If someone is productive and earning bitcoins, it would be in everyone's best interest for them to use those bitcoins for additional production (after all, they have a history of producing things of value). Destroying those coins is unproductive and senseless.
Not everyone got all their bitcoins from production. Many people have government jobs and bought bitcoin with that money. Furthermore, some one might own an apartment building in the city. It is monopoly on land that provided their salary. To prove this if you have the choice of paying $3000 a month for a 500 square foot apartment in NYC or have a 10,000 square foot lot without paying rent or property tax or building permits, which would you choose? Furthermore some just own a large mining rig and since Gavin says the network is overly secure, it would be better for them to just drop out of mining they are not doing anything productive. Destroying coins is productive, it is a gift to those more productive than you. You see money is suppose to be a commodity, it is suppose to represent wealth. Money is suppose to rise in value (deflate). It is suppose to be an investment. Deflation of the nations currency is sign of a healthy country, if your country does not have a deflating currency consider moving. You are being robbed. It is no coincidence the tyrants result from inflation, government, and private ownership of land. |
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This has no chance, the incentive not participate is huge, not only do you save time and effort by not participating you make money on your holdings.
I hope most people don't participate, only those winners that want to as a choice help the community as they have more wealth than they use. There are many foolish economists that think deflation is bad. They are wrong. Why is a big screen tv dropping in price bad? The reality is only government keeps track of gdp. Government wants electricity prices and gdp high so they can get a larger cut of your income. A dropping gdp and recessions can lead to higher life expectancy and high quality of life (Tyler Cowen). |
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If this ever happen , then bitcoin price will rocket up in the near future. but for now , I don't think it will go up more than $400 a coin, or maybe less  Bitcoin could may rise without a deletion. Bitcoin will probably rise in a year due to the block reward cut and a instanteous inflation rate less than 5%. However, the value of bitcoin is only as high as someone is willing to pay for it. |
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Yet another thread where nobody agrees with the OP but everyone must post telling the OP how bad their idea is. It's funny because, I showed pretty early, that OP just doesn't know much about economy.
No offense you basically showed to me you are clueless. |
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Yet another thread where nobody agrees with the OP but everyone must post telling the OP how bad their idea is.
Consensus does not matter to me. The majority agreed with slavery. The majority believes in the private ownership of land. The majority probably thinks bitcoin should be shut down. The lynch mob agreed the guy should be hung (the guy at the end of the rope wanted a trial). As Ayn Rand would say the individual is a noble being, not a sacrificial animal, and has rights. |
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This would have no effect at all. It's only seems like a good idea for people with bad math skills or the people that wouldn't delete part of their holding which i assume would be everyone unless they were stupid. If you have 5% less total coins and the price therefore goes up 5% you are still in the same position.
If i owned 21mil bitcoins and they were worth $1, $21M. I then burned 1 million BTC so now effectively they are worth $1.05, x 20M still $21M. Market cap is what you want to see rising.
Not if the coins are not yours. What I am hoping is most only those with more than 1000 BTC would delete coins. I pledged 0.1 BTC deletion with only 10 coins. Businesses can say 5% of their profits can be deleted. I wish the protocol would be changed to delete all transaction fees but that is impossible. |
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This is just crazy. Asking businesses to voluntarily destroy their bitcoins? Come on, man.
business often donate money to charity, they advertise, rather than endorsing a college bowl game, would you more likely support them if they deleted 1000 bitcoin. The cost to name a bowl game may cost $20 million. $20 million is 50,000 BTC. Then you can have an automatic list to show the top deleters. Top deleters would be seen as noble as mother Theresa. Top deleters would get the first dance at a ball. Wow that guy deleted 100,000 BTC he is the man. Hot supermodel, "that man deleted 6,000 I am sleeping with him tonight." This is crazy idea, but it could get some media attention to the first business deleting large chunk of Bitcoins  Roger Ver, aka bitcoin Jesus, donated 1000 BTC to FEE. What if he deleted 1000 BTC instead. I can't say he would be my god as I would be breaking a commandment, but I would highly respect him more that giving it to FEE. |
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What problem would this solve?
1. A means to donate to the community 2. A way to advertise yourself and business 3. A way to run a corporation where the community is the largest shareholder. 4. A way to show you are the most generous. 5. A way to jumpstart the rise of the price of bitcoin. |
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Instead of destroying coins why not just donate to every other non-empty address some amount proportional to what is inside that address. You would be making current owners of coins a little richer. If you destroyed coins you would be making current AND future owners richer. My attitude is fuck those people who are not already in BTC.
You could do that but you would overload the blockchain with transactions. Deleting functions as the same thing. By by deleting you are not benefiting people who are not already in bitcoin. They still have zero. What you are doing is making the price of bitcoin rise. Any item is only as valuable as someone is willing to pay for it. Rising bitcoin prices leads to interest and free news coverage. When bitcoin rises it is seen even on CNBC and they all know what it is Cramer, Griffith, all of them. I will only post if there is some progress I don't intentionally want to keep bumping this thread. |
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Bitcoin holdings are concentrated very heavily towards people/entities that hold very large amounts of bitcoin. As a result "deleting" bitcoin would benefit the rich much more then it would benefit the poor.
