Why Satoshi was dumb

[Yoda7331]

I woke up today, completely lucid, with the following realization: Satoshi was naive at worst and plain dumb at worst.

Back in 2008/2009 when Satoshi created/launched Bitcoin, he made the decision to 1) Have no premine 2) Never spent any of the coins he minted. 3) Disappear to eradicate himself as the last form of 'authority'. His reasoning probably being that nobody in their right mind would buy into a crypto that was unfairly distributed from the beginning, of which its creators would stand to benefit most and was controlled by them. I think at this point, you realize where I'm going with this.

13 years later, there are many thousands of shitcoins, most of which had some form of premine, made the creators bank and are still in control to a high degree. These shitecoins are worth millions and some even 100s of billions.

Even a genius like Satoshi miscalculated the stupidity, ignorance and greed of the average person


Do not ever forget, we live in a clown world.


Cheers




favorite shitcoin meme: https://i.redd.it/wwsiw79sa4l81.jpg

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[pooya87]

I can't tell if you are trolling, are sarcastic or serious. The tone is not being conveyed in text form.

In case you are serious is there is anyone thinking this way, I have to tell them that not everyone is doing everything for the "money". You don't necessarily have to be rich to not want money, one can be not-rich and still be content at the same time.
If you can't understand this, it means you are not and will never be content in your life even if you had all the money in the world.

[kaggie]

13 years later, there are many thousands of shitcoins, most of which had some form of premine, made the creators bank and are still in control to a high degree. These shitecoins are worth millions and some even 100s of billions.

Even a genius like Satoshi miscalculated the stupidity, ignorance and greed of the average person

Not so.

Without bitcoin leading the way, those shitcoins could never have gotten off the ground.

There were already shitcoins before bitcoin but none of them solved the decentralization problem (as well as the problem of how to create value from nothing), and eventually failed because their creators were shut-down. These shitcoins also have limited potential growth precisely because of their premine. Do you want a globally useful currency? You're going to have to give up some of that centralized ownership. No country is going to adopt a currency when they know a few individuals own tens of percents of it.

Bitcoin showed that it was possible. It took several years for bitcoin to become worth anything meaningful, and it's worth the most of any crypto. It would have taken a lot longer if Satoshi didn't allow people to mine at any time because no one would have trusted a known individual to not screw them in the long run. With a known individual, it also becomes easier to make a 'why not use visa/mastercard/paypal instead?' argument because that individual can be targeted to disrupt the currency.

The anonymity of bitcoin's creator also provides a support for shitcoins because the little pups can hide behind the big bull of the pack. They would be so much more easily adversely targeted without bitcoin existence.

Bitcoin also works and increases in value precisely because of the greed of the average person. The number goes up because the number goes up. Even with bitcoin, until some addresses have more distributed ownership, bitcoin will be limited in its highest growth potential. Arguably, this is also why shitcoins increase in value -- because of the greed of individuals -- but there has to be a buy-in+reward mechanism for later adopters or eventually you run out of investors. Most shitcoins don't have a consistent reward for later investors and have nothing close to guaranteeing it.

Besides, a large initial pump means nothing for long term success. Any form of currency has to demonstrate long term stability, which bitcoin dominates.

Learn the S-curve. Most shitcoins have fulfilled their S-curve. They may grow rapidly, but they can only do so once. You can argue about where bitcoin is in its S-curve, but it's definitely not at its top.

[fzkto]

Bitcoin was the first popular cryptocurrency to achieve great success, but in its early days it was used among geeks and ideologues who didn't care much about money. Satoshi's idea was quite different - to give people a superior tool, and he succeeded. And then copies, shitcoins, and other rubbish started appearing, whose creators dreamed of getting rich.

[slaman29]

You're right. He's dumb. Not naive.

If he did it like the rest of shitcoins did, he wouldn't have created something new. Because plenty of other types of premined digital money existed before Bitcoin. So he's dumb if we think he disappeared and got nothing out of it.

He couldn't have been naive though.

[aoluain]

The fact that one person^* didnt premine and didnt spend what was mined
cements the fact that the vision of Satoshi was to the future, the goal was to make sure
Bitcoin would succeed , not consider a personal bank account, after all Bitcoin is not
a $hitcoin.

OP should stay in their dreams.

^* Satoshi's identity has not been determined so the use of 'he' and 'himself'
is not accurate, kind of suits the thread OP.

