Bitcoin Forum

The title explains it all, you look at blockchain.info and see a burst of transactions sending a total of 1000000BTC to 1BitcoinEaterAddressDontSendf59kuE.
What happens next?
Would it make headlines?
Would the exchange rate rise significantly?
Is it likely?

The price will skyrocket since there are many people know nothing about he has 1 million bitcoin. People will realize that the real bitcoin total supply will be less 1 million, so they will buy more.

What do you mean by burns? Are you trying to say "creates" or "borns" by that? Because i don't get it if how bitcoins can be burnt, and if Satoshi Nakamoto suddenly adds that much bitcoins to the total sum of bitcoins if that is what you are trying to say, then i don't know what will be the outcome, maybe a price rise?

nothing really is going to happen.

the only little possibility is that there might be a mass panic and a big price drop and that means i get to buy a lot of cheap bitcoins so i will be happy about it.

Well if the total amount of bitcoins goes down the price should rise since there are less. This is a pretty unrealistic scenario though to be honest.... I don't think anyone even owns that many bitcoins anyway but if they did, they'd surely have a lot of power of crypto currency in general.

There are Bitcoin addresses known to have no private key. So if you send coins to them they'll never move again.

As for the original question, there's no proof Satoshi has that many coins. It would put a few doubts to bed but no one's expecting them to move ever again. It would be good to have a definitive answer either way.

I think this will be really nice move by satoshi and it may open up lots of space for bitcoin price to rise well beyond our imagination as there will be no fear among traders that satoshi will be dumping large amount of bitcoins to exchange platform.

people who know about bitcoin in general know about how many coins Satoshi has in his arsenal,those who started mining in the beginning will be having a very large collection of coins and i am sure they are millionaires by now thanks to the great man in the pseudo named Satoshi

I don't believe there would be any significant change because the satoshi coins haven't been on the market so they're not available in the supply chain.  If they were suddenly dumped on the market, however, that would probably have a significant impact on the price.  The Satoshi coins aren't the only coins that one should be concerned about....the Winklevoss twins hold a significant stake in bitcoin and they are extremely active in the space  <---- Beware, they are slowly moving toward Ethereum. http://www.bloomberg.com/news/articles/2016-05-23/here-s-one-way-of-saving-the-winklevoss-twins-bitcoin-etf-dream

I guess that nothing would happen. With Satoshi not really moving any of his mined coins, majority of the community has already presumed the private keys to the addresses to be lost. If he were to burn them, it is simply a proof that he doesn't want them and nothing would change. It would however, probably spark another hunt for him.

You can be assured that Satoshis stash wont move till 2020.

Satoshi Nakamoto or the people behind the pseudonym don't necessarily have to send the coins to a burn address to consider them 'burnt' forever. I think as long as they don't move the coins trying to sell them or influence the market in any way the Bitcoins in those addresses could be considered out of the Blockchain for good.

If it will happen i am sure the price should be increase and people will be happy to see that the price reach 10k value. but its impossible to happen they are just doing halving and decreasing the rewards per block..

The price will surely go up by a large margin, because the available coins or the cap will not be 21 000 000 coins, but 20 000 000 coins.

We will all benefit from this, and the "unknown" element of this would clear up all rumours of a big pump n dump scheme. These coins are

currently hanging in the air... Nobody knows what Satoshi is planning to do with it.  :(

Instead of burning, why not Mr. Satoshi just airdrop those 1 million bitcoin to this community.

I agree that might devalue bitcoin prices, still it could help bitcoin to grow further as other people will come to know about bitcoin with this free advertisement and also it will confirm the decentralization once again.

If satoshi does such a thing, then the price would go high since there will be  a decrease in one million coins to be mined.It would become a great news and more people would come to know about bitcoins,thus increasing the amount of people using bitcoins

Burning a million coins would certainly make the headlines. $600 million voluntarily destroyed? But what are the odds the he would make such a move, and why? What would be more compelling than having that much money available to spend, whether on himself or projects or charities he supports?

I expect such a move would have some upwards pressure on the price. While people have not worried too much about those coins being dumped on the market, in the deep back of our minds that possibility is there. So removing that possibility would remove one source of downwards pressure on the price, bumping it up to the next plateau.

i doubt very much that satoshi would still have the keys to all them address anyway.  another question i have would be how the hell did that address get found, the bitcoin eater one ???

