Satoshi Wallet 1.1 Million Btc ?

[2021Start]

Hello,

I just saw on a publication that 1st rank wallet was Satoshi Wallet, with 1.1 million BTC in it. After comes Binance exchange with 500k btc, blackrock, us government, micro strategy ...

Any one have an idea of what can happen if theses 1.1 Million BTC are sold at once ? Is bitcoin in danger because a wallet hold that much ? Do you think theses bitcoins are lost for ever ?

What's your opinions guys about this amount of BTC in one Wallet ?

[un_rank]

Satoshi exact holdings are speculative, and he is estimated to have thousands of wallets with his portfolio spread around them.

Any one have an idea of what can happen if theses 1.1 Million BTC are sold at once ? Is bitcoin in danger because a wallet hold that much ? Do you think theses bitcoins are lost for ever ?

Not the amount itself, but Satoshi selling his bitcoins will be of huge significance. This does not put Bitcoin in "danger" and we can only speculate on of the wallets are lost or only locked he has always been anonymous.

- Jay -

[BitMaxz]

Would you mind sharing the Satoshi wallet address?

That's a huge amount of BTC but I don't think it can affect the price of BTC much. Maybe a little since there are lots of BTC holders and I think only traders can decide how much BTC will be worth.

And why would Bitcoin be in danger if someone holds that much we don't even know if Satoshi is alive or maybe these wallets are lost. It can affect BTC price a bit but I'm sure it would recover immediately and look the core developers are still there to keep developing BTC.

[ABCbits]

I just saw on a publication that 1st rank wallet was Satoshi Wallet, with 1.1 million BTC in it.

FYI, it's just an estimation which popularized by this old blog post https://bitslog.com/2013/04/17/the-well-deserved-fortune-of-satoshi-nakamoto/.

Any one have an idea of what can happen if theses 1.1 Million BTC are sold at once ?

These are the common speculation if Satoshi attempt to do it.
1. Centralized exchange would freeze such massive BTC deposit, since it's unusually huge.
2. If Satoshi managed to sell all of it, Bitcoin price will crash and some people will lose trust towards Bitcoin and cryptocurrency in general.

Is bitcoin in danger because a wallet hold that much ?

No, since Bitcoin use PoW rather than PoS. Satoshi can't use the 1.1M BTC to manipulate block generation.

Do you think theses bitcoins are lost for ever ?

I don't know. But there's no sign it's being moved after 15+ years and Bitcoin price reaching above $60K.

[NeuroticFish]

Any one have an idea of what can happen if theses 1.1 Million BTC are sold at once ?

That cannot happen. There are many who are watching closely "satoshi addresses" and without satoshi coming into light, those may be considered stolen and getting frozen.
But the news for them being moved could cause quite a lot of panic, even without even being sold.

Is bitcoin in danger because a wallet hold that much ?

No. There's no relation between the amount in a wallet and Bitcoin security.
Keep in mind that Bitcoin security/viability is not the same as its price.

Do you think theses bitcoins are lost for ever ?

Yes.

What's your opinions guys about this amount of BTC in one Wallet ?

A wallet is a collection of addresses. There's no proof that "satoshi addresses" belong together, to the same wallet. Imho that's pure speculation.

However, you wanted an opinion, I'll come with one somewhat related: although the chance a collision (i.e. somebody else get the same private key for his address as an existing one) is incredibly small, it's not zero. So I would always advise splitting big amounts of funds between more addresses.

[BlackHatCoiner]

I just saw on a publication that 1st rank wallet was Satoshi Wallet, with 1.1 million BTC in it. After comes Binance exchange with 500k btc, blackrock, us government, micro strategy ...

There is no evidence that Satoshi owns 1.1 million bitcoin. There's only flawed speculation.

Any one have an idea of what can happen if theses 1.1 Million BTC are sold at once ?

At once? Absolutely nothing. $68 billion would swap from banking accounts, and that might terrified some. But, if a sell order of 1.1M bitcoin was accepted at once, then it'd have no influence to the price. The price would drop if these million bitcoins were spread across many sell orders, at lower prices than the current.

