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Author Topic: What would happen if Satoshi dumped his coins?  (Read 6427 times)
Ibian
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March 06, 2014, 05:56:12 PM
 #1

Nothing. At least, nothing of lasting consequence. Price would drop. Some of you would panic sell, the rest of us would buy up your cheap coins. Net result better wealth distribution (which, I gather, some of you are keen on for some reason?).

Bonus: If this is in fact the real Satoshi (don't buy it for a moment) and he in fact works for a scary three letter arm of the government, he (they) are not going to do any dumping for the above reason.

There is no bubble.
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March 06, 2014, 06:02:53 PM
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Nothing. At least, nothing of lasting consequence. Price would drop. Some of you would panic sell, the rest of us would buy up your cheap coins. Net result better wealth distribution (which, I gather, some of you are keen on for some reason?).

Bonus: If this is in fact the real Satoshi (don't buy it for a moment) and he in fact works for a scary three letter arm of the government, he (they) are not going to do any dumping for the above reason.

My friend, please be under no illusions.

If Satoshi dumped his coins.

Bitcoin would go to zero, with hundreds of thousands of coins left to spare.

But he is not going to dump them, because they aren't his to dump. They belong to his employer, a secretive branch of Uncle Sam.

Now, all those conducting shady trades who thought they were doing business out from under the nose of The Man, these people may be getting a little bit nervous right about now, and that might prove not so good for the USD value of your BTC holdings. But you don't care about USD, you only care about how many BTC u have, right?

Kraken Account, Robbed/Emptied. Kraken say "Fuck you, its your loss": https://bitcointalk.org/index.php?topic=1559553.msg15656643#msg15656643

Bitfinex victims. DO NOT TOUCH THE BFX TOKEN! Start moving it around, or trading it, and you will be construed as having accepted it as an alternative means of payment to your USD, BTC, etc.
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March 06, 2014, 06:03:39 PM
 #3

probably the biggest drop and then spike in BTC history. Silk Road effect X 100
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March 06, 2014, 06:04:45 PM
 #4

Most epic long squeeze in history.



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derpinheimer
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March 06, 2014, 06:13:03 PM
 #5

Drop to single digits, then jump to 300-400 before diving back to $100..

My guess.
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March 06, 2014, 06:16:40 PM
 #6

Nothing. At least, nothing of lasting consequence. Price would drop. Some of you would panic sell, the rest of us would buy up your cheap coins. Net result better wealth distribution (which, I gather, some of you are keen on for some reason?).

Bonus: If this is in fact the real Satoshi (don't buy it for a moment) and he in fact works for a scary three letter arm of the government, he (they) are not going to do any dumping for the above reason.

My friend, please be under no illusions.

If Satoshi dumped his coins.

Bitcoin would go to zero, with hundreds of thousands of coins left to spare.

But he is not going to dump them, because they aren't his to dump. They belong to his employer, a secretive branch of Uncle Sam.

Now, all those conducting shady trades who thought they were doing business out from under the nose of The Man, these people may be getting a little bit nervous right about now, and that might prove not so good for the USD value of your BTC holdings. But you don't care about USD, you only care about how many BTC u have, right?

yea of course

cuz who in their right mind would buy something for $0.1 when yesterday it was worth $700?

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March 06, 2014, 06:19:26 PM
 #7

Remember BTC-E's little dip to 102? Yeah that wasn't nearly a fraction of the coins Satoshi owns. He an drop the price to 0 for all he cares. He can sell out all of the buy orders until there's nothing left, at least for a while.
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March 06, 2014, 06:19:44 PM
 #8

yea of course

cuz who in their right mind would buy something for $0.1 when yesterday it was worth $700?

He asked if Satoshi dumped his coins?

If Satoshi dumped all his coins, Bitcoin would go to single digits, and there would still be over 1 million coins sitting chasing down the spot price in the Ask walls across all exchanges. In such a situation, Bitcoin would become instantly worthless and nobody would give two shits how much it was worth just yesterday.

It isn't going to happen. But if it did happen, Bitcoin would go to zero. Its that simple.

Kraken Account, Robbed/Emptied. Kraken say "Fuck you, its your loss": https://bitcointalk.org/index.php?topic=1559553.msg15656643#msg15656643

Bitfinex victims. DO NOT TOUCH THE BFX TOKEN! Start moving it around, or trading it, and you will be construed as having accepted it as an alternative means of payment to your USD, BTC, etc.
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March 06, 2014, 06:21:47 PM
 #9

ITT MTC reveals his tinfoil hat.

