Why people trusted Satoshi Nakamoto and bought first BTC coins 10 years ago?

[Lubruselu 2803]

13 hours ago, Ukoy said:

They need to trust because they have knowledge and faith that bitcoin will someday rule the world, and see the fruit of their believing in bitcoin they earn million of dollars. 

I don't think that's the time they buy bitcoin from satosh nakamoto no one expected that's there have any future for bitcoin to be raised like that's 

[cryptosix 1643]

13 hours ago, Ukoy said:

They need to trust because they have knowledge and faith that bitcoin will someday rule the world, and see the fruit of their believing in bitcoin they earn million of dollars. 

Some had faith, but everyone doesn't had any faith in them. I thought Bitcoin had more response and frutile in development, but still being as pending. For the investment too a lot of people are discussing here and everywhere.

[lucky80 1046]

On 12/2/2019 at 10:08 PM, Luciferludz said:

You are right, those people were tried to risk their money to bitcoin while they don't know its future, but now they are enjoying the benefits.

No. I think the investor already knows what is behind and the future of Bitcoin. Satoshi not only wrote but he embodied the contents of the whitepaper. And I think people who read the bitcoin whitepaper know what will be the future of bitcoin. 

 

On 12/5/2019 at 10:18 PM, yifnt said:

I think they are people who are optimistic about a technology project for the future because they see some crazy things that have succeeded in the future. But more precisely we should ask them directly 😀

The initial bitcoin investor is different from ordinary people. They can see the future. Believe it or not, but some of them are here now, watching the negative comments from people who beg 1000 satoshi.  😂

 

On 12/7/2019 at 6:11 PM, Goodcoin said:

Those the first people that invested in it before we started.

Maybe you right, maybe you wrong. No one knows. 

[Jimmy 437]

First, so far i know satoshi didn't sell it and just distribute it to some founders like hal finney and others founders with hope to introduce them blockchain technology and i'm not really sure how the first trade of bitcoin but i know the first cryptocurrency exchange is bitcoinmarket.com (founded in 2010), Why some people trust bitcoin? because they are know what behind it and clear explanation from satoshi so people trust them and put some money there, It's my theory.

[nasipadang 399]

On 11/29/2019 at 5:46 PM, Brushless4500KV said:

We all know that the fictional character named Satoshi Nakamoto first created bitcoin about ten years ago. He was the person who mined the first 50 bitcoins. Today, even after a decade, still no one knows who was the real Nakamoto!

Something I don't understand is that how he managed to sell his bitcoins anonymously? How early adopters trusted bitcoin when they didn't know about its value?

When something new is launched for the first time, it needs time to be accepted and used by people but this is not the case with bitcoin because it gained popularity like a bomb!

Why you should trust someone you don't even know and use its payment system for your transactions? If it were you, did you pay for an unknown coin developed by some unknown person?!

 

 

Not entirely true, bitcoin has also been very low value, like the case of pizza. I don't really know the real reason why people believe so much, but from what I hear it's because of the economic crisis at that time they tried to move their money to bitcoin. There is no confirmation about this truth.

[lucky80 1046]

13 hours ago, nasipadang said:

bitcoin has also been very low value,

It has no value at all. However, satoshi manages to make it running, so that is why people are buying.  

 

13 hours ago, nasipadang said:

I don't really know the real reason why people believe so much,

Only certain people are becoming millionaires or millionaires today because of bitcoin. These are people who read whitepapers and know that this technology will work.

 

13 hours ago, nasipadang said:

but from what I hear it's because of the economic crisis at that time they tried to move their money to bitcoin

Yes, this is one reason. Banks are broke and the SEC is corrupt. 

Edited December 11, 2019 by lucky80

[iloveyobit 6599]

Nobody knows if Satoshi was one person or a group, and you may know there is someone who bought a piece of pizza with 1000 btc in 2009 .

[Luciferludz 1442]

On 12/10/2019 at 11:50 PM, lucky80 said:

No. I think the investor already knows what is behind and the future of Bitcoin. Satoshi not only wrote but he embodied the contents of the whitepaper. And I think people who read the bitcoin whitepaper know what will be the future of bitcoin. 

 

The initial bitcoin investor is different from ordinary people. They can see the future. Believe it or not, but some of them are here now, watching the negative comments from people who beg 1000 satoshi.  😂

 

Maybe you right, maybe you wrong. No one knows. 