[mikeywith]

1.1m is indeed a huge amount that would certainly affect the price be it done at once or in stages, however, the total daily volume of BTC trades is half a million BTC (today's volume), double the volume in the order book would certainly crash BTC price at least temporary.

However, the greater effect would be the fact that Satoshi's coins are moving, which would cause a massive drop in price for various reasons that the market would speculate.

1- Some people would think Satoshi lost faith in BTC and it's over.
2- Someone managed to "hack" into Satoshis wallet or brute-forced the seed.
3- Satoshi's identity is exposed and some x government arrested him.

Those along with other things that come from a lack of understanding of how Bitcoin and its security work, like Satoshi giving away the "key" to Bitcoin and thus it would be destroyed (many people think there is a source code of some sort that only Satoshi has, like a private server or whatever that would bring BTC down" .

Mostly it's all these negative speculations that would cause a massive drop price, which would then be recovered over time in my opinion.

[FP91G]

Hello,

I just saw on a publication that 1st rank wallet was Satoshi Wallet, with 1.1 million BTC in it. After comes Binance exchange with 500k btc, blackrock, us government, micro strategy ...

Any one have an idea of what can happen if theses 1.1 Million BTC are sold at once ? Is bitcoin in danger because a wallet hold that much ? Do you think theses bitcoins are lost for ever ?

What's your opinions guys about this amount of BTC in one Wallet ?

Did you ever think that these coins will be immediately blocked on the exchange and a lot of documents will be requested from the trader to unblock the account.
I am not sure that such amount of bitcoins can be sold on known exchanges.

[vjudeu]

although the chance a collision (i.e. somebody else get the same private key for his address as an existing one) is incredibly small, it's not zero. So I would always advise splitting big amounts of funds between more addresses.

This is not the case, for two reasons:

1. The search space is always limited by n-value in ECDSA, which is 0xfffffffffffffffffffffffffffffffebaaedce6af48a03bbfd25e8cd0364141.
2. The more addresses you create, the more chances are, to find any non-zero amount. For example: if you have 256-bit keys, and you have 16 of them, then by searching 2^256/2^4=2^252 addresses, you can find something.

So, even if you decrease chances of sweeping them all, you increase chances of getting something, at the same time. Not to mention, that if all of your keys are in some kind of HD wallet, then compromising a single key, from a non-hardened HD wallet, can compromise everything, if you know one child private key, and one master public key, and you know the derivation path.

Of course, Patoshi's keys probably didn't use any kind of HD wallet, because it didn't exist at that time. And also, nobody knows if Patoshi=Satoshi. I doubt it.

[NeuroticFish]

So, even if you decrease chances of sweeping them all, you increase chances of getting something, at the same time.

Indeed, it's good you explained that (although imho too technical), this is expected.

Not to mention, that if all of your keys are in some kind of HD wallet, then compromising a single key, from a non-hardened HD wallet, can compromise everything, if you know one child private key, and one master public key, and you know the derivation path.

This, on the other hand is a very interesting point.
And although it's clear that satoshi didn't have back then HD wallets, the info may be useful for some.

[Dump3er]

1.1m is indeed a huge amount that would certainly affect the price be it done at once or in stages, however, the total daily volume of BTC trades is half a million BTC (today's volume), double the volume in the order book would certainly crash BTC price at least temporary.

However, the greater effect would be the fact that Satoshi's coins are moving, which would cause a massive drop in price for various reasons that the market would speculate.

1- Some people would think Satoshi lost faith in BTC and it's over.
2- Someone managed to "hack" into Satoshis wallet or brute-forced the seed.
3- Satoshi's identity is exposed and some x government arrested him.

Those along with other things that come from a lack of understanding of how Bitcoin and its security work, like Satoshi giving away the "key" to Bitcoin and thus it would be destroyed (many people think there is a source code of some sort that only Satoshi has, like a private server or whatever that would bring BTC down" .

Mostly it's all these negative speculations that would cause a massive drop price, which would then be recovered over time in my opinion.

Isn't there this warning application on Twitter/X that when dormant big wallets move their coins, there is an automatic message going out?

