, I am pretty sure, Satoshi is a group of people)

he donated them to all of us by never using them.

None of your business. If you don't like it, just don't use it. Bitcoin is not a legal tender, you have the freedom to use it or not

will it always remain a mystery whether Satoshi is He or They and BTW why not She :p ..? Or someday someone will crack this mystery ..?

No he shouldn't...

A million btc is not worth what you think.   If a million BTC were to be sold or given away in a short period, it would crash the market -- devaluing bitcoin in general, and devaluing your own coins.   That would be an obscenity.   

If Satoshi is not into criminal money laundering or tax evasion, then his fiat capital gains will be taxed when they are converted into fiat in accordance with his local government's taxing authority and will be redistributed then.

He earned it like everyother person, he never cheated the system like the govt did to print bill/ bitcoins. Bitcoin is a system where you have to work for it before you can have, so prolly he computer was at work during the founding process and we joined too, so its up to him to give out and moreover billgate has lots of cah will you ask him to give them out because he has so much?

would you give it all away if you had it?

Which is probably the point. If I had a million coins, there's no way in hell I would just give them away and neither would you, but it's bad for the supposedly decentralized Bitcoin in general, when one person/entity holds almost 10% of the entire supply and thus has the power to kill it for years.

The creator(s) of bitcoin will let it grow and develop for years only to suddenly and anonymously "kill" (not what would actually happen) it years later?

Seems likely.

Completely missed the point. I don't know what is he gonna do and neither do you. The problem is that he CAN do it.

If I'm doing my math right, miners will mine what Satoshi allegedly holds in 278 days.  His share drops from 10% to 9%.  His power to "kill" bitcoin will degrade over time.

I would probably donate a good chunk of it, or setup a foundation ( Bitcoin or charity). US$10,000,000 is more than enough to live a comfortable life, living off of interest.

I'd like to think not everyone on earth is a greedy pig.

On another note, if none of Satoshi's Bitcoins have been spent already, then the keys are probably lost and will never be spent.  ::)

+1
But I don't think it will happen
Just read his early posts on mailing list - he knew/ was hoping what will happen from the very beggining that's why he decided to hold
I just hope he'll use his some of his BTC for good causes

I agree, he is the invisible oligarch of bitcoin and this is a problem.
We could either abandon bitcoin for a better alt-coin, or inflate away the oligarchs holdings by increasing the bitcoin money supply by 1000 to max 21 billion coins so his coin only will be worth 1/1000 of today.

Ok, where did you guys get your sources? The guy(s) went silent since 2009.

+1..... oops i meant +1million


actually last post was only 3 weeks away from 2011...
https://bitcointalk.org/index.php?action=profile;u=3;sa=showPosts

Hello! New to this forum but here's my thoughts.
If i was Satoshi i would do exactly the same thing, sit on the coins.
With current course it's worth 600-700,000,000$. That is shit load of money, but it will be much more in the future.
I think creating bitcoin is only the first step. Satoshi is a believer in bitcoin(ideology), and he probably sees the price hitting anything between 10,000-50,000$ in future. Now we're talking about real POWER. You can bring down goverments(or help them), raise armies, help scientific developement or do pretty much anything you want.
I'd like to think that the money will be used to make the world better place.

Either way I rest my case

+1 it's seems like he's ideology, probably doing this in some kind of reason, BTC gonna be more value in future for sure.

If he had that amount it would put him in the same ball park as Vladimir Putin's ill gotten wealth stolen from his own people, currently estimated to exceed $70 billion. Surely Putin would be a better target for your wrath than the man that just may have changed the world for better for ever!!

He should spend them however he wants; whenever he wants.

Nobody else is entitled to his wealth.

I think he deserves all of it. And I strongly believe he should be free to to anything he wants with these coins. Such as: nothing, donating them to the poor, donating them to the super-rich, use them to support megacorporations, use them to support new BTC bussiness, fund space exploration, fight global warming, support global warming... He can even buy several hundred tones of food and medicine and then slowly burn this pile in front of starving children in Africa (also paying sizable armed protection from hungry envious mob who would "know better what to do with property of others").

So after this "He should be free to to anything he wants with these coins." I have some suggestions for him: Use the coins to increase Bitcoin adoption, stabilize its use and guard its core principles.