How could they think the price of bitcoin will become huge while they were don't sure that's how many people's will accept to use bitcoin?

[rekter 8129]

On 11/29/2019 at 12:46 PM, Brushless4500KV said:

We all know that the fictional character named Satoshi Nakamoto first created bitcoin about ten years ago. He was the person who mined the first 50 bitcoins. Today, even after a decade, still no one knows who was the real Nakamoto!

Something I don't understand is that how he managed to sell his bitcoins anonymously? How early adopters trusted bitcoin when they didn't know about its value?

When something new is launched for the first time, it needs time to be accepted and used by people but this is not the case with bitcoin because it gained popularity like a bomb!

Why you should trust someone you don't even know and use its payment system for your transactions? If it were you, did you pay for an unknown coin developed by some unknown person?!

 

 

They didn't trust him, they trusted the code and the vision in the whitepaper. The whole point of Bitcoin is that you don't need to trust someone. Most early adopters could read the code, they were not in just because of the money. And not one of them believed it to raise so high.

 

And bitcoin was and is mined, it's not like people bought them from Satoshi, that's a weird claim

Edited December 12, 2019 by rekter

[lucky80 1046]

11 minutes ago, Luciferludz said:

How could they think the price of bitcoin will become huge while they were don't sure that's how many people's will accept to use bitcoin?

Of course, they know everything. Otherwise, they will not be the initial investors. Some people are born with the talent to predict the future. No need to be surprised about this. 

[Luciferludz 1442]

On 12/12/2019 at 4:20 PM, halloweed said:

That's the tricky part, I guess it is because it is open source, but still it is very weird that people trusted satoshi and bought their first bitcoin.

I don't think if satoshi nakamoto were the famous person at that time that's why till today no one know him.

So the doubt here is coming why those people trust the fameless person that's much lead them to buy bitcoin?.

[melikf78 987]

its just like other projects people spend their money on projects to make more money its always risky . but i heard some people gave bitcoin for free to introduce it to others ( im not sure ) investment on bitcoin is just like investing on ico and new coins and tokens how people trust them ? its just like bitcoin 

[Ptrst 11]

I think many people did not trust Satoshi and did not buy the coins. This is why for a long time for years it was not worth any more than a few cents for bitcoin. The trust didn't come from satoshi but the community coming together and finding uses for the coins. The trust was in the math and not in the person. Like I don't think the United States people trust president Trump because he does shady business deals, but they trust in the United States government because they rule over land for a long time. With bitcoin satoshi is not trusted but the bitcoin math is trusted because you cannot refute the math.

[Brushless4500KV 4214]

There is another scenario that may be true about the early days of bitcoin. We suppose Satoshi Nakamoto was an unknown character but he must have a family or some relatives and friends. Maybe he decided to mine bitcoins and only sell them to the people he had a close relationship with. After that those who bought bitcoins from Nakamoto, also learned how to mine and sell their own bitcoins to other people. If we suppose this story is true, then Nakamoto was not the person who sold bitcoins directly to the public, he did so but indirectly through his close friends. This might be the way bitcoin network appeared for the first time and grew bigger day by day. However, this is just a speculation and the truth may be different.

[Nakamoto 279]

On 12/13/2019 at 11:44 PM, Luciferludz said:

I don't think if satoshi nakamoto were the famous person at that time that's why till today no one know him.

So the doubt here is coming why those people trust the fameless person that's much lead them to buy

I think Satoshi has never been famous. Who knows Satoshi? People only believe in the technology provided by Satoshi. It is very difficult to understand why people believe in a new technology offered by Satoshi, and don't try to understand it because some people become insane in trying it out.

[nykas 2812]

People who bought assets like Btc 10 years ago saw that technology has a great potential. They believe that their support can help to make world better and so they tried to help Satoshi any way 

[Grandmaster 245]

On 11/29/2019 at 6:46 PM, Brushless4500KV said:

We all know that the fictional character named Satoshi Nakamoto first created bitcoin about ten years ago. He was the person who mined the first 50 bitcoins. Today, even after a decade, still no one knows who was the real Nakamoto!

Something I don't understand is that how he managed to sell his bitcoins anonymously? How early adopters trusted bitcoin when they didn't know about its value?

When something new is launched for the first time, it needs time to be accepted and used by people but this is not the case with bitcoin because it gained popularity like a bomb!

