Follow

I don't want to build on your platform, build on my platform

I don't want to use your money, use my money

I don't want to enrich you, enrich me

The story of this industry

I was marveling last night that anyone feels that they have the right to mint a private money and get away with it.

Satoshi did it right. he knew he shouldn't be entitled to a large share of the money supply. no one else gets this.

@nic People inherently know that minting your own money is a scam, in that there is nothing to back it.

Satoshi had this backdrop and the fact that people are not acquainted with non-state money and no certainty that what he was making would gain moneyness.

Once the value of the system was proven, the game changed. Satoshi built a self-banking network, others are trying for piggy banks.

For the honest, there may be a unit of account out there with your pseudonym on it.

@nic

I agree, but it is open to question as to why he/she/it didn't burn the coins he/she/they mined. There's various possibilities, it seems to me.

@waxwing @nic what do you mean baby burn the coins ? They could have destroyed the private key and no one will never know

@Sosthene @nic

'baby'?
Sure, they could, just saying burning it would have been a way to publically announce the coins would never be spent.

@waxwing @nic Damn autocorrect 😂 I guess if they were many people it could have been difficult for all of them to agree on what to be done, or Satoshi left too early and didn't foresee the development of Bitcoin, so it didn't seem necessary to do that at the time and would have seemed awkward after years of silence.

@waxwing leaving them unconsolidated is 'good enough' for me. i suspect it was probably because satoshi didn't want people to know exactly how many s/he had, for fear of ruining the early perceived legitimacy of the system

@nic This is a rare situation where I disagree with you.

Everyone should be free to mint their own money. They just aren't welcome to any guarantee that their Chuck E. Cheese tokens will be valued or honored by anyone else.

@nic I've always seen Satoshi's private keys as the "keystone" to Bitcoin. I believe he knew this as well, and honestly I wouldn't be surprised if he purposefully destroyed any record of those keys to preserve the system he had created. He had the discipline to walk away and not meddle, he most certainly would have the fortitude to make that choice about his coins.

Sign in to participate in the conversation
Bitcoin Mastodon

A mastodon instance for Bitcoin Maximalists.
No scams, no shitcoin, no impersonation, no begging, and no illegal content.
Keep it civil and we should all survive :)