3 ms·

Well given they have hunreds of millions of dollars to protect themselves with, it seems like it would be a good time to start using it.

SXX 6mo ago
Imagine mafia knocking on your door and putting a gun to your head because some journalist figured out you are secret billionare. Not cool?
- ghaff 6mo ago
  How is it different from all the non-secret billionaires to say nothing of all the people with 100s of millions?
  - entropyneur 6mo ago
    Satoshi is a paper billionaire - he can't use a small fraction of his "wealth" to hire proper security. Simultaneously his "assets" are much more attractive to criminals. Imagine holding a regular billionaire hostage and demanding they give you a billion dollars. They'd probably have to sell 1B worth of stock, then convert it to cash (or crypto), etc. all of that requiring multiple interactions with different people and institutions.
    - socialcommenter 6mo ago
      Heisting multiple billions worth of crypto would have the same issues, just to a smaller degree. If that much illicit money is on the line, `mJurisdiction` which normally looks the other way might be tempted to investigate and confiscate it for their own benefit. They also can't easily sell that amount quickly without repercussions (and without another institution like an exchange). You're right, but only to a limited degree.
  - frogulis 6mo ago
    Even if you put a gun to Bill Gates' head, signing over all his wealth to you would still require a lengthy process, not just handing over some keys.
  - SXX 6mo ago
    You really dont get it? Because real billionares have the money and you dont. Journalists just told everyone you are billionare, but you're just average SWE on $120k / year and absolutely no money for hiring small army of guards. Neither your own government agencies keep your back protected like they do for usual high profile people. Now go find a proof for mafia that you are not in fact have a billion bucks on USD stick. This has happened in this Satoshi hunt multiple times already. I mean finding that some random crypto related SWE is Satoshi when they are not.
    - InitialLastName 6mo ago
      > you're just average SWE on $120k / year and absolutely no money for hiring small army of guards FWIW, in this instance Adam Back is also a non-secret billionaire, mostly from his public involvement in a number of ventures within the Bitcoin ecosystem. The difference is closer to 1 order of magnitude than the 4 you're proposing.
      - SXX 6mo ago
        You are right, but this is not the first investigation. Also there is massive difference between being rich, or even a super rich and literally hidding $50B under your bedsheet on USB stick. No one expects that putting a gun to even a super rich person head will buy you a small country. You can kill a billionare, but you cant extract much value out of it other than $100k on their credit card and $500k watch neither of which you can really sell. Havimg keys to $50B on USB stick is different level of danger.
- iwontberude 6mo ago
  They have Elon money, let’s stop pretending they are some precious little sweetheart.
Thorrez 6mo ago
Satoshi cannot spend his fortune. If he did, it would be visible on the blockchain and bitcoin's price would collapse.
- khalic 6mo ago
  That’s not how you use that kind of wealth. You take loans with the fortune as collateral… come on that’s pretty basic stuff
  - randerson 6mo ago
    You still have to pay the interest from somewhere. And presumably you'd need to put the coins into some kind of escrow so that the lender can get their money back even if you conveniently forget your private key.
  - prettyblocks 6mo ago
    In this case it's not basic stuff. You would need to prove that you own the actual bitcoin or transfer it for it to be collateral on a loan. It's the same as spending it.
    - khalic 6mo ago
      Why are you framing this as the only solution? There are many many other ways to secure a guaranty
- sheevy 6mo ago
  their wealth is not in a single wallet, but rather in 20k wallets. So instead transferring bitcoin, they could just hand out access those wallets.
  - bfmalky 6mo ago
    Sure. So just a case of 'trust me bro' on both sides. What could possibly go wrong?
  - 6mo ago

SXX 6mo ago

Imagine mafia knocking on your door and putting a gun to your head because some journalist figured out you are secret billionare. Not cool?

ghaff 6mo ago
How is it different from all the non-secret billionaires to say nothing of all the people with 100s of millions?
- entropyneur 6mo ago
  Satoshi is a paper billionaire - he can't use a small fraction of his "wealth" to hire proper security. Simultaneously his "assets" are much more attractive to criminals. Imagine holding a regular billionaire hostage and demanding they give you a billion dollars. They'd probably have to sell 1B worth of stock, then convert it to cash (or crypto), etc. all of that requiring multiple interactions with different people and institutions.
  - socialcommenter 6mo ago
    Heisting multiple billions worth of crypto would have the same issues, just to a smaller degree. If that much illicit money is on the line, `mJurisdiction` which normally looks the other way might be tempted to investigate and confiscate it for their own benefit. They also can't easily sell that amount quickly without repercussions (and without another institution like an exchange). You're right, but only to a limited degree.
- frogulis 6mo ago
  Even if you put a gun to Bill Gates' head, signing over all his wealth to you would still require a lengthy process, not just handing over some keys.
- SXX 6mo ago
  You really dont get it? Because real billionares have the money and you dont. Journalists just told everyone you are billionare, but you're just average SWE on $120k / year and absolutely no money for hiring small army of guards. Neither your own government agencies keep your back protected like they do for usual high profile people. Now go find a proof for mafia that you are not in fact have a billion bucks on USD stick. This has happened in this Satoshi hunt multiple times already. I mean finding that some random crypto related SWE is Satoshi when they are not.
  - InitialLastName 6mo ago
    > you're just average SWE on $120k / year and absolutely no money for hiring small army of guards FWIW, in this instance Adam Back is also a non-secret billionaire, mostly from his public involvement in a number of ventures within the Bitcoin ecosystem. The difference is closer to 1 order of magnitude than the 4 you're proposing.
    - SXX 6mo ago
      You are right, but this is not the first investigation. Also there is massive difference between being rich, or even a super rich and literally hidding $50B under your bedsheet on USB stick. No one expects that putting a gun to even a super rich person head will buy you a small country. You can kill a billionare, but you cant extract much value out of it other than $100k on their credit card and $500k watch neither of which you can really sell. Havimg keys to $50B on USB stick is different level of danger.
iwontberude 6mo ago
They have Elon money, let’s stop pretending they are some precious little sweetheart.

Thorrez 6mo ago

Satoshi cannot spend his fortune. If he did, it would be visible on the blockchain and bitcoin's price would collapse.

khalic 6mo ago
That’s not how you use that kind of wealth. You take loans with the fortune as collateral… come on that’s pretty basic stuff
- randerson 6mo ago
  You still have to pay the interest from somewhere. And presumably you'd need to put the coins into some kind of escrow so that the lender can get their money back even if you conveniently forget your private key.
- prettyblocks 6mo ago
  In this case it's not basic stuff. You would need to prove that you own the actual bitcoin or transfer it for it to be collateral on a loan. It's the same as spending it.
  - khalic 6mo ago
    Why are you framing this as the only solution? There are many many other ways to secure a guaranty
sheevy 6mo ago
their wealth is not in a single wallet, but rather in 20k wallets. So instead transferring bitcoin, they could just hand out access those wallets.
- bfmalky 6mo ago
  Sure. So just a case of 'trust me bro' on both sides. What could possibly go wrong?
- 6mo ago