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tss
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December 11, 2015, 07:44:18 AM |
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a better question would be.. OP are you an account farmer?
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Transactions must be included in a block to be properly completed. When you send a transaction, it is broadcast to miners. Miners can then optionally include it in their next blocks. Miners will be more inclined to include your transaction if it has a higher transaction fee.
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~Bitcoin~
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December 11, 2015, 07:57:55 AM |
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If the price goes to 1 million I would expect bitcoin to be accepted on 99% of the shops, online and offline, if people were using bitcoins for basically everything, selling a million bitcoins at once won't do anything because people won't care about the price of bitcoin compared to dollars or any other currency.
I also think same. If bitcoin get more adaptability someone selling high amount of bitcoin will not create any pump or dump in price as the trading of millions of coin will be common those days. |
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Rukusilf
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January 14, 2016, 09:36:08 AM |
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What could he do except selling his stake? Even if he sold his stake, he would just make another perfect distribution that everyone would kill for. He wouldn't destroy Bitcoin at all in my opinion.
Maybe he waits that Bitcoin gets huge and then he will start selling, who knows.
The bitcoin system is strong enough to tolerate 1M coin sale over several months. If Satoshi wants to sell it, he will do it slowly. |
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SirChiko
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January 14, 2016, 10:07:23 AM |
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What could he do except selling his stake? Even if he sold his stake, he would just make another perfect distribution that everyone would kill for. He wouldn't destroy Bitcoin at all in my opinion.
Maybe he waits that Bitcoin gets huge and then he will start selling, who knows.
The bitcoin system is strong enough to tolerate 1M coin sale over several months. If Satoshi wants to sell it, he will do it slowly. He probably doesn't have access to his private keys anymore otherwise i belive he would already sell few of his coins atleast. He even may be dead already.. |
The only online casino on which i won something. I made 17mBTC from 1mBTC in like 15 minutes. This is not paid AD!
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knowhow
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January 14, 2016, 02:30:29 PM |
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No if the creator sell his coins some will see it as a warning that bitcoin has dead,if he or her dead or forget the keys,well it would be very embarassing as there is enought coins to have a full pleasure life and do several good things and have severa experiences with that money but i believe something happened why he hold such ammount and dont sell a part of it?Market would react trying to get more bitcoin and others would start to sell their ammounts as well,predicting something bad to bitcoin,even knowing that nakamon isnt anymore related to bitcoin.
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slogmok
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January 14, 2016, 02:58:10 PM |
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Let me be perfectly clear. I do not think Satoshi wants to harm Bitcoin.
However, as a community we need to think rationally about the greatest threats to the Bitcoin project and the best way to mitigate those potential threats. Please treat this as healthy critique to provoke discussion to make bitcoin stronger, not as an attack or proposal.
When I introduce people to Bitcoin, I'm often frustratingly told it is a pyramid scheme because the early adopter(s) own such a high share. I optimistically counter that Satoshi foresaw this and mined as many early bitcoins as he could without the intention of spending them to protect the future integrity from such an unequal wealth distribution.
While I have my doubts about the latest 'unveiling' of Satoshi - it has made me acutely aware we have still no idea who owns these early mined coins, nor their intentions. These untouched coins, if ever they became active, could have huge potential to create instability and damage to Bitcoin. An individual's personal circumstances and motivations can change unpredicatably, people can be put under duress. For example if somebody found out you were Satoshi and threatened harm to you or your family unless you did everything in your power to destroy the bitcoin project, wouldn't you?
The early mined 'untouched' bitcoins represent, to me, the biggest the potential source of damage to the entire project that can be weilded by one individual. The bigger the project becomes, the greater a liability they become.
One possible solition, to safeguard the future of Bitcoin, could be to build into the protocol a rule which prevents these early bitcoins from ever being spendable after a certain date. This gives Satoshi an opportunity to move a quantity (or all the coins) of his choosing IF he wants (or still even has the private keys) to.
That way, the potential weakness is resolved now, rather than a cloud which hangs over the project and potentially threatens it indefinitely.
I do not think Satoshi will act against the best interests of the project, but if there is a risk, no matter how small, I think we have to consider the options to make Bitcoin as succesful as it possibly can be.
only harm i think he could possibly cause to bitcoin would be lowering the price drastically by selling all of his bitcoins lol. Other than that he really can't do much to harm the network. Yep, he could drop the price, but not destroy btc, but it seems that he doesn't want that for btc. |
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sneval
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January 14, 2016, 03:00:41 PM |
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Satoshi don't have control over bitcoin mining. No one could control it. That long considered 51% attack is even not possible unless some one find an exploit in the current system. But, big and mighty chinese farms may establish and try to steal the control. Bitcoin mining would have come a long way while we think about the exploits.
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knowhow
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January 18, 2016, 06:15:17 PM |
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Satoshi could not has all mining farms,can be one of those who has,besides those he has several coins that some say that he lost the key ,others said he lelft it for a medium or long investment when all believe that bitcoin can cross the 1000dolalrs and reach another levels.Soo yes if he mooves his coins people will panic and we will see several bitcoins into the sell soo demand and supply should kill the current value,it may recover but the risk is high.
