Should We Freeze Satoshi's Bitcoin?

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In this video, I discuss a proposal to freeze or censor early Bitcoin UTXOs that are associated with Satoshi, in a bid to prevent him/her from moving the coins or "dumping" on us.

I conclude that this is a bad idea and that we should always resist the temptation to freeze or censor another person's money, whether or not it's for a "good reason." Otherwise we become just like the fiat money people that we are fighting, who like to weaponize their currencies and use them for political advantage.

Are Satoshi's coins actually an existential threat to Bitcoin?

I don't think so:

1) The potential sale of up to 1 million BTC would not be the real problem, since Bitcoin is liquid enough by now to absorb a seller this large.

2) Owning a lot of Bitcoin like Satoshi does not give him any extra control over the protocol, as it would if Bitcoin were proof of stake, instead of proof of work.

3) The real problem would be the actual public return of Satoshi, who could then become a single point of attack for the protocol, or who could wield the bully pulpit and tell Bitcoiners what to think or do.

The return of Satoshi could definitely jeopardize Bitcoin's decentralization and neutrality.

Bitcoin is a digital commodity at this point. It doesn't require a leader anymore than gold requires a leader.

It's been 14 years-- and Satoshi has still not returned or moved any of his coins. While everyone was so worried about Satoshi dumping on them, they got dumped on by Vitalik, the Solana billionaires, Jed McCaleb and others.

Satoshi was clearly more ideologically minded than economically minded-- we know this from his writings and his extreme humility in walking away from the project.

While Satoshi's return remains an existential threat to Bitcoin, I think it's extremely low probability. If you're holding a lot of fiat or "crypto" instead, the odds are much, much higher that bad things are going to happen to your money.

You have to store your savings somewhere.

Do you trust Wall Street?
Do you trust the banks?
Do you trust Vitalik?
Do you trust Charles Hoskinson?

I think that Bitcoin is still the best savings vehicle available.

Not investment advice! Consult a financial advisor.

Inside the 37-Year Standoff Over Iran’s Frozen U.S. Dollars:
https://www.wsj.com/articles/inside-t...

Ethereum Developer Vitalik Buterin Sold 25% Of His Coins:
https://themerkle.com/ethereum-develo...

Solana Billionaire VC's Are Laughing At You:
https://www.youtube.com/watch?v=nBHH0...

I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.

My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#bitcoin
#satoshi
#crypto

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