[Wind_FURY]

I can't tell if you are trolling, are sarcastic or serious. The tone is not being conveyed in text form.

He's trolling. Bitcoin would never be where it is currently if Satoshi had greed in the agenda for building the network. To truly be a success, it had to be bootstrapped by the community altruistically. It is always an open source project first, like Linux.

[tranthidung]

Satoshi was naive at worst and plain dumb at worst.

No. Satoshi is smart and the world get benefit from Satoshi's initiative.

Back in 2008/2009 when Satoshi created/launched Bitcoin, he made the decision to 1) Have no premine 2) Never spent any of the coins he minted. 3) Disappear to eradicate himself as the last form of 'authority'.

Satoshi Nakamoto creates Bitcoin and even more, activities after that is unbelievable because it brings more value to Bitcoin. All of them makes Bitcoin more scarce and more decentralized that help it is an unique and most valuable cryptocurrency we have so far. If Satoshi lost all those Bitcoin, it is gift for everyone as Satoshi said in one of posts on the forum about lost Bitcoin.

Lost coins only make everyone else's coins worth slightly more.  Think of it as a donation to everyone.

13 years later, there are many thousands of shitcoins, most of which had some form of premine, made the creators bank and are still in control to a high degree. These shitecoins are worth millions and some even 100s of billions.

Don't compare Bitcoin with shit coins or meme tokens. They are not at same levels so they are non-comparable.

[Kakmakr]

Yoda... are you a mind reader now?

So you think you know what went on in the mind of one of the greatest people that ever lived? Have you ever read the Bitcoin White Paper? ...Also how many of Satoshi's posts have you read on this forum?

Satoshi reacted just like every other person would, that was angry at the time.... They lashed out in different ways, but Satoshi decided to challenge them (Banks & Governments) by inventing something that would serve as an alternative option to Fiat currencies.

Satoshi made so many good decisions with the future in mind, that it would be foolish of people like you to criticize him for the Alt coin phenomenon/Fiasco.  

[JeromeTash]

13 years later, there are many thousands of shitcoins, most of which had some form of premine, made the creators bank and are still in control to a high degree. These shitecoins are worth millions and some even 100s of billions.

And how are the shitcoins satoshi's problem?

You might as well blame him for the Ponzi schemes that are using Bitcoin's success to lure in stupid and dumb investors

Even a genius like Satoshi miscalculated the stupidity, ignorance and greed of the average person

Maybe you should read the white paper again: https://bitcoin.org/bitcoin.pdf

It seems to me you even don't know why Satoshi created Bitcoin.

Do not ever forget, we live in a clown world.

I would be shocked if you are not one of them.

[uneng]

Back in 2008/2009 when Satoshi created/launched Bitcoin, he made the decision to 1) Have no premine 2) Never spent any of the coins he minted. 3) Disappear to eradicate himself as the last form of 'authority'. His reasoning probably being that nobody in their right mind would buy into a crypto that was unfairly distributed from the beginning, of which its creators would stand to benefit most and was controlled by them.

He was right in doing so, otherwise, bitcoin wouldn't be the success it has been being year after year. Bitcoin has the trust and reputation no other cryptocurrency was able to build, so I think Satoshi was pretty accurate and responsible on his decisions. I believe with dumb and naive you meant he wasn't greedy, and if that is the case, the world really needs more dumb and naive people around and less clever, smart guys...

[EdenHazard]

I can't tell if you are trolling, are sarcastic or serious. The tone is not being conveyed in text form.

In case you are serious is there is anyone thinking this way, I have to tell them that not everyone is doing everything for the "money". You don't necessarily have to be rich to not want money, one can be not-rich and still be content at the same time.
If you can't understand this, it means you are not and will never be content in your life even if you had all the money in the world.

Lol true. He mixed it all , but i guess he is more to admiring satoshi intelligence through his weird vexation statement.
Satoshi did it for legacy .. that's for sure , we can feel it by now how cryptocurrency have a huge impact in our daily life.

He just a bit upset that satoshi did not take any advantage, not even a piece.
Well yeah satoshi is not average person like us , he might stand with einstein and hawking for what he have done.

[coolcoinz]

He wasn't thinking about himself but the future of his project and chose the best possible way. No premine and no spending, which means 0 influence over the coin. Pattern of spending, selling, trading can allow people to trace you, find patterns, know what kind of a person you are, your choices when and how much to sell, what to convert into (maybe fiat, maybe a stable coin, if fiat then which one). Each of Satoshi's move would be misinterpreted by an army of journalists and analysts. The way it is is the best for both bitcoin and Satoshi.