I didn't know he was a crazy paranoid alex jones-watching libertardarian basement-dwelling EMF-fearing government-alphabet-soup-accusing whacko,

I thought he was just a bad day-trader who constantly admits to losing leveraged trades on bitfinex.

 Grin

"OMG satoshi's coins are owned by the US government, if he sold them, bitcoin would go to 0 because it would lose one of the most important functions of its core protocol - a shady, anonymous creator who owns a whole bunch of coins but doesn't sell them. The creator selling them would be a serious breach in the core protocol, which depends on an anonymous shady creator with tons of coins not selling them. Thus protocol breach, confirmed, fundamental collapse, value reduced to $zero, QED."

CONFIMRED 

(EDIT: Yes, selling coins makes price go down. But selling X quantity of coins does not mathematically imply selling X+Y quantity of coins. In other words, price would go down temporarily if someone decided to sell a hundred thousand coins, but that is all. These doomsday extrapolations are just silly - go back to losing money via leveraged shorts on Bitfinex, MTC.)
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March 06, 2014, 06:22:56 PM
 #10

ITT MTC reveals his tinfoil hat.

I didn't know he was a crazy paranoid alex jones-watching libertardarian basement-dwelling EMF-fearing government-alphabet-soup-accusing whacko,

I thought he was just a bad day-trader who constantly admits to losing leveraged trades on bitfinex.


Didn't you know that about me?

That's strange because I always knew you were a closed minded box headed fkn retard who is trapped in orthodox ways of thinking.....even though it hasn't been the 1950's for over 60 years.

Kraken Account, Robbed/Emptied. Kraken say "Fuck you, its your loss": https://bitcointalk.org/index.php?topic=1559553.msg15656643#msg15656643

Bitfinex victims. DO NOT TOUCH THE BFX TOKEN! Start moving it around, or trading it, and you will be construed as having accepted it as an alternative means of payment to your USD, BTC, etc.
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March 06, 2014, 06:24:02 PM
 #11

I think you guys are all wrong. If he sold, BTC would crash and then simply recover after a few weeks. The fundamentals wouldn't have changed, and many people would welcome the chance to snap up some cheap coins.

Heck, I HOPE he'll sell.

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March 06, 2014, 06:24:31 PM
 #12

Nothing. At least, nothing of lasting consequence. Price would drop. Some of you would panic sell, the rest of us would buy up your cheap coins. Net result better wealth distribution (which, I gather, some of you are keen on for some reason?).

Bonus: If this is in fact the real Satoshi (don't buy it for a moment) and he in fact works for a scary three letter arm of the government, he (they) are not going to do any dumping for the above reason.

The coins would be bought up quickly and distributed. The price might take a while to fully recover, but it eventually would. The sheep and panic sellers who either allow fear to influence their decisions or use fear to manipulate the market would have a field day.
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March 06, 2014, 06:28:26 PM
 #13

It isn't going to happen. But if it did happen, Bitcoin would go to zero. Its that simple.

Nonsense.  The network would still have value and people would be insane to not buy at a fraction of a penny.  I tell you what since you are "worried" about it going to zero, if Satoshi dumps them all I will buy any unbought coins at the first recorded exchange rate of 1,309.03 BTC per dollar.  If we guestimate that Satoshi has one million coins that would be a grand total of $763.93 to buy them all.

See it won't go to zero.  Of course I will never be able to buy that low, but now you can stop panicking about it going to zero.


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March 06, 2014, 06:37:37 PM
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It isn't going to happen. But if it did happen, Bitcoin would go to zero. Its that simple.

Nonsense.  The network would still have value and people would be insane to not buy at a fraction of a penny.  I tell you what since you are "worried" about it going to zero, if Satoshi dumps them all I will buy any unbought coins at the first recorded exchange rate of 1,309.03 BTC per dollar.  If we guestimate that Satoshi has one million coins that would be a grand total of $763.93 to buy them all.

See it won't go to zero.  Of course I will never be able to buy that low, but now you can stop panicking about it going to zero.


I am not panicking. Going by the anger responses, "its a lie! It's a lie!" to the denial "Even if he did dump all his coins, bitcoin would recover right away", I would suggest that quite a few in here are feeling a bit panicky. But I am not.

However, if Satoshi did indeed dump around 13'000'000 Bitcoin, I am sorry but the price would go to zero. I am sorry but if you can't see that, then there is something wrong with your head.

