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“Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.” -Satoshi Nakamoto Also Luke Jr is pretty much a terrib

“Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.” -Satoshi Nakamoto Also Luke Jr is pretty much a terrible person so I won’t shed tears on this one. Perhaps a stroll by this would have been useful for a core dev with $3.2 million in a wallet stored in a profoundly stupid way on a server. https://en.bitcoin.it/wiki/Multi-signature https://en.bitcoin.it/wiki/Multi-signature

voytec 4y ago
> core dev with $3.2 million in a wallet stored in a profoundly stupid way on a server. Compromised server[1]... [1] https://twitter.com/LukeDashjr/status/1593227756841578496 https://twitter.com/LukeDashjr/status/1593227756841578496
api 4y ago
That Satoshi quote contains layers and layers of ignorance about economics. Donation of what? It only makes sense if the purpose of Bitcoin is to go up in fiat denominated terms, but that’s not a currency it’s a Ponzi scheme.
- mensetmanusman 4y ago
  It’s like QE being a tax on everyone, and tightening being a donation to everyone.
- Geee 4y ago
  Of course the purpose is to make it go up in fiat denominated terms, but it doesn't make it a Ponzi scheme. It's just a better currency. Only an irrational person uses currency that is designed to lose value, compared to one that isn't.
- gruez 4y ago
  >Donation of what? It only makes sense if the purpose of Bitcoin is to go up in fiat denominated terms, but that’s not a currency it’s a Ponzi scheme. I think you're either reading too much into it, or are interpreting "donation" too literally. He's just pointing out the very simple fact that if there is less of a scarce resource, then the value of what remains goes up, all things being equal. He's not advocating that people burn their bitcoins intentionally to make everyone rich or whatever. The whole thing is just a subtle joke, and it seems like you missed it.
deleted 4y ago
[deleted]
gruez 4y ago
>“Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.” -Satoshi Nakamoto That’s not applicable in this context because the coins were stolen (ie. transferred to someone else) not lost (ie. transferred to no one). In the former case it doesn’t make everyone’s coins more valuable because it could still be spent.
sillysaurusx 4y ago
Can we not do the drive-by “X is a terrible person”? It’s endemic to the rest of the internet: https://www.reddit.com/r/196/comments/100nfgs/forget_mr_rule/j2j00eh/?utm_source=share&utm_medium=ios_app&utm_name=iossmf&context=3 https://www.reddit.com/r/196/comments/100nfgs/forget_mr_rule... and also off-topic.
- roflyear 4y ago
  It's fine to not give attention to someone who thinks slavery is moral.
  - sillysaurusx 4y ago
    That may be true, but we have a higher standard here: https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html The guidelines are more than merely rules. They’re the glue that holds us together and prevents us from tearing each other apart in political flamewar.
    - justjoinedtosay 4y ago
      Giving attention to someone who supports slavery is not a higher standard, so stop incorrectly linking to HN's rules.
    - roflyear 4y ago
      It is also brought up here that they are guidelines, not really rules (tho most of them are rules).
- Mistletoe 4y ago
  I'm sorry this isn't a drive-by, there is a mountain of evidence about this guy. I draw the line fully at "slavery is ok."
barbazoo 4y ago
Weren't they most likely stolen and not lost?

voytec 4y ago

> core dev with $3.2 million in a wallet stored in a profoundly stupid way on a server. Compromised server[1]... [1] https://twitter.com/LukeDashjr/status/1593227756841578496 https://twitter.com/LukeDashjr/status/1593227756841578496

api 4y ago

That Satoshi quote contains layers and layers of ignorance about economics. Donation of what? It only makes sense if the purpose of Bitcoin is to go up in fiat denominated terms, but that’s not a currency it’s a Ponzi scheme.

mensetmanusman 4y ago
It’s like QE being a tax on everyone, and tightening being a donation to everyone.
Geee 4y ago
Of course the purpose is to make it go up in fiat denominated terms, but it doesn't make it a Ponzi scheme. It's just a better currency. Only an irrational person uses currency that is designed to lose value, compared to one that isn't.
gruez 4y ago
>Donation of what? It only makes sense if the purpose of Bitcoin is to go up in fiat denominated terms, but that’s not a currency it’s a Ponzi scheme. I think you're either reading too much into it, or are interpreting "donation" too literally. He's just pointing out the very simple fact that if there is less of a scarce resource, then the value of what remains goes up, all things being equal. He's not advocating that people burn their bitcoins intentionally to make everyone rich or whatever. The whole thing is just a subtle joke, and it seems like you missed it.

deleted 4y ago

[deleted]

gruez 4y ago

>“Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.” -Satoshi Nakamoto That’s not applicable in this context because the coins were stolen (ie. transferred to someone else) not lost (ie. transferred to no one). In the former case it doesn’t make everyone’s coins more valuable because it could still be spent.

sillysaurusx 4y ago

Can we not do the drive-by “X is a terrible person”? It’s endemic to the rest of the internet: https://www.reddit.com/r/196/comments/100nfgs/forget_mr_rule/j2j00eh/?utm_source=share&utm_medium=ios_app&utm_name=iossmf&context=3 https://www.reddit.com/r/196/comments/100nfgs/forget_mr_rule... and also off-topic.

roflyear 4y ago
It's fine to not give attention to someone who thinks slavery is moral.
- sillysaurusx 4y ago
  That may be true, but we have a higher standard here: https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html The guidelines are more than merely rules. They’re the glue that holds us together and prevents us from tearing each other apart in political flamewar.
  - justjoinedtosay 4y ago
    Giving attention to someone who supports slavery is not a higher standard, so stop incorrectly linking to HN's rules.
  - roflyear 4y ago
    It is also brought up here that they are guidelines, not really rules (tho most of them are rules).
Mistletoe 4y ago
I'm sorry this isn't a drive-by, there is a mountain of evidence about this guy. I draw the line fully at "slavery is ok."

barbazoo 4y ago

Weren't they most likely stolen and not lost?