why do people trust bitcoin if we dont know who satoshi is?

[Geofingerprintgeo]

so i always think about this. people and big companies put millions into bitcoin but nobody knows who satoshi is. what if he comes back tomorrow? would the market crash? whales are risking huge money on something that depends on one unknown person. is this not a crazy risk? i dont get it. please share your thoughts.

[PrivacyG]

You do not need to trust a blood test result if you have the blood sample and the right equpiment, knowledge and machinery to look at and test it your self.

[bitmover]

so i always think about this. people and big companies put millions into bitcoin but nobody knows who satoshi is. what if he comes back tomorrow? would the market crash? whales are risking huge money on something that depends on one unknown person. is this not a crazy risk? i dont get it. please share your thoughts.

Bitcoin is made to be trustless.

You dont need to trust miners, neither the receiver nor the sender, and not even wallets as there are many open source code.

You dont need to trust anyone

[BIT-BENDER]

so i always think about this. people and big companies put millions into bitcoin but nobody knows who satoshi is. what if he comes back tomorrow? would the market crash? whales are risking huge money on something that depends on one unknown person. is this not a crazy risk? i dont get it. please share your thoughts.

Bitcoin was not built around anyone's control not even Satoshi nakamoto, infact there are some people who have claimed to be him but that did not change much.
Bitcoin was built based on its utilities and how they are serving the human race and promoting financial freedom, Satoshi nakamoto is a whale and by that any serious activity on his Bitcoin holdings will have some type of effect on the market especially coming from him as the originator.

[LFC_Bitcoin]

People trust Bitcoin because they don’t need to trust Satoshi. The network is run by miners and node operators rather than one central person or company. Miners process transactions and secure the network, node operators verify that miners are following Bitcoin’s rules.

Anyone can run a node and check the rules for themselves. Satoshi being anonymous doesn’t really change that. The trust comes from the system being open, transparent and difficult for any one person to control.

[GiftedMAN]

so i always think about this. people and big companies put millions into bitcoin but nobody knows who satoshi is. what if he comes back tomorrow? would the market crash? whales are risking huge money on something that depends on one unknown person. is this not a crazy risk? i dont get it. please share your thoughts.

People are not investing in Bitcoin because they trust Satoshi.

Satoshi do not trust people of the world that's why Bitcoin has total privacy.

You have total control of your Bitcoin because you trust yourself not to give another person your information that is why you can invest in Bitcoin and be sure your funds are saved.

Bitcoin is not like pump and dump coins, if the market dips it will rise again so you can't see it crashing completely.

[notocactus]

so i always think about this. people and big companies put millions into bitcoin but nobody knows who satoshi is.

People and companies did not put millions of dollars into Bitcoin market before they witnessed Bitcoin blockchain adoption growth and value of Bitcoin growth over time.

Things don't happen after a day or a month or a year, you can very easily check it with Bitcoin price chart, trading volume and more like Bitcoin addresses used over time.

When Bitcoin was tested a long time enough and Bitcoin has become strong enough, big institutions like BlackRock started to join the market. BlackRock did not file any Bitcoin Spot ETF application before they saw that there is a high winning rate for their application.

what if he comes back tomorrow?

No, never, it's my belief.

He disappeared for good reasons.
https://riski.wiki/wiki/User:Gavinandresen/Blog/2022-04-26_Eleven_years_ago_today%E2%80%A6

Subject: alert key
Satoshi Nakamoto satoshin@gmx.com
26 Apr 2011, 10:29

I wish you wouldn’t keep talking about me as a mysterious shadowy
figure, the press just turns that into a pirate currency angle. Maybe
instead make it about the open source project and give more credit to
your dev contributors; it helps motivate them.

I’ve moved on to other things and will probably be unavailable. Here’s
the CAlert key and broadcast code in case you need it. You should
probably give it to at least one or two other people. There are a few
long time users who are always around all the time.

would the market crash?

Possibly but Bitcoin market historically has many crashes, then recover very strongly. Satoshi comeback crash will not be different.