Assuming someone would successfully brute-force the seed, what value would it give to the person to move the coins first? I think they would set up an agenda, claiming that Satoshi is back. It seems as if that were not make a huge difference, but I think it would be much smarter to "reappear" on Bitcointalk and Reddit and so on and so forth, claiming to be Satoshi. Then giving it some time, write up a story, claim that anonymity is important so it is not possible for them to show their face. If they then began moving small amounts, I believe it would be less harm. I doubt that anybody who cracked the seed would move all at once. The effect would be obvious as you described.

But one question for me is: isn't it somehow priced in that the coins could move one day? I am saying somehow, not completely as it would still have an effect. But it would be naive to believe that they will never move again. It would cause some hands to freak out and sell. But it wouldn't make too much sense to me that Bitcoin drops like 50%.

I have never been convinced that the coins will never ever move again. I think they will and nobody even knows whether there is a good or bad soul behind those wallets. But that uncertainty exists already. Nobody can tell how many Bitcoin North Korea owns. An evil government could have been buying for more than a decade now and acquire a fortune at very little cost. This is more of a feature and who knows how much anonymous evil actors already contributed to Bitcoin's price increasing so much over the years?

[rhodelmabanal]

Hello,

I just saw on a publication that 1st rank wallet was Satoshi Wallet, with 1.1 million BTC in it. After comes Binance exchange with 500k btc, blackrock, us government, micro strategy ...

Any one have an idea of what can happen if theses 1.1 Million BTC are sold at once ? Is bitcoin in danger because a wallet hold that much ? Do you think theses bitcoins are lost for ever ?

What's your opinions guys about this amount of BTC in one Wallet ?

Next time share also the address so that we can see or track that the wallet that hold that much of btc is real, however of that amount of btc is sold i think it can affect the price but not so long affect and i also believe that no one will sell in bulk amount, there are a lot of reason to make a price low not just selling, even if you sold bulk of btc there is no big affect because there are a lot of btc buyer or believer that can buy those btc and hold so the affect is not so big i think.

[pooya87]

2- Someone managed to "hack" into Satoshis wallet or brute-forced the seed.

FWIW the early versions of the bitcoin wallet client was not deterministic so each key was generated randomly and had no relationship. In other words there is no single seed to brute force. The wallet file itself is needed since it would hold all the keys.

[yhiaali3]

Most likely, as most members have pointed out above, selling these huge quantities will definitely affect the price and cause it to drop significantly and unexpectedly due to the influx of these large quantities at once, which will lead to an increase in supply that causes the price to drop.

But on the other hand, selling these quantities does not really affect the security of the Bitcoin network because Bitcoin is designed to accommodate all these huge quantities, and therefore this will not have a direct impact on the network. The impact will be indirect, as fear and rumors will spread that could cause major problems that may lead to a collapse in the price and a loss of confidence because Satoshi's wallet has become a symbolic icon for the Bitcoin community.

[adaseb]

People stopped worrying about Satoshi dumping all his bitcoins a long time ago, perhaps 5-8 years ago or so. If he was going to sell he would of done so by now. Also you need to realise that if he decides to sell, he might risk his identify and then have to hire security and what-not. Most likely he doesnt want that headache.

If he is still alive, then he might be selling the coins he mined in 2010 or so which would be more difficult to pin-point to Satoshi. Every few months there are coins from 2010 which are getting sold and these werent moved for the last 14 years so its pretty impressive Diamond hands. Might be Satoshi or might be some other random miner. Either way, Satoshi will never market sell all his 1M coins.

[EluguHcman]

I just saw on a publication that 1st rank wallet was Satoshi Wallet, with 1.1 million BTC in it. After comes Binance exchange with 500k btc, blackrock, us government, micro strategy

Is this Satoshi wallet in question you are talking about an individual owned wallet or a blockchain wallet exchange network like the mentioned Binance?

Any one have an idea of what can happen if theses 1.1 Million BTC are sold at once ? Is bitcoin in danger because a wallet hold that much ? Do you think theses bitcoins are lost for ever ?

Definitely it would disrupt the plans for short term investors goals and reassigns to threshold for investors initiating long term goal as a result of Bitcoin price drop which would cause Investors sentiments.

Invariably its benefits may maximize opportunities for more enthusiasts to embrace the Bitcoin market while aggressive investors may sell at lost due to time factors.