None of anyone's business what anyone else does or doesn't do with their own coins.
These are the conditions we're aware of when we participate.

I actually think that he lost all his coins and is so embarrassed about it that he'll stay quiet forever.

He ordered the little known 1.000.000 BTC pizza with extra cheese and pepperoni, but got scammed as the pizza guy fell on his doorstep.

This is the true story of why he disappeared. The threads about it has been deleted in respect to hide his embarrassment. Before exchanges it was: "never trust a pizza joint with your BTC". Times have changed.

He should donate it to the victims of Dog gox, also known as empty gox.

Best regards,
ilpirata79

hope he got breadsticks with his pizza  :o

If Satoshi wanted to do that, then Satoshi would do that.

Either Satoshi no longer has the keys, or Satoshi doesn't wish to move the coins he/they own.

So, no.

Who decides on what he should or shouldn't do with them?
He shouldn't give away anything.

It's interesting actually that Satoshi dissapeared completely, especially from the forums.

Hopefully he/she/it didn't die, leaving those million coins just sitting.

Hopefully she did leave them sitting. Imagine a sell order for 1M BTC on an exchange.  ;)

No, the rate of new Bitcoins degrades exponentially. Even at the maximum limit of 21 million Bitcoins, Satoshi would still hold almost 5% of the entire supply a hundred years from now. Still way too much.

he probably burned the private key

Satoshi, if you are reading this - my BTC address is in my signature. Just sayin'.  ;)

Maybe they died and the coins are just sitting in a family members storage unit.

Time to travel across the world to storage auctions and find these coins!

What if they are plotting to use those coins for Evil? :)

But on a serious note maybe satoshi should abolish death... I read sending someone to mars could cost only 3 Billion dollars; It can be done.
17 billion to feed all the worlds poor for a year, no starvation for a moment in human history for once. 28 billion to build a super super LHC 50 mile radius, imagine what secrets we could discover with that! 30 billion to pay all the dept from developing countries, 100 billion buy Facebook.
I wonder what you could do with a Trillion dollars, mind blowing.

Buy a better body guard.

What did you do for the bitcoin project to make it better to have demand to what people should do with their bitcoins? Are you willing to use bitcoin cops against what you called "complete obscenity"? Who will be next? How much bitcoins max should bitcoiners have in their wallet according to you?

Stop asking for free stuff. Contribute.

That is a good point.   However, the fear is that Satoshi would commit a irrational malicious act against bitcoin at no or little personal gain for him/herself.  Unlikely, but a concern.   Currently, that 1MBTC isn't worth anywhere near the spot price if suddenly converted to fiat (because the markets aren't big enough), he/she has a while to wait before using it to buy the private island and the fleet of yachts -- or spending it on eradicating some horrible disease from the planet.  It is much more likely to be sold off as needed, as the price goes up, without crashing the market.

As I understand it, the richest person in the USA, Bill Gates, cannot convert the majority of his wealth to fiat money or anything else.  Most of his wealth is in Microsoft stock, and he is legally constrained to the amount of Microsoft stock he can sell, such that he couldn't sell it all before dying naturally from old age.

If satoshi moved his coins the market would go into a panic. That would be the worst idea in the world for him to do.

The SUPREME ideal behind BTC is decentralized, inflation buffered global currency.

I would be surprised if Satoshi went thru the trouble he did to create "New fait", or "just to get rich>

in the begining, 1MMBTC was risk, not a retirement plan.

I hope are the funds are used to strengthen the community, he himself initiated.

Please Satoshi, if you see BTC has a chance at a systemic failure (not the greedy speculators) use what funds you have to keep you brainchild safe-secure-revolutionary

TY

Is there any evidence that satoshi has that many coins? If so where is the proof on the blockchain?

He mined a bunch of the blocks in the very beginning of the blockchain. The genesis block was mined by satoshi... That alone is 50 btc right there.

Not that it matters much in relation to the amount of Satoshi's other bitcoins, but I though I read somewhere that the reward from the genesis block can't be spent due to an error in the implementation.

You realise that it can't be spent?

This seems like a bang on description(mainly because I want it to be true lol).

I'm hoping Satoshi comes out one day and says this.

