Satoshi's price

[The00Dustin]

Well, I guess I should have searched to begin with.   I'm both thankful for your post here and curious as to where that mistaken impression came from...

[Ron~Popeil]

I think people assign too much importance to the fiat value of Bitcoin. 1 Bitcoin is always worth 1 Bitcoin remember.

Agreed. It is tough to break the habit of checking the price constantly but I think it is better to decouple it in our thoughts. As more merchants come online we can compare purchasing power instead of exchange rates.

[zimmah]

I don't think he realy cared about that, he just wanted to make an alternative to the current financial system and see if it works. What the actual price of a single satoshi would be is much less important than the fact that bitcoin is working as intended.

[justusranvier]

Does anybody know if Satoshi had any idea what price bitcoins may get to once all coins are mined and it is being used by a large percentage of people, or was he not really interested in that side of things?

Hal Finney did:

https://www.mail-archive.com/cryptography@metzdowd.com/msg10152.html

> Announcing the first release of Bitcoin, a new electronic cash
> system that uses a peer-to-peer network to prevent double-spending.
> It's completely decentralized with no server or central authority.
>
> See bitcoin.org for screenshots.
>
> Download link:
> http://downloads.sourceforge.net/bitcoin/bitcoin-0.1.0.rar


Congratulations to Satoshi on this first alpha release.  I am looking
forward to trying it out.

> Total circulation will be 21,000,000 coins.  It'll be distributed
> to network nodes when they make blocks, with the amount cut in half
> every 4 years.
>
> first 4 years: 10,500,000 coins
> next 4 years: 5,250,000 coins
> next 4 years: 2,625,000 coins
> next 4 years: 1,312,500 coins
> etc...

It's interesting that the system can be configured to only allow a
certain maximum number of coins ever to be generated. I guess the
idea is that the amount of work needed to generate a new coin will
become more difficult as time goes on.

One immediate problem with any new currency is how to value it. Even
ignoring the practical problem that virtually no one will accept it
at first, there is still a difficulty in coming up with a reasonable
argument in favor of a particular non-zero value for the coins.

As an amusing thought experiment, imagine that Bitcoin is successful and
becomes the dominant payment system in use throughout the world.  Then the
total value of the currency should be equal to the total value of all
the wealth in the world. Current estimates of total worldwide household
wealth that I have found range from $100 trillion to $300 trillion. With
20 million coins, that gives each coin a value of about $10 million.

So the possibility of generating coins today with a few cents of compute
time may be quite a good bet, with a payoff of something like 100 million
to 1! Even if the odds of Bitcoin succeeding to this degree are slim,
are they really 100 million to one against? Something to think about...

Hal

[bitkilo]

satoshi nakamoto and at least 10 generations of nakamotos are set financially

Bull, he won't touch those coins and i doubt he will give the keys to his kids if he hasn't destroyed them already.

Why do u think he wont touch those coins or may have already destroyed the keys? What is the reason behind this, privacy?
  I'm sure with every jurno out there looking for him/them they know more than me on how to find people but isn't there a way to find the 1st coin in the block chain and follow the yellow bitcoin road to the IP address that mined that coin?

[DannyHamilton]

satoshi nakamoto and at least 10 generations of nakamotos are set financially

Bull, he won't touch those coins and i doubt he will give the keys to his kids if he hasn't destroyed them already.

Why do u think he wont touch those coins or may have already destroyed the keys? What is the reason behind this, privacy?
  I'm sure with every jurno out there looking for him/them they know more than me on how to find people but isn't there a way to find the 1st coin in the block chain and follow the yellow bitcoin road to the IP address that mined that coin?

There are no IP addresses stored in the blockchain.

[bitkilo]

That's crazy, Hal says it could go as high as $10,000,000 per coin! Bring it on, just let me get some more coins 1st  BTC

[Beliathon]

That's crazy, Hal says it could go as high as $10,000,000 per coin! Bring it on, just let me get some more coins 1st  BTC

It will, but that is still quite a few years off. My guess would be 2025ish

[findftp]

He made a decision to make the base integer unit in the protocol equivalent to 0.00000001 BTC.  That would seem to imply that he may have believed that BTC could increase in value to the point where 0.01 µBTC would be able to purchase approximately the same amount of goods or services as $0.01 can purchase today.

I agree on this, he also designed the system so that bitcoin would be deflationary. This suggests he knew the market price would rise, even if he is not interested in fiat.

Satoshi foresaw a great deal, I suspect. A great deal more than even discussed here. Bitcoin desperately NEEDED to be invented, you see. I fear for the alternate universe where there was no cryptocurrency invented in time to avert the next cycle of fiat-funded nation-state war...

"I don't know what weapons World War 3 will be fought with, but World War 4 will be fought with sticks and stones".

Humanity can't afford a World War 3. And maybe now, we won't have to.

Dude,  you're spot on.
Thanks for confirming my believe

[odolvlobo]

Does anybody know if Satoshi had any idea what price bitcoins may get to once all coins are mined and it is being used by a large percentage of people, or was he not really interested in that side of things?

Hal Finney did:
https://www.mail-archive.com/cryptography@metzdowd.com/msg10152.html

As an amusing thought experiment, imagine that Bitcoin is successful and becomes the dominant payment system in use throughout the world.  Then the total value of the currency should be equal to the total value of all the wealth in the world. Current estimates of total worldwide household wealth that I have found range from $100 trillion to $300 trillion. With 20 million coins, that gives each coin a value of about $10 million.
Hal

Unfortunately, the analysis is wrong (the monetary base of all currencies is nowhere near the total wealth of the world), but some kind of similar thinking could be the reason behind 100,000,000 satoshis/bitcoin.

[bitkilo]

I say roll out some easy to use bitcoin atm's , offer a discount if paying in bitcoins and lots of people will start using it and talking about how good it is, most people are like sheep they follow what others are doing so only then will it take off and the value will follow.