How can we best explain to a nocoiner that Satoshi’s BTC are indeed lost/dead? This is the biggest hurdle I get when attempting to orange pill.
Discussion
Why does it matter though? What's their concern?
I don't know why everybody perceives this as a bad thing. All those coins going back to the market means there would be a fire sale on bitcoin and that would be amazing!
They are not indeed dead they just haven't been moved.. My opinion is that he has a dead man switch on that when the last bitcoin is mine That wallet is probably going to release all those coins to the network. Idk just thi ki g.. but they are not dead lol
Much like religion, I suppose BTC requires a large amount of faith 🙏
At this point the network is so strong it doesn't matter what that wallet does if it moves coins fire sale for us. I'm gonna gobble it all up if it doesn't move coins good. We'll continue the path that is now either way They will only be 21 million.
🎯
That is a solid rebuttal 🙌 will use this response IRL convos!
Au contraire, unlike religion, bitcoin requires no faith. Only proof.
What would happen if Satoshi appeared out of nowhere after all these years and tried to sell some of his coins? Probably not much.
First, Satoshi would have to move these coins to an exchange. That would instantly be detected because all of Satoshi's legacy addresses are watched. This would also mean giving up anonymity, since most reliable exchanges with any liquidity require KYC.
Second, even if these coins could be sold, they would quickly be absorbed by buyers. If they were sold in large chunks, it could depress the exchange price temporarily, but it would soon recover. We'd all have a good laugh, a lot of memes would be generated, and we'd get lots of cheap coins to lock away for the future.
Unlike premined proof-of-stake coins, no entity, not even Satoshi, has any more control over the state of or rules of the network. He would just be another participant.
Great response✊ will use this IRL!
And if the topic of faith can’t be avoided, ask this:
What would you rather place your faith in, the Federal Reserve that can literally print infinity amounts of dollars, or bitcoin which is programmed to never even produce exactly 21 million coins, and the anonymous founder who disappeared in December 2010 (when Katy Perry’s Firework was on the Billboard Top 100) might have access to around 1% of the supply.
That is also a great point. Worst case, he owns a small amount of a finite money which is much favorable to unlimited fiat.
I know for a fact the coins wont be moved to an exchange lmao.. those coins aint moving no where.. Satoshi was/is for humanity...
If you want to read some cool esoteric bitcoin philosophy, this is fantastic.
https://tomerstrolight.medium.com/the-legendary-treasure-of-satoshi-nakamoto-c3621c5b2106
Will do!
I think Satoshi would probably sell coins P2P rather than an exchange. The Dude(s)/Dudette(s) would know how to use Bisq if he/she/they made Bitcoin.
Haha, if they don't want to switch to bitcoin because of Satoshi's coins, I hope they never hold a signle sat