hydroxide (OP)
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September 20, 2014, 08:26:39 AM |
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How can Bitcoin ever become a successful global currency when a single entity is in possession of 5-10% of what will ever be in circulation?! If he decides to sell at any point, huge inflation is guaranteed.
I know it's likely that he'll never sell the coins for the sake of anonymity and personal safety, or for the sake of the system. Possible he has even destroyed the private keys. But it doesn't seem certain enough that we can make that assumption.
I'm a little surprised that this hasn't been more widely discussed - so am I missing something?
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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jl2012
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September 20, 2014, 08:47:28 AM |
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How can Bitcoin ever become a successful global currency when a single entity is in possession of 5-10% of what will ever be in circulation?! If he decides to sell at any point, huge inflation is guaranteed.
I know it's likely that he'll never sell the coins for the sake of anonymity and personal safety, or for the sake of the system. Possible he has even destroyed the private keys. But it doesn't seem certain enough that we can make that assumption.
I'm a little surprised that this hasn't been more widely discussed - so am I missing something?
Let's assume he has 5% and sells over a span of one year. One-off 5% annual inflation is huge, are you sure?? |
Donation address: 374iXxS4BuqFHsEwwxUuH3nvJ69Y7Hqur3 (Bitcoin ONLY)
LRDGENPLYrcTRssGoZrsCT1hngaH3BVkM4 (LTC)
PGP: D3CC 1772 8600 5BB8 FF67 3294 C524 2A1A B393 6517
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Waramp22
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September 20, 2014, 09:06:40 AM |
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How can Bitcoin ever become a successful global currency when a single entity is in possession of 5-10% of what will ever be in circulation?! If he decides to sell at any point, huge inflation is guaranteed.
I know it's likely that he'll never sell the coins for the sake of anonymity and personal safety, or for the sake of the system. Possible he has even destroyed the private keys. But it doesn't seem certain enough that we can make that assumption.
I'm a little surprised that this hasn't been more widely discussed - so am I missing something?
The way bitcoin is designed, we can see where his coins came from. If/when he spends them, we can see the amount he spent and the amount he has left. On the other hand... With the government, we cannot see how many coins they have or where they came from, but they sure keep on spending! Which would you trust? |
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Eastwind
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September 20, 2014, 09:09:39 AM |
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When BTC implement anonymity function, he can spend it.
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chennan
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September 20, 2014, 09:13:31 AM |
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I don't think it will happen. The holder dumps large number of bitcoin, which will cause the price fall dramatically and won't get benefit at all. There are one type of trading called over the counter through which the holder can dump large number of bitcoin without causing any trouble.
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Waramp22
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September 20, 2014, 09:28:12 AM |
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When BTC implement anonymity function, he can spend it.
I don't think bitcoin should ever implement anonymity if it has plans of going mainstream. |
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frankenmint
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HoneybadgerOfMoney.com Weed4bitcoin.com
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September 20, 2014, 09:30:45 AM |
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When BTC implement anonymity function, he can spend it.
I don't think bitcoin should ever implement anonymity if it has plans of going mainstream. This. If you want to hide from the public then use an alt-coin that allows you to, don't try to 'fix' Bitcoin if it's not broken. |
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redsn0w
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#Free market
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September 20, 2014, 09:37:40 AM |
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When BTC implement anonymity function, he can spend it.
I don't think bitcoin should ever implement anonymity if it has plans of going mainstream. This. If you want to hide from the public then use an alt-coin that allows you to, don't try to 'fix' Bitcoin if it's not broken. Yes , your thinking is right  . Bitcoin is anonymous if you keep it anonymous , but if you post your address all the users know that address is your address so you will "lose" your anonimity . |
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cbeast
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Let's talk governance, lipstick, and pigs.
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September 20, 2014, 09:40:28 AM |
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Satoshi's coins have been discussed ad nauseum. So has anonymity. My take is that Satoshi deserves to be a bazillionaire as much as anyone when you consider the drug lords, arms dealers, and Apple executives.
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Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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frankenmint
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HoneybadgerOfMoney.com Weed4bitcoin.com
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September 20, 2014, 10:19:26 AM |
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Satoshi's coins have been discussed ad nauseum. So has anonymity. My take is that Satoshi deserves to be a bazillionaire as much as anyone when you consider the drug lords, arms dealers, and Apple executives.
And the kylie jenners of the world. |
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xDan
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September 20, 2014, 10:24:48 AM |
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Satoshi's coins have been discussed ad nauseum. So has anonymity. My take is that Satoshi deserves to be a bazillionaire as much as anyone when you consider the drug lords, arms dealers, and Apple executives.
This. Damn those Apple executives! |
HODLing for the longest time. Skippin fast right around the moon. On a rocketship straight to mars.
