Bitcoin Forum

If each one of us just burned only the 10% of our bitcoin holding, will it makes bitcoin price jump to sky?.Do you think it will create the shortage and thus price increase?

why? and i don't mean why burn bitcoin i mean why did you even come up with this thought!!!

it is like saying if i burn gold in acid, destroying it forever, why would you even think of doing something like that?!

It is not just shortage that makes anything's price go up,there must be corresponding demand also.
I dont think or recommend burning of bitcoin for any reason.

Yes I would do it if it helps growing gold price say 100x so that I can encash my 90% holding of gold.
Losing 10% is worth it if I get 100x profit for my 90%. :D

We don't hold any big amount that would affect the overall bitcoin price, but if you mean in general to burn 10% then this is another thing, of course that would affect the price and the price will be increased because of that, and just think that 10% is really a high amount.

That is why op suggested way to increase shortage.
But I do not think it is right way to control the supply and it will not have any positive affect on bitcoin price.

Did someone shove a red Mexican pepper in your behind that is to burn the coins instead of just holding them?
Or did you think bitcoin is like fiat with unlimited supply and renewable?

The problem is: Who is "we"?

I don't think it will be possible to get such a large majority of holders to burn 10% of their holdings. According to game theory if some people burn then there will be many others trying to profit from it without burning.

The only way would be an incentive which you can claim by Proof of Burn, for example, a coloured coin asset or even an altcoin distributed among the "burners". (But then, regarding cryptocurrencies as a whole, you have again incremented the supply of tokens).

Go ahead and burn your bitcoin. I will too. I promise. ;) I have an even better idea. How about everyone sends me their bitcoin and then I will make it disappear. :D :D :D You have funny idea I must say. Very funny  ;D

By just destroying the bitcoins will not increase the price of it. We need people to adapt bitcoin. Surely the demand will increase for bitcoin since there will be shortage of supply, but we would require to burn a huge amount of it.

ok lets think about your "suggestion" here.
how much bitcoin are we holding? 1? 10? 100? or 1000?
how many people will burn bitcoin? is it only 10 person or is it 10,000

and also the most important question that you need to answer is that will you be really willing to throw away 10% of your money away just for a "chance" of maybe causing price to go up just you threw away some money?!

the answer is clearly no. nobody is going to throw away thousands of dollars just for a crazy chance.

and besides why don't you start thinking about how you can increase the demand instead of reducing the supply?

The bitcoin mining continues.You should ask this question after bitcoin reaches 21 million and the mining stops.It`s possible to create a shortage then.
Now,if we all destroy 10% of the bitcoin holding ,we will loose those 10% and the price won`t skyrocket because of mining.

if we believe this as entirely hypothetical and consider if 10% of bitcoin currently in circulation (I'm saying in circulation because the amount of bitcoin held by individuals is not exactly known) is all of a sudden disappeared. Yes, then there would be a significant increase in the price I would only say "significant" because it's not possible to guess even the approx value for this as this scenario can unfold in many different ways.

We don't need to do this because the trend of bitcoin's number is already decreases because of its losses. Even if we burn bitcoin we don't have an assurance that it will affect the price. I agree to the user said that instead of thinking that way why don't you mind to look of other methods for you to earn more.

No it may not effect much may be we will get 10% pump but that will also take a bit of time, reaction on market will not be instant.

However this can only be theoretically possible as well as there is no need of such type of stunt from us.  ;D

Simply holding them would create the same effect, and actually there needs to be enough Bitcoin available for the price to go up.  If there  wasn't enough Bitcoins it could actually cause the price to go down because people wouldn't be able to use them and they would move to something else.

10% must be different for each of us, but the price will be increase a little bit or sky rocket depends on the demand obviously.
Although, we burn our bitcoin if followed by sell out from users, then it will be worthless due to the price purely affected by how much people buying bitcoin.

i don't believe it would make much difference. for starters everyone would have to announce it to make a difference and anyone who declared they did would adopt a 'you first' policy and hope to sell for higher if it did have an effect. 

It will create a dumb Bitcoin holder :).  Why would I burn my money?  No one in their sane state of mind will burn Bitcoin.  Honestly I do  believe that one of the primary reason that drives the BTC price to uptrend is the demand but it is next to another factor.  It is the speculation and the demand follows.  Burning 10% of Bitcoin will not trigger a shortage since Bitcoin is being mined meaning, there will be a new batch of Bitcoin supply to be circulated in the market and FYI, not the whole supply is circulating the market.  Meaning Burning 10% will  have little effect to the price.

If we were to burn 10% of our bitcoin, we would be complete idiots, and bitcoin might or might not increase.  This has been brought up before,  and it's a silly hypothetical question.   Reminds me of silver bugs.  They're always asking what would happen if we all bought just one more ounce of silver.  If you want to masturbate,  there are plenty of dedicated forums for that.

About holding them would create the same effect instead off burn them is true, but the fact that price to go down because people wouldn't be able to use them and they would move to something else is still arguable, even in the case that they burn 10% of entire supply, even though the unit minimum is the  "satoshi" it can still be divided as many times as necessary, since there are many subunits which would not represent a big problem in theory, but it would be illogical to think burn units, to create subunits later, apart from the problems in the credibility that this would affect more than anything else, that is, to be altering the code only for things that can be avoided, in short the idea of burning 10% of supply seems to make no sense.

Instead of burning your coins, give them to me. I promise I wont sell them.

You'll get the same price rise as if you burned them.

As an extra bonus, I'll even give you half of them back after the price has tripled.

 :) ;) :D 8)

I didn't get what you wanted to say with "burn bitcoins". But in any case I think it's we are, bitcoin users, who can affect on bitcoin and on it's price. But I would like to hear some more information about this idea of burning. Thanks.

The only bitcoin, burning which can create great market move is the bitcoin that are held by satoshi nakamoto. He/She have millions of bitcoin and if he decided to burn it all than price will grow insanely high.

No, you only would be 10% less rich and will have reached the last level of craziness(burn/tear money)

Also no one will do it on purpose, so this topic is pretty useless. I prefer discuss what superpower you would like to have or what to do with lottery money if the intention is discuss unrealistic things

For the most part, the network can't tell the difference between stored and burned bitcoins. So storing is strictly better than burning. Who would've thought?

It depends on how many people you can convince to burn a 10 % of its bitcoins. I'm not sure that you can find enough users that want to burn its money. In case that you could convince all the bitcoin users (or the ones that hold near 50% of avaible bitcoins, price could make a big jump).

Destroying something to make the competing source grow high is not at all good. Burning of an asset which has got value is similar to burning your own life. In such cases similar to the above one greediness is the major factor, it pays him one or the other way making him understand the truth of burning valuables.

Firstly, there is not way that people would agree on that. Secondly, there is no way of telling how general public would react to questionable practice like that.

Moral question: isn't purposely burning bitcoin a prime example of price manipulation? It would be like cheating.

Most acids can't dissolve gold. I can only think of regal water for such a use, actually. And even if you do dissolve gold in regal water you can still turn it back into solid gold. That's just Lavoisier: "Nothing is lost, nothing is created, everything is transformed."

Bitcoins, though, escape the rules of chemistry and can be permanently destroyed. That's another difference with gold.

If there is a shortage of coin then it will be evident with the price and i am sure it will reach the moon if that happens without any doubt.I do believe that the major minning farms have some control over the price of bitcoin as they can influence the trade volumes and sustain the price .