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Author Topic: Implications of Satoshi holding 10% of bitcoins  (Read 7152 times)
wujh
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June 15, 2011, 06:16:13 AM
 #41

The only serious concern I've found with Bitcoin so far is the probability that Satoshi has one or two million stashed away somewhere. That would represent up to 33% of current bitcoins and 10% of eventual bitcoins.

http://forum.bitcoin.org/index.php?topic=9745.20

I can immediately think of two implications:

1. Bitcoin is vulnerable to massive market manipulation in the future by a single individual. This will deter anyone wanting to use a currency that floats freely in a market that's both unregulated and unmanipulated.

2. This could eventually represent an enormous amount of wealth. If the price rose to $10,000/BTC that's about the $20B that Larry Page is worth, so no problem. But if Bitcoin rises to be a significant fraction of the world's economy, that's a whole load of power in a single individual's hands. I hope Satoshi doesn't turn out to be The Joker.


It's a very important political economic problem for the bitcoin society to be solved.

I heard that the Gavin team still keep in touch with Satoshi through email, though Gavin don't really know who Satoshi is. Maybe Gavin should send a Satoshi a message, that we need him or her to give us a message, what he or she is going to do with his bitcoin. For the success of the idea, Satoshi need to sacrifice more. If he or she cares only about his own privacy or safety,   the whole bitcoin will be suffered from panic again and again, just like what happened on the past weekend, an early miner had started to move about 17k BTC, then the market started panic selling.

And I really don't understand, why is anonymity so important for satoshi. The wikileaks are doing a more hostile-to-government job than bitcoin does, and Assange didn't hide from the public.

Why Satoshi hide? I want to hear some plausible explanations.

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The Script
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June 15, 2011, 09:22:54 AM
 #42

The implication is that he'll be able to buy a boat island.  That's pretty much it.

FTFY

It cracks me up how the legend of Satoshi Nakamoto grows.  First he was some Japanese dude with a really good idea.  Then he can't possibly be Japanese and is a mysterious libertarian benefactor who wants to change the world.  Now he's a woman and is hoarding her coins in order to benevolently "protect" the bitcoin market from instability.  I can just see people in the future commenting on price fluctuations: "Looks like ol' Satoshi is at it again, God bless 'im!"
flug
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June 15, 2011, 10:35:56 AM
 #43

And I really don't understand, why is anonymity so important for satoshi. The wikileaks are doing a more hostile-to-government job than bitcoin does, and Assange didn't hide from the public.

It's his choice and I respect that.
Nescio
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June 15, 2011, 10:52:51 AM
 #44

Why Satoshi hide? I want to hear some plausible explanations.

Seems quite an obvious thing to do if you possess (potentially) great wealth. Fame and riches have their price, there are enough crazies and criminals who won't leave you be. Or groupies Smiley Or paparazzi. Or relatives, friends of relatives, random people on the street etc.

The above must play a role, though the impression given is that he is a very private person and there is nothing wrong with that.

Quote from: The Script
I can just see people in the future commenting on price fluctuations: "Looks like ol' Satoshi is at it again, God bless 'im!"

Imagine he got declared a saint in a couple of hundred years Smiley
bitcoin_bob
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May 11, 2013, 01:53:43 AM
 #45

I imagine him waiting until Bitcoin saturates the planet, buying a sandwich, securely deleting his wallet, and moving on to his next adventure.
That will be a story cooler than any Hollywood movie.

Indeed.

Here's more:

The sandwich shop boy happens to be a block chain geek and notices that he's selling a sandwich (spoiler: to a woman) for the first coins ever minted, but he doesn't say anything. He is inspired and leaves the sandwich shop to do amazing thing X.

Casiascus is Satoshi?

My German Property- facebook.com/mygermanproperty
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