Bitcoin Forum

From reading a good chunk of Satoshis work from the original p2p site (that he mentions bitcoin), many of his posts from 2009 - 2010 (on here) and a few random blog sites (from 2008),

I could tell Satoshi was extremely smart and had a great idea. I don't need to mention specific things he said or meant (many people already read most of his/her work anyway (and form their own opinion, which is subjective)).

I could understand why he/she mined a portion of the 21 million coins. Most likely to have a stake in it, if it every became popular. [and why this number? Is it a reference to something else. If they knew it would have been so big, would the number be higher or less halving etc?]

Satoshi basically said that they would be surprised if an e-currency was not used in the future. Also, they probably knew bitcoin may or may not have succeeded. Satoshi may even be surprised at the progress it has already made.

They are obviously a bright person and what do you think would happen with the (supposed 1 mn BTC or even more). Maybe left untouched (or possibly to fund another project?)

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[note: I say "they" to avoid saying "he/she." Also I know a few things may not be seen as 100% correct so thats why I tried to be as general as I could (I avoided specific quotes mainly to save time and also to not get any misunderstandings or wrong interpretation.)]

Nothing.

Satoshi has a problem in that if *any* of his (instead of saying his/her/their every time) coins move, it'll really freak out the market in a big way, and undermine confidence in the ecosystem/bitcoin-concept in general. Satoshi was smart enough to remain anon and then disappear, so he's probably smart enough to never touch the coins. He wants bitcoin to continue to be about the idea and the code, not about any single entity, especially him.

If his coins start to move, the narrative will unfortunately shift to him, and at least for the foreseeable future, that would hurt confidence in bitcoin quite a bit. Most people have barely heard of bitcoin, let alone understand what decentralization and open source mean.

At some point, bitcoin will be mainstream enough that those concerns will be less relevant, but then we'll still be left with the reality that the largest block of coins is on the move. That alone will obviously freak out the market too, but at least if bitcoin is better understood by a broader section of the population than it is now, people's fear will be limited to market dynamics.


My low-probability hope is that one day all those coins are suddenly sent to an unspendable output in a single transaction. That would be an incredible statement about what bitcoin is and what it stands for.

Satoshi mined so many because no one else was paying any attention for the longest time as far as I can tell. I'm sure he/she/it would've been delighted to have more miners on board from minute one.

No idea what their coins will do. It's easy to let them slip from memory as time passes. I'm sure if they did move it would cause a swirling shit storm.

Not if done cleverly.  Just use the newest coins first.  You'd be able to spend quite a large sum before anyone really started getting itchy about it.

I too have been puzzled if Satoshi will ever use his coins he may someday start removing some amount of it perhaps more in 10 to 20 years once Bitcoin volume is stable and there are a lot of users when it wouldn't make as big an impact.

That said I don't think he would scare the system by making giant transactions.
They are Satoshi's coins and he is free to spend them and he is smart enough to not collapse the system with that many BTC

I dont think satoshi is a single entity i think is a group and as they know what will bitcoin be
. They will hold their stash for many years
. Maybe one day they will be the number one billionarie with his stash

Buy Bolivia and change the law ;)

ftfy

i agree

Close... He will use it to execute the next step in his master plan, to create an entire decentralized utopian country with bitcoin as its official currency. Either that or he will do nothing.

He already seems to have more money than he needs, from the government contracting etc. I would guess that he'll be HODLing until his death and then passing onto his family, maybe a bit to charity - but not for a while.

Maybe Satoshi's coins are already spent but this info has not propagated into our main Bitcoin network?

He could have already spent them just by giving away keys and not moving the coins themselves!

I don't think Satoshi is a group of people. It would be extremely difficult to keep a secret with more than a few people, especially when that secret is worth millions or billions.
Also I think that he realises that the known Satoshi coins can never be moved and I presume he has already erased the private keys for those adresses. It is just too great a risk that someone else releases them.

we going to listen a lite click  ;D

http://clockworker.de/cw/wp-content/uploads/2011/02/big-switch.jpg

Gotta be. If it was just one single person he would be one of the greatest geniuses in history. A real world version of John Galt.

He could be alien. Just saying. Did some idea seeding and left back to Alpha Centauri. You know like you see kids trying to build a sand castle which always breaks down after a first wave. You just can't keep yourself from stopping and helping them, then you go away, of course you won't care about the silly castle or proceeds from it's operation :)

I sure hope he destroyed the private keys. I prefer not to think about the massive amount of bitcoin that is potentially held by one person, or one group of people. It's probably all good.... :)