destroying bitcoins

[AtheistAKASaneBrain]

I suggest the OP and all we to buy more bitcoin, this is the only valid way for increase the price (or better) the value of bitcoin itself. Destroy it will not raise the value (or at least not now, maybe in the next 20-25 years).

Buy more bitcoins if you have money you can afford to lose. I suggested 'spend bitcoins', even thought many merchants will sell those coins (Overstock keeps 10% in Bitcoin IIRC) - if they are seeing increased sales they will probably recommend Bitcoin --> increases the chance of more people using it.

The thing is most people don't see buying stuff with bitcoin as worth it when they can buy the exact same things with fiat, because fiat will not go up and bitcoin will go up, so whats the point.

[chmod755]

The thing is most people don't see buying stuff with bitcoin as worth it when they can buy the exact same things with fiat, because fiat will not go up and bitcoin will go up, so whats the point.

If you look at the chart since Jan 2014 it's mostly going down.... Bitcoin will go up maybe one day, but it takes people to actually use it to be valuable.

[redsn0w]

I suggest the OP and all we to buy more bitcoin, this is the only valid way for increase the price (or better) the value of bitcoin itself. Destroy it will not raise the value (or at least not now, maybe in the next 20-25 years).

Buy more bitcoins if you have money you can afford to lose. I suggested 'spend bitcoins', even thought many merchants will sell those coins (Overstock keeps 10% in Bitcoin IIRC) - if they are seeing increased sales they will probably recommend Bitcoin --> increases the chance of more people using it.

The thing is most people don't see buying stuff with bitcoin as worth it when they can buy the exact same things with fiat, because fiat will not go up and bitcoin will go up, so whats the point.

This is a temporary condition, in the future the price will be more stationary and I think bitcoin will be used for alternative things (also now it is used for these things) like send payment from one city to another city (almost with zero/0 fee) and with the rapidity and security that the FIAT money can't give. The point to use bitcoin (at the end) is to be revolutionary and create a new economy better (I hope) than the actual one, based on corruption and thieves.

[doggieTattoo]

Wow, this is extremely sketchy.  Even though you don't have negative trust, I still don't know if I can believe that. I know it seems that you are trying to do a favor but it kind of seems like you are just funneling money.  I might be completely wrong but everyone proceed with caution.

[BillyBobZorton]

I suggest the OP and all we to buy more bitcoin, this is the only valid way for increase the price (or better) the value of bitcoin itself. Destroy it will not raise the value (or at least not now, maybe in the next 20-25 years).

Buy more bitcoins if you have money you can afford to lose. I suggested 'spend bitcoins', even thought many merchants will sell those coins (Overstock keeps 10% in Bitcoin IIRC) - if they are seeing increased sales they will probably recommend Bitcoin --> increases the chance of more people using it.

The thing is most people don't see buying stuff with bitcoin as worth it when they can buy the exact same things with fiat, because fiat will not go up and bitcoin will go up, so whats the point.

This is a temporary condition, in the future the price will be more stationary and I think bitcoin will be used for alternative things (also now it is used for these things) like send payment from one city to another city (almost with zero/0 fee) and with the rapidity and security that the FIAT money can't give. The point to use bitcoin (at the end) is to be revolutionary and create a new economy better (I hope) than the actual one, based on corruption and thieves.

Yeah but the point is... we are still faar from that future, bitcoin has to be like x100 times higher than it is now for it to start stabilizing after mass adoption. So who's going to start spending frequently meanwhile? I would but I have few BTC, so I give it too much value to exchange it for goods..

[Q7]

The point is every time we spend buying with bitcoin the logical approach is to buy back to cover the amount. Else it will be a net drain going to the market as the merchant will just convert it to fiat. This will keep the coins flowing

[A10010]

Don't know if scam or just a really stupid idea...

[Amph]

I suggest the OP and all we to buy more bitcoin, this is the only valid way for increase the price (or better) the value of bitcoin itself. Destroy it will not raise the value (or at least not now, maybe in the next 20-25 years).

Buy more bitcoins if you have money you can afford to lose. I suggested 'spend bitcoins', even thought many merchants will sell those coins (Overstock keeps 10% in Bitcoin IIRC) - if they are seeing increased sales they will probably recommend Bitcoin --> increases the chance of more people using it.