[Accardo]

Bitcoin is decentralized, C-suite executives are not required to keep it running. Don't worry about it, Satoshi won't tank the price, his anonymity is a strong reason to trust the seamless blockchain he's built. Moreover, the 1 million btc in his custody is yet to be touched, showing how transparent he's with investors about hodling btc. In addition, the network has ran uninterrupted for 16 years while he's not here. He left because there are no other responsibilities required of him for the network to run effectively

[mindrust]

We trust the code mang. It is open source mang. If you don't understand the code, pass it down to your favorite AI chat bot and she will explain what's going on in the code like you are 5 years old mang. Who cares who the fuck satoshi is mang? Could be this, could be that. It could be Donald Jonathan Trump or Elon Fucking Musk. Would you trust bitcoin more if you knew the creator of bitcoin was Vladimir Putin? Some shit needs to stay secret mang.

[Z-tight]

whales are risking huge money on something that depends on one unknown person.

This line shows you do not understand what BTC is, and you'd be able to start good discussions about it when you understand it better. BTC is decentralized, it does not depend on Satoshi or any other entity for that matter. It is not a centralized system were Satoshi can simply come back tomorrow and pull the plug. BTC is run collectively by the community, an improvement proposal cannot even be introduced if the majority of the network isn't in on it.

[m2017]

people and big companies put millions into bitcoin but nobody knows who satoshi is.

Because bitcoin is not just some "Satoshi" - it is a decentralized community. The "loss" of individual "points" doesn't matter; what’s important is that the entire network continues to function.

what if he comes back tomorrow?

If he didn’t return "yesterday", why would he do so "tomorrow"? Moreover, with each passing day, the likelihood of his return (assuming he is an individual rather than a group of people with access to Satoshi’s account and resources) diminishes (simply because people don't live forever).

would the market crash?

Or, conversely, it might "go to the moon",  buoyed by the return of BTC's Creator.

No one knows how the market will react to this event, as it has never happened before. And what if it never happens at all? That’s also a possibility. In short, it’s all just speculation and fear.

whales are risking huge money on something that depends on one unknown person.

"Whales" never take risks without first conducting a risk analysis. I assume their risk departments have long since gamed out every possible scenario (including the return of Satoshi and its potential market impact) and reached a specific conclusion. What is that conclusion? You can see the answer in the "whales'" own actions: they continue to accumulate bitcoin.

is this not a crazy risk?

Investing in bitcoin has always been considered a risky venture. "Crazy risks" aren't all that much "scarier" than ordinary risks.

[obuoma]

Who discovered something is not necessarily the reason why such thing can be trusted, no one give a fuck about the trust of the person but what the discovery can do for them. We do not know Albert Einstein, Michael Faraday, Thomas Edison and many other people that discovered wonderful things that we all enjoy today. So, why would there be double standards when it comes to Bitcoin?

Bitcoin bring a new concept of money and solves a major problem in finance, that a lone should be what should matter and not who created it. Knowing Satoshi will hardly change anything about Bitcoin.

[Renampun]

You need to understand that people believe in Bitcoin not because of Satoshi, but more because Bitcoin itself is decentralized, where no one can control it.. Even if Satoshi showed up tomorrow (though it's very unlikely), he couldn't do anything to Bitcoin, because Bitcoin is built on consensus and a decentralized network that doesn't depend on any single entity, not even Satoshi himself.. Maybe he is the creator of Bitcoin, but he is not the owner of Bitcoin, so there won't be a 'backdoor' where he could suddenly take over Bitcoin and control it however he wants.. That's the beauty of the decentralization that Bitcoin offers, and no other digital currency offers that.

[Lemonmate]

what if he comes back tomorrow? would the market crash? whales are risking huge money on something that depends on one unknown person.

In my opinion bigger risk is not Sat revealing who he is, but Sat's bitcoin or coins presumed to be his making a move. That could cause some people to panic sell.

Bitcoin was created by Satoshi, but it is bigger than Satoshi. It has been years since we have heard from Satoshi, and we hopefully all realize that Bitcoin can keep running without him. Satoshi coming out of the woodwork would not change anything by itself. He would not have the power to change rules of the network on his own. Ultimately, it comes down to whether people want to believe in BTC and use network.

[Faisal2202]

People and companies did not put millions of dollars into Bitcoin market before they witnessed Bitcoin blockchain adoption growth and value of Bitcoin growth over time.

Things don't happen after a day or a month or a year, you can very easily check it with Bitcoin price chart, trading volume and more like Bitcoin addresses used over time.