By burning a coin means that coin will never be used and never be accessed by anyone so these are "lost" coins. In this case if 1 Million BTC would be burned then the bitcoin price will reach the moon.

If I assume that Satoshi Nakamoto has 1 million bitcoins and he sends them to an address that has no known private key, I think that bitcoin's price in general rises because there is less value of bitcoin in Satoshi Nakamoto's hands so the value of the bitcoin I have is higher and I could ask for a bigger price for it.

if satoshi nakamato sell million bitcoins prize wil 100% rise because that is really big amount and after that prize will drop and drop and after some time it will be little bigger than this prize

Knowing several portions of bitcoin has been lost since the first days, if Nakamoto burns those coins the market should react, two ways, panic selling dumping bitcoin, or force a pump as less coins will be into circulation.

you must be new to bitcoin, if satoshi sells his coins then the price would never recover just because people would be scared of new dumps

well in the market, it would really change much because those bitcoins were never really active anyways. but the peoples reaction would certainly increase the price because the total amount of bitcoins possible just decreased. satoshi has too much love for bitcoin to do that .

You can only sell once. And no one knows how many coins Satoshi has. And if you were the inventor of a new financial paradigm would you sell all of them at once on Yobit after doing nothing with them for years?

I think of that as the opposite, if i see satoshi dumping coins into a bitcoineater address i think "less coins in the market, better buy up" meaning increase in the price.

He would be an idiot doing so. Also, markets would run around crazy for a few hours and then everything would settle :D

I think satoshi Nakamoto has millions in the bitcoin wallet, I do not think that the creator has little bitcoin bitcoin, I'm sure he saves and withstand millions of bitcoin. I do not know is it satoshi already started selling their bitcoin or he just continues to hold. but can I be sure that if he came in and showed the public that in fact it can be a shocking thing in the world bitcoin

for holders it would be the best in my opinion, it would mean that he will never sell any of his bitcoins and there would be less of it so the price would grow

LOL How about if no one knows  that it is already burned?

If it will happen, surely it will affect bitcoin price and as  @unamis76 said it will be settled after. At first theres a market reaction of course,like in speculations but in the long run market will be stabilized. It will affect the available volume supply of bitcoin.

Surely will make headlines because the amount is too big to be true.
I think the price of BTC will drop because of this but then slowly rise again.
I think its almost unlikely because it seems to be a no brainer.

I do not believe he has that amount of coins. But if has and burn them, I believe that the price would hardly dump. It is highly unlikely to happen.

So that's will not be headlines, caused the volume of bitcoin is getting decreased and too rarely for finding btc and make the price is rise. but no more than it. and that is just in my dream will happen and not yet.

I don't think satoshi is not going to this why he is just going to burn that 1 million bitcoins. But if that happens for sure the price is going to increase.

But I guess it is better if Satoshi is not going to burn that instead he is just going to keep on holding that and make his own assets and just enjoy his life.

And he is going to be recognize by Forbes magazine because of it.

some ifs are just plain stupic because they are never going to happen.

why would the creator of bitcoin suddenly come out of hiding and then instead of doing anything constructive with the 1 million coins they burn them!!!

that does not make any sense.

It means total coins still 21 Millions but if he send them to the eater the total coins will be 20 Millions, so that the price would be up as people speculate, however it's impossible for satoshi do that, in other hand people would scared since they don't know how much bitcoin's that satoshi have and what if satoshi sell all of his coins but once again it's imposible.

the only thing this is going to change is that it will put an end to all the speculations about "what will satoshi do with his coins" topics and we can finally stop seeing who is satoshi topics too if we are lucky :D

Theymos wants that satoshi's bitcoin should be destroyed,

Theymos: “Bitcoins Belonging to Satoshi Should Be Destroyed” (https://news.bitcoin.com/theymos-bitcoins-satoshi-destroyed/)

But then it would make even critical to identify the real identity of satoshi and another thing is there will be a compromise with his privacy. This is really a complicated issue and decision must be taken after extreme research about possible incidents which might cause such destruction.

How do you know it isn't already burned?

The thing is the Bitcoin will always exist in a private address somewhere. There will always be 21m Bitcoin, regardless of whether or not you can access them. They are still a part of the blockchain and are never technically lost.

