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Ray Dillinger: If I'd Known What We Were Starting

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Re: Ray Dillinger: If I'd Known What We Were Starting

#81

Post by sah2ed »

bsaul wrote: post #55
optimuspaul wrote: post #33

Earlier quoted context omitted.

Wow, Satoshi was incredibly naive, dishonest, or just didn't have any idea how quickly it would get out of control.

Are you talking about the linked post regarding inflation ? because it seems to me satoshi was pretty right, by saying that bitcoins will get rarer and rarer even if miners mine more and more thanks to powerful machines. Rarer bitcoins means prices going down ( what costed 1 bitcoin before probably cost 0.001 bitcoin now), not up ( which is the definition of inflation).

> which is the definition of inflation

I think you meant to write deflation.

Re: Ray Dillinger: If I'd Known What We Were Starting

#82

Post by rothbardrand »

jancsika wrote: post #35

> He wasn't trying to line his own pockets at the expense of others. In fact I don't think I've ever encountered someone so completely uninterested in personal wealth. You know the old saw about being able to get a lot done if you don't care who gets the credit? Satoshi doesn't want the credit. Two years later he walked away and left the pseudonym behind. And hard as this may be to believe, it looks like he doesn't e…

Its true, Satoshi could have burned his coins. There are several legitimate reasons not to do so-- one of which is that it might have indicated a belief that bitcoin was a failure, and such a shock in the early days would have been bad.

If satoshi sometime shows up and starts moving his coins, that's fine by me. He deserves to be super rich, because what he created is revolutionary.

Notice he said "it looks like he doesn't even want to be paid for it".

But also realize, there's the satoshi coins, but there's no way to know how many other addresses he mined to, and that its quite possible he has 100k coins that have been moving since he disappeared and nobody knows they are his.

Or he could have started mining after he disappeared or started investing cash to buy them after, and still be very rich.

Re: Ray Dillinger: If I'd Known What We Were Starting

#84

Post by namelost »

CJefferson wrote: post #56
jerkstate wrote: post #50

Earlier quoted context omitted.

The receiver of ill-gotten gains refusing/being unable to pay them back is not a new legal problem and certainly not unique to blockchain.

But when it comes to (I don't have a good term..) unique objects, like houses, or shares in a company, they exist and have an owner. A court can simply declare "you don't own that house any more, this person does". A business doesn't become ownerless forevermore because someone lost a private key.

If the money is in a bank account in a foreign country, a court may have no jurisdiction to recover the money.

Re: Ray Dillinger: If I'd Known What We Were Starting

#85

Post by bsaul »

sah2ed wrote: post #81
bsaul wrote: post #55

Earlier quoted context omitted.

Are you talking about the linked post regarding inflation ? because it seems to me satoshi was pretty right, by saying that bitcoins will get rarer and rarer even if miners mine more and more thanks to powerful machines. Rarer bitcoins means prices going down ( what costed 1 bitcoin before probably cost 0.001 bitcoin now), not up ( which is the definition of inflation).

> which is the definition of inflation I think you meant to write deflation .

Deflation is prices going down. ( i should have said "which would be the definition of inflation")

Re: Ray Dillinger: If I'd Known What We Were Starting

#86

Post by ojr »

wmf wrote: post #5

I hate to even imagine how many billions of dollars of scams and failures and thefts have been perpetrated by abusing people's faith in and enthusiasm for that technology by now. And I have no idea how we could possibly have prevented it. If Bitcoin had stable value instead of a built-in boom-bust cycle then we wouldn't have crypto scam mania today. Dillinger praises Satoshi's honesty, but Bitcoin's monetary policy i…

bribe to early adopters? Same with gold and US dollars, a significant difference is the guy that created bitcoin didnt spend any of his bitcoin yet and didnt kill anyone to get them

Re: Ray Dillinger: If I'd Known What We Were Starting

#87

Post by _Codemonkeyism »

"I had created what I believe is the first digital-cash protocol ever to use block chains in any form - though it used them in a way very different than Bitcoin and its descendants. In that protocol each 'coin' had its own little chain that grew by one link each time it was transferred from one owner to the next. Seeing the idea come around again, in a very different form, was fascinating for me."

No, that is not a blockchain, but I can see what you did there, blockchain inventor.

Re: Ray Dillinger: If I'd Known What We Were Starting

#89

Post by AlenaSatoshi »

a_d wrote: post #2

"What else ticks me off about this, is that there is absolutely nothing wrong with issuing stock in your company as tokens on a block chain instead of through brokers on a standard exchange. Just do it legally, for Pete's sake! Go to the SEC, or whoever the appropriate regulatory authority in your jurisdiction is, and get authorization to issue stock! Hire somebody to implement shareholder voting as block chain trans…

I can't agree with "compliant = sustainable and good business".

Having worked in the most regulated business - insurance, and being there when more consumer protection has been implemented, I can say that there was no drop in scams and complaints AT ALL.

The fact that you have a license or a traditional VC money, doesn't ensure success or fair service. In fact, around 90% of VC funded startups fail too.

Legal or compliant doesn’t mean "not scamming". It just means more expensive and hence restrictive..

It blows my mind that crypto-folks who promote inclusion and freedom call for regulation instead of finding new smart ways to deal with new problems.

For example, Bitcoin resolved privacy and re-use of addresses with HD wallets. Problem with thieves - solved through hardware wallets.

I'm sure we have the capacity to deal with upcoming issues without someone telling us what to do and actually preventing GOOD ideas to be done without having to sell your soul. I understand VC's interests here, but they also need to understand that their value will increasingly be in the experience, contacts and network that they have, not necessarily in their money.

Having said all that, no, I'm not a fan of 99% of current ICOs. But still I don't cry on the shoulders of regulators. And those speculators who invest without any due diligence, usually with much lower $$ value than what it seems and with the vision of a 100x or 500x in a few months, well those will learn through experience. The market will clean itself from fraudsters.

Re: Ray Dillinger: If I'd Known What We Were Starting

#90

Post by grandalf »

baq wrote: post #23
grandalf wrote: post #18

Earlier quoted context omitted.

Compliance with what, the whim of officials in any nation?

That's usually called the rule of law and it's a hallmark of Western democracies.

Following the whims of officials is quite different from the rule of law!
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