When Bitcoin was tested a long time enough and Bitcoin has become strong enough, big institutions like BlackRock started to join the market. BlackRock did not file any Bitcoin Spot ETF application before they saw that there is a high winning rate for their application.

Actually, a lot of so-called smart people who don't know anything about Bitcoin (not you, OP) think that if he ever comes back, he will sell everything and rug-pull like any other altcoin. That's why they think his existence and arrival can be a huge problem, and there are even those who think it's a CIA project haha. BTW, do you think it is?

Anyway, everyone needs to know one thing. Even if he returns, the protocol will remain the same. Otherwise, these institutions would not have invested billions.

I also believe he understood game theory better than anyone. He left because the protocol had to stand on its own, or whatever the reason was. But as someone who has developed some projects with love and dedication, I know it's really hard to get away from them. Maybe that's why he left, because he might have been spending too much time in front of a screen! Whatever the reason may be, he is gone, but I don't believe he will return because I don't want him to. Even if the market dumps, I want to see the legend haha.

[Primark]

so i always think about this. people and big companies put millions into bitcoin but nobody knows who satoshi is. what if he comes back tomorrow? would the market crash? whales are risking huge money on something that depends on one unknown person. is this not a crazy risk? i dont get it. please share your thoughts.

The question is quite interesting, but you have a misunderstanding. It is not that Bitcoin depends on an unknown person. Of course, Satoshi created Bitcoin, but now his presence is not required to operate the network. It is not yet certain whether Satoshi will crash the market if he returns after a few weeks or months. I think if he provides credible proof of his identity, there could be a big reaction in the market. Many fear that if Satoshi transfers or sells his old Bitcoins, it could put pressure on the price, but no one can guarantee whether there will be a crash.

[Davidloki]

so i always think about this. people and big companies put millions into bitcoin but nobody knows who satoshi is. what if he comes back tomorrow? would the market crash? whales are risking huge money on something that depends on one unknown person. is this not a crazy risk? i dont get it. please share your thoughts.

Bitcoin is not built under a central authority, it's different from the local currencies and other memecoins. Bitcoin was built to be trustless, there is no need to value bitcoin based on one person, when you can verify how bitcoin works through its cryptography.

Bitcoin's trust system could be categorized under five factors namely:
1. Decentralization
2. Proof of work
3. Open-source code
4. A ling operating history, and
5. Predictable monetary rules.

[Kalchef]

What Satoshi Nakamoto created works and that's all I need to know for me to trust whoever he is or whatever they are, do you have to know who built a specific plan before you board it?

Bitcoin creator created something that smart humans will need to become free from this controling world, anyone who says otherwise enjoys been under the control of the centralised entities.

For what he created to be functional and stays the same he needs to disappear, it's not even like he just vanished for no reasons, he did it so that the decentralised innovation he created can keep surviving.

[Sobz]

so i always think about this. people and big companies put millions into bitcoin but nobody knows who satoshi is. what if he comes back tomorrow? would the market crash? whales are risking huge money on something that depends on one unknown person. is this not a crazy risk? i dont get it. please share your thoughts.

Even if Satoshi comes it wont make the market to crash, it is possible for the price of Bitcoin to increase or fall. You dont have to know satoshi to trust bitcoin and you dont even need to trust satoshi to know bitcoin.

You can verify yourself if bitcoin is worth investing and nobody needs to tell you to trust bitcoin or to convince you to invest Bitcoin when you dont understand it. Bitcoin is decentralized and has a verifying rules that anyone can verify about.

[retreat]

You don't need to know who Satoshi is to believe in Bitcoin. Bitcoin is decentralized, open-source, and built on a transparent and immutable system. Its resilience has been proven time and time again. Even as more people have tried to bring it down, Bitcoin has continued to prove itself. Its reliability, combined with its growing adoption, has led more people, institutions, and even governments who were once skeptical of its development to consider Bitcoin a reliable asset.

what if he comes back tomorrow? would the market crash? whales are risking huge money on something that depends on one unknown person. is this not a crazy risk?

That's not crazy. Basically, Satoshi doesn't have any power to control Bitcoin. Anyone can verify Bitcoin's code and see if there's any part Satoshi could use to control it. Also, any changes to Bitcoin are subject to scrutiny by developers, node operators, and the community. No single person can just impose changes on the network whenever they want. That's why Bitcoin is fair and can't be controlled by anyone.