Wouldn't make headlines, probably wouldn't do much to the exchange rate.

I would not want him to dump or burn all coins at once, but that he gives this to a foundation like the Bill Gates foundation that manage this money for him, to give this to charity or Bitcoin startups. He can still stay anonymous and only communicate with this foundation via encrypted emails.

He or she will not have to pay any taxes on this money, because he OR she received no capital gain or profit from it. Dumping all coins at once, will create chaos and might tank the price of Bitcoin.

This has been discussed so many times before, on Reddit and also in this forum, which is still in debate
https://bitcointalk.org/index.php?topic=1469099.0

But the thing I always wondered was does he ever have a plan to burns or destroyed his coin???
Well from his quote it's clearly if the coin has burnt the price will be increase.

absolutely nothing. those coins that satoshi owns are considered lost as it is. so moving them to a known burn address or not moving them there doesn't really make any difference.


of course it would.
it is the dream of all the bitcoin news sites to find a hot news like that and milk it dry with their click bait articles which offers nothing to the readers except waste of time.


i doubt if it rises, that kind of news (which is not going to happen by the way) is a breading ground for FUD so price may even drop a little.
but all news has a short life time.


NO

The thing here must be, Satoshi's one  million bitcoins are not in circulation and they had been hoarded since they got mind. So, burning them will not impact the prices of bitcoin in my opinion as those bitcoins are already sleeping and they are going to continue it but in different address.
But, anything could happen in bitcoin market as traders might speculate by their own way of thinking.

Of course many of the bitcoiners if they find out that happen majority of them will get a chance to more bitcoin, it is because the price value of it will goes down and the same time goes up again.

if this happned in the bitcoin world then surely there will a strom of bitcoin rate will occur . because this amount of bitcoin is comparable to the all the mined bitcoin the world .

If he does that, it only shows he is alive. If he is not alive, his 1 million bitcoins are as good as burned already.

i think it will never happen because satoshi nakamotv is creater of bitcoin and he can't do this bad work . because if it would be then the price of bitcoin will increasee about 50-60% and there will be a main problem how to get stable price .

I don`t think Satoshi is that crazy to burn 600 million USD.

Maybe the price will go down for 24 hours and after that will skyrocket,because of the decreased supply.

people are going to freak out if this happens. especially those who don't know anything about bitcoin and how that particular address of 1bitcoineater works will panic.

but i think in the long term of how things work out, this has no effect on bitcoin whatsoever.

I think it would be interesting but these coins have been out for years already, it would impact the total market price I think since allot of media coverage is certain as well as the decrease in total acquirable coins, but it wouldn't make a huge impact.

Fortunately he is the best dev, he never sold one bitcoin, if he sold bitcoin, the bitcoin will crash, people will panic sell because they fear his 1 million btc

Yes I think it will give a great push to bitcoin price if he burns all his coins.Given the increasing popularity of bitcoin,any shortage will fuel price increase.Although satoshi's coins are not in circulation but it is the news that effects the market.If there is a false news that 1 million new bitcoin are generated due to some reasons,market will react even on it and price will fall

I don't think that anything would happen.
Satoshis coins have not been touched since the biginning, at least as far as I know.
If you burn something nobody uses, I do not think it would have any affect on anything.

How could he burn it, it is digital.   ;D  Well, it would cost the price of bitcoin to soar high.  Its price will really goes up since there would be less bitcoin in the circulation.  

But I do not think that he will do that because he created and programmed it to help people.  He would not do such thing to make people suffer.  Many people will surely be affected by that phenomenon.

Exactly, finishing something which is not in use wont make any difference for anyone or anything, so if the bitcoins satoshi hold are not in circulation then it would really not make any difference if they are burnt or just stay where they are.

I'm not sure if it wouldn't make any difference, if that happens it would definitely show that he's alive and still has control over at least some of his addresses.
It could definitely trigger some kind of response from the market, I would think.

assuming he really has that many coins, and he can still access them at any time, then the market will react postively when these coins get sent to an address as bitcoin eater so that these coins will not come into circulation ever again. but he will never do such a thing. no one would do that. destruction of capital is never the way to settle things.

