Gold collapsing. Bitcoin UP.

[AdrianX]

@JVWVU

Don't overlook (like the Wired article does) that Satoshi's coins are in different addresses of 50 BTC each, perhaps 20,000 or so. I had thought a while ago that if he was mining into 2011 he could drip-feed into the market from the latest ones without causing too much of a stir.

Sounds like his computer could mine enough to fund its existence too.

 

[Justus Ranvier]

I'd like to encourage everyone to read this thread. (3 pages long):

https://bitcointalk.org/index.php?topic=1089283.0;all

Make sure to view post signatures and view the comments of anyone you might have on an ignore list.

Which accounts in that thread presents an interpretation of the quote in the OP, and which ones appear to be actively working to fan the flames of outrage as high as possible regardless of the accuracy of their accusations?

 

[Zangelbert Bingledack]

@awemany

Not sure I understand your question, because my answer to that would be just what I wrote above.

 

[rocks]

Some interesting comments by Mike Hearn over on the BitcoinXT mailing list:




Source: https://groups.google.com/forum/#!topic/bitcoin-xt/b05mPLx1HWg

God I wish Gavin and Mike had check in control right now

 

[chriswilmer]

I wish Gavin and Mike would just talk to us more. Like, just for fun... just because we're all in this together.

 

[JVWVU]

I dont understand the coding and logistics of coding thats why I depend on my bitcoin friends that do and to learn from knowledgable people here.

But if Wright is Satoshi the worrying about him dumping seems illogical to me (the monetary value of bitcoin info is things I understand)

Here is a slide presentatioon http://www.slideshare.net/mobile/informaoz/dr-craig-s-wright and profile https://theconversation.com/profiles/craig-s-wright-3334 that if reviewed shows his capabilities in wealth understanding

Wright himself has many interesting papers and seems excessively busy around 2011 and makes sense why he stepped away.


Appears the small block guys hates the concept of him as Satoshi with his Tulip Trading Supercomputer and his thoughts on big blocks as seen in Tweet comments above.

http://www.demorgan.com.au

 

[Melbustus]

@JVWVU - Personally, I think the overhang of "satoshi's coins" is bad for the market as it's hard to make a case for why someone shouldn't *ever* have to worry about that supply hitting the market... Even if it sits dormant for a few decades and bitcoin volatility otherwise flattens out and we have a nice store-of-value/global-money, it'd always be possible that those coins could hit the market and cause a ruckus.

Historically, I've argued that odds are high Satoshi wouldn't ever slam the market, as that's obviously not in his financial interests, nor in the interests of supporting the system he created - a system he seemed to genuinely believe would help the world.

But try that argument with a bitcoin skeptic... Hence, I think Satoshi's coins are indeed a bit of a perpetual market overhang (unless they just got sent to an unspendable output one day (ideally one that looked something like: 1JustRemoveTheLimitALready...)).

 

[Justus Ranvier]

But try that argument with a bitcoin skeptic...

Better yet... don't.

If people are that determined to not be early adopters, then let them be late adopters. Leave the inexpensive coins for the people who actually appreciate them.

 

[JVWVU]

Well if Satoshi's coins hits the market it might be via taxes throuh Australia - 30% of 1.1M coins is $138M USD

http://www.theguardian.com/technology/2015/dec/09/bitcoin-founder-craig-wrights-home-raided-by-australian-police?CMP=twt_gu

 

[lebing]

I am going to go out a limb and assume:

1. He is not Satoshi
2. If he was Satoshi, Satoshi would not leave his coins unencrypted on a hard drive somewhere for someone to come and raid.

So no, those coins will not be hitting the market.

 

[rocks]

@lebing
Both of your statements are probably true. But we might have a situation where he is not Satoshi and so did not use Satoshi-level protection, but still has control over a Satoshi size stack of coins. There were a lot of coins mined in 2009/10, and it sounds he put together a super computer to mine back in the CPU mining era. If this is the case it is worry some. It means they might very well be easy for the tax man to seize, or under the control of someone not Satoshi.

 

[Zangelbert Bingledack]

Even if he's not Satoshi, he doesn't seem a slouch about security by any means. This isn't a 20-something DPR we're talking about. Also, judging from the timing of his appearance, he had prior warning they were coming. Plus there's the whole Seychelles thing, which while bizarre at least shows he made anti-confiscation arrangements, even elaborate ones, unlike Ulbricht. I have a hard time believing they will get the big stash of coins out of this guy easily.

 

[awemany]

@Zangelbert Bingledack :
Ok, I shouldn't think about something else mid-sentence. That question is of course total blockstream
What I meant was: What do you think about on-chain proof-of-stake voting like attaching votes to transactions?
[doublepost=1449649209][/doublepost]I am pretty sceptical regarding the new Satoshi-has-been-found media hype. I think the problem with articles like these is that they are basically just strings of confirmation-biased information. They don't really go and put in much evidence that would point away.

What is interesting though and I didn't seem mentioned is that this Wright guy went and worked for online casino stuff according to his Linked-In.

Didn't the really early Bitcoin code also contain references to a planned in-client Bitcoin-based Poker client?

 

[Bagatell]

I am pretty sceptical regarding the new Satoshi-has-been-found media hype.

Likewise. The timing is particularly suspect coming so hard on the conclusion of the HK conference.

 

[Erdogan]

So the segregated witness can be snuck in?

 

[awemany]

@Bagatell: Though if he's the guy, he clearly wanted Bitcoin to scale. As @cypherdoc mentioned, he simulated(?) hundreds of GB blocks on his own HW.

 

[Bagatell]

@awemany whatever, nullc is making full use of the distraction.

https://www.reddit.com/user/nullc

 

[Zarathustra]

Andrew Stone:

"I believe that the market should be making the decision of what should be on the Blockchain based on transaction fee, not Gregory Maxwell.
I believe that the market should be making the decision of how big blocks should be, not Gregory Maxwell."

https://forum.bitcoin.com/ama-ask-me-anything/i-am-andrew-stone-of-bitcoin-unlimited-ama-t3420-20.html?sid=32bd76f901248a5b6bd651dc6e710a85&sid=32bd76f901248a5b6bd651dc6e710a85

https://www.reddit.com/r/btc/comments/3w2562/andrew_stone_i_believe_that_the_market_should_be/

 

[sickpig]

@awemany whatever, nullc is making full use of the distraction.

https://www.reddit.com/user/nullc

so they should have been in hurry developing/testing segwit, right?

nevertheless gmax spent the last 7 hours interleaving his work on bitcoin core with posting on reddit. Isn't this strange?

 

[Zangelbert Bingledack]

Damage control.

@awemany

It seems gameable and also not really representative. Some people do a lot of tx, some don't. If we go with stake voting, I think all roads lead to fork arbitrage or spinoffs. Unless I'm missing something, anything less perfect would only be of temporary use.