Up, up and away with my beautiful, my beautiful Bitcoin~
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bornil267645
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September 20, 2014, 10:58:29 AM |
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Yes,of course, they are.  |
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Este Nuno
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amarha
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September 20, 2014, 11:18:52 AM |
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Satoshi's coins have been discussed ad nauseum. So has anonymity. My take is that Satoshi deserves to be a bazillionaire as much as anyone when you consider the drug lords, arms dealers, and Apple executives.
He deserves to be a billionaire, but his coins are also a massive liability for Bitcoin in general. A publicly annouced liquidation plan over x amount of time would go a long way towards helping the future of Bitcoin I think. |
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Eastwind
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September 20, 2014, 12:52:22 PM |
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Satoshi's coins have been discussed ad nauseum. So has anonymity. My take is that Satoshi deserves to be a bazillionaire as much as anyone when you consider the drug lords, arms dealers, and Apple executives.
I think he is worth 10 Nobel Economic Prize. |
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claimore
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September 20, 2014, 12:56:02 PM |
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How can Bitcoin ever become a successful global currency when a single entity is in possession of 5-10% of what will ever be in circulation?! If he decides to sell at any point, huge inflation is guaranteed.
I know it's likely that he'll never sell the coins for the sake of anonymity and personal safety, or for the sake of the system. Possible he has even destroyed the private keys. But it doesn't seem certain enough that we can make that assumption.
I'm a little surprised that this hasn't been more widely discussed - so am I missing something?
The way bitcoin is designed, we can see where his coins came from. If/when he spends them, we can see the amount he spent and the amount he has left. On the other hand... With the government, we cannot see how many coins they have or where they came from, but they sure keep on spending! Which would you trust? This. Plus he will NOT sell. |
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Este Nuno
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amarha
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September 20, 2014, 01:26:39 PM |
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How can Bitcoin ever become a successful global currency when a single entity is in possession of 5-10% of what will ever be in circulation?! If he decides to sell at any point, huge inflation is guaranteed.
I know it's likely that he'll never sell the coins for the sake of anonymity and personal safety, or for the sake of the system. Possible he has even destroyed the private keys. But it doesn't seem certain enough that we can make that assumption.
I'm a little surprised that this hasn't been more widely discussed - so am I missing something?
The way bitcoin is designed, we can see where his coins came from. If/when he spends them, we can see the amount he spent and the amount he has left. On the other hand... With the government, we cannot see how many coins they have or where they came from, but they sure keep on spending! Which would you trust? This. Plus he will NOT sell. Probably not, but how do you convince your mom, or your friend at the bar that the anonymous creator who holds potentially billions or trillions simply won't sell and crash the market? Even if one single satoshi was moved from any of those known addresses today the market would shit itself. People would be in hysterics. |
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Elwar
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Viva Ut Vivas
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September 20, 2014, 01:31:13 PM |
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How can Bitcoin ever become a successful global currency when a single entity is in possession of 5-10% of what will ever be in circulation?! If he decides to sell at any point, huge inflation is guaranteed.
I know it's likely that he'll never sell the coins for the sake of anonymity and personal safety, or for the sake of the system. Possible he has even destroyed the private keys. But it doesn't seem certain enough that we can make that assumption.
I'm a little surprised that this hasn't been more widely discussed - so am I missing something?
Welcome to Bitcoin! |
First seastead company actually selling sea homes: Ocean Builders https://ocean.builders Of course we accept bitcoin. |
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pawel7777
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September 20, 2014, 01:33:30 PM |
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Do we even know for sure how many coins are the "Satoshi's coins"? From what I know, it has been estimated that he mined about 1 million coins himself, distributed some and the rest is spread over the multiple different wallets. Do we even know which wallets are assumed to belong to Satoshi? Cannot find any info. I found this old article from WIRED: http://www.wired.com/2013/12/fbi_wallet/Satoshi stores his wealth in a large number of bitcoin addresses, most of them holding just 50 bitcoins. It’s a bit of a logistical nightmare, but most savvy Bitcoin investors spread out their bitcoins across multiple wallets. That way if they lose the key to one of them or get hacked, all is not lost. |
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Beliathon
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September 20, 2014, 01:42:33 PM |
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He has over 500 million in BTC. If he was going to sell, why wouldn't he have already started?
I don't think Satoshi will ever trade his BTC for fiat scrip. I think he - like many of us - believes in Bitcoin's power to make a better, more peaceful, more just world.
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Este Nuno
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amarha
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September 20, 2014, 02:18:28 PM |
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He has over 500 million in BTC. If he was going to sell, why wouldn't he have already started?
I don't think Satoshi will ever trade his BTC for fiat scrip. I think he - like many of us - believes in Bitcoin's power to make a better, more peaceful, more just world.
How do you convince mainstream adopters of that when they don't know anything about Satoshi? Only that he's anonymous. |
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