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Re:In defense of cryptocurrency by criddell on Thursday June 09, 2022 @02:42PM (#31685167)
I don't understand why L2 systems are even necessary. There's a relatively well known email exchange between Nakamoto and Mike Hearn in which Nakamoto says:

> The existing Visa credit card network processes about 15 million Internet purchases per day worldwide. Bitcoin can already scale much larger than that with existing hardware for a fraction of the cost.

If the original design of Bitcoin anticipated Visa-scale transactions for a fraction of the cost, what's the motivation for a L2?

I'm assuming Nakamoto wasn't being cheeky when he wrote fraction of the cost. Afterall, 1000/1 is a fraction...

Re:In defense of cryptocurrency by pavlov on Thursday June 09, 2022 @03:09PM (#31685462)
Or maybe Nakamoto was simply full of crap, like people talking up their cryptocurrency schemes tend to be?
Re:In defense of cryptocurrency by toolz on Thursday June 09, 2022 @10:46PM (#31689399)
I just don't understand why crypto discussions seems to draw out so many rude comments. If satoshi wanted fame and fortune he could have both easily, but there are a ton of early bitcoins that haven't moved - so obviously he wasn't in it for the money or he would've used those coins.
Re:In defense of cryptocurrency by shkkmo on Friday June 10, 2022 @12:10AM (#31689935)
Or they lost the key to the wallet before the tokens were worth cashing out.
Re:In defense of cryptocurrency by toolz on Friday June 10, 2022 @08:53AM (#31693376)
this is evidence that he wasn't in it for the money. If you came up with an elaborate scam with intentions of hustling people - how likely are you to be wildly successful, but accidentally lose access to the funds you worked so hard for?
Re:In defense of cryptocurrency by shkkmo on Friday June 10, 2022 @01:34PM (#31697121)
This seems like a post hoc rationalization to support a narrative. Key management is hard and just because people mess it up, it doesn't meam that they weren't serious about using that key. Designing and building novel software is a different skill set than keeping your stuff organized enough to not lose things.

I could just as easily come up with a post hoc story that says that the reason that he has never come forward to claim credit is out of extreme embarrassment about the size of the fortune he lost, and that this is evidence that he does care about the money.

Re:In defense of cryptocurrency by toolz on Friday June 10, 2022 @04:58PM (#31699296)
I'll just stick with my "innocent until proven guilty" opinion. Taking the most outlandish route possible to smear someones name seems rather unhealthy for everyone. There's no precedence for someone pulling off a huge digital scam and failing to cash out because they forgot their password. Could it happen? Sure, there aren't many things outside of the realm of possibilities when you're tasked with proving a negative. Lucky for us, that isn't the responsibility placed on most anyone in social situations and definitely not for criminal accusations in court.
Re:In defense of cryptocurrency by shkkmo on Friday June 10, 2022 @05:46PM (#31699710)
I'm not sure what you mean by "the most outlandish route possible to smear someones name". I fail to see why me asserting that not spending the coins isn't strong evidence about Satoshi's motivations is some how a smear or trying to assign guilt?

The entire conversation started because someone pointed out that just because Satoshi said something doesn't mean it has to be true (although they made that point in a rude way.)

The vibe I am getting from your responses is: 'satoshi is a saint, everything he said has to be true, and any attempt to point out that we have little evidence about Satoshi's character is a baseless smear.'

I am sure that is an inaccurate and unfair characterization of what you are trying to see, so please correct me as to where I have it wrong.

Re:In defense of cryptocurrency by toolz on Friday June 10, 2022 @06:12PM (#31699952)
I see your interpretation now, my apologies. When I read "scheme" I understood that to be slander and mean satoshi had malicious intentions. If you understand scheme to simply be a benign way of suggesting his plan was wrong then it de-escalates this entire conversation.

I thought you were defending the a comment claiming satoshi was being malicious. I would've done better to search for a more charitable interpretation.

Re:In defense of cryptocurrency by shkkmo on Friday June 10, 2022 @11:14PM (#31701617)
Persono, I think that Satoshi was an idealist but not a saint and the reasons that the funds have not been accessed are not due to altruism.

If Satoshi did stretch the truth or lie in that quote, I would be inclinded to view it as motivated by ideolatry rather than greed. However, any speculation as to motives is fairly pointless given the lack of information.

Re:In defense of cryptocurrency by hnthrow1010 on Friday June 10, 2022 @11:09AM (#31695259)
That's not a rude comment. Regardless of how much money he made or didn't make from the endeavor, Nakamoto still made many incorrect statements.
Re:In defense of cryptocurrency by tromp on Friday June 10, 2022 @06:06AM (#31692050)
If he wanted to make clear his intention to never ever cash out, he could have burned those bitcoins.
Re:In defense of cryptocurrency by toolz on Friday June 10, 2022 @08:55AM (#31693402)
are you aware of what it means to "burn" bitcoin? It's simply putting the coins in a wallet and destroying the keys.

For all we know, these coins have already been "burned"

Re:In defense of cryptocurrency by tromp on Saturday June 11, 2022 @07:06AM (#31703599)
No, burning is sending coins to an obviously unspendable address.
Re:In defense of cryptocurrency by toolz on Saturday June 11, 2022 @07:36PM (#31709555)
that isn't possible in bitcoin - there are no "obviously unspendable addresses"

like I said, the best you can do is burn the private keys, but that isn't verifiable - you can't prove something doesn't exist