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thejaytiesto
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January 18, 2016, 06:17:14 PM |
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He could crush the price if he dumped all of a sudden, obviously, but that's just so unikely that is not a non issue. Also, as years pass by, his fortune will be easily absorbed by a growing market with a bunch of other users including a lot of whales, that are way more wealthy than Satoshi.
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V.Lace
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January 18, 2016, 07:26:40 PM |
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I dont see what harm he could do. He can only dump those coins and make cheaper for us non early adopters to buy more. Bitcoin is revolution of money and even if he really want to harm Bitcoin manipulating price, he cant do that in long run. In my opinion, it would be lot better if that dump happen than it stays unknown if he have that keys (or even if he is still alive). We had year of low price and Bitcoin survived, i bet bitcoin would survive even lower price and longer period of that no sweat.
Let's do a thought experiment. 15 years from now, Bitcoins and US dollar are the world's two biggest currencies. Bitcoins are worth $1m each and used day to day by approximately 30% of the world's population. Out of the blue, Satoshi's original bitcoins start being moved en mass to bitcoin laundries. What are the economic implications? Potentially catastrophic I would imagine. i really dont understand how bitcoin price can drop if he sold it to a friend with fiat, what if he sold the wallet will price drop? |
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DannyHamilton
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January 18, 2016, 09:09:55 PM |
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i really dont understand how bitcoin price can drop if he sold it to a friend with fiat, what if he sold the wallet will price drop?
Perhaps consider reading some books on economic theory and learning a bit about supply and demand. Here are a couple of web pages where you can get started with the concepts... http://www.investopedia.com/university/economics/economics3.aspSupply and demand is perhaps one of the most fundamental concepts of economics and it is the backbone of a market economy. Demand refers to how much (quantity) of a product or service is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a certain price; the relationship between price and quantity demanded is known as the demand relationship. Supply represents how much the market can offer. The quantity supplied refers to the amount of a certain good producers are willing to supply when receiving a certain price. The correlation between price and how much of a good or service is supplied to the market is known as the supply relationship. Price, therefore, is a reflection of supply and demand.
The relationship between demand and supply underlie the forces behind the allocation of resources. In market economy theories, demand and supply theory will allocate resources in the most efficient way possible.
https://en.wikipedia.org/wiki/Supply_and_demandIn microeconomics, supply and demand is an economic model of price determination in a market. It concludes that in a competitive market, the unit price for a particular good, or other traded item such as labor or liquid financial assets, will vary until it settles at a point where the quantity demanded (at the current price) will equal the quantity supplied (at the current price), resulting in an economic equilibrium for price and quantity transacted.
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knowhow
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January 21, 2016, 06:15:32 PM |
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If the demand and supply work at bitcoin we would see bitcoin worthing 2000 dollars or more,currently the new coins being mined doesnt allow these to work and there are a large ammount of bitcoins at the market.
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Rukusilf
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January 27, 2016, 08:26:36 AM |
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He could crush the price if he dumped all of a sudden, obviously, but that's just so unikely that is not a non issue. Also, as years pass by, his fortune will be easily absorbed by a growing market with a bunch of other users including a lot of whales, that are way more wealthy than Satoshi.
If he sells 100,000 per year, that could be easily absorbed by the markets. It will also clear the overhang and increase circulation. |
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PakistanHockeyfan
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February 06, 2016, 01:31:36 AM |
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Satoshi is no longer full owner of Bitcoin. He has also fleed the scene. I haven't heard of him being anywhere near the blockchain for sometime. He is near retirement.
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Tavos
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February 06, 2016, 01:41:29 AM |
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He could crash the price, and that is probably it.
Bitcoin is based on a consensus system, so he would not be able to change how bitcoin works unless he writes a new client, and convince most people to use it.
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BlindMayorBitcorn
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February 06, 2016, 01:46:41 AM |
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This suggestion is nonsense. It is ridiculous to even talk about it.
Bitcoin is a consensus based system. You can't make the early bitcoins "unspendable" unless you have consensus from all the full nodes on the system. It is a forking change. If you implement such a change without consensus from all the full nodes, you'll just fork the blockchain into "original bitcoin" and "bitcoin that steals from users". I know which fork I'd choose.
You aren't going to get consensus on this idea. I would be against it, and I am aware of many other full node operators that you are not going to be able to convince to run your thieving software. Therefore, talking about it is a lot like talking about how much we wish that we could go hours at a time without oxygen.
In other words, yes? |
Forgive my petulance and oft-times, I fear, ill-founded criticisms, and forgive me that I have, by this time, made your eyes and head ache with my long letter. But I cannot forgo hastily the pleasure and pride of thus conversing with you.
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Rukusilf
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March 03, 2016, 04:52:32 PM |
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He could crash the price, and that is probably it.
Bitcoin is based on a consensus system, so he would not be able to change how bitcoin works unless he writes a new client, and convince most people to use it.
That is right. I will treat the same as other individuals. He will not have more say than other people. |
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