Why you should trust someone you don't even know and use its payment system for your transactions? If it were you, did you pay for an unknown coin developed by some unknown person?!

 

 

I guess people finds it unique and it challenged the supremacy of the fiat and of course it's being anonymous and decentralized, the early birds are lucky to acquire Bitcoin at that early stage but I guess there are very few people who have not yet sold their coins.

[febriyana 934]

I think story Satoshi Nakamoto is like Colonel Sanders. Let's talk short story about Colonel Sanders, why on that time only one restaurant accept their idea about the recipe. The owner that restaurant don't know him, why he want buy the recipe? The answer is because the owner like the idea. So the owner risk some money to build KFC and now is already worldwide, for say thank you the logo Colonel Sander i see never replace.

 

So what i think people trust is because the idea of Bitcoin is really innovative. Where we can send money without any government law and worldwide. So some people just try it. The big change when Silk Road use Bitcoin. From there Bitcoin become famous like now.

That is Satoshi Nakamoto fault if he don't famous because never shown himself.

[Nakamoto 279]

On 12/15/2019 at 7:59 AM, Wish107.5 said:

Satoshi Nakamoto,  is so very smart because he left bitcoin and this will be successful even they dont controlling this now.  This is because the halving and also gethub developers. Thanks for them

Can you tell me why the halving protocol could make bitcoin successful? Yes, I know my pal is very clever.

 

On 12/15/2019 at 9:40 PM, Chy944 said:

I don't think so investors trusted Satoshi nakomoto while investing on btc I think they just bought without any thought wether it will increase or not.but unfortunately it increases like a bullet within last few years.

And that is why some people were born to buy a scam. They just bought anything without thinking. But what happens to bitcoin is different. Satoshi made a clear path to the future, and that is why investors bought it.

[steel123 54]

I don't think anyone trusted him. A group of people bought because they took a risk, someone spent $ 500 with $ 100,000 or maybe spent $ 20,000 and now has millions.

It's all a matter of risk. As if someone new now came up with something and you would give him $ 1000 for a coin or something.

[Nakamoto 279]

On 12/17/2019 at 3:54 PM, steel123 said:

I don't think anyone trusted him.

Well, then you must learn why people trust Satoshi. And that is not because they are taking the risk without knowing something. Start by searching the word Hal Finney. Happy learning, my friend.

[lucky80 1046]

On 11/29/2019 at 5:46 PM, Brushless4500KV said:

If it were you, did you pay for an unknown coin developed by some unknown person?

I don't even know Satoshi create Bitcoin until I join some forum and read the whitepaper. Meanwhile, I have mined some bitcoin. I think i was interested more in mining and its technology. So it was a lucky moment for me. 

[lucky80 1046]

On 12/25/2019 at 5:26 AM, SCB1234 said:

They didn't trust him, and that is the point. It is a trustless system,

This is the fun part. They don't understand what is a trustless system. But that is not answering anything why people trust and invest in the first place. 

 

On 12/25/2019 at 5:26 AM, SCB1234 said:

there is a network of strangers making it work, and none of them know of one another.

This is still a mystery mate. But I think the Finney family has a chance to meet them.

 

On 12/25/2019 at 5:26 AM, SCB1234 said:

The only risk people had to take was to run the software on a computer. Once that worked, it started spitting out Bitcoins and it was exciting, but they were worth less than 1 penny each, so it was a hobby with pretty much nothing to lose. If it was just a fun weekend project to try mining,

Yes and this could explain why we trust bitcoin. People are chasing coins even that is a fantasy. Satoshi knew what exactly people after at and he knew we will do it. Collecting coin and mining gold is everyone's favorite right?

[lucky80 1046]

6 minutes ago, haulakers01 said:

there are a number of possibilities that they understand that bitcoin will become as famous and expensive as now or maybe just a fad that makes them millionaires

And what are the possibilities? We already knew anything has probabilities. And we are here to discuss that.

[lucky80 1046]

2 minutes ago, haulakers01 said:

sorry for my bad english that make you miss understand . what I mean is several reasons why people buying bitcoin. they maybe some people that have a lot of money and didn't know where to spend it so they bought some bitcoin or some people really know what will happen with bitcoin in the future so they bought it. that was i trying to say

Now you mentioned it. So you are simply saying that they are speculating their money? The question is why people trust satoshi an invest their money? There must be a better explanation.