Has Bitcoin Deviated from The Vision of Satoshi?

[0t3p0t]

Look at the Bitcoin whitepaper once more: a peer-to-peer electronic payment system indeed. Was Satoshi really envisioning a payment system so widespread that it became a preferred way of paying for goods and services? What's happening today? Bitcoin is now more of an investment than a payment tool. In fact, it's as if all the cryptocurrencies are businesses for their inventors, bar Satoshi—a means of becoming automatic millionaires rather than a peer-to-peer payment system. In fact, the quickest way to get rich these days seems to be by starting a crypto project.

Not even the guy that started Bitcoin Satoshi Vision is exempted.

Bitcoin, a peer-to-peer payment system? Nah... more of a decentralized speculative investment platform.

It is clearly because of the current attacks by ordinals that is why it is not as convenient to use Bitcoin as payment compared to it being used as an investment. High fees hurts our every transactions that is why Bitcoin developers must find an alternative way to drive fees down or else I can call it a failure of maintaining it's intended purpose of existence. I can also see negative effects of Bitcoin on this like investors will divert to Altcoins just to have a reasonable transaction fees.

[moneystery]

bitcoin does not deviate from satoshi's vision as a decentralized payment that can be used by everyone, but now do you see that bitcoin can be used as a means of payment that can be used by people in their daily transactions? no, because the fees are quite high. moreover, the use of bitcoin in daily transactions to replace fiat is still prohibited by the government, so until now people still prefer to trade it as an instrument.

so if today more people trade bitcoin it doesn't mean that bitcoin has deviated from satoshi's vision, it's just that bitcoin is not yet suitable for use as a means of payment on a massive scale, it's just still limited to people who want to make international transactions or those who want to pay fees.

[franky1]

satoshi vision has become a term for faketoshi
no one cares about SV

lets stick with thoughts about the real satoshi's invention and its evolution/devolution(pro/con)

bitcoin core protocol management is not the same landscape or roadmap compared to the era/ideas of satoshi
satoshi actually cared about lean byte utility where every byte counted and had purpose, unlike these days

[harapan]

Look at the Bitcoin whitepaper once more: a peer-to-peer electronic payment system indeed. Was Satoshi really envisioning a payment system so widespread that it became a preferred way of paying for goods and services? What's happening today? Bitcoin is now more of an investment than a payment tool. In fact, it's as if all the cryptocurrencies are businesses for their inventors, bar Satoshi—a means of becoming automatic millionaires rather than a peer-to-peer payment system. In fact, the quickest way to get rich these days seems to be by starting a crypto project.

Not even the guy that started Bitcoin Satoshi Vision is exempted.

Bitcoin, a peer-to-peer payment system? Nah... more of a decentralized speculative investment platform.

Bitcoin is valuable because it has all the essential properties of paper money: acceptability, divisibility, durability, fungibility (interchangeability), portability, and scarcity.

Bitcoin did not deviate at all.So long as its popularity increased,exposure and indulgence has a positive impact globally,its here to stay.
It's a decentralized currency,a peer-to -version of electronic cash and that's it

[linuxworks]

Yes, it's not a payment system for the masses in a true P2P sense. The Bitcoin of today is a stored value compared to its original intent as greed has taken over. Take a look at the amount of wallets that control more than 50% of the coins in circulation. Less than 2k wallets with the top wallets controlling the top 20% of the coins in circulation.

