Satoshi should give away a good chunk of the 1.000.000 btc he has

[amspir]

Which is probably the point. If I had a million coins, there's no way in hell I would just give them away and neither would you, but it's bad for the supposedly decentralized Bitcoin in general, when one person/entity holds almost 10% of the entire supply and thus has the power to kill it for years.

If I'm doing my math right, miners will mine what Satoshi allegedly holds in 278 days.  His share drops from 10% to 9%.  His power to "kill" bitcoin will degrade over time.

No, the rate of new Bitcoins degrades exponentially. Even at the maximum limit of 21 million Bitcoins, Satoshi would still hold almost 5% of the entire supply a hundred years from now. Still way too much.

That is a good point.   However, the fear is that Satoshi would commit a irrational malicious act against bitcoin at no or little personal gain for him/herself.  Unlikely, but a concern.   Currently, that 1MBTC isn't worth anywhere near the spot price if suddenly converted to fiat (because the markets aren't big enough), he/she has a while to wait before using it to buy the private island and the fleet of yachts -- or spending it on eradicating some horrible disease from the planet.  It is much more likely to be sold off as needed, as the price goes up, without crashing the market.

As I understand it, the richest person in the USA, Bill Gates, cannot convert the majority of his wealth to fiat money or anything else.  Most of his wealth is in Microsoft stock, and he is legally constrained to the amount of Microsoft stock he can sell, such that he couldn't sell it all before dying naturally from old age.

[vpitcher07]

If satoshi moved his coins the market would go into a panic. That would be the worst idea in the world for him to do.

[coinface]

The SUPREME ideal behind BTC is decentralized, inflation buffered global currency.

I would be surprised if Satoshi went thru the trouble he did to create "New fait", or "just to get rich>

in the begining, 1MMBTC was risk, not a retirement plan.

I hope are the funds are used to strengthen the community, he himself initiated.

Please Satoshi, if you see BTC has a chance at a systemic failure (not the greedy speculators) use what funds you have to keep you brainchild safe-secure-revolutionary

TY

[thecapitalr]

Is there any evidence that satoshi has that many coins? If so where is the proof on the blockchain?

[vpitcher07]

Is there any evidence that satoshi has that many coins? If so where is the proof on the blockchain?

He mined a bunch of the blocks in the very beginning of the blockchain. The genesis block was mined by satoshi... That alone is 50 btc right there.

[amspir]

He mined a bunch of the blocks in the very beginning of the blockchain. The genesis block was mined by satoshi... That alone is 50 btc right there.

Not that it matters much in relation to the amount of Satoshi's other bitcoins, but I though I read somewhere that the reward from the genesis block can't be spent due to an error in the implementation.

[Lauda]

Is there any evidence that satoshi has that many coins? If so where is the proof on the blockchain?

He mined a bunch of the blocks in the very beginning of the blockchain. The genesis block was mined by satoshi... That alone is 50 btc right there.

You realise that it can't be spent?

[spazzdla]

he donated them to all of us by never using them.

This seems like a bang on description(mainly because I want it to be true lol).

I'm hoping Satoshi comes out one day and says this.

[howardb]

If satoshi moved his coins the market would go into a panic. That would be the worst idea in the world for him to do.

Yes it would force a price drop, but theoretically it only dilutes the coins out there by 10%, so in practice price would only drop by more than 10% for as long as it took the market to absorb the extra 10% into normal daily turnover. (A few days to a month perhaps). Corporations do this all the time when they issue additional stock, so his holdings are NOT a systemic risk to the BTC economy.

[Lauda]

If satoshi moved his coins the market would go into a panic. That would be the worst idea in the world for him to do.

Yes it would force a price drop, but theoretically it only dilutes the coins out there by 10%, so in practice price would only drop by more than 10% for as long as it took the market to absorb the extra 10% into normal daily turnover. (A few days to a month perhaps). Corporations do this all the time when they issue additional stock, so his holdings are NOT a systemic risk to the BTC economy.

In practice by 10%? 
You do realize that 1M BTC would destroy the market to sub $100 or even $1?

[ZephramC]

If satoshi moved his coins the market would go into a panic. That would be the worst idea in the world for him to do.

