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Author Topic: Why Satoshi's coins will never hit the market  (Read 5349 times)
networthsigns
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March 25, 2015, 09:37:34 PM
 #81

It's trivial to keep track of 20,000 keys, any idiot could do it.

Oh yeh the ease in which you can keep 20,000 keys safe is not even worth talking about we all should know how easy it is.

A few posts above says if them coins start moving we are pretty screwed and have to agree with him that it would not be to great lol

I think he might the master satoshi might no longer be with us as that is where all evidence aims Sad
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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March 25, 2015, 10:10:57 PM
 #82


No I'm not. You two just don't know what you're talking about nor what effect dumping a shit tonne of coins on the exchanges has on the price. It's you who doesn't understand how simple supply and demand works because you wouldn't be saying this and it has absolutely nothing to do with the 'robustness' of the system. Bitcoin will continue working fine but the price you pay for them will be significantly less.

I didn't say it wouldn't have an effect, I said using words like "catastrophic" and "disastrous" are an exaggeration and FUD.

And your reasoning and logic behind this is what exactly? You just sound ignorant when you call an opinion you disagree with 'fud'. How would dumping half a billion dollars worth of bitcoins on the market (or how ever many satoshi has) not have an effect? Do you think the price of bitcoin will still the same? No.

Please re-read my statements.  I never said it would "not have an effect".  I am merely trying to calm your language down.  If those coins move, it's not the end of the world.  Have faith in the system's creator that he would know how to use his coins without crashing the whole thing.
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March 25, 2015, 10:24:20 PM
 #83

Each wallet can have several receiving addresses. And I'm pretty sure you don't need a new private key for that.
I'm pretty sure I remember that this is even the default behavior from solo mining litecoins.
you are correct, even if u dont have a private key to the wallet you can input a sequence of seed words that can restore the entire wallet..at least in electrum this is how its done.
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March 25, 2015, 11:08:04 PM
Last edit: March 25, 2015, 11:20:20 PM by BitcoinFX
 #84

All of said 20,000 individual 50 BTC mined blocks would or could be to addresses on one single wallet.dat  i.e. you wouldn't even need to know any of the private keys.

On a single wallet.dat a new BTC address was created for every 50 BTC mined block, thus the notion that the coins were mined to unique "throwaway addresses" is false.
 

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March 25, 2015, 11:16:45 PM
 #85

In Bitcoin, a private key is a 256-bit number.  It is 32 bytes.

20,000 private keys * 32 bytes = 640 000 bytes. ( 0.5 MB )

==
It is less amount of data than 1 block in blockchain
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March 25, 2015, 11:33:48 PM
 #86

I don't think this article adequately explains why these coins would actually never hit the market. It basically ends with a "well, they haven't moved yet so why would they now?"
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October 31, 2019, 12:36:27 PM
 #87

Evidence suggests his ~1 million BTC were mined into throwaway addresses:
https://bitscan.com/articles/satoshis-millions-gone-for-good

Bitcoin's creator(s) is (are) smart enough so if he/they would spend some of coins they can do it OTC market.
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October 31, 2019, 01:36:23 PM
 #88

We can't say that holdings of Satoshi hasn't hit the market. Till date we don't know exactly the holdings that belongs to Satoshi. With some data a wallet is termed to be his own wallet. Upon the same we can't conclude he hasn't got any other wallets. There is more chances for the bitcoin to hit the market than being idle in a wallet.

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Cassius (OP)
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October 31, 2019, 10:20:45 PM
 #89

We can't say that holdings of Satoshi hasn't hit the market. Till date we don't know exactly the holdings that belongs to Satoshi. With some data a wallet is termed to be his own wallet. Upon the same we can't conclude he hasn't got any other wallets. There is more chances for the bitcoin to hit the market than being idle in a wallet.

Actually there's some good research into Satoshi's mining activities. It's very compelling and the coins haven't moved.
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October 31, 2019, 10:50:20 PM
 #90

We can't say that holdings of Satoshi hasn't hit the market. Till date we don't know exactly the holdings that belongs to Satoshi. With some data a wallet is termed to be his own wallet. Upon the same we can't conclude he hasn't got any other wallets. There is more chances for the bitcoin to hit the market than being idle in a wallet.

Actually there's some good research into Satoshi's mining activities. It's very compelling and the coins haven't moved.
I highly believe that the public doesnt even know the entire number of wallet possession of satoshi. There are a few numbers shown

but we can see that the coins werent moved yet as of now.We dont know if those wallets are already lost or just being reserved to be spent
by its owner.

Also,i dont see why people are really eager to know if those coins will move or not yet the founder/owner do had the full rights on how he
gonna spend up his money but somehow seeing those coins moved does shows or prove out that satoshi is just watching his own creation and
the entire crypto community.

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