Yes it would force a price drop, but theoretically it only dilutes the coins out there by 10%, so in practice price would only drop by more than 10% for as long as it took the market to absorb the extra 10% into normal daily turnover. (A few days to a month perhaps). Corporations do this all the time when they issue additional stock, so his holdings are NOT a systemic risk to the BTC economy.

In practice by 10%?  ::)
You do realize that 1M BTC would destroy the market to sub $100 or even $1?

Do you realize that more than 1M BTC was traded in December 2013 only?

Where is the link showing he has that many?

Sorry to say but your wrong, Bill Gates can sell/give away all of his shares for their prices' worth in Fiat assuming they're buyers...He's not legally constrained so that he can't sell it all before dying of all old age..

lol @ those who think Satoshi is filthy rich.

If he were to place those coins on the market, price would drop like there is no tomorrow. Even a mere 10k BTC can drop the price to 100 USD on most exchanges, 1M BTC would surely drop things to single digits.

You mean the volume? This doesn't tell you the unique number of coins traded, correct?
Now, remember the recent flash price drop on btc-e to sub $200? That was 12,000 coins.
https://encrypted-tbn2.gstatic.com/images?q=tbn:ANd9GcTSwmxQTeJuJpW_osQJdv7SZhakZ_pjzGuzr9vwJHbgjwMLLS4tuQ

This idea came to my mind:

He should donate his 750k btc to MtGox victims after they make a very secure new system and save us all from our troubles.

As a Gox loser, i feel the pain :) Dont start blaming me about why i kept my coins there. I was day trading and how could i know they were going to cancel the btc withdrawals.. My aim was to profit from day trading, withdraw btc, sell somewherelse...

Shit happens but SATOSHI come save us all. 10000s of people...

Where do you draw the line between decency-obscenity? You don't know what his intention are. If you want to change the world for the better 1 million BTC maybe a small sum.

Maybe he will when he (they) see fit. Or maybe he has other intentions. Giving BTC for free is not the only answer. Here (https://bitcointalk.org/index.php?topic=490169.msg5494517#msg5494517) some other suggestions (including giving BTC for free)

I'm not sure I understand but I don't think a comparison is important here. "His net worth is up to $47 billion as of March 2010" (about Warren Buffet) Source: Wikipedia (http://en.wikipedia.org/wiki/Warren_Buffett#Wealth)

I trust him (them) that they think/thought thoroughly about it and take action according to that.

So there is no actual evidence he holds this much just speculation.  Sure he mined a bunch but who is to say he didn't either spend it, trade it, or loose it in some way?

Why don't you give away a good chuck of your fortune.
Better yet, give it away to me, smart ass.

I vote for raising the block reward from 25 coins to 25,000 coins in order to inflate the value of the coins from preminers and thieves.

Good thing there is no voting in a consensus system.   You can fork Bitcoin, it would be trivial.  So why don't you do it?

You get my vote for the dumbest person of 2014.

Satoshi could have prevented such measure by giving each coin a vote (Proof of Stake), but instead each client and miner has a vote which is possible to manipulate, aka 51% attack.
Performing a 51% attack to change the protocol of bitcoin is not easy, but possible if Federal Reserve would like to control the monetary policy of bitcoin :)
They just have to invest a few hundred million dollars in mining equipment.

51% of hashing power wont allow you to change block reward (nor will 90% of hashing power or 99% of hashing power).

Best would be for him to wait a few years more and then help finance 3rd world country projects.

If I had a million I would build an organization for this.




Donate BTC:18Ks86M2q5JEzkuyw2hT4JhCdNzhudXxzq

Exactly.
Besides, many altcoins recovered many times after a 51%, there is no reason why bitcoin can't do the same.

Who knows what evil lurks behind those quiet blocks.  :o

He will use them to quietly curb deflation...

If he sold all of them, he would be so rich.

I don't know what you're basing that on.

I have files which I've been moving from computer to computer going back 12-15 years and I've never lost any of them.

Who cares about how many BTC he has, and how he should spend them, that's nobody's business.

^

It's his call to do what he wants. He created the system and we're debating what he should do with his own money on his own system? Disrespectful.

Maybe we should discuss what the OP should do with the money in his personal checking and savings accounts.

This I wrote some time ago about this topic! It´s a very interesting idea.

https://bitcointalk.org/index.php?topic=292702.0

Agree, really nice idea!