What Do you think Satoshi Would Think About Today's Bitcoin?

[tetaeridanus]

Serious question, where I get different reply from everyone.

Personally, I think his vision of Bitcoin is not what Bitcoin has come today.

- It has became a centralized market, which is controlled by entities. A single cex or dex can manipulate the price in its favor, meaning dumping the price to aquire more btc in lower prices. (liq hunting) So it has become B2P instead of Satoshi's P2P vision.

- Many of it's adapters today don't even use it as a currency or store of value, they use it as a speculative derivative. You can look at this by looking at spot and futures volumes. Adapters pre-2020 know more about Bitcoin's motive, fundementals and mission where after 2020 the market is filled with idiot perma-bulls.

- Bitcoin and Bitcoin's price are two different things. According to Satoshi's Vision BTC is meant to be a digital peer to peer currency; not a store of value which contradicts today's investors. BTC's scalebility issues caused people to shift the narrative to a store of value. However, hence BTC is created as limited money, I believe satoshi also believed one day the narrative would be shifted to a store of value case.

- To conclude, I believe Bitcoin is in the wrong place today from Satoshi's vision. I'm a satoshi visionaire btw, you could think otherwise and I will respect you. This is just my thoughts.

What are your thoughts?

[SeriouslyGiveaway]

Satoshi Nakamoto thought of it and wrote about it years ago.
We are going with a second scenario in Satoshi's vision for Bitcoin, very large transaction volume and trading volume, bigger with time.

Right.  Otherwise we couldn't have a finite limit of 21 million coins, because there would always need to be some minimum reward for generating.  In a few decades when the reward gets too small, the transaction fee will become the main compensation for nodes.  I'm sure that in 20 years there will either be very large transaction volume or no volume.

[tetaeridanus]

Satoshi Nakamoto thought of it and wrote about it years ago.
We are going with a second scenario in Satoshi's vision for Bitcoin, very large transaction volume and trading volume, bigger with time.

Right.  Otherwise we couldn't have a finite limit of 21 million coins, because there would always need to be some minimum reward for generating.  In a few decades when the reward gets too small, the transaction fee will become the main compensation for nodes.  I'm sure that in 20 years there will either be very large transaction volume or no volume.

Yes, I meant that in my writing too. I actually was talking about get rich quick motive; buy and hodl. Instead of peer-to-peer anonymous transactions.

[Poker Player]

I do not know what Satoshi will think if he is still alive, but I would say that he will not be entirely happy with how things are going but if I were him I would not be pessimistic either because there is use of bitcoin as he devised it, to escape the clutches of states and central banks, basically P2P, but in the minority.

It is true that in a large part no, because as you say many people buy it to get rich, through centralized entities and without understanding the philosophy behind the creation. But if the price is where it is, it is also precisely because of that. If bitcoin had been reduced to P2P it would not have gone over $1K in price, and I think the maximum ATH today would be much lower. The path to mass adoption has come hand in hand with this.

[tetaeridanus]

I do not know what Satoshi will think if he is still alive, but I would say that he will not be entirely happy with how things are going but if I were him I would not be pessimistic either because there is use of bitcoin as he devised it, to escape the clutches of states and central banks, basically P2P, but in the minority.

It is true that in a large part no, because as you say many people buy it to get rich, through centralized entities and without understanding the philosophy behind the creation. But if the price is where it is, it is also precisely because of that. If bitcoin had been reduced to P2P it would not have gone over $1K in price, and I think the maximum ATH today would be much lower. The path to mass adoption has come hand in hand with this.

If i could add +1 to this I wouldn't be wrong. You put my mind into words. Thanks for your opinion sir.

[mvdheuvel1983]

I think that Satoshi and Hal Finney would be proud. Bitcoin has come a long way since 2009. And after 14years, bitcoin is one of the top preforming assets, it has not lost its vision of decentralization, the community is growing from just a group of people talking about it on the computer over the internet to millions of people adopting it and using it to escape oppressive regimes, for personal economic purposes and all. I think that they would be proud about the speed at which we can now send bitcoin from one wallet to another as compared to the time it took the bitcoin sent during their time to get to another wallet. They would be proud of the many bitcoin security measures in place. They would be proud that individuals in the community are owning the project and speaking about it. There are some other things that they may not be so proud of like too like the saboteurs in the community, who seek to lead us astray with their manipulations and gimmicks.

[Helena Yu]

Satoshi will be sad because people are use Bitcoin completely opposite to the whitepaper.

