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Author Topic: If we burn bitcoin?  (Read 1694 times)
bit1
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February 04, 2017, 06:23:35 PM
 #21

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.
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.
JimboToronto
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February 04, 2017, 07:06:28 PM
 #22

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.

 Smiley Wink Cheesy Cool
Taki
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February 04, 2017, 08:58:24 PM
 #23

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.
Catmony
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February 05, 2017, 03:00:23 PM
 #24

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.
jaberwock
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February 05, 2017, 03:07:52 PM
 #25

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

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February 05, 2017, 05:50:19 PM
 #26

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?
Raimonn
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February 05, 2017, 07:27:32 PM
 #27

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?

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).
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February 05, 2017, 07:37:58 PM
 #28

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?!
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%. Cheesy
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.

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Hazir
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February 05, 2017, 07:53:46 PM
 #29

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.


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Blind Legs Parker
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February 05, 2017, 08:02:42 PM
 #30

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?!
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.

Vous pouvez maintenant refermer ce topic et reprendre une activité normale. À ciao bonsoir.
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February 05, 2017, 11:59:34 PM
 #31

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?
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 .
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