Bicoin is making many rich how did satoshi come about this idea

[Zilon]

What was satoshi Nakamoto really thinking of when he decided to develop bitcoin. To me this idea must have been a product of a wild imagination. Considering that we already had a centralized currency and everyone was already comfortable with it. He still went on with his projects. Creating a decentralized currency devoid of political and societal manipulations.

I had a few questions going through my mind all along. One of it was since it was called bitcoin was satoshi trying to reform our normal coin or was it going to be an electronic coin that would serve multi-purpose. Secondly I was wondering since it was going to be decentralized without government regulations how long would the project last and for how long would this coin be in circulation.

To my surprise bitcoin is not just a digital currency but an investment opportunity for long term profit. My amusement is how on earth was this figured out and what was satoshi thinking that brought this deep insight to his imaginations. Going as far as developing a software that bags many fortunes. This monetary policy is highly unpredictable and its devoid of human manipulations. A currency that is strictly hidden behind encrypted blocks of code.

My imagination is the strong belief we had for this currency we never felt of held with our hands yet we had this strong belief that it would certainly sky rocket. Taking an invention been controlled solely by software a which releases a total of twenty-one bit coins, almost all of them over the next twenty years.

Every ten minutes or so , coins would be distributed through a process that resembled a lottery. Miners-people seeking the coins would play the lottery again and again; the fastest computer would win the most lottery.

This idea must have caused satoshi nakamoto his sleep and deprived him of countless pleasures. I see him as my deepest motivation

Source: https://www.investopedia.com/tech/three-people-who-were-supposedly-bitcoin-founder-satoshi-nakamoto/

[1714597651]

1714597651

[Daniel91]

You have a lot of information about it on the Internet, just search.
One interesting article you can find here: https://news.bitcoin.com/satoshi-nakamotos-bitcoin-white-paper-a-12-year-old-summary-of-robust-unstructured-simplicity/
Here are words from Satoshi himself that may explain his motivation and reasons for creating bitcoin:
''For some reason, on Halloween eve, Nakamoto felt the urge to tell the world there is a need for an electronic payment system “based on cryptographic proof instead of trust.” This in turn would allow “any two willing parties to transact directly with each other without the need for a trusted third party.” With the central banks creating money out of thin air, the need has never been more clear.''

[20kevin20]

We don't currently have a decentralized currency besides cryptos. Fiat is fully centralized.

Satoshi wanted to create something to help us move away from the criminal system that pushes us through various less or more harsh recessions. Bitcoin has launched during the 2008 crisis. We needed something separate from our system.

He likely did not plan to create something to make people rich though. The number of OG Bitcoiners that are rich today is negligible. The only advantage we have is that we're early in the crypto industry. The more people join, the more likely it is that our reward will be higher.

At the end of the day, the rich are still going to be in advantage. But overall, the thing that matters the most is that we have a system that cannot be manipulated and controlled by governments or any other third party.

[examplens]

To my surprise bitcoin is not just a digital currency but an investment opportunity for long term profit. My amusement is how on earth was this figured out and what was satoshi thinking that brought this deep insight to his imaginations. Going as far as developing a software that bags many fortunes. This monetary policy is highly unpredictable and its devoid of human manipulations. A currency that is strictly hidden behind encrypted blocks of code.

the basic idea for creating bitcoin is not profit-making.
All other opportunities like an investment, trading or whatever people doing with Bitcoin is just an additional derivative. As well as any mass phenomenon with good foundations comes to the moment of commercialization and someone uses it to get rich.
when radio waves were first recognized, certainly not thought about, hey someone will charge advertisements on this way and get rich because of it.

[LordMiguel]

it is simple. the world economy has been crumbling. economic depths has been increasing. many has been able to bail out themselves. the government has been the cause. printing more money at will with nothing to improve the economy. with mechanisms like this, you will always see the rich getting rich and the poor getting poor. what satoshi did was to create a mathematical algorithm that will remove power from a group of people that called themselves government and give it to the people.

[tranthidung]

You have a lot of information about it on the Internet, just search.
One interesting article you can find here: https://news.bitcoin.com/satoshi-nakamotos-bitcoin-white-paper-a-12-year-old-summary-of-robust-unstructured-simplicity/

I would like to stay away from bitcoin[dot]com and any resources on the website. Some is real, some is fake to shill BCash. For newbies, they don't have skills and experience to verify given information and they can be misdirected to wrong information. We can and are free to read anything we want, but newbies should not.

Satoshi Nakamoto Institute (it is not managed by real Satoshi Nakamoto) is recommended with many resources to read. One of my favorite article The Bullish Case for Bitcoin

[ranochigo]

Hal Finney Satoshi wasn't the first to invent a PoW algorithm, Hal Finney did.

BitGold and B-Money were apparently referenced in the whitepaper as well. If you were to look into both of them, you can find some similarities to how Bitcoin actually function.

[ChuckBuck]

~skip

Does anyone think this topic is in the wrong section? The title of this topic made me think of the Bitcoin discussion. I have read through the article, the content is not really suitable for this section. Why is it still here? Should a topic be discussed about Bitcoin and its origins in the right category? Nor does the OP have any real questions or concerns that need to be answered 

Maybe I overdo it?

