the reason why Satoshi didnt use his 500k-1Million Bitcoins

[toinew]

Because if he had used his huge stash of bitcoin, it would look like a huge premine (around 2 and 3% mined by him, the dev)
Also, the block rewards are supposed to distribute the bitcoin, and not centralize all the bitcoin mined in 1 person hands.

Therefore, i think Satoshi prefered to sacrifice those premined coins for the sake of a better distribution of coins.

[RussianRaibow]

Ok. So what's your point ?

[theskillzdatklls]

Ok. So what's your point ?

basically that he knows how to make words bold and type and stuff. you know, internet.

[jonald_fyookball]

Because if he had used his huge stash of bitcoin, it would look like a huge premine (around 2 and 3% mined by him, the dev)
Also, the block rewards are supposed to distribute the bitcoin, and not centralize all the bitcoin mined in 1 person hands.

Therefore, i think Satoshi prefered to sacrifice those premined coins for the sake of a better distribution of coins.

plus he can be more anon

[jbrnt]

He choose to leave the bitcoin scene and disappear. He must also leave his coin behind because they can be traced back to his real identity. I think some of those coins are actually lost. During development, he must have deleted a few wallet files by mistake. At the time, bitcoin was worth nothing and he didn't care. 

[philipma1957]

Because if he had used his huge stash of bitcoin, it would look like a huge premine (around 2 and 3% mined by him, the dev)
Also, the block rewards are supposed to distribute the bitcoin, and not centralize all the bitcoin mined in 1 person hands.

Therefore, i think Satoshi prefered to sacrifice those premined coins for the sake of a better distribution of coins.

So if Satoshi comes to me and wants to unload a 100,000 coin account  and I  give him  200usd (pick a number) a coin.

That is 20,000,000.

I put it in an unmarked swiss account.
I hold the coins until 2020 then cash them out.

So in 2020 everyone will think I am Satoshi.  

Since in reality I am Bill Gates, a Saudi Prince , Donald Trump , Queen of England.  Anyone you choose.  I was just looking for some skin in the game.

My point is the so called first 500,000 to 1,000,000 coins that are supposed to be Satoshi may all belong to anyone above.  Satoshi could have fully offloaded all the coins last year or two years ago. To anyone looking to get into the game.  Terms of the agreement include  a 5 year no cash out of coins  rule.

[AgentofCoin]

Because if he had used his huge stash of bitcoin, it would look like a huge premine (around 2 and 3% mined by him, the dev)
Also, the block rewards are supposed to distribute the bitcoin, and not centralize all the bitcoin mined in 1 person hands.

Therefore, i think Satoshi prefered to sacrifice those premined coins for the sake of a better distribution of coins.

Satoshi died due to natural causes.
His coins are locked for good.

[franky1]

Because if he had used his huge stash of bitcoin, it would look like a huge premine (around 2 and 3% mined by him, the dev)
Also, the block rewards are supposed to distribute the bitcoin, and not centralize all the bitcoin mined in 1 person hands.

Therefore, i think Satoshi prefered to sacrifice those premined coins for the sake of a better distribution of coins.

his hoard is far less than 500k..

even in january-february 2009 other people were mining bitcoin. hal finney for instance..
secondly as they were playing around with the first few versions of the code, they were litterally throwing away the private keys and trying different things while they debugged. so the funds satoshi nakamoto could possibly still have access too is smaller than people think. and if he did 'sacrafice' those remaining available funds or is hoarding for 30years.. no one will know unless we see funds suddenly move..

[BitcoinEXpress]

Because if he had used his huge stash of bitcoin, it would look like a huge premine (around 2 and 3% mined by him, the dev)
Also, the block rewards are supposed to distribute the bitcoin, and not centralize all the bitcoin mined in 1 person hands.

Therefore, i think Satoshi prefered to sacrifice those premined coins for the sake of a better distribution of coins.

@Newbie

Premine means mining BEFORE releasing to the public.

Satoshi released Bitcoin allowing anyone who wanted to mine BTC the opportunity from Block 1 forward.





~BCX~

[tokeweed]

Because if he had used his huge stash of bitcoin, it would look like a huge premine (around 2 and 3% mined by him, the dev)
Also, the block rewards are supposed to distribute the bitcoin, and not centralize all the bitcoin mined in 1 person hands.

Therefore, i think Satoshi prefered to sacrifice those premined coins for the sake of a better distribution of coins.

Yes it's a scam.  Sell your .64324 BTC and get out.

[toinew]

Because if he had used his huge stash of bitcoin, it would look like a huge premine (around 2 and 3% mined by him, the dev)
Also, the block rewards are supposed to distribute the bitcoin, and not centralize all the bitcoin mined in 1 person hands.

Therefore, i think Satoshi prefered to sacrifice those premined coins for the sake of a better distribution of coins.

