Quote from: kaggie on July 25, 2021, 01:12:08 PM

Quote from: hazenyc on July 25, 2021, 03:00:43 AM

It's right that multisigs weren't a thing for Bitcoin in 2009-2010 within the Bitcoin protocol itself, but aren't there ways to set up multisig keys outside of the network such that you could still have the same effect? Or at least an effect that is similar? I know that alternatives would be prone to all kinds of attacks by those setting it up anyway, but isn't there a way they could have managed it somehow?

While multisig was not a thing, a clever enough person could come up with a multi-sig like method at any point. Breaking a bitcoin key into two halves was always possible -- although not quite the same.

But as frankie says, it was unnecessary.

If you had someone who you thought you should multisig with, you might as well convince them to get into bitcoin or send them coin.

Quote from: franky1 on July 25, 2021, 03:17:27 AM

back then privkeys, had no value.
they were not important.
satoshi;s philosophy was if people lost their keys it made the coins left in circulation more scarce

The value of bitcoin was low enough that there was no reason to set up multisigs. Much like mining pools that did not exist yet.

Bitcoin's value had to start some place, which required proving both long term storability and current utility.

This 2011 post shows the mindset:

Quote from: ben-abuya on June 10, 2011, 01:59:08 PM

We all have our own little Bitcoin stash that feels like a present from the gods, and we don't want to give those precious bitcoins away.
Hoarding is fine, early adopters deserve the reward, but you can have it both ways. Hoard and Spend people! The Bitcoin needs to move!

Yes, makes a lot of sense what you and Frankie are saying, just learning over here. Wink

Isn't it then quite likely that Satoshi bought a ton of Bitcoin on Mt. Got (founded in 2010), anticipating that he would once prefer to not move those first mined coins? Or is it even possible that he somehow, don't ask me how, but somehow was involved with Mt. Gox?

I just can't get my head around the fact that those BTC are sitting idle and Satoshi feels no urge to move them. He must have benefitted from this, whoever he or she is or they are.