The thing is most people don't see buying stuff with bitcoin as worth it when they can buy the exact same things with fiat, because fiat will not go up and bitcoin will go up, so whats the point.

and even the speed isn't really better in bitcoin, average person think "why i need bitcoin if i can pay with paypal/debit card?" they really have some reason here

also going up is a good thing for bitcoin, the problem is related to security/speed of transactions, which aren't exactly better than fiat

spending bitcoin right now is too slow i think

[EternalWingsofGod]

In fact most of the coins in cold wallets are almost like destroyed, they are not in circulation for a long time

The key is to remove bitcoins from exchanges, when coins on exchanges are getting less and less every day,  the value will increase for sure, and an easy way is to purchase from exchanges and spend them

Was skimming through the thread to see if someone made that note or not
In essence that is the correct approach to take removing coins from circulation is the same as decreasing the monetary supply
Scarce coins means increased value, so while coin destruction does work the best way to do it is cold storage with coins going offline for long periods of time, although when they wake up Coin age will move like one heck of a crazy stat.

[Dotakels]

It means. When the demand of BTC is decreased,the price of the BTC increased. Demand and price relationship. 

[Lauda]

It means. When the demand of BTC is decreased,the price of the BTC increased. Demand and price relationship. 

When the demand is decreased? Are you high or something?
You definitely had to mean when the supply get decreased the price should increase. This doesn't necessarily have to be true. It's a free market after all.
OP the idea is both good and bad. We should rather focus and work on adoption, not send money to some address that you might even control.

[redsn0w]

It means. When the demand of BTC is decreased,the price of the BTC increased. Demand and price relationship. 

When the demand is decreased? Are you high or something?
You definitely had to mean when the supply get decreased the price should increase. This doesn't necessarily have to be true. It's a free market after all.
OP the idea is both good and bad. We should rather focus and work on adoption, not send money to some address that you might even control.

I agree with your sentence, but I think you know that if bitcoin will be "largely" used  the price will low and not the contrary. The value and the price of a thing are not always the same thing and destroy it (in my honest opinion) will not rise the value.


PS: I think the halving will generate a sort of pump, but we will never see again 1'000 dollar/bitcoin (it is not possible, but maybe when the reward will be less than 1 btc we can start think about one thousand of dollars per bitcoin).

[Dotakels]

I mean that the lower the demand the higher the price.

[Lauda]

I agree with your sentence, but I think you know that if bitcoin will be "largely" used  the price will low and not the contrary. The value and the price of a thing are not always the same thing and destroy it (in my honest opinion) will not rise the value.

PS: I think the halving will generate a sort of pump, but we will never see again 1'000 dollar/bitcoin (it is not possible, but maybe when the reward will be less than 1 btc we can start think about one thousand of dollars per bitcoin).

But that thinking is wrong. The price won't be low, we will be using something like bits, or satoshis. Imagine if you have 500mil users. At least some of them have to hold a certain amount of Bitcoins. I mean they will hold them back, not use them. The market won't be able to support the demand at the current price. That's why Bitcoin can skyrocket more than anything, as we've seen this in the past.


$1000 is actually quite easy to reach. If the ETF is successful after launch, who knows where the price will be.

I mean that the lower the demand the higher the price.

This is incorrect. If the demand goes down, the price will decrease. If there is no demand at all, the price will be zero.

[unamis76]

I'm going to disregard the fact that OP probably has the private keys...

Why the hell would anyone would like to burn coins? I seriously don't get it. So many Bitcoins burned... I would be very happy to have them. If you simply don't want the coins, just distribute them around to people who do want them. Burning them won't affect the price one bit. The supply/demand theory is just that: theory. We've seen it doesn't really affect prices on crypto.

[sgk]

Dear OP,

Let's assume that burning coins will increase the price. (I am not saying I believe in it, but let's assume.)

But what is the guarantee that you don't have the private key?

[Dotakels]

I agree with your sentence, but I think you know that if bitcoin will be "largely" used  the price will low and not the contrary. The value and the price of a thing are not always the same thing and destroy it (in my honest opinion) will not rise the value.

PS: I think the halving will generate a sort of pump, but we will never see again 1'000 dollar/bitcoin (it is not possible, but maybe when the reward will be less than 1 btc we can start think about one thousand of dollars per bitcoin).

