Bitcoin Forum

Bitcoin price is declining because there are not enough Bitcoins being sold vis-a-vis to the constant inflation of Bitcoin mining. Here's a crazy idea:

What if the larger Bitcoin companies and exchanges made an agreement to delete Bitcoins in designated and verified blackholes -- addresses with no corresponding wallet -- to stabilize the value in relation to the inflation? They would 1) be able to maintain the value of their profits and 2) possibly make Bitcoin a bit more stable.

Could this concept ever find itself in reality?

No.

and this is the guy who loves free markets ? LOL

I have never called for coercion. Nobody would be forced to do anything. Everybody would delete their coins in the assumed benefit of a greater return against inflation.

No.

ok, I destroyed mine. please destroy yours now.

my blackhole address: 12oabCifvHuxzXtYVGhkxVfWZDvKcU743s

The deposits would have to be destroyed by an escrow whom can hold all the parties accountable. So, we would check that all the funds have been sent and the escrow will then proceed to destroy the coins.

It appears you don’t understand that free markets work on competition and not on trust. They don’t work for ulterior motives where everyone would be better off if just everyone cooperated. Some exchange will not comply, customers will be unhappy etc. etc.

Also, it would be a zero-sum game if everyone deleted a portion of his Bitcoins.

Businesses will always do whatever they can to maximize profits in the short-term.  That's business 101.  Assuming that individuals or corporations will take steps that hurt them in the short term for the greater good of 'society' (in this case your weird insular bitcoin community) is one of the key failures of libertarian philosophy.  See: Rational Actors and Externalities.  It's the same way all companies are minimizing pay through contract employees/interns/general wage decline and wondering why nobody can afford to buy things anymore.

In short, your current idea, along with most of the ones I've seen you post, has severe fundamental flaws that can be summed up with 'fuck you, got mine'.  

When Bitcoin bottoms out, I can't wait to find out how you're going to blame the government for it. I know you'll find a way, though.

Here's the unregulated market you always wanted and all you can think to do is try and figure out ways to manipulate it, and do your damnedest to get discussion about the scammers who infest every nook and cranny moved off to a gulag where nobody will see it. Out of sight, out of mind. The state of Bitcoin has never been better, comrade. Now help me burn this pile of money.

You go first Atlas. 

If this plan actually gains traction, I'd like to volunteer to run the escrow account that everyone will forward the bitcoins to.  I swear I'll delete them.

Really.

crazyness! burning money is illegal... burning bitcoins is immoral 

We could all get together and beg Gavin to reduce the block reward to 5 coins and make 0.5BTC fees mandatory. Same net effect, forces everyone to participate, still seems pretty fucking pointless.

And when I though no comment could be worst than the opening post, here comes this freak.

Yes, if you find a group of people gullible enough to be convinced this is a good idea.

Also: why does everyone call Immannuel FAtlas? FAtlas is obviously another poster.

I do believe this is, quite literally, the dumbest thing I have ever read.

Why yes exchanges will just delete their money for the greater good, also I pee sparkles and fart rainbows. 
https://i.imgur.com/Knl0x.jpg

Immanuel changed his name from Atlas a couple months ago, to distance himself from his posts about suicide and how his parents keep him under medication. 

Oh, so he is under medication? Well, that explains this topic. You guys should be a little less harsh with him then.

I think Bitcoin is exactly where it should be and needs to be.

Everything that has happened so far can be expected.

Scams, hacks, shady personalities, wildly fluctuating values...this is all normal behavior.  In fact, if Bitcoin were any less unstable I would begin to think something is wrong.

The Bitcoin phenomenon is systemic, and it is new and small.  Small systems are prone to enormous shifts in balance when there is a lot of input/output from and into larger systems outside Bitcoin-land.  It will take a long time for Bitcoin to find its niche among larger systems and to achieve balance between input and output.

Everything that is happening to Bitcoin is good and natural.  Relax; let it run its appropriate course.

Yeah, Atlas never seemed to mean any harm and he likes Bitcoins and that's really the point here, so I got no problem with him. :)

I agree that this idea is not very wise.

Here is another unwise idea that would be slightly better.

Just have a few big money players put in ask walls at just below where it is now and periodically drop out and drop back in with an exact figure to demonstrate to the others that they are still holding.

People will come to realize that the wall is not falling and will bid/ask above the wall.

Then, as things pick up they can move the wall up a half dollar at a time. When the wall is hit and someone sells a lot then they just wait a bit until the price goes up a bit and sell what they bought earlier. With the knowledge that it will not go below that wall.

The inflation will have to end sometime, I say let it happen on it's own for now



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~~~~~   8) 8) 8) 8) ImMaNuEl Go FaN cLuB  8) 8) 8) 8)   ~~~~~

^ Best advice possible. Couldn't have been said any other way.

To add my own thought too -- with only 21 million BTC ever existing, we have to also consider that in the long term,  some BTC will be lost from accidentally deleted wallets etc, thus the black-hole will be a naturally occurring phenomenon. To speed up the process now, might have adverse consequences further forward in time.

I said the idea was crazy. Frankly, I throw blatantly moronic ideas at the wall sometimes in hopes that in nuance they will be brilliant. I have no remorse.