Bitcoin Forum

It's been proved an early miner of bitcoin mined around 1 million bitcoins and there are many theories about the dominant miner being satoshi itself.
Sergio Demian Lerner had made an extensive study about early stages of bitcoin mining and many other independent research were close to his one.
Is bitcoin a large premined coin? Is hidden identity of satoshi nakamoto not just a humble act?

https://news.bitcoin.com/strong-evidence-suggests-a-single-entity-mined-more-than-1-million-bitcoin/

https://blog.bitmex.com/satoshis-1-million-bitcoin/

I don't think it's only bitcoin that has a premine as much as that, some other coins even have more premine that bitcoin has, the only difference is that those coins haven't grew in price to the height which bitcoin is currently and might not get to that height even in years to come.

Hence, I don't see any reason why anyone will say bitcoin is shady, satoshi created a platform that has made a lot of persons millionaires and still making much more millionaires, so I don't see any reason why he shouldn't get a reward of 1 million bitcoins.

No bitcoin is not shady and every transactions and mining rewards have been recorded on the blockchain, everything is decentralized. Its just that the early miners always get more because they take risk on mining that. That was their reward in doing so, they believe in the technology itself.

I can say if its an absolutely a big nope. Bitcoin is where the cryptocoins is started so i think bitcoin must be appreciated.

For you maybe it is shady, but majority of the bitcoin enthusiast are not agree on it for sure. We all know here that through blockchain technology Bitcoin was created by Nakamoto Satoshi and through Bitcoin's too altcoin was created too, and now even We faced bear market period through altcoins We still get profit in it for to have bitcoin in the future.

That 1M supply didnt even moved. You need to consider the difficulty of mining by that time, think of it that theres no competitor by that time. And you can mine as much as bitcoincthat you want so satoshi did.

And why is it that bitcoin is being called shady? these articles are creating click bait titles for the sake of views and traffic. We are all thankful here to satoshi and if ever he goes back and take a pinch from 1M supply, he deserves it.

I don't think bitcoin is shady
In fact, i think it is one of a genuine idea of a new born tech

Bitcoin founder didn't ask us to spent money to buy Bitcoin
All he do is just create a decentralized protocol so everyone could have a "fair" and "transparent" view of a database of records which stored using specific method
In exchange, you get Bitcoin for that
So, not shady for me

i thing most popular is Satoshi nakamoto Founder. even japannese family name put behind main name will different mean.
Bitcoin isn't shady, i am not sure satoshi have 1 million premined bitcoin. he present new payment

Just like many things in life, those that got there ahead of anyone else and invested time and effort when others saw no value get the lions share of the rewards. I do not begrudge those that had the foresight to get involved at the beginning from growing rich of their early adoption. Whether the first million coins were mined by Satoshi or not make no difference to what Bitcoin is now.

I've read some more news about this. However, I think the person who has a mining equipment to this extent could not be kept hidden. Satoshi, or someone else, was sure to have such a large capacity of mining equipment. Today, even Bitmain's operations can be monitored meticulously.

Satoshi will definitely have the most bitcoins as he was the developer of the crypto and other altcoins came after this first cryptocurrency. Having premined over 1 million coins doesn't make it look shady as even Ethereum was 70% premined (72m ETH) before being launched. Also, most of the coins haven't been spent.

If one day, the devs of thoses coins decide to sell all their coins, i can imagine the face of the investors. Look at WhaleCoin, ZClassic, Bitcoin Private for examples.
I hope it never happens. But who knows?

WRONG.
it has been guessed or estimated that in early years due to the fact that there hasn't been that many users, Satoshi might have mined many blocks himself which again the numbers are guessed to be around 800k which people are rounding up to 1 mil!

newbies like this "Sergio Demian Lerner" first have to learn terminology and then make statements and you should too before quoting them.
premine is a term used when a coin hardcodes a certain amount that is going into the wallet of the developer before release.
that 1 million coin you are guessing here was mined over the course of a year while others have also been mining. that is not called "premine".

besides all this nonsense was said here without any talk about the title of this topic. why do you think bitcoin is shady?!! just because someone chose to mine while you were refusing to even bother checking what bitcoin is and mine? nobody was preventing YOU from mining too but you chose not to. that is not "shady".

Pre mine coin doesn't prove shady really. We don't know at the beginning who have mine bitcoin who is holding now. Really bitcoin isn't traceable so we can't identify it. At the beginning miners earned a handsome quantity of bitcoin. And slowly community become big, at the same time mining firm also increased. However, as far as I know it was not pre mined, total supply is only 21 million and it will be filled by 2040 as far as I know. So we can't really call bitcoin as a shady coin. There is lot of potential coin with pre mine supply. It doesn't prove it's all shady coin. So how we will consider bitcoin is shady coin?

FYI, satoshi wasn't premined bitcoin. Perhaps he mined it. You can read this thread for more info: https://bitcointalk.org/index.php?topic=408060.0

All this things are just speculation and opinions that does not matter, people will always think whatever they want to think because it is a free world, that is why Craig could boldly come up to say he is satoshi, just because the main satoshi is being humble by keep his distance.

Satoshi cannot be the dominant miner, I am not doubting that he is mining, but looking at his activity and creativity, we will notice that he has created a transparent system and I think for now, the system of bitcoin he has created is not a shady one, and would not do anything that will jeopardize the success of what will glorify his name in the long run.

Many articles like this one;
https://news.bitcoin.com/people-keep-sending-satoshi-nakamoto-bitcoin/

has existed and tells that satoshi owns more than 1 million bitcoin, do the Math on how much it is exactly right now. And you know what? there's also BCH and other fork coins for that address.