Source:


2024-01-02
Balance, BTC   Addresses   % Addresses (Total)   Coins   USD   % Coins (Total)
(0 - 0.00001)   4006042   7.62% (100%)   21.13 BTC   $950,400   0% (100%)
[0.00001 - 0.0001)   10076664   19.16% (92.38%)   434.31 BTC   $19,532,705   0% (100%)
[0.0001 - 0.001)   13477469   25.62% (73.23%)   5,270 BTC   $237,025,182   0.03% (100%)
[0.001 - 0.01)   12285120   23.36% (47.6%)   44,837 BTC   $2,016,481,292   0.23% (99.97%)
[0.01 - 0.1)   8167920   15.53% (24.24%)   274,732 BTC   $12,355,690,871   1.4% (99.74%)
[0.1 - 1)   3559673   6.77% (8.71%)   1,100,284 BTC   $49,483,733,204   5.62% (98.34%)
[1 - 10)   868545   1.65% (1.95%)   2,157,581 BTC   $97,034,149,104   11.02% (92.72%)
[10 - 100)   139390   0.27% (0.3%)   4,428,137 BTC   $199,149,231,116   22.61% (81.7%)
[100 - 1,000)   13899   0.03% (0.03%)   3,916,788 BTC   $176,152,024,971   20% (59.09%)
[1,000 - 10,000)   1920   0% (0%)   4,681,942 BTC   $210,563,759,225   23.91% (39.1%)
[10,000 - 100,000)   103   0% (0%)   2,283,007 BTC   $102,675,012,751   11.66% (15.19%)
[100,000 - 1,000,000)   4   0% (0%)   692,085 BTC   $31,125,554,271   3.53% (3.53%)

Src:https://bitinfocharts.com/bitcoin-distribution-history.html
 

[Darker45]

Blame Satoshi. Satoshi made Bitcoin so well people won't let go a Sat. Instead of spending, people are hodling and are stacking up as many Sats as possible.

And blame fiat. Why spend Bitcoin when I have some fiat which is fast losing its value? Fiat is for spending as Bitcoin is for hodling.

And perhaps blame Bitcoin as well for being slow and expensive. Why should I be spending a currency that grows in value over time and which is also inconvenient to use as payment?

[Awaklara]

Bitcoin, a peer-to-peer payment system? Nah... more of a decentralized speculative investment platform.

I don't think it's a deviation. it's just that this vision has not been achieved. Don't care about the thoughts of current new project creators who think crypto is a safe and profitable digital investment asset for the future.
The current problem is regulation. Some countries accept Bitcoin as a tradable asset, not a means of payment. Unfortunately, the thought of Bitcoin as an investment asset has taken root when exchange platforms branded Bitcoin as an investment asset.
but I will believe it, someday, when there are problems with conventional payments, even uncontrolled fiat. Bitcoin will be the best solution in the future.

[bluebit25]

(...)Bitcoin, a peer-to-peer payment system? Nah... more of a decentralized speculative investment platform.

The question is do you really understand Satoshi's entire intention? I'm not sure if I see the problem wrong or not, but the introduction of bitcoin has made us see an opportunity to develop " a peer-to-peer electronic payment system indeed ", I also don't want to associate it. The only crypto brand is bitcoin, and bitcoin's current problems make more people view it as a speculative asset than popularize it. But clearly the solution still exists, along with the developments of altcoins, I personally do not like to insist on something immutable, it's just that its properties are similar and are helping bitcoin develop more, perhaps our understanding is contradictory and I also think it is all part of Satoshi's calculations.

[FinneysTrueVision]

How long has it been since Satoshi's mysterious departure? Well over a decade by now. Bitcoin has existed without Satoshi for far longer than the 2 years that he was around. There is no need for a decentralized network to adhere strictly to the vision of a single leader. In his absence, the protocol still needs to continue operating. Changes will be made when bitcoiners as a collective agree to them. At this moment, the community has decided that being able to pay for a cup of coffee with an onchain payment is the not an urgent priority.

[harapan]

Not at all!!
Bitcoin has not deviated from satoshi's vision because it still operate according to the expectations of the founder.Despite the mysterious departure or disappearance of the founder,bitcoin is still in order.It progresses as it is ought to.
 But I'm still trying to understand how something can remain this effective and operate confidently without any form of interference.But that's the major thing about its existence,to work for the people without any interference and interruption