Hey...maybe if he is just a little old man, who has worked on classified projects for Uncle Sam but somehow managed to sneak this 'anarchistic crypto-cash' out from under their noses, maybe now he will be forced to cash out some of them Bitcoins in order to pay for the his own security. He will need a nice big estate, fenced off, private security.....how many Bitcoins would he have to dump for all that, 50K BTC? Maybe a 100K?

Kraken Account, Robbed/Emptied. Kraken say "Fuck you, its your loss": https://bitcointalk.org/index.php?topic=1559553.msg15656643#msg15656643

Bitfinex victims. DO NOT TOUCH THE BFX TOKEN! Start moving it around, or trading it, and you will be construed as having accepted it as an alternative means of payment to your USD, BTC, etc.
DeathAndTaxes
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March 06, 2014, 06:41:38 PM
 #15

Where do you get 13M from and no unless you are calling me a liar it won't go to zero.  I will buy all the unbought coins at the first recorded exchange rate (1,309.03 BTC per dollar) even if every coin on the planet was sold it would only cost me <$10,000.  I think the network is worth many magnitudes more than that so yeah I would buy em all.

So standing open order from me.  I will buy Satoshi (and anyone else's) coins for 1,309.03 BTC per dollar in the event Satoshi sells them.
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March 06, 2014, 06:43:02 PM
 #16

Nothing. At least, nothing of lasting consequence. Price would drop. Some of you would panic sell, the rest of us would buy up your cheap coins. Net result better wealth distribution (which, I gather, some of you are keen on for some reason?).

Bonus: If this is in fact the real Satoshi (don't buy it for a moment) and he in fact works for a scary three letter arm of the government, he (they) are not going to do any dumping for the above reason.

My friend, please be under no illusions.

If Satoshi dumped his coins.

Bitcoin would go to zero, with hundreds of thousands of coins left to spare.

But he is not going to dump them, because they aren't his to dump. They belong to his employer, a secretive branch of Uncle Sam.

Now, all those conducting shady trades who thought they were doing business out from under the nose of The Man, these people may be getting a little bit nervous right about now, and that might prove not so good for the USD value of your BTC holdings. But you don't care about USD, you only care about how many BTC u have, right?

Wow, you turned to conspiracy theorist really fast...I'm reminded of this quote from my good buddy...http://www.youtube.com/watch?v=FONN-0uoTHI&list=RDFONN-0uoTHI#t=0
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March 06, 2014, 06:45:52 PM
 #17

If satoshi dumped his coins and BTC went down to $0.10 I'd somehow pony up $120k, buy up all existing Bitcoins, , then trade with myself on Bitstamp to make the biggest rally in existence so BTC gets to $10k, and then sell 12 of my coins back to the world at large. If you think nobody would buy you're nuts.

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March 06, 2014, 07:07:42 PM
 #18

Lol, moment he would move 0.01 from that address he would have to sell it for 5$ a piece. Those coins are lost forever.

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March 06, 2014, 07:09:27 PM
 #19

However, if Satoshi did indeed dump around 13'000'000 Bitcoin, I am sorry but the price would go to zero. I am sorry but if you can't see that, then there is something wrong with your head.

Wut? o_O

Satoshi has 1'300'000 BTC.

How deep is the complete order book on the most liquid exchange, Bitstamp? 30K BTC? 50K BTC?

Y'all say ya would dive in on double and single digit coins, but the reality is that the first sign on the blockchain of Satoshi moving his coins around and this market would freak right out and dump a shit ton. There are millionaires in Bitcoinland who if not for their lucky investments, would be flipping burgers in McDonalds (billyjoeallen?). Bitcoins nominal worth is held up by the fact that less than 10% of these mined Bitcoins are in circulation. Take 10% of all the Bitcoins in existence and dump them on the market then Bitcoin is over.

Of course, they won't go to zero, but then neither will Maxcoin go to zero.

Kraken Account, Robbed/Emptied. Kraken say "Fuck you, its your loss": https://bitcointalk.org/index.php?topic=1559553.msg15656643#msg15656643

Bitfinex victims. DO NOT TOUCH THE BFX TOKEN! Start moving it around, or trading it, and you will be construed as having accepted it as an alternative means of payment to your USD, BTC, etc.
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March 06, 2014, 07:10:23 PM
 #20

However, if Satoshi did indeed dump around 13'000'000 Bitcoin, I am sorry but the price would go to zero. I am sorry but if you can't see that, then there is something wrong with your head.

Wut? o_O

Didn't you hear? Satoshi now owns all the coins (err...the NSA does, err, no the CIA?). Crap, I'm getting confused.
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