You may also read it on wiki;
https://en.wikipedia.org/wiki/Satoshi_Nakamoto

If it is really true that there are still early miners holding more than 1mil bitcoin, then it is not good.
Can you provide the address that holding the million of bitcoin here ? If they can show the address as a proof,
the community will become more aware about this case.

It becomes shady because of its anonymity and the rest is just an speculation. Many coins have a premined before the launched it beause they have to store some coins in order for them also to make money and protect its own coin. Well, having more bitcoin with like this is normal for a great developer. Shady coins are the shitcoins who are still in the market even if they don't have use so better to be scared on this than with bitcoin.

Nah i don't think so. If bitcoin is the most shady coin then why the price of bitcoin is really high and the most expensive right now? People still trusting bitcoin and no one believe bitcoin is a shady. In my opinion bitcoin is not shady there are many coins out there that more shaddy.

Bitcoin from the very beginning was created completely transparent, open source. No matter who Satoshi Nakamoto is, we cannot lay claim to him for the fact that in the early period he had namynil many bitcoins. This is the privilege of the discoverers. If he did, he acted wisely. He deserved to spend the rest of his life at his pleasure somewhere on his own island with a heavenly climate.

i guess the time will tell
they deserve it anyway  8)

I think the only reason why bitcoin can be shady is that, when transactions and blocks becomes constrained, there is a possibility that they transaction fee can increase way too much. I don't like that in terms of transaction basically, I am having a small amount BTC transacting often and because of that, they are giving me a so much transaction fee saying the blockchain is having some constraints.

Indeed, satoshi mined first time because he is bitcoin investor but its not pre-mined coin. As far i know, satoshi still not touch the coin and i think he will not touch it.

I think satoshi hide his identity for his own security. His creation disrupting central banks and we are already know how powerful central banks are. Satoshi create bitcoin as decentralized system because its to avoid from government regulation and i am believe he hide his identity to secure himself or his family

It seems to me that bitcoin is so transparent that it is nowhere more transparent.  Everything can be traced and noticed.  It seems to me that this is just some kind of black PR.

WHy would satoshi mine coin that he would not touch, so all the coins that has been mined bu him, who as it distributed to and why would he also create a system without having interest in it? Of course he will be benefitting from all this and i am sure he has mined coins that he will be using to control and balance the bitcoin market.

in the previous 10 years there is no other currencies had the development like Bitcoin that is the reason for we are splitting the Bitcoin into the cryptocurrency to a top position and it will be performing like that also when the market condition is not good also people are ready to invest in this that is a success with the Bitcoin investment.

Bitcoin is a decentralized system and all transactions in it are available for viewing. If Satoshi Nakamoto wanted to get rich through his technology, then he already succeeded. I do not think that investors need to be afraid of some big dump of the price.

i do not think that bitcoin is most shady coin. it is not satoshis fault that no one was interested in bitcoin in the first few days. what should he have done if there was no other miner? stop mining and consider the project "bitcoin" as failed? if he had done that, we would not all be writing here today.  ;D

In fact, all bitcoin transactions are in the public domain and we can see them. Unknown are only the owners of wallets. So I think bitcoin is not a shadow coin.

That's is the reason why Satoshi Nakamoto created bitcoin with open source code because probably they/he knows that after they created they must remain anonymous so that to protect their name and lives. Now, the decentralized coin is bitcoin. About the shady one, I think bitcoin is not existed until now if they think it is the shadiest coin on cryptocurrency. However, Bitcoin is to become a world wide digital currency and must be used like a fiat online.

Shady coin ?  Its partially anonymous but this does not mean that it is shady .  being anonymous is one of the unique feature of bitcoin and they intended it by its creator satoshi nakamoto to have a freedom . however in the first few days of bitcoin it was being known as a medium for darknet/deepweb  , this was the reason why people think bitcoin is shady  but today the reputation of bitcoin is now getting positive because lots of people are now mainly using thier bitcoin as an investment asset  .

No, i don't think so, even if Satoshi has so much coins there are over 16 million coins which are not owned by a single person and are owned by a lot of people on planet, and no is not like shitcoins with premined coins over 20 million and total supply 30 million.

I strongly believe that satoshi is a man of honor and I don’t dispute the fact that he will benefit as the God father of cryptocurrency but it would not be in a shady way, and I really doubt he will have so much mined coins that will be enough to manipulate the market.

Like one of the forum mate said, he is just being humble and after the success of the program than him showing his face and taking glory, and at the same time hiding his identity away from government who might arrest him for creating a program that is beyond their control. There has been nothing so terrible happening around the world of Bitcoin that makes it look shady.

Of course.  Bitcoin is a leader.  And nothing can be done about it.  He will always be in the top.  Until the world becomes.  Yes, maybe he will support not legal affairs, but it will be until he is legalized.

The supply rate of the cryptocurrency doesn't mean anything alone in my opinion. The price and market cap of the coin have an impact on the future development of the project directly.

Factually, what you're saying can be disproved because in the pioneer times, there were few miners and you didn't need any powerful mining farm to accumulate BTC. Satoshi on the other hand might have mined many coins because no one was mining/using Bitcoin and he needed to make his technology work also. So all those who were lucky to be part of the early day miners really made a lot of Bitcoins. Also at that time, there were no exchanges for you to buy Bitcoins so it wasn't well known to the outside world.

Or is it? There are still a great deal of things we don't know about the initial phase of bitcoin. No details about the genesis block and any detail of premining.
Bitcoin was nearly unkown for some years and when it started coming into spolight, satoshi just disappeared.