What’s up with Satoshi’s coins? / BTC Puzzle time to step out of the shadows?

3 replies 388 views
alt100Member
Posts: 9 · Reputation: 101
#1Apr 6, 2023, 07:24 PM
Hey everyone <3 So, I've been wondering, why did our elusive creator, Satoshi Nakamoto, decide to take some coins from the network? Nakamoto claimed that only 21,000,000 coins would ever be mined, right? But I think there's more to this story! Why did Satoshi scoop up around 1/21 of all the existing coins? Here’s what we know: Satoshi made it clear that there could only be a total of 21,000,000 coins that part’s solid since the code won’t allow for any more. We all get that not all the coins Satoshi allegedly mined are in human hands (and I’m not even counting lost coins here). At the start, Satoshi locked away 50 BTC in the very first block, which can't be spent due to UTXO, meaning we've got 20,999,950 BTC available for mining. Then Satoshi kicked things off by mining blocks to keep the network alive, racking up about 22,000 blocks with a reward of 50 BTC each, so that’s roughly 1,100,000 coins. This leads us to about 19,899,950 coins that can actually be mined by people < which is spot on. So, why did Nakamoto create a decentralized network meant for everyone, but then pocket over 1,150,000 coins from 'us'? I have this theory about the BTC Puzzle being a timestamp for when the true Nakamoto might make an appearance. Sure, some folks are generous nowadays (right? Then hand over 10 BTC, please ;]) but no one’s just gonna toss fortunes into random wallets for kicks. There’s gotta be some purpose behind this, and the puzzle builder definitely wanted to convey something. It’s like they know what stage we’re at as a civilization.
6 Reply Quote Share
diamond_atlasSenior Member
Posts: 408 · Reputation: 1359
#2Apr 6, 2023, 09:59 PM
How is the 21 Million Bitcoin Cap Defined and Enforced? References for reading Was Satoshi a greedy miner? Satoshi ‘s Fortune: a more accurate figur The Return of the Deniers and the Revenge of Patoshi In my opinion Satoshi Nakamoto did not take any bitcoins away from us. As a founder of something, you must try it first and because in early days, there was very limited people accepted Bitcoin and actually tried running Bitcoin like Hal Finney, it's natural to run the Bitcoin software and mine very first Bitcoin blocks. Back in very early days, bitcoin has zero value and zero price or perhaps very low value and zero price.
1 Reply Quote Share
ben100Full Member
Posts: 49 · Reputation: 273
#3Apr 6, 2023, 11:43 PM
Feels like you’re overthinking it a bit. Satoshi mined early coins to secure the network, not to take anything. The rest sounds more like coincidence than hidden meaning, people just use Bitcoin as it is, even for things like betting.
6 Reply Quote Share
HumbleC01nFull Member
Posts: 41 · Reputation: 360
#4Apr 7, 2023, 02:30 AM
Shit!!! I don't get it. I'm wondering the logic behind this OP. If Satoshi has mined 1/21 of bitcoins total supply how does this alter the total supply then? Dude you don't need to think your brain out, Bitcoin was free for everyone to mine during those time. If you had devoted into mining as much as Satoshi did (those early era), you  should have probably accumulated thesame stash as he did. FYI even gmaxwell mined during those days so it was not only satoshi:
4 Reply Quote Share
?Reply
Sign in to reply to this topic

Related topics