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Topic: Implications of Satoshi holding 10% of bitcoins (Read 8088 times)

flug (OP)

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Implications of Satoshi holding 10% of bitcoins

June 13, 2011, 05:26:33 PM

The only serious concern I've found with Bitcoin so far is the probability that Satoshi has one or two million stashed away somewhere. That would represent up to 33% of current bitcoins and 10% of eventual bitcoins.

http://forum.bitcoin.org/index.php?topic=9745.20

I can immediately think of two implications:

1. Bitcoin is vulnerable to massive market manipulation in the future by a single individual. This will deter anyone wanting to use a currency that floats freely in a market that's both unregulated and unmanipulated.

2. This could eventually represent an enormous amount of wealth. If the price rose to $10,000/BTC that's about the $20B that Larry Page is worth, so no problem. But if Bitcoin rises to be a significant fraction of the world's economy, that's a whole load of power in a single individual's hands. I hope Satoshi doesn't turn out to be The Joker.

Astro

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Re: Implications of Satoshi holding 10% of bitcoins

June 13, 2011, 05:29:03 PM
Last edit: June 13, 2011, 08:59:23 PM by mintaka

The implication is that he'll be able to buy a boat. That's pretty much it.

TraderTimm

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Re: Implications of Satoshi holding 10% of bitcoins

June 13, 2011, 05:32:02 PM

Quote from: flug on June 13, 2011, 05:26:33 PM

1. If you believe that the founder of a system would turn around and destroy that same system - you are 'mentally challenged'.

2. Your lurking envy is transparent. And yet another statement where you seem to imply the whole network of bitcoin is potentially in the hands of a raving lunatic. It is not.

I believe in the strength of bitcoin. Its encryption, its peer-to-peer robustness. I also believe in its ability to outlast simple minds such as yours.

fortitudinem multis - catenum regit omnia

shady financier

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Re: Implications of Satoshi holding 10% of bitcoins

June 13, 2011, 05:34:43 PM

Dude, i so want to write that sci-fi.

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URSAY

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Re: Implications of Satoshi holding 10% of bitcoins

June 13, 2011, 05:34:58 PM

I was sort of suggesting the same thing...

http://forum.bitcoin.org/index.php?topic=15957.0;topicseen

I guess I'll continue wondering about the creators of BTC and invest appropriately.

triforcelink

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Re: Implications of Satoshi holding 10% of bitcoins

June 13, 2011, 05:42:53 PM

I guarantee that once bitcoin establishes itself, there will be people who rise out of the ashes and become large holders of bitcoin. The problem is not the bitcoins themselves, but more about individuals being able to generate massive amounts of wealth. (I don't consider it a problem personally) The issue i guess is that people with a lot of wealth also have a lot of influence.

Quote from: mintaka on June 13, 2011, 05:29:03 PM

The implication is that he'll be able to by a boat. That's pretty much it.

haha thats so true!

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Jaime Frontero

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Re: Implications of Satoshi holding 10% of bitcoins

June 13, 2011, 05:44:26 PM

it's sooo UNFAAAIIIIRRRRRR!

schnak

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Re: Implications of Satoshi holding 10% of bitcoins

June 13, 2011, 05:45:55 PM

Quote from: flug on June 13, 2011, 05:26:33 PM

I hope Satoshi doesn't turn out to be The Joker.

If he did, he would just burn most of it. Tongue

http://2.bp.blogspot.com/_gcA0ZuKGkI8/TP2sAGcg9EI/AAAAAAAAJX4/q8LCqJilwSA/s400/joker+burning.jpg

AllYourBase

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Re: Implications of Satoshi holding 10% of bitcoins

June 13, 2011, 05:51:04 PM

Quote from: flug on June 13, 2011, 05:26:33 PM

This will deter anyone wanting to use a currency that floats freely in a market that's both unregulated and unmanipulated.

Any currency that's regulated is manipulated...

I thought the idea here was to get away from that. Don't be bringin' your crazy ideas about regulation in here.

URSAY

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Re: Implications of Satoshi holding 10% of bitcoins

June 13, 2011, 05:52:24 PM

#10

Quote from: Jaime Frontero on June 13, 2011, 05:44:26 PM

it's sooo UNFAAAIIIIRRRRRR!

I'm not sure anyone suggested that.

Astro

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Re: Implications of Satoshi holding 10% of bitcoins

June 13, 2011, 06:04:23 PM

#11

Quote from: URSAY on June 13, 2011, 05:52:24 PM

I'm not sure anyone suggested that.

If you think this thread and the hundreds like it aren't rooted in abject jealousy, you need to learn something about human emotion.

flug (OP)

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Re: Implications of Satoshi holding 10% of bitcoins

June 13, 2011, 06:16:17 PM

#12

Quote from: TraderTimm on June 13, 2011, 05:32:02 PM

1. If you believe that the founder of a system would turn around and destroy that same system - you are 'mentally challenged'.