He would buy bitcoin he might have millions of bitcoin already with him and that could be the reason that he is still identified. After few years when bitcoin price will be sky rocketing at that time he could sell those bitcoin and lost his name in top richest person. But all thru l these are my imagination. Anyway satoshi it's not going to buy any bitcoin from public because he is the creator and he might have lot of bitcoin with him already. Imagine if he have 1 million bitcoin then if price of 1 bitcoin becomes half million then he would be owner of 1lakh crore. Just imaging the figure which doesn't got my calculator.

I agree with you. Satoshi would never buy bitcoin from anyone because he it's owner of bitcoin and already he might have lots of bitcoin stored in his wallet. If he reveals his identity then he might loss his assets value sop he might be waiting for price hike top minimum 1LAKH Rs so that he could be the billionaire.

I doubt he will take sure actions, as at today's valuation that is $600 million and even have potential of hitting $1 billion. I can't see anything that will motivate him to do that unless Bitcoin becomes too strong a currency and he also will possess the financial weapon to destroy any economy.

i think the topic is bullshit , how will satoshi gets 1million bitcoin or if he has it then also if he burns it then also i can not see any sign of price increase because those coins are burnt not returned to the network

Ofc it will make headlines ! What happens next is really unknown because crypto land is full of surprises ! And ofc satoshi i dont he is so naive to burn 1m btc !
Shit man, my mind run back in the day where satoshi was solo mining bitcoin ! and hitting block one after another.... now its take to take the red pill!  8)

Your questions is not correct or may be i had understood incorrect.

How can anyone burn bitcoin. It's a digital asset and it's not like paper currency which we can burn even bitcoin doesn't store in bitcoin network as a file or a program rather it is just a number that is stored in database so how can we burns those digital 1's and 0's . It's n abnormal question I guess but well you wanted to know and just take bitcoin as digital 1s and 0s and nothing more than that.

Never expect any negative actions from the noble man Satoshi, at the same time expecting him throwing away his own invention is also completely meaningless in my personal opinion.

I believe, Satoshi will come back and will use this hoarding for the future developments of bitcoin system like taking it to underdeveloped countries by providing infrastructures for bitcoin adoptions.

People who said that the price would drop, why did you write that? Why would bitcoin's price drop if Satoshi "burned" 1 millions bitcoins? I explained my reason why I think the price would rise in my previous post, which was based on the "the less there is, the more valuable" principle. But I wonder the reason of the other side of the discussion.

Satoshi is too hot still after the years we have already had. I wouldn't be surprised governments somehow have him on a wanted list somewhere. He will be better off to never ever show up again. Also, with all the different egos from developers, I don't think they will allow him to sit back on "his" seat.

the person behind the name satoshi is still talked about because of his genius ,i do not think that the government would hunt him or do something else for what he did to the technological advancement but the ego filled developers wont accept him or give him a chance at all if he ever wishes to come to the forefront that is a fact.

i think that of course no action would be taken because people would most probably just not care

Who created bitcoin, Nakamoto, soo to him burn their coins wont make any sense, and the market can react and will if something happens to those coins, being burned people might pump bitcoin, as might start a panic sell at bitcoin, those adress has a lot power a single person can hit bitcoin deeply and affect it in the heart.

either way i dont think that it would affect bitcoins a lot, it would just show that satoshi is still active

If I don't misunderstand, the word "burn" means to delete, to make it disappear, so you mean that Satoshi will delete that 1 million bitcoins?
wow, that's actually unbelievable. but if he would do it, I think the price of bitcoin will be down because that amount is not small, really.

It won't have a tremendous effect on prince increase because not all bitcoins have been mined yet. Also I don't someone like Satoshi will burn a virtual currency in which he is know for. If the supply is affected than it is guaranteedn that the price will really go up more than triple of the price today.

It really doesn't matter to me at all as long as we are the greatest benefactor of what ever is happening to bitcoin industry. Withdrawing $1m worth of bitcoin does not mean that bitcoin was burned it only means that it is being used.

It would change nothing. How would anyone know if he had the 1.000.000bitcoins before he says that he burned them?

Maybe a 10 or 20$ pump would happened and that's it. Then it would go back to where it was before. (back to normal)

He wasn't going to dump those coins anyway and people didn't know existance. So saying that i destroyed 1million bitcoins wouldn't affect anytning.

it is a common knowledge Satoshi has 1 millions bitcoin in his possession but he has not spent it

For us Satoshi is a genius, but I am quite sure that governments don't look at him like that. He made something that allows people to be in full control of their finances, avoid any contact with banks and governments, bring their economy in danger, etc. Reason enough for governments to hunt him down.

