Hal Finney Was Not Satoshi Nakamoto
blog.lopp.net
Hal Finney Was Not Satoshi Nakamoto
1–10 of 194 posts
Re: Hal Finney Was Not Satoshi Nakamoto
#2what happens if wallet from satoshi is stolen and poured into the market for quick bucks?
what happens if "satoshi" gets desperate for quick cash?
idk this seems to be a major financial risk for bitcoiners, not altruism...
Re: Hal Finney Was Not Satoshi Nakamoto
#3Re: Hal Finney Was Not Satoshi Nakamoto
#4> Who, we ask, is so altruistic as to create a new monetary system but not use it to enrich themselves?
Bitcoin's supply schedule, in which half of all Bitcoin is mined in the first four years, guaranteed a Bitcoin wealth concentration on the early miners, especially considering how few there were. At long intervals, Satoshi would be the only one, mining on his laptop.
A truly altruistic system would not confer such a huge advantage on early miners, for example by fixing the block reward. Then each generation would be able to mine the same amount of bitcoin, instead of each next generation getting 32x less than the current one. Such a steady supply would also make Bitcoin much less the vehicle for speculation that it has turned into.
Of course, then the supply wouldn't have a finite cap, it would be limited by time only. Still, that would already make it very different from fiat, with the yearly supply inflation rate going down steadily toward 0 (known as being dis-inflationary). Eventually, the supply rate would more or less balance the inevitable coin loss rate [1].
[1] https://john-tromp.medium.com/a-case-for-using-soft-total-su...
Re: Hal Finney Was Not Satoshi Nakamoto
#5what happens if wallet from satoshi is stolen and poured into the market for quick bucks? what happens if "satoshi" gets desperate for quick cash? idk this seems to be a major financial risk for bitcoiners, not altruism...
It's been more than 10 years since there was activity.
The market would crash but eventualy recover.
There's really nothing dramatic about it.
Re: Hal Finney Was Not Satoshi Nakamoto
#6> Who, we ask, is so altruistic as to create a new monetary system but not use it to enrich themselves? Bitcoin's supply schedule, in which half of all Bitcoin is mined in the first four years, guaranteed a Bitcoin wealth concentration on the early miners, especially considering how few there were. At long intervals, Satoshi would be the only one, mining on his laptop. A truly altruistic system would not confer such…
> A truly altruistic system would not confer such a huge advantage on early miners
Bitcoin never claimed to be and is not altruistic. And the same can be said about almost all investments, you need information early, you need to judge the information correctly, and you need to move in. Same with bitcoin.
Re: Hal Finney Was Not Satoshi Nakamoto
#7what happens if wallet from satoshi is stolen and poured into the market for quick bucks? what happens if "satoshi" gets desperate for quick cash? idk this seems to be a major financial risk for bitcoiners, not altruism...
It's been more than 10 years since there was activity. The market would crash but eventualy recover. There's really nothing dramatic about it.
Even if you were right on both of your points it still would be dramatic. Behind every marker crash there's people's lives changing forever.
Re: Hal Finney Was Not Satoshi Nakamoto
#8> Who, we ask, is so altruistic as to create a new monetary system but not use it to enrich themselves? Bitcoin's supply schedule, in which half of all Bitcoin is mined in the first four years, guaranteed a Bitcoin wealth concentration on the early miners, especially considering how few there were. At long intervals, Satoshi would be the only one, mining on his laptop. A truly altruistic system would not confer such…
> A truly altruistic system would not confer such a huge advantage on early miners Bitcoin never claimed to be and is not altruistic. And the same can be said about almost all investments, you need information early, you need to judge the information correctly, and you need to move in. Same with bitcoin.
GP said nothing about bitcoin claiming to be anything. They're directly quoting the article
Re: Hal Finney Was Not Satoshi Nakamoto
#9The tabs vs spaces thing is pretty conclusive. Really.
Re: Hal Finney Was Not Satoshi Nakamoto
#10Earlier quoted context omitted.
It's been more than 10 years since there was activity. The market would crash but eventualy recover. There's really nothing dramatic about it.
Even if you were right on both of your points it still would be dramatic. Behind every marker crash there's people's lives changing forever.
Nobody knows how much Satoshi mined. And a rational actor would not "dump" coins on the market for giggles, but for profit, hence avoid a market crash. Besides, bitcoin currently has a trading volume of around 10 billion per day, hard to crash that.