Satoshi controlling 500'000 BTC

[fratad]

Guys the problem is not that the price could go to zero if he decide to sell all the bitcoins. The problem is giving so much power to a single group o people.

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[gentlemand]

Guys the problem is not that the price could go to zero if he decide to sell all the bitcoins. The problem is giving so much power to a single group o people.

He/they already have and have had it since 2009. We've soldiered on so far despite that and life will continue regardless of what happens.

When you read up about the very early days it's clear Satoshi was super keen to get anyone or anything on board. I'm sure he regarded having that many coins as a prize pain up the arse when it came to Bitcoin's perception.

[bitbollo]

Hi guys,

what do you think about Satoshi controlling 1/20th of all Bitcoins?

I don't care if Satoshi is a real person or not, but if it's true, I think it's a problem if a group o people can controlling so much money.

Take care
F

This was an observation that I have read several times in this forum. But there are some facts that help to reply:
- after the last posts here on forum, there aren't any real news about satoshi nakomoto SN (or the inventor of btc).
- no each coins was spends, no one has signed a message with a private key hold by SN.
- there isn't any interest in create an attack on btc itself by SN. "we are all satoshi" this is a system for a better world I don't think there is a malicious way to act.
- we don't know where are these private keys. who knows?

[Vaflia]

As far as I know, coins from addresses that Satoshi would not budge in 2012. It would be funny if he just lost his private keys.

[stompix]

If Satoshi is alive and still has his keys, he will probably start selling only when there is no bitcoin to mine anymore and it's value so high that 1 Satoshi would equal $1000.00. So I don't think it would sell just at the beginning like it is today !

If one satoshi would be 1000$ , a bitcoin would be worth 100 billions, and all the coins will be worth 210 000 trillions.
Unless we colonize Mars and Europa there is no way for this to happen.

Guys the problem is not that the price could go to zero if he decide to sell all the bitcoins. The problem is giving so much power to a single group o people.

What power ?
His only power is to blackmail (what?) by selling coins for fiat on the markets in order to drop the price.
Now, who will he blackmail with this? The governments? They don't care.
The exchanges? The bitcoin gambling sites? What could he demand from those ?

Even if he sells all his coins, if he still has them  that is, he will only manage to crash the price briefly and after that all the fear from a dump will be gone forever.

Satoshi probably does have upwards of 1,000,000 Bitcoin actually. That amount is kind of an illusion though, because it would be almost impossible to sell that many in a short period of time. The value is mostly conceptual due to this. Sure, it is worth ~$5,000,000,000, but in reality he might be able to get a few hundred million of that out before the market tanked hard. So I think generally speaking is the case with most early adopters.

Right now just selling 2000 coins will get the price down by almost 700$, so with a sell of 10 000 coins on 3 exchange he will reach the point where he is getting hundreds for a coin or even one dollar per coin.
Dumping 1000000 coins would be overkill and it won't serve him at all.
Besides, the moment those coins start to move the market will react and not in a good way.

[cynical]

Guys the problem is not that the price could go to zero if he decide to sell all the bitcoins. The problem is giving so much power to a single group o people.

but who is to stop anyone or any group of people from accumulating such an amount?

Satoshi probably does have upwards of 1,000,000 Bitcoin actually. That amount is kind of an illusion though, because it would be almost impossible to sell that many in a short period of time. The value is mostly conceptual due to this. Sure, it is worth ~$5,000,000,000, but in reality he might be able to get a few hundred million of that out before the market tanked hard. So I think generally speaking is the case with most early adopters.

yes i think once the dumping of those coins happens the market would react and would spiral downward leaving each sale after less valuable than they started with, still hugh profit to be had though and leave the rest of us with nothing.

[aplistir]

Even if a single coin is moved from the known address which is believed to be under control of Satoshi will create a havoc and can lead to a massive destruction.

Actually some coins from January 2009 and early 2009 has already been moved, and it did not affect the price at all.

How can anyone know with 100% certainty if those really were Satoshis coins or not?
At least if they are not from the first 50-100 blocks..

[uszaty43]

If he tries to sell them, he would not be able to sell them because it is too much money, and there is no bank that has that money on fiat to be able to pay for it, if i am not wrong, there is not even that amount of physical cash in a little country. Those are more than 2700 million dollars, it is almost impossible for him to cash out that big amount of money.
But if he does have them on their wallet, is fine, he diserves it because he created all this stuff.

[equator]

If he tries to sell them, he would not be able to sell them because it is too much money, and there is no bank that has that money on fiat to be able to pay for it, if i am not wrong, there is not even that amount of physical cash in a little country. Those are more than 2700 million dollars, it is almost impossible for him to cash out that big amount of money.
But if he does have them on their wallet, is fine, he diserves it because he created all this stuff.

What you are telling is true but i dont think that he will be fool to do that , even if their is bank who can clear the funds but the market will react immediately and we can see bitcoin price going down back to 1$ level. and even loosing the bitcoin future as no one will be with bitcoin after this.

[Andre_Goldman]

... after all those years he only made 1 tx ... I can't think a better person (single identity) to keep such amount ... 