People are prefer to hold their coins in centralized exchange than non custodial wallet.
People are view Bitcoin as a commodity than as a currency.
People always judge Bitcoin price in USD or local fiat requirement than 1 BTC = 1 BTC.
People don't care about decentralization and privacy, they choose to rely on centralized entity and share KYC to any unknown site.
Many countries are still ban Bitcoin which make no freedom.

[tetaeridanus]

Satoshi will be sad because people are use Bitcoin completely opposite to the whitepaper.

People are prefer to hold their coins in centralized exchange than non custodial wallet.
People are view Bitcoin as a commodity than as a currency.
People always judge Bitcoin price in USD or local fiat requirement than 1 BTC = 1 BTC.
People don't care about decentralization and privacy, they choose to rely on centralized entity and share KYC to any unknown site.
Many countries are still ban Bitcoin which make no freedom.

If I have smerits, I would merit this; you also spoke my mind sir. Everything I wanted to say you made it easier to say.

Respect

Tetaeridanus

[JunaidAzizi]

What are your thoughts?

Of course, Satoshi will be happy if he is alive and sees Bitcoin. He wants people to be away from the bank and centralized system and Bitcoin is decentralised up to date. You said Bitcoin is centralized over time yeah it is true but still, bitcoin is decentralized as people run their own full nodes and participate in the network and many projects are working to reduce centralization like the lighting network. Bitcoin is still a new technology and is under construction and it has the potential to revolutionize the Financial system.

[kryptqnick]

I hope that Satoshi is still with us, alive, watching what has become of their creation. We don't know what that person might think about the direction Bitcoin took, but there's a lot to be proud of. Bitcoin is familiar to hundreds of millions of people, it has a huge market capitalization, it is a major policy question in some countries, lots of tech giants dipped their fingers into it over the years. Now, turning to op's specific points:
I don't think it's a centralized market where a single exchange can manipulate the price.
I think many use Bitcoin precisely as a store of value, although probably less as a currency.
Scalability is a tricky part, that's true.
So overall, I think it's reasonable to be proud of this invention and the direction it took.

[Wapfika]

- To conclude, I believe Bitcoin is in the wrong place today from Satoshi's vision. I'm a satoshi visionaire btw, you could think otherwise and I will respect you. This is just my thoughts.

What are your thoughts?

Satoshi will not be silent if he doesn’t like what’s going on to Bitcoin. He is probably still alive and watching Bitcoin while spending most of his secret Bitcoin stash freely. I believe he will give a sign or a hint using the blockchain if he doesn’t like what’s going on to Bitcoin.

Bitcoin is controlled by the majority of Bitcoin community. He designed it that way so that there will voting among the community on what to do. This is the beauty of being decentralized, No one can dictate what should be done to Bitcoin and the majority decides what to do.

[hugeblack]

If a change occurs because Satoshi wants this thing or does not want it, then we have not yet reached the level of decentralization required, but I think he will be happy, as Bitcoin has prompted changes in the lives of individuals and in the understanding of the economy, not to mention that it is a realistic thing and has continued to work throughout the previous periods, and it is difficult to judge. It must succeed or fail, as we still need about 7 years before we reach the first evaluation, and let us remember that it took Apple decades of years to reach the current level.
It is not necessary to reach Satoshi's scenario, but it is something that works and there is continuous development, which is the most important thing.

[Faisal2202]

- Bitcoin and Bitcoin's price are two different things. According to Satoshi's Vision BTC is meant to be a digital peer to peer currency; not a store of value which contradicts today's investors. .....
What are your thoughts?

It's hard to answer your question, but as you mentioned, you are looking for opinions that are definitely going to be varied. I will say it will be easy if we have some interviews with Satoshi about BTC. But Whitepaper does that work. And you have pointed out a good point here. But this is not something new in discussion.

If Satoshi is still alive (who knows), then I think he would definitely not think that BTC would have gone this far, as according to a factoid about Satoshi:

I'm sure that in 20 years there will either be very large transaction volume or no volume.

This indicates one thing for sure, he was not sure that either BTC would work. But I think BTC works, and if BTC works, then it will grow more, and that's for sure.

And you said, BTC and BTC price are two things, and according to Satoshi, it means p2p, but I can say something for sure:

Satoshi must not see the taproot, or lighting network coming. And he also does not see ordinals coming. And he also has not seen coming that people will start to use it as a store of value. But the thing is, BTC has performed unexpectedly and made many people rich too. I hope you get my version of the answer.

[avikz]

- To conclude, I believe Bitcoin is in the wrong place today from Satoshi's vision. I'm a satoshi visionaire btw, you could think otherwise and I will respect you. This is just my thoughts.

What are your thoughts?

It's true! Bitcoin that was invented by Satoshi, is not the same as today's Bitcoin. Technically it's same but not how the way people are using it. The reason is Bitcoin itself and it's extreme price movement. It has become an investment asset more than anything.