I don't. But it's the one aspect of Bitcoin I don't rest easy with and I think it's reasonable grounds for discussion. There are lots of scenarios where the concentration of so many bitcoins in one place might reasonably cause problems.

Quote from: TraderTimm on June 13, 2011, 05:32:02 PM

2. Your lurking envy is transparent. And yet another statement where you seem to imply the whole network of bitcoin is potentially in the hands of a raving lunatic. It is not.

Again, I think this is reasonable grounds for discussion irrespective of whether I'm envious (I'm not) or think Satoshi is a lunatic (I don't).

Quote from: TraderTimm on June 13, 2011, 05:32:02 PM

I believe in the strength of bitcoin. Its encryption, its peer-to-peer robustness. I also believe in its ability to outlast simple minds such as yours.

I hope so too.

FreeMoney

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Re: Implications of Satoshi holding 10% of bitcoins

June 13, 2011, 06:17:46 PM

#13

I imagine him waiting until Bitcoin saturates the planet, buying a sandwich, securely deleting his wallet, and moving on to his next adventure.

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Re: Implications of Satoshi holding 10% of bitcoins

June 13, 2011, 06:23:08 PM

#14

Quote from: mintaka on June 13, 2011, 06:04:23 PM

Quote from: URSAY on June 13, 2011, 05:52:24 PM

I'm not sure anyone suggested that.

If you think this thread and the hundreds like it aren't rooted in abject jealousy, you need to learn something about human emotion.

Merely suggesting that I would like the developers to be more transparent has nothing to do with jealousy. But I can see you'd rather attack me as a person rather then understand my point of view. Oh well.

flug (OP)

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Re: Implications of Satoshi holding 10% of bitcoins

June 13, 2011, 06:26:21 PM

#15

Quote from: AllYourBase on June 13, 2011, 05:51:04 PM

Quote from: flug on June 13, 2011, 05:26:33 PM

This will deter anyone wanting to use a currency that floats freely in a market that's both unregulated and unmanipulated.

Any currency that's regulated is manipulated...

I thought the idea here was to get away from that. Don't be bringin' your crazy ideas about regulation in here.

Yes it is unregulated. I was looking for some confidence that it's unmanipulated too.

But I guess for a while yet any billionaire could buy a huge share of bitcoins and manipulate the market, so Satoshi having so many probably isn't the biggest danger by far.

flug (OP)

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Re: Implications of Satoshi holding 10% of bitcoins

June 13, 2011, 06:29:29 PM

#16

Quote from: mintaka on June 13, 2011, 06:04:23 PM

Quote from: URSAY on June 13, 2011, 05:52:24 PM

I'm not sure anyone suggested that.

If you think this thread and the hundreds like it aren't rooted in abject jealousy, you need to learn something about human emotion.

This thread isn't rooted in jealousy. It's rooted in the long term welfare of Bitcoin.

flug (OP)

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Re: Implications of Satoshi holding 10% of bitcoins

June 13, 2011, 06:31:56 PM

#17

Quote from: FreeMoney on June 13, 2011, 06:17:46 PM

I imagine him waiting until Bitcoin saturates the planet, buying a sandwich, securely deleting his wallet, and moving on to his next adventure.

Yeap!

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Re: Implications of Satoshi holding 10% of bitcoins

June 13, 2011, 06:44:44 PM

#18

Quote from: FreeMoney on June 13, 2011, 06:17:46 PM

I imagine him waiting until Bitcoin saturates the planet, buying a sandwich, securely deleting his wallet, and moving on to his next adventure.

That will be a story cooler than any Hollywood movie.

mewantsbitcoins

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Re: Implications of Satoshi holding 10% of bitcoins

June 13, 2011, 07:02:36 PM

#19

I think Satoshi whoever he/they are, chose to keep significant amount of BTC to protect the economy against an attack.
Such attack would consist of first buying huge amounts of BTCs making value skyrocket and then dumping it making value plummet. Someone with a lot of BTCs could smooth things out preventing panic

FreeMoney

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Re: Implications of Satoshi holding 10% of bitcoins

June 13, 2011, 07:05:56 PM

#20

Quote from: bitcool on June 13, 2011, 06:44:44 PM

Quote from: FreeMoney on June 13, 2011, 06:17:46 PM

I imagine him waiting until Bitcoin saturates the planet, buying a sandwich, securely deleting his wallet, and moving on to his next adventure.

That will be a story cooler than any Hollywood movie.

Indeed.

Here's more:

The sandwich shop boy happens to be a block chain geek and notices that he's selling a sandwich (spoiler: to a woman) for the first coins ever minted, but he doesn't say anything. He is inspired and leaves the sandwich shop to do amazing thing X.

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