Agree, and government is now thinking any ideas they can control of bitcoin. Some wants this bitcoin to be regulated so that they can taxed it or can impose any fees they wanted. Because of bitcoin or these blockchain technology, banks are also utilizing these.

Why he would  intend to  burn in out? Since its his  invention after all and he do much hard work  on this  project and he  would  just   burn 1m bitcoin? Hes  not crazy enough to do such thing  In fact  he would   even  make more development on  bitcoins ecosystem and  it would surely help  from  all bitcoin  holders.

If you look at here https://blockchain.info/charts/total-bitcoins around 15 million bitcoin are in supply and only 6 million new coins will be generated from now on till bitcoin will have its maximum 21 million supply. So burning 1 million means its around 5% of total supply and also known to holded by one guy satoshi nakamoto (hypothetical title for bitcoin creator) from long time and when this will be moved market can go upwards as this will limit the supply by 5% and main reason will be that satoshi actually is alive and not trying to be rich by destroying bitcoin.

of course he wouldnt do it, we actually dont know if hes still active so we shouldnt be worried about it

I have a different point of view about destroying coins and I don’t want a single satoshi to destroy. It’s completely okay if you don’t want to use it but one shouldn’t burn it because bitcoin is in its early phase and after few decades it will have a crucial importance so since any activity is not reversible we can’t recover the burned coins. I agree that I am not and expert but still, I don’t think it’s a good idea to destroy bitcoin.

If Nakamoto one day just think about such act, i would left bitcoin, just because there are milions childs die because they has no food, medical and water to survive, soo a act like those at my vision would mean he has no heart and doesnt care the rest of the world.
Bitcoin were made to people for the people soo act like that for me would be the end of bitcoin, if he think into donate the coins its another history.

the talk is that satoshi has over 1 million bitcoin. which would be 5% and this is considered quite a sum. many are assuming this amount will never move and is lost. price would go probably down if the coins would move. if he burns them we could be certain they are gone and this would make the other coins more valuable (price would go up).

My take is that, a lot of big technology company or rich tech-savvy person will try to 'crack' the 1BitcoinEaterAddress's address and get its private key. Well ... it's 1 million Bitcoin which is equivalent to 6,111,000,000 USD as of right now at Preev.com.

Other than that I also guess that the price of Bitcoin will mostly likely goes up as the amount of Bitcoin available on the market is lower - unless these people I mentioned above managed to obtain the private key.

Well, it's very easy to guess, bitcoin prices will come down drastically, and perhaps with so many people who are no longer believed to bitcoin, and most likely, bitcoin will disappear slowly. Well, I guess if that happens then something bad will happen to users bitcoin, but I hope it does not happen

all everything dev coin and found coin
or investor buy ico with much coin
never superdump and destroy the coin, because this him bussines long time , and not, take profit sell all coin super dump, coin lost and dilisting to exchanger same ponzy scheme
this him and dev coin want long time bussines

If Satoshi does such a thing, then the value of BTC would go sky high since there will be in one million coins less to be mined and the USD value of 1 BTC might go up even 300$ more within a day. It would become a headline and all news channels would feature that for quite sometime and more people would come to know about bitcoins, thus increasing the amount of people using bitcoins and thus, an increase in buying and earning BTCs.

Price would first crash due the shock factor, and then it's going to go to 10.000 dollars, since it's 000.000 zeroes in a million, i would say it can go x 1.000 higher, so if any case that happens, it would be good news for us holders.

There's not that much that will happen. He didn't sell the coins so the price will definitely not decrease. There would be discussions in here about that and it will become a part of the bitcoin history. People would be asking why to themselves and maybe think about how much money Satoshi let go. It might even be featured in some Youtube channels and facebook pages which might lead to new comers but that wouldn't be that much of a difference.

This is  correct as  long   satoshi  didn't  sell those coins  it wont really affect the bitcoins price  infact the  supply  would  be decreased  by 1m which is 21m  in total. It would be considered  as  lost  bitcoin though but same as you said it would be trending and  might convince some  new people  to  engage into bitcoin.  This type  of question  has  no sense at all for me. Really.  Burning  huge amounts of  money  is  just  like suicide and  no person  who have normal thinking  would do that.