But that's how a free market should operate to be honest. Inventor may have a vision but if the market decides something else than what was envisioned, no one can stop that.

[Ale88]

Serious question, where I get different reply from everyone.

Personally, I think his vision of Bitcoin is not what Bitcoin has come today.

- It has became a centralized market, which is controlled by entities. A single cex or dex can manipulate the price in its favor, meaning dumping the price to aquire more btc in lower prices. (liq hunting) So it has become B2P instead of Satoshi's P2P vision.

- Many of it's adapters today don't even use it as a currency or store of value, they use it as a speculative derivative. You can look at this by looking at spot and futures volumes. Adapters pre-2020 know more about Bitcoin's motive, fundementals and mission where after 2020 the market is filled with idiot perma-bulls.

- Bitcoin and Bitcoin's price are two different things. According to Satoshi's Vision BTC is meant to be a digital peer to peer currency; not a store of value which contradicts today's investors. BTC's scalebility issues caused people to shift the narrative to a store of value. However, hence BTC is created as limited money, I believe satoshi also believed one day the narrative would be shifted to a store of value case.

- To conclude, I believe Bitcoin is in the wrong place today from Satoshi's vision. I'm a satoshi visionaire btw, you could think otherwise and I will respect you. This is just my thoughts.

What are your thoughts?

The main missing thing right now, in my opinion, is the actual use as currency, but at the end bitcoin is still young. When big websites are retailers will start accepting bitcoins many things will change.
Regarding the centralization, that is something that no one has control over, if some people keep selling and others keep buying...

[bayu7adi]

All of this arises because when storing BTC, its value, when converted into FIAT, proves advantageous to its owners. At that time, the monetization technique stemming from Bitcoin market volatility gained popularity due to its sheer simplicity. Everyone is naturally enticed by the prospect of making money effortlessly, without significant effort or physical exertion. You simply buy and then wait for the opportune moment to sell. All of this takes place online, anywhere, and at any time.

Admittedly, this deviates from Satoshi's vision, but it is also challenging to avoid because the presence of Bitcoin is exceedingly rare, and demand consistently fluctuates. Therefore, price fluctuations are truly inevitable, and trading Bitcoin will remain an ever-accompanying activity.

[Captain Corporate]

I am not entirely sure what he would think about bitcoin itself, but I am sure that he would be very much against %99.99 of the new coins that were created in the last 6-7 years. Ever since that ICO period started where the idea of "pay me some money to create a new coin", we have been going downhill in quality and not many great projects has existed. The main reason why we keep seeing most projects end up being in top 10 and in few years they are all out is the fact that they are all terrible "fund me" projects. He wanted decentralization, hence why he left bitcoin himself, not a system where people would pay each other to make new tokens on others chains.

[BITCOIN4X]

Satoshi has said what he should have said and one of them is this one:

"I'm sure that in 20 years there will either be very large transaction volume or no volume." -- Satoshi

So I don't think Satoshi is very surprised by the current development of the bitcoin market because he actually predicted about it a long time ago. If Satoshi were really still alive (I assume he is) then he would definitely feel great happiness for what he created at this financial system. He has changed a lot of things and has changed the mindset of many people about the financial system, so he has been very successful in feeling what he is supposed to feel.

[Stedsm]

I won't talk about markets, but BTC definitely is centralized as being controlled by various big institutions now, as a huge chunk of BTC is now held by them and the dream of evenly distribution of BTC has failed and only the riches are now running the markets and deciding the value of BTC currently.

But TBH, it's neither the institutions' fault nor the retailers'.
We wanted adoption, so I can say that we wanted it, we got it.

A decade ago when I started using this forum (and even knowing about BTC before that), I'd say that it's our failure that we didn't recognise the power of blockchain technology and didn't take BTC seriously, so now crying about centralization and all that shit isn't worth it when we only didn't give a damn about what we already knew years ago. Opportunities don't stay forever, but yeah they do come and go, and the cycle goes on.

[romero121]

Satoshi had a vision, but the development didn't spread the role as he expected. To have his vision conveyed through the innovation is really hard thing, because everyone doesn't have the same thought process as him. Apart based the knowledge possessed by individuals they take it in their own way. This is how bitcoin got importance as investment, as people saw the growth in it better than its unique features. Even after decades it is going to be tough to make the vision of Satoshi come effective through bitcoin.

Satoshi innovated with a vision, but its usage kept rising for some other reason. Atleast there is some good reason for which it had got wide spread. If not this could've never been this good in terms of adoption as well as in multiple usage as investment, currency, store of value, currency, etc