[Haunebu]

The title of this thread needs to change to 'Why op is dumb?' instead in my opinion. Why? Because your logic about Satoshi makes zero sense and I have no idea what someone like you is doing in this forum.

Anyone with a half-decent brain knows that Satoshi deserves credit for his/her/their contributions to the cryptocurrency world which is why op needs to grow up asap.

[tranthidung]

Satoshi is smart.

Not only smart but also brave to start working and creating something that can change the world.

Satoshi makes Bitcoin for millions, not millionaires. If you can take it and are able to hold it tightly, you will become millionaire or even billionaire in future.

• Satoshi's lesson (should read this one)

We were dumb because we did not believe in his research and followed him. We underestimate the potency of bitcoin to become popular like what we saw today.

People are mostly dumb because they naively believe in propaganda of governments, believe in fiat currencies and central banks. This pandemic opens our eyes on how governments can easily to add new supply of fiat currency and makes inflation worse in short period of time.

[mk4]

This is either a really bad troll attempt, or a really really dumb post. No in-betweens. Bitcoin wouldn't be in a great situation if everyone knew that Satoshi was just purely profit-driven.

[larry_vw_1955]

I woke up today, completely lucid, with the following realization: Satoshi was naive at worst and plain dumb at worst.

Back in 2008/2009 when Satoshi created/launched Bitcoin, he made the decision to 1) Have no premine

that's probably because the word "premine" didn't even exist back then. so what he did is started mining blocks when very few other people were doing it. (low difficulty)

2) Never spent any of the coins he minted.

but we don't know why not.

3) Disappear to eradicate himself as the last form of 'authority'...

that doesn't seem plausible. but i guess everyone can have their theories.

Bitcoin wouldn't be in a great situation if everyone knew that Satoshi was just purely profit-driven.

well clearly satoshi wasn't just doing it for the money. but what if satoshi popped up today and said the jokes on you guys, i'm cashing in. would that mean bitcoin was less valid then?

[mk4]

well clearly satoshi wasn't just doing it for the money. but what if satoshi popped up today and said the jokes on you guys, i'm cashing in. would that mean bitcoin was less valid then?

Nope, and actually I'm totally fine for him taking profits because he/she/they totally deserve it. But regardless, the sort of anti-capitalist people on social media would be spewing BS like saying that Satoshi has only been in it for the money or something like that.

[masterrex]

I woke up today, completely lucid, with the following realization: Satoshi was naive at worst and plain dumb at worst.

Back in 2008/2009 when Satoshi created/launched Bitcoin, he made the decision to 1) Have no premine 2) Never spent any of the coins he minted. 3) Disappear to eradicate himself as the last form of 'authority'. His reasoning probably being that nobody in their right mind would buy into a crypto that was unfairly distributed from the beginning, of which its creators would stand to benefit most and was controlled by them. I think at this point, you realize where I'm going with this.

13 years later, there are many thousands of shitcoins, most of which had some form of premine, made the creators bank and are still in control to a high degree. These shitecoins are worth millions and some even 100s of billions.

Even a genius like Satoshi miscalculated the stupidity, ignorance and greed of the average person


Do not ever forget, we live in a clown world.


Cheers





favorite shitcoin meme: https://i.redd.it/wwsiw79sa4l81.jpg

Maybe it's not a big deal for Satoshi or maybe he is not a greedy person at all unlike most of us, Anyway it's just my opinion but who knows it was one of the reasons why Satoshi Nakamoto did not do any of that purposes for the sake of his own interest or maybe his not expect that the Bitcoin he was created will become popular and big after 10 years.

[GeorgeJohn]

In case you are serious is there is anyone thinking this way, I have to tell them that not everyone is doing everything for the "money". You don't necessarily have to be rich to not want money, one can be not-rich and still be content at the same time.
If you can't understand this, it means you are not and will never be content in your life even if you had all the money in the world.

You know some people have different narrative of understanding, maybe he was expecting Satoshi to over shadow everything related to cryptocurrency in order to be contented, i think such ideology of op is so myopic from my view, some people are meant to create the means or the pathway of getting over rich but they Left it behind, that doesn't mean they are extremely deficiency of richness, no.