In my opinion nothing will really happen,those bitcoins are not moving and we have been ok all this time,so even if they burn those bitcoins,there will be no impact at all,but if ever those bitcoin moves there will be a slight drop in the market but will eventually recover.

Dude bitcoin is not printed like paper currency so how could he burn bitcoin. Well he could throw away his hard disk which would have 1 million that's a man made artificial loss in bitcoin network but burning is out of question

One million bitcoins worth 700 million dollar and yeah the price would be increased very high because less bitcoin will be available.

It means that 1/24 of the total amount of bitcoin will be gone, which is around 4% of the total bitcoins or 1/16 of the actual number of bitcoins.

There would have to be some proof showing that the keys for those coins were lost/ destroyed.
Since Satoshi is possibly in hiding, dead, or more than one person has control over those keys,
it would be very hard to prove that this happened.

If it was proven, price would naturally go up by a percentage related to the amount of coins reduced.
(And possibly more by the hype that was generated.)

When people send coin to 1BitcoinEaterAddressDontSendf59kuE those coins are considered burnt because no one has the key to that address and the possibility of that address being cracked are so small its not worth thinking about.

My take on these coins being burnt would be that price would increase for 2 reasons. NO1 being that there are now 1 million lees coins available and No2 that satoshi has returned.

actually any address without a private key will do. but a transaction to one of those bitcoineateraddresses would be visible on the blockchain and everybody would not have to wonder and guess what happened to the bitcoins. i think that a lot of people consider the 1 million bitcoins already as lost and that they are priced in in the current price. also i do mot think a return of satoshi would be good for the price nor for bitcoin. 

What is this address? 13 bitcoin in the wallet lol why people keep sending money to this wallet?  :o

Btw I don't understand the question on OP

The address is an address that has no private key (no one know it and probably never will) , Coins can be sent to this address to get rid of them forever.

As satoshi still has over 1 million btcs in his known addresses op was asking what the impact would be on the market if these coins where destroyed.

it is very unlikely (close to impossible) that someone has or ever will have the private key to this address. so we can assume that all coins send there are lost forever. a possible use of that is to create altcoins. you get some altcoin by exchanging it for bitcoin. to give value to the new coin you have to destroy some bitcoin. to some this makes sens.

ehh not sure about it , but I think the price won't go down since satoshi's coins are considered by many people burnt at the moment
so probably the price would stay the same or it would go up , in the long run there will be less coins available for the public which should increase the price 

also satoshi does not have 1 million coin, it was said via a good reseach that he has only 200k, so that amount will hard kill bitcoin or do anything really relevant, compared to what happened already with hacked exchange and everything else that already happened

It's pretty simple and this applies on every kind of stock ever, currency, commodity, whatever: scarcity is good and will make whatever your are holding more valuable (if the demand stays the same).

but the demand never stays the same. especially if such big things happen. this would cause an uncertainty which has always cause some kind of panic. people have the need to act and buy or sell. you can make money if you know which way it will be, but this is just the theory and those are easy. 

I don't think there's need to worry. The coins have not moved in 7 years. Satoshi Nakamoto is probably dead by now, or lost the coins, or whatever else. Something happened. It's impossible he/they would not move the coins for 7+ years.

how can you say something like this? why would he be dead? just because he is 7 years older? what do you expect how old he was when he invented bitcoin? 90? why would you assume he lost the keys? it is more likely that he destroyed them, but i see no evidence that he lost them. and why exactly should it be impossible to not move coins for over 7 years? do they have an expiration date?

I think if its happen well i think the price will increase more since the price of bitcoin is always depends in demand and supply so our supply will reduce so it can affect the value of bitcoin..

If that happened i would honestly be happy and excited for bitcoin because of two reasons. Satoshi is back and alive and the fact that about 5% of bitcoins in existence are now burned, making the price significantly higher.

However the chances of this occuring are very low because satoshi has too much respect for bitcoin.

I have never heard about burnt btc and don't quite understand what is it. Well, I think if Nakamoto burns a million then we have less of btc potentially and that's it. Why would it influence the price? I gues if nobody is aware of an action, it doesn't influence the price. I might be wrong about it, of course.
I checked on the In ternet and found out that it is indeed possible to burn BTC but I still don't understand how it works and why is it possible.

