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Author Topic: Why I think Bitcoin will be over $5000 a coin  (Read 4582 times)
solex
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November 04, 2013, 06:34:33 AM
 #21

Satoshi deserves his (future) multi-billions for the amount of thinking and programming work he put in. He kept the faith mining for 18 months while a few people came and went until finally the whole project started taking off.

Didn't Zuckerburg just peer over Tyler and Cameron shoulder's for his billions?

Even if satoshi wants to spend his coins he can't cause it would likely crash the price

You mean like spending all at once? That would be so stupid. I would only spend the amount of bitcoins that I need to spend to survive and maybe improve the quality of my life a bit.
No, even if he moved only few coins the price would be affected somehow.

No one knows the latest blocks he mined. Say he continued into 2011. Coins can be moved from that time and it could any of hundreds of different people.

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Siegfried
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November 04, 2013, 07:33:42 AM
 #22

This is along the lines of why I believe bitcoin is grossly undervalued.  If the free market can take something like facebook and instagram and deem it to be worth 10X as much as bitcoins current market cap then we have no where to go but up.  I am not one who thinks that bitcoin will replace the dollar and be used in every brick&mortar store in the world, but what it can do is worth a lot more than facebook can do.

I agree. It is the comparison against other assets like those you mentioned which is the most convincing argument for me.
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November 04, 2013, 11:20:20 AM
 #23

Satoshi deserves his (future) multi-billions for the amount of thinking and programming work he put in. He kept the faith mining for 18 months while a few people came and went until finally the whole project started taking off.

Didn't Zuckerburg just peer over Tyler and Cameron shoulder's for his billions?

Even if satoshi wants to spend his coins he can't cause it would likely crash the price

You mean like spending all at once? That would be so stupid. I would only spend the amount of bitcoins that I need to spend to survive and maybe improve the quality of my life a bit.
No, even if he moved only few coins the price would be affected somehow.

No one knows the latest blocks he mined. Say he continued into 2011. Coins can be moved from that time and it could any of hundreds of different people.


What if he moved them to some government, IE: china came out and declared Bitcoin was their project from the start. (Curiously, in 2009 their central bank said they were interested in creating a supranational currency). How would that affect the price?

more or less retired.
solex
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November 04, 2013, 07:13:35 PM
 #24

Satoshi deserves his (future) multi-billions for the amount of thinking and programming work he put in. He kept the faith mining for 18 months while a few people came and went until finally the whole project started taking off.

Didn't Zuckerburg just peer over Tyler and Cameron shoulder's for his billions?

Even if satoshi wants to spend his coins he can't cause it would likely crash the price

You mean like spending all at once? That would be so stupid. I would only spend the amount of bitcoins that I need to spend to survive and maybe improve the quality of my life a bit.
No, even if he moved only few coins the price would be affected somehow.

No one knows the latest blocks he mined. Say he continued into 2011. Coins can be moved from that time and it could any of hundreds of different people.


What if he moved them to some government, IE: china came out and declared Bitcoin was their project from the start. (Curiously, in 2009 their central bank said they were interested in creating a supranational currency). How would that affect the price?

The "government created Bitcoin" theory may well become one of the top conspiracy theories, rivaling "government has UFO wreckage from Roswell" etc, but it just doesn't feel right. The Bitcoin software was a real rough diamond when it went live and needed massive changes in its first year. This is a signature of a private effort. I also can't see the Chinese using Japanese cover in this way. It would be like the US inventing something clever and stamping "Cuba" all over it.

I remember the 2009 Chinese statement at the time and they were (still are) wanting the yuan into the IMF's SDR and considered that the SDR could be beefed up and replace the dollar in international trade and CB reserves. However, arguably, the first casualty of the advent of cryptocurrency is the idea of the SDR ever being the world reserve currency.

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November 04, 2013, 11:20:42 PM
 #25

One of the things I find most impressive about Satoshi is him having the confidence to hold onto his bitcoins all this time. That is the ultimate strong hands. For this he deserves every penny he's made.

Or maybe he has lost his wallet-password xD

or he could be a zen master who did this for the value to humanity and doesnt want any money, in which case, he will have chewed up all his passwords so that he does not succumb to temptation!
DAN444
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November 04, 2013, 11:31:48 PM
 #26

The Bitcoin software was a real rough diamond when it went live and needed massive changes in its first year. This is a signature of a private effort.

Like the obamacare site..
solex
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November 05, 2013, 12:34:46 AM
 #27

The Bitcoin software was a real rough diamond when it went live and needed massive changes in its first year. This is a signature of a private effort.

Like the obamacare site..

Ha ha. I should have expected that!
I am referring to software that was partly finished and needed more work, not software which is finished but doesn't work.

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November 05, 2013, 12:04:25 PM
 #28

I think Satoshi may become the worlds first trillionaire...in some time.....

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anu
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November 05, 2013, 02:52:39 PM
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I think Satoshi may become the worlds first trillionaire...in some time.....

What makes you think there are no trillionaires? The Forbes list?

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November 05, 2013, 05:40:10 PM
 #30

so your logic is bitcoin will  reach 5k because that will make satoshis net worth 20 billion, btw i dont think he mined 1 million coins, and it is likely he sold a portion of whatever he mined by now

Ecurb123
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November 05, 2013, 06:42:27 PM
 #31

the only thing that I don't like about the idea of BTC going to 5000 is that the FBI and some other bad guys have big accounts now too.
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November 05, 2013, 06:52:50 PM
 #32

the only thing that I don't like about the idea of BTC going to 5000 is that the FBI and some other bad guys have big accounts now too.

Even if BTC goes to $5000 the FBI's holdings are still massively smaller than just one month of FED printing. Remember the FED prints $85B each and every month to hold the world together.

$5k per BTC is nothing.
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November 05, 2013, 07:21:38 PM
 #33

the only thing that I don't like about the idea of BTC going to 5000 is that the FBI and some other bad guys have big accounts now too.

Even if BTC goes to $5000 the FBI's holdings are still massively smaller than just one month of FED printing. Remember the FED prints $85B each and every month to hold the world together.

$5k per BTC is nothing.

Thats true, I feel a little better now.
Rygon
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November 05, 2013, 07:55:06 PM
 #34

Because all his coins are coinbase they are in 50 BTC chunks across anywhere between 10,000 to 20,000 different addresses and private keys which could be written down and stored anywhere. All with no history and total anonymity. He can cash in from one address at a time, over years, starting with the latest and get a fantastic income without tanking the price.

There are a lot of old blocks that were never spent that follow a pattern that identify Satoshi-mined blocks with a pretty good degree of certainty. If even a single satoshi of those blocks is moved, people will notice.

It would be interesting to see if anyone is actively watching transactions to see if any coins from the first few hundred blocks get moved. I haven't seen anyone posting about running a script for this.

No doubt Satoshi would be hesitant to spend any of the early mined coins, due to the risk of someone tracing back those transactions to an individual. If Satoshi wants to remain anonymous, Satoshi won't be able to spend the majority those coins.

That's all assuming those private keys haven't been lost or purposely destroyed. Smiley
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