[MostHigh]

Hi guys,

what do you think about Satoshi controlling 1/20th of all Bitcoins?

I don't care if Satoshi is a real person or not, but if it's true, I think it's a problem if a group o people can controlling so much money.

Take care
F

Yes I believe is a possibility the developer could be holding because he would probably anticipate where the nature of the coin and how it would affect development and morever if its the developer that is holding such a high percentage of the coin then it should not be such a worry. Its true he could influence the market but if anyone should be able to do that I believe it must be the developer

[hurain]

Satoshi probably does have upwards of 1,000,000 Bitcoin actually. That amount is kind of an illusion though, because it would be almost impossible to sell that many in a short period of time. The value is mostly conceptual due to this. Sure, it is worth ~$5,000,000,000, but in reality he might be able to get a few hundred million of that out before the market tanked hard. So I think generally speaking is the case with most early adopters.

I think it is not good for bit coin and the expectation from bit coin which can help in poority evaluation will go down to zero as today in the world capitalism is going on throughout the world accept china and other few countries like Russia all the money is in the hand of very few people like bill gates who’s wealth is more than 80% of developing countries so if satoshi has so much bit coin he should make its circulation for the betterment of the people.

[stolendata]

Guys the problem is not that the price could go to zero if he decide to sell all the bitcoins. The problem is giving so much power to a single group o people.

but who is to stop anyone or any group of people from accumulating such an amount?

Satoshi probably does have upwards of 1,000,000 Bitcoin actually. That amount is kind of an illusion though, because it would be almost impossible to sell that many in a short period of time. The value is mostly conceptual due to this. Sure, it is worth ~$5,000,000,000, but in reality he might be able to get a few hundred million of that out before the market tanked hard. So I think generally speaking is the case with most early adopters.

yes i think once the dumping of those coins happens the market would react and would spiral downward leaving each sale after less valuable than they started with, still hugh profit to be had though and leave the rest of us with nothing.

Wow if its true he can be in top 10 world most richest people in the line of bill gates and zuker berg because by holding of 500000 bit coin means he have 25 billion dollar in hand while the bill gates have 85 billion and mark zuker berg  have 45 billion dollar. So i think we should try to earn bit coin instead of counting of others people wealth. Satoshi is founder of this currency so he have the right to hold such a huge number of bit coins.

[stompix]

Wow if its true he can be in top 10 world most richest people in the line of bill gates and zuker berg because by holding of 500000 bit coin means he have 25 billion dollar in hand while the bill gates have 85 billion and mark zuker berg  have 45 billion dollar. So i think we should try to earn bit coin instead of counting of others people wealth. Satoshi is founder of this currency so he have the right to hold such a huge number of bit coins.

If he hold 500 000 coins at a price of 5000 he has only 2.5 billions, do the math right.
Even with 25 billions he would be outside top 30 but with 2.5 he is somewhere between place 800 and 9000 currently.

Guys the problem is not that the price could go to zero if he decide to sell all the bitcoins. The problem is giving so much power to a single group o people.

but who is to stop anyone or any group of people from accumulating such an amount?

Fortunately nobody.
Why should there be a limit to how many coins somebody has?
Bitcoin is about freedom not about communist ratios where even the apartment you live even was measured and had to comply with standards.Everyone is free to get as many coins as possible if he has the money to buy them, and the price will be dictated by the free market.
If he plans to dump them, he is free to do so, remember that nobody is banning you to sell your coins.
Nobody here wants a reverse Cyprus where you will be able to cash out only 1 bitcoin a day.

[btcholder]

Hi guys,

what do you think about Satoshi controlling 1/20th of all Bitcoins?

I don't care if Satoshi is a real person or not, but if it's true, I think it's a problem if a group o people can controlling so much money.

Take care
F

Haa haa. Really ?? I don't think so dude. If someone controlling 500k btc then he can control btc value badly. It's not possible to someone control huge amount of btc like this.

[Sadnu]

If Satoshi Nakamoto holds 500,000 BTCs. Surely he is a billionaire. Because when it is replaced with fiat miney it costs almost 2.5 Billion. So he was hiding and everyone was interested in finding out his personality. Because they want to get the hidden treasure of satoshi. Or control the bitcoins.

[centralbanksequalsbombs]

Satoshi died years ago and took his private keys to 1mil BTC with him to his grave. Realistic supply max for bitcoin is much lower due to such lost keys.

[pat4cryptoreal]

If satoshi is still in possession of 500,000BTC it means there is a good motive behind that reservation. Nothing harmful will be done to temper with the set down ideology.

[alani123]

Early estimations were projecting that Satoshi had access to 1 million bitcoins. That, of course, doesn't mean that markets are priced taking such information into account. I think that traders completely disregard the notion that someone could be in possession of 1/20 of the asset they own and able to put up on sale however much of it whenever. Satoshi could crash the market down to zero if he indeed had the bitcoins and wanted to but that's not something of a possibility that seems to affect the market sentiment.

[diagla]

Some people have said he controls even more, like over 1,000,000 Bitcoins. That is a lot!!!