A company also receives a direct benefit when they advertise and contributing to deflation would hurt a company because it would give people an incentive to delay purchases of such company's products.
I suggest the rich delete a higher percentage of their coins. Deflation gives the owner more money to spend. Yes, if they can delay the more power to them. However the human life is 80 years or so and how long do you want to wait. Inflation helps the rich and deflation helps the poor. As the workers earn their money by work it is inflated away. Who are the winners? The miners, bankers, and government workers. A business must be observant to cut wages. Most likely an employee would not get a pay cut as they would be more productive. |
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Ridiculous idea. It's pointless and unproductive.
Bitcoin is just a medium of exchange. I do suggest crowdfunding where the owner of the crowdfunded business must delete the profits. That way the SEC will never come after them for running a security. |
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This is just crazy. Asking businesses to voluntarily destroy their bitcoins? Come on, man.
business often donate money to charity, they advertise, rather than endorsing a college bowl game, would you more likely support them if they deleted 1000 bitcoin. The cost to name a bowl game may cost $20 million. $20 million is 50,000 BTC. Then you can have an automatic list to show the top deleters. Top deleters would be seen as noble as mother Theresa. Top deleters would get the first dance at a ball. Wow that guy deleted 100,000 BTC he is the man. Hot supermodel, "that man deleted 6,000 I am sleeping with him tonight." |
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You go first.  21 million is all ready pretty limited. I think you would have a very hard time finding businesses or individuals willing to destroy their own wealth. Why not do something similar but instead of destruction send them to a worthy cause? First we need addresses that we can send to and get credit for deleting bitcoin. That is the hard part. I will send in a .1 bitcoin if we have an address however this address must be approved by someone or the protocol must have dead address built in to it. I will send in 1% of my net bitcoin worth, I find it cheap as the U.S. government has been taking about 9% average over the last 30 years. However I want to attach my nick to claim credit to the community for deletion. |
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Why are people continue to come up with "ideas" that potentially might boost the value??
Are you so desperate to get the price up to sell the tiny amount of coins that you own for a profit?
My goal is to end the fiat currencies of the world in which the government prints to enrich themselves and to give it away to make themselves look like heroes even though they don't have to do any of the work. If the U.S. government even printed at 3% a year and sent it to the military and cut income taxes I would not object. However they print, tax everything in sight and then try to tell us the printing us good for us, good for the economy. |
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The protocol is not changed. It would probably require Roger Ver and Gavin Andresen and a couple more to provide a list of deletion addresses. Suppose you have $20 million dollars or euros. Suppose you felt guilty for owning that much maybe one night you might delete 1000 bitcoin. The U.S. treasury actually has an address where you can send money to pay down the debt, however it is worthless as they will just print more to get whatever they want.
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Maybe just have the miners delete all addresses with less than 1 bitcoin as dust.
lol. Some of the ideas that get floated that will never happen are just amazing. "Someone else please destroy your coins so mine will be worth more." No offense steelhouse, but if you get this to fly with anyone, I'd be amazed. ;-) I am not asking anyone that wants to keep their bitcoin to destroy them. I am asking for donations for deletion. I am asking for the Walmarts of bitcoin to delete bitcoin as self promotion and philanthropy. The sales tax averages about 10%, if that money was funneled into deletion instead bitcoin would be the world reserve currency! |
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Maybe just have the miners delete all addresses with less than 1 bitcoin as dust.
That would be dishonest as they don't own those bitcoin. However the ones that are never expect to be used can be tracked and totaled. Then there would be another category of bitcoin as expected to be lost or permanently unused. Thus you have: Lost Expected to be lost/permanently unused Deleted Over time bitcoin deleted may exceed bitcoin mined or printed. However, it would not be possible to delete over 10% of the supply of bitcoin a year as you soon would run out of donations. Thus you might get 3-4% deletion a year. |
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Yeah this is kind of a crazy idea. No company is going to delete their bitcoins.
It is used as a promotion. How much did it cost to have a college bowl named the bitcoin bowl? What if that money was funnelled into bitcoin deletion instead? If you are cheap and can't afford the deletion then don't delete. |
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Will you be the first to delete your bitcoins for the good of the rest of us?
Beat me to it. He'd obviously need to prove ownership, then burn them. The main idea is to crowdfund business and rather than give money to charity, they give it to bitcoin deletion to help the small owners of bitcoin, the poor. The Walmart foundation gave $1.3 billion to charity in 2013. $1.3 billion at current prices could destroy 3 million coins. I presently own 10 bitcoin. Thus I am considered poor and not expected to delete bitcoin. Bitcoin deletion would be consider how philanthropy is today, yet instead of benefiting a few insiders of many of these fake charities, it benefits everyone equally. Consider bitcoin deletion gods work. Fight hunger delete bitcoin. |
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There is no deflation in Japan. Furthermore Japan is one of the richest countries with one of the highest life expectancies in the world.  |
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