@Newbie

Premine means mining BEFORE releasing to the public.

Satoshi released Bitcoin allowing anyone who wanted to mine BTC the opportunity from Block 1 forward.





~BCX~

yes public, like a dozen people from a mailing list ? Funny cause you play with the meaning of Premine but then use the word PUBLIC when it was confidential at most. Also calling me newbie makes no point, i could be your father or your mother IRL so stop be a dick because you came here everyday for so long. Go call the first member a newbie too since he also has that rank.

[DannyHamilton]

- snip -
i think Satoshi prefered to sacrifice those premined coins
- snip -

You keep using that word. I do not think it means what you think it means.

[Slark]

Because if he had used his huge stash of bitcoin, it would look like a huge premine (around 2 and 3% mined by him, the dev)
Also, the block rewards are supposed to distribute the bitcoin, and not centralize all the bitcoin mined in 1 person hands.

Therefore, i think Satoshi prefered to sacrifice those premined coins for the sake of a better distribution of coins.

From what I know bitcoin was never premined. It was tested and mined from the beginning. 'Pre Mining' is having generated coins right away from the start without mining.
At that time difficulty were like not existent really, so he could mine a lot of coins in short time. But 'premine' is not the word  I would use to describe these coins.

[pooya87]

Because if he had used his huge stash of bitcoin, it would look like a huge premine (around 2 and 3% mined by him, the dev)
Also, the block rewards are supposed to distribute the bitcoin, and not centralize all the bitcoin mined in 1 person hands.

Therefore, i think Satoshi prefered to sacrifice those premined coins for the sake of a better distribution of coins.

So if Satoshi comes to me and wants to unload a 100,000 coin account  and I  give him  200usd (pick a number) a coin.

That is 20,000,000.

I put it in an unmarked swiss account.
I hold the coins until 2020 then cash them out.

So in 2020 everyone will think I am Satoshi. 

Since in reality I am Bill Gates, a Saudi Prince , Donald Trump , Queen of England.  Anyone you choose.  I was just looking for some skin in the game.

My point is the so called first 500,000 to 1,000,000 coins that are supposed to be Satoshi may all belong to anyone above.  Satoshi could have fully offloaded all the coins last year or two years ago. To anyone looking to get into the game.  Terms of the agreement include  a 5 year no cash out of coins  rule.

many people are monitoring those coins (addresses) for fun, for curiosity, and many other reasons. if any of them starts moving there is going to be mass panic IMO.
and we are not talking about hundreds of bitcoin , the amount is big enough to cause this panic.
and the panic will result in mass dumping

[cbeast]

many people are monitoring those coins (addresses) for fun, for curiosity, and many other reasons. if any of them starts moving there is going to be mass panic IMO.
and we are not talking about hundreds of bitcoin , the amount is big enough to cause this panic.
and the panic will result in mass dumping

200 years from now people will be waiting for the return of Satoshi to airdrop his bitcoins upon the true believers.

[monsanto]

Because if he had used his huge stash of bitcoin, it would look like a huge premine (around 2 and 3% mined by him, the dev)
Also, the block rewards are supposed to distribute the bitcoin, and not centralize all the bitcoin mined in 1 person hands.

Therefore, i think Satoshi prefered to sacrifice those premined coins for the sake of a better distribution of coins.

He probably mined and sold plenty just not the very early coins that people have identified as his. So I think he is doing fine financially. I don't think he "sacrificed" the original stash or lost the keys either. If he tried to sell any of them (other than all in one big dump) he'd crash the price anyway, devaluing the rest of his coins.

[AGD]

1. I think, Satoshi was in fact "instamining" instead of "premining". One has to start supporting the network anyway, so why not the creator of the code himself?

2. OP. This topic has been discussed here countless times. Why opening another thread?

3. Searchfunction

/thread

[LiteCoinGuy]

Because if he had used his huge stash of bitcoin, it would look like a huge premine (around 2 and 3% mined by him, the dev)
Also, the block rewards are supposed to distribute the bitcoin, and not centralize all the bitcoin mined in 1 person hands.

Therefore, i think Satoshi prefered to sacrifice those premined coins for the sake of a better distribution of coins.

Satoshi had much bigger plans for BTC and he will never touch these coins. it is very likely that he destroyed his private keys in my opinion.





@AGD

these discussions will never end  

[Amph]

i have a better theory, i think he didn't use those coin, because he want bitcoin to be more scarse, by removing 1/21 the price should in theory rise more in the future when all coins will be mined

[Kprawn]

I think he did not think it would make such a big splash.... When he realised it, he already lost the private key to the coins he mined as part of the experimental in the beginning.

Then Gavin went to speak to the 3 letter agency and he got spooked and he dropped the whole project.

If he was still around, he would have been in court for most of his days. I think there is no sinister motive behind these coins... It's just a experiment with lost results.

*The he, can be replaced by she / they / it