Yes it would force a price drop, but theoretically it only dilutes the coins out there by 10%, so in practice price would only drop by more than 10% for as long as it took the market to absorb the extra 10% into normal daily turnover. (A few days to a month perhaps). Corporations do this all the time when they issue additional stock, so his holdings are NOT a systemic risk to the BTC economy.

In practice by 10%? 
You do realize that 1M BTC would destroy the market to sub $100 or even $1?

Do you realize that more than 1M BTC was traded in December 2013 only?

[Bit_Happy]

Where is the link showing he has that many?

[Joshuar]

Which is probably the point. If I had a million coins, there's no way in hell I would just give them away and neither would you, but it's bad for the supposedly decentralized Bitcoin in general, when one person/entity holds almost 10% of the entire supply and thus has the power to kill it for years.

If I'm doing my math right, miners will mine what Satoshi allegedly holds in 278 days.  His share drops from 10% to 9%.  His power to "kill" bitcoin will degrade over time.

No, the rate of new Bitcoins degrades exponentially. Even at the maximum limit of 21 million Bitcoins, Satoshi would still hold almost 5% of the entire supply a hundred years from now. Still way too much.

That is a good point.   However, the fear is that Satoshi would commit a irrational malicious act against bitcoin at no or little personal gain for him/herself.  Unlikely, but a concern.   Currently, that 1MBTC isn't worth anywhere near the spot price if suddenly converted to fiat (because the markets aren't big enough), he/she has a while to wait before using it to buy the private island and the fleet of yachts -- or spending it on eradicating some horrible disease from the planet.  It is much more likely to be sold off as needed, as the price goes up, without crashing the market.

As I understand it, the richest person in the USA, Bill Gates, cannot convert the majority of his wealth to fiat money or anything else.  Most of his wealth is in Microsoft stock, and he is legally constrained to the amount of Microsoft stock he can sell, such that he couldn't sell it all before dying naturally from old age.

Sorry to say but your wrong, Bill Gates can sell/give away all of his shares for their prices' worth in Fiat assuming they're buyers...He's not legally constrained so that he can't sell it all before dying of all old age..

[Dalmar]

lol @ those who think Satoshi is filthy rich.

If he were to place those coins on the market, price would drop like there is no tomorrow. Even a mere 10k BTC can drop the price to 100 USD on most exchanges, 1M BTC would surely drop things to single digits.

[Lauda]

Do you realize that more than 1M BTC was traded in December 2013 only?

You mean the volume? This doesn't tell you the unique number of coins traded, correct?
Now, remember the recent flash price drop on btc-e to sub $200? That was 12,000 coins.

[Rsss]

This idea came to my mind:

He should donate his 750k btc to MtGox victims after they make a very secure new system and save us all from our troubles.

As a Gox loser, i feel the pain Dont start blaming me about why i kept my coins there. I was day trading and how could i know they were going to cancel the btc withdrawals.. My aim was to profit from day trading, withdraw btc, sell somewherelse...

Shit happens but SATOSHI come save us all. 10000s of people...

[txbt]

Having 1 million btc is a complete obscenity.

Where do you draw the line between decency-obscenity? You don't know what his intention are. If you want to change the world for the better 1 million BTC maybe a small sum.

He should start giving them away somehow.

Maybe he will when he (they) see fit. Or maybe he has other intentions. Giving BTC for free is not the only answer. Here some other suggestions (including giving BTC for free)

He is not the 1% but the 0.000001% Warren Buffet is broke compared to satoshi (talking about wealth percentage)

I'm not sure I understand but I don't think a comparison is important here. "His net worth is up to $47 billion as of March 2010" (about Warren Buffet) Source: Wikipedia

What do you think?

I trust him (them) that they think/thought thoroughly about it and take action according to that.

[thecapitalr]

So there is no actual evidence he holds this much just speculation.  Sure he mined a bunch but who is to say he didn't either spend it, trade it, or loose it in some way?

[Lauda]

Why don't you give away a good chuck of your fortune.
Better yet, give it away to me, smart ass.

[gollum]

I vote for raising the block reward from 25 coins to 25,000 coins in order to inflate the value of the coins from preminers and thieves.