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Author Topic: Did Satoshi expect Bitcoin to last this long?  (Read 4457 times)
dothebeats
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May 16, 2015, 04:05:06 PM
 #81

Just wondering what you guys think was this just a project that he made whilst being drunk in univeristy and decided to release it and it caught on fast or did he know that it was going to get this big?

He designed Bitcoin in a way that the supply would keep being filled with new coins until year 2140... so yes, he expected it to change finances forever and to last more than we'll ever live and beyond.

He also probably designed it to consume more and more power over time and cause much larger problems other than solving the problems in the economic and finance sector. The PoW method, over time, will consume a large portion of power of the world if bitcoin continues to go mainstream. If PoW remains to be the method of acquiring bitcoins, then we'll probably need another project to at least use those wasted power into something other than mining digital gold.

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pooya87
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May 16, 2015, 04:19:12 PM
 #82

Just wondering what you guys think was this just a project that he made whilst being drunk in univeristy and decided to release it and it caught on fast or did he know that it was going to get this big?
it is a big understatement to assume that bitcoin was a drunken university overnight project which caught on fast by chance. and it didn't cought on fast either, the idea and the work done on it is more than that

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jyakulis
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May 16, 2015, 05:29:26 PM
 #83

Yes, because the mining process was purposely designed to take a long time. Though, what is surprising is the adoption and buzz already. I expected it to be out of Star Wars....like a rebel alliance type currency.
JayCrypto
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May 19, 2015, 06:50:18 PM
 #84

Yes, because the mining process was purposely designed to take a long time. Though, what is surprising is the adoption and buzz already. I expected it to be out of Star Wars....like a rebel alliance type currency.

I guess it was only a prototype designed for funny. He did not expected anything from it!
logicalq
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May 19, 2015, 06:51:17 PM
 #85

Yes, because the mining process was purposely designed to take a long time. Though, what is surprising is the adoption and buzz already. I expected it to be out of Star Wars....like a rebel alliance type currency.

I guess it was only a prototype designed for funny. He did not expected anything from it!

If he was Nick Sbazo and had played around with some previous models, then this might have been something he expected to become widespread few years down.
jyakulis
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May 19, 2015, 08:41:39 PM
 #86

Yes, because the mining process was purposely designed to take a long time. Though, what is surprising is the adoption and buzz already. I expected it to be out of Star Wars....like a rebel alliance type currency.

I guess it was only a prototype designed for funny. He did not expected anything from it!

Well, not a joke. The Star Wars reference was a metaphor. Though not quite the same. I envisioned it circulating like Colonial Scrip did during the days of the Revolution. Instead of being forced to use the pound though you can replace it in todays terms in relation to legal tender laws and the debt backed US Dollar.

https://21stcenturycicero.wordpress.com/fraud/colonial-scrip/

"Each Colony had its own currency and some were better managed than others. It was banned by English Parliament in the Currency Act after Benjamin Franklin had explained the benefits of this currency to the British Board of Trade. Outlawing the circulating medium caused a depression in the Colonies, and Franklin and many others believed it to be the true cause of the American Revolution"

"After Franklin had explained…to the British Government as the real cause of prosperity, they immediately passed laws, forbidding the payment of taxes in that money. This produced such great inconvenience and misery to the people, that it was the principal cause of the Revolution. A far greater reason for a general uprising, than the Tea and Stamp Act, was the taking away of the paper money."

Anyway, when I came up with cryptocurrency I had envisioned a similar system as that of Colonial Scrip that would circulate alongside the Imperial US Dollar (the empire...Alex Jones like lol).
Gyfts
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May 19, 2015, 10:18:42 PM
 #87

I feel like Satoshi put more time and effort than described in the scenario you put in the original post, but, I feel like the acceptance of Bitcoin was very unexpected. When someone from the general public were to hear about it, the idea seemed so far-fetched to have a decentralized currency. Mere speculation at this point, but to answer your question, no.
readysalted89
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May 19, 2015, 11:01:13 PM
 #88

Yes, because the mining process was purposely designed to take a long time. Though, what is surprising is the adoption and buzz already. I expected it to be out of Star Wars....like a rebel alliance type currency.

I guess it was only a prototype designed for funny. He did not expected anything from it!

One of his famous posts states "I’m sure that in 20 years there will either be very large (bitcoin) transaction volume or no volume.".

That quote suggests he expected it to either be massive, or a flop. He made no allowance for a middle ground where Bitcoin is popular, but not massively popular.
Mikestang
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May 19, 2015, 11:34:13 PM
 #89

Just wondering what you guys think was this just a project that he made whilst being drunk in univeristy and decided to release it and it caught on fast or did he know that it was going to get this big?

Obviously it was not a drunk idea.

Considering coin generation will end some time around 2140, it's safe to assume Bitcoin was expected to be around for a long, long time.
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