Post
Topic
Board Bitcoin Discussion
Merits 2 from 2 users
Re: Why did Satoshi use GB British English and international English ?
by
kaggie
on 25/07/2021, 13:12:08 UTC
⭐ Merited by Pmalek (1) ,hazenyc (1)
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 parts was always possible, which isn't quite the same, but would work.

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.
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

he showed no desire, excitement or effort in hoarding. no mention of wanting/needing to accumulate. he preferred sharing coins for others to use for bug testing

as did others back then. making faucets to give coins away

hoarding/accumulating coin mindsets only begun in 2011

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.

As for whether "earlies" were hoarders or spenders, bitcoin's value had to start some place, which was a required both. The term "hoard" was first used on this forum in August 2010, but this 2011 post shows the mindset:
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!