Since there are total  of 21 million coins,1 million will not kill bitcoin but will make the price go high further

its next to impossible there is no probabilty that satoshi nakamoto himself will burn 1million bitcoin thays a crap idea.bitcoin price is already higher because other things or coins are now count in cents but bitcoins is 700$ per btc with is huge

If satoshi is out there.... I wouldn't mind if you sent me a pm. I'd love to discuss bitcoin with you.  ;D

I would also gladly take your bitcoin if you wanted to burn it.  :D :D

If Satoshi Nakamoto burn that 1 million, I think that there is no effect in the market.  The reason is that the 1 million bitcoins had been there for and never been moved.  So basically it is already no in the circulation.  Now tell me, how does the bitcoin that is not in the market circulation affect the market if it is burn?  Of course it will not affect the volume of demand and supply in the market because it is not in the market in the first place.

I also cant imagine how is it possible to burn BTC. But then I think it wont gonna happen. Why would Nakamoto burn BTC? And if so, I think there will gonna be a movement on BTC's price. Since the supply will be affected, its demand will also move probably it will rise. And probably it will gonna be a big news to the bitcoin community. But then its just an imagination that he will burn 1 million BTC.

Of course it would make the headlines. Lots of it for sure.
But about the price to significantly rise, err.. I'm not sure about that.
It won't matter because even if Satoshi or some other man has 1 million bitcoins and he does not use it, that is nothing and it will still be nothing even if you send it to a bitcoin eater.

It will get to the headlines, clearly, but the price will not rise, it will fall (at least at start).
And I think that it's unlikely.

I think that most believe that Satoshi is dead or anyway he cannot access his BTC anymore. Or he just wants to keep them where they are. (Else he would have done moves before).
If somebody burns BTC1Mil of Satoshi's account he might have access to another big huge amount of BTC and he may want to sell sooner or later. (And I expect that this somebody is not Satoshi).

Disclaimer: My logic is based on the assumption Satoshi's wallets have much more than BTC1M, maybe even more than BTC1.5M...

OK first of all, Satoshi wouldn't be daft enough to dump all his coins if he has any into an address like 1BitcoinEaterAddressDontSendf59kuE.

Secondly, the risk of 1000000 Bitcoin falling into a transom persons hands in a random person's wallet is way too high.

Thirdly, he'll probably make multiple transactions to keep things quiet.

First off, even if he was the creator this is not possible with the blockchain. Just to answer your question, if it did happen. It will make headlines for sure. The rates would drop and everybody will leave bitcoin.

"if" he does it the price will go up,burning 1 million of bitcoins mean decreasing the stock of bitcoin while the demands still remain the same
i guess the price will go up drastically and for sure will affect the whole bitcoin world or even altcoins,but that seems too imaginary to be actually happen

absolute nonsense. it is possible to burn bitcoin, that means to make them unaccessible forever. why would it make the rates drop? if demand stays the same but the supply goes down, then the price usually goes up. i see no need to leave in such a case.

But there were another debate like total 21 million bitcoin units will be enough to serve the globe among infinitely divisible nature of bitcoin units. Still, many bitcoiners have already burned few of their bitcoins for the reason of having better price of their rest of bitcoins. Same thing might be happening if Satoshi decides to do so.

First if Nakamoto burns its bitcoins wouldnt make sense, do you know how many childs are dying outside? If someone burns such ammount of coins i would understand clear that the person doesnt care about others. About the financial problems it could cause at bitcoin would be insane, to see how the market would react, i doubt a pump would happen, i believe people would dump their bitcoin very fast.

The price will go up, because one of the "uncertainties" in Bitcoin would be removed and Bitcoin will one again get massive media exposure. It

is not common for people to destroy $ 743 000 000 US in one day.  ::) .... The demand will not stay the same, when a major event like this

happens. If this happens, we would see record prices.  ;)

I think he could send it to my wallet and I will take care of it ;).

Personally I don't think something will happen because the bitcoin will flow into the network like the money in circulation in the real world. Also I think the price will stay the same even is he will decide to sell most of it for real money.

Instead of giving all the bitcoins to one person, why not just distribute all his hoarding to all the current bitcoin holders. It might sound similar to CLAMcoin's initial distribution methodology, still I feel it would be fair and will be encouraging all the "earlier" adopters of bitcoins. Yes, we are all the earlier adopters.