[Zilon]

We don't currently have a decentralized currency besides cryptos. Fiat is fully centralized.

Satoshi wanted to create something to help us move away from the criminal system that pushes us through various less or more harsh recessions. Bitcoin has launched during the 2008 crisis. We needed something separate from our system.

He likely did not plan to create something to make people rich though. The number of OG Bitcoiners that are rich today is negligible. The only advantage we have is that we're early in the crypto industry. The more people join, the more likely it is that our reward will be higher.

At the end of the day, the rich are still going to be in advantage. But overall, the thing that matters the most is that we have a system that cannot be manipulated and controlled by governments or any other third party.

I strongly agree with you. I am only trying to picture the sleepless nights he encountered trying to make this a reality. The set backs , the discouragements even the period where most of his colleagues would have suggested to him that the project was fruitless. I applaud him for this great innovation

[Zilon]

Hal Finney wasn't the first to invent a PoW algorithm, Hal Finney did.

BitGold and B-Money were apparently referenced in the whitepaper as well. If you were to look into both of them, you can find some similarities to how Bitcoin actually function.

Please for the sake of clearity would you provide me with links where I can really up all of this because some terminologies used here sounds strange to me and am trying so hard to get a clue of what you are trying to dish out. I will sincerely appreciate it if I get links so I can do my own research

[goldade]

It is funny how that this is one question that I ask myself almost every day when I just got involved with bitcoin. I wonder how Satoshi came about the idea of creating a new money with potentials as tremendous as this. But then I realized that thinking about this is just like thinking about how Alexander Graham bell created the telephone.
Sometimes we don't need to know how they made these genius inventions, we just need to appreciate them for it and tap into tier potentials

[sheenshane]

Frankly, when Satoshi first launched this idea, he did not anticipate that exchange platforms would be used for trading at this level. In my opinion, it aimed to create a currency like fiat currencies and then I think it developed quickly, independent of even its control. If we look at it this way, we cannot compliment satoshi much.

That was exactly how he intended to create Bitcoin if you will read carefully the Bitcoin Whitepaper, the intention is to become an "A Peer-to-Peer Electronic Cash System".  And right, for how many years Bitcoin has been used as a fiat but due to the fixed amount of Bitcoin, this goal was a failure because people think that Bitcoin is good for saving value not as for the fiat as we know that the value continued growing up and people keep accumulating Bitcoin as much as they can.

We must be thankful for what Satoshi's discovered and every one of us gets benefits from this until now.

[ranochigo]

Please for the sake of clearity would you provide me with links where I can really up all of this because some terminologies used here sounds strange to me and am trying so hard to get a clue of what you are trying to dish out. I will sincerely appreciate it if I get links so I can do my own research

Go read the whitepaper. The references are in it, together with the links. It'll be good to see the early Satoshi emails as well, they can give you some insights into his thought process.

[Lanatsa]

Please for the sake of clearity would you provide me with links where I can really up all of this because some terminologies used here sounds strange to me and am trying so hard to get a clue of what you are trying to dish out. I will sincerely appreciate it if I get links so I can do my own research

Go read the whitepaper. The references are in it, together with the links. It'll be good to see the early Satoshi emails as well, they can give you some insights into his thought process.

Okay lets snip out some words on WP when it comes to thought on why creating such thing.

https://bitcoin.org/bitcoin.pdf
A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a
financial institution.

He surely never  thought that his creation would really make this big and the rest are just another benefits ex. money making

[GreatArkansas]

(....)
He surely never  thought that his creation would really make this big and the rest are just another benefits ex. money making

I was surprised only for those people who are into money-making with Bitcoin, just like they are into Bitcoin or buying Bitcoins because of greed or they thought it is easy money WITHOUT understanding Bitcoin or knowing what is the real use of Bitcoin why it is created.

[AniviaBtc]

Obviously, he created so that government has nothing to do with our money and they can't take full control of our money.

Which is really a good idea and we are now seeing and experiencing its advantages in our investment and in the market.

Thanks to Satoshi for making something that will really help most of the people who want to become successful and make transactions anonymously and safely. He don't directly wants us to become rich but he just want to prove to the world that we can live without the existence of central banks that keeps our financial freedom.

[davis196]

I'm pretty sure that Satoshi would never imagine that the Bitcoin price might reach 60K USD at some point.
He would have thought that the price of one Bitcoin would stay somewhere around one dollar or maybe a few dollars.However,we don't know his predictions about the future Bitcoin prices and I'm sure that the Bitcoin price was NOT his top priority.We can only guess about his thoughts in regards of the transformation of Bitcoin into an investment tool.He is kinda disappointed,probably.

[Kong Hey Pakboy]

I think the reason that satoshi invented bitcoin was because he/she was inspired from other electronic money before bitcoin and so he/she started working on the idea from the previous electronic money and improved them. The other reason might be that satoshi wanted to create a type of medium that cuts the middle man from the seller to the buyer to make a faster transaction.

[Yaunfitda]

Well it pretty much say's where he got this idea as written in the Genesis block.



He wanted something, a creation that will change the whole capitalist system. A decentralised technology with no boundaries (p2p, micro-payment) and for everyone to used.