But that thinking is wrong. The price won't be low, we will be using something like bits, or satoshis. Imagine if you have 500mil users. At least some of them have to hold a certain amount of Bitcoins. I mean they will hold them back, not use them. The market won't be able to support the demand at the current price. That's why Bitcoin can skyrocket more than anything, as we've seen this in the past.


$1000 is actually quite easy to reach. If the ETF is successful after launch, who knows where the price will be.

I mean that the lower the demand the higher the price.

This is incorrect. If the demand goes down, the price will decrease. If there is no demand at all, the price will be zero.

You are incorrect. You said that if demands go down, the price will decreased? Hahaha your talking to demand and supply relationship. The demand and price relationship is when the demand goes down the price will increased. And vice versa

[redsn0w]

I agree with your sentence, but I think you know that if bitcoin will be "largely" used  the price will low and not the contrary. The value and the price of a thing are not always the same thing and destroy it (in my honest opinion) will not rise the value.

PS: I think the halving will generate a sort of pump, but we will never see again 1'000 dollar/bitcoin (it is not possible, but maybe when the reward will be less than 1 btc we can start think about one thousand of dollars per bitcoin).

But that thinking is wrong. The price won't be low, we will be using something like bits, or satoshis. Imagine if you have 500mil users. At least some of them have to hold a certain amount of Bitcoins. I mean they will hold them back, not use them. The market won't be able to support the demand at the current price. That's why Bitcoin can skyrocket more than anything, as we've seen this in the past.


$1000 is actually quite easy to reach. If the ETF is successful after launch, who knows where the price will be.

I don't know if you are wrong or not, but are you agree with me when I am saying the halving will generate a sort of pump. I don't "think" the ETF will rise the price to ~1'000 dollars, most probable around 500-600 dollars.

just my personal opinion (and I want to share it with the community).

You are incorrect. You said that if demands go down, the price will decreased? Hahaha your talking to demand and supply relationship. The demand and price relationship is when the demand goes down the price will increased. And vice versa

If no one buy, can you tell me how the price should increase? It is almost impossible that the price raise if no one (or only a few quantity of person) buy bitcoins.

[Dotakels]

I agree with your sentence, but I think you know that if bitcoin will be "largely" used  the price will low and not the contrary. The value and the price of a thing are not always the same thing and destroy it (in my honest opinion) will not rise the value.

PS: I think the halving will generate a sort of pump, but we will never see again 1'000 dollar/bitcoin (it is not possible, but maybe when the reward will be less than 1 btc we can start think about one thousand of dollars per bitcoin).

But that thinking is wrong. The price won't be low, we will be using something like bits, or satoshis. Imagine if you have 500mil users. At least some of them have to hold a certain amount of Bitcoins. I mean they will hold them back, not use them. The market won't be able to support the demand at the current price. That's why Bitcoin can skyrocket more than anything, as we've seen this in the past.


$1000 is actually quite easy to reach. If the ETF is successful after launch, who knows where the price will be.

I don't know if you are wrong or not, but are you agree with me when I am saying the halving will generate a sort of pump. I don't "think" the ETF will rise the price to ~1'000 dollars, most probable around 500-600 dollars.

just my personal opinion (and I want to share it with the community).

You are incorrect. You said that if demands go down, the price will decreased? Hahaha your talking to demand and supply relationship. The demand and price relationship is when the demand goes down the price will increased. And vice versa

If no one buy, can you tell me how the price should increase? It is almost impossible that the price raise if no one (or only a few quantity of person) buy bitcoins.

I didn't say to buy. I said is to produce or how many bitcoins in the circulation.  If the bitcoins is few.  That means 1 bitcoin is so worthy so that demand is always reciprocal of price.

[chmod755]

You said that if demands go down, the price will decreased? Hahaha your talking to demand and supply relationship. The demand and price relationship is when the demand goes down the price will increased. And vice versa

Demand going down means that people are willing to pay less per Bitcoin.

Demand is a buyer's willingness and ability to pay a price for a specific quantity of a good or service. Demand refers to how much (quantity) of a product or service is desired by buyers at various prices. The quantity demanded is the amount of a product people are willing to buy at a certain price; the relationship between price and quantity demanded is known as the demand.[1] (see also supply and demand). The term demand signifies the ability or the willingness to buy a particular commodity at a given point of time, ceteris paribus.

http://en.wikipedia.org/wiki/Demand