Destroying Bitcoin is NOT Acceptable

[Shiroslullaby]

Origin site is unreachable, so I can't read the article.

How many Bitcoin are these people supposed to have destroyed?
What is their purpose?
I doubt anyone would actually invest the amount of money it would take to change the actual worth of the remaining coins. 
So, as pointed out by others, the people that are doing this probably have some other motive, like advertising the altcoin they are working on.

[jak3]

it is actully totally normal but its also in a sense is insane that 8t is destroying those valuable bitcoins from them network its like burning our own money in a log fire and also discussing about it

[balaghi]

What is their purpose?
Besides, there are lots of other cryptocurrencies out there. If Bitcoin does get burned (which I dont think it would), it would cause an uproar. Something like Bitcoin cannot be taken away

[Dudeperfect]

This would be my longest post so far, please deal with it.

t it's not according to pure values.
Long story short : If you have 1 of the 2 rarest antique pieces in the world, to increase the value of your antique piece you are not supposed to destroy another antique piece.

Ownership means you can do what you want with it. If the owner wants to destroy it, why would your opinion about it have any influence?

Yes, so it also applies to weapons. If one is constantly shooting with his gun in front of you then would you still stick to your opinion. Shooter has ownership of gun and he can do whatever he wants (including being a possible threat to your life). So your first reaction would be a self defense and then taking efforts to stop him (if you are brave enough). Exactly in this case, they are burning coins and killing resources (especially rare resources).

We are living in a inter related society and no one can survive on his own. The same thing is about bitcoins, we are actually inter dependent. Whatever we do affects the bitcoin community as a whole irrespective of directly or indirectly, in large sense or tiny sense doesn't matter. The only thing we should understand that 'It matters to us'.

Oh wait, I just understood that you meant actually destroying Bitcoin as in sending the Bitcoin into irrecoverable addresses and whatnot. Well, this is a very simple answer: It's their Bitcoin and they can do whatever they want with them, including "destroying" them. It changes nothing. It actually makes the holder's bitcoin more valuable since the supply shrinks and therefore it becomes a more scarce item.

I have exactly same point but through different point of view. Suppose you are getting richer day by day and other people in your country are getting poor and poor day by day. Prima facie you might think it's good for you but since you are living in a country where everything is inter dependent, eventually it's not good for you on larger picture. It's point of difference in micro and macro approach.

Destroying might not be visible on macro level but it's somewhere decreasing the value of it and increasing price of it. I believe in values rather than price so I get offended when I see increase in price on the cost of decrease in values.

I just came across this news, although it's quite old but still transactions are taking place. These guys are burning bitcoins intentionally and that's really painful part.

Proof of Burn

No reason is enough satisfactory for this kind of shitty practice. Whatever the reason is, I strongly feel that burning (destroying) bitcoins is not acceptable. It's too much worst for the long term. What do you think?

Experts, Please blow your torch if I'm going wrong.

Burning bitcoins is like burinng money.

I don`t think that people are stupid enough to burn money.

Everyone is free and has the right to burn his own money,if he wants.

It doesn`t matter if it`s bitcoins or USD.

Yes it matters if it's bitcoins or USD or any other fiat currency. If you are burning fiat then you can reproduce it but if you are burning bitcoins you can't produce more bitcoins. What you can do is to create an illusion for yourself by playing with decimals and it's values.

I have only a single guilt about it that we are burning bitcoins on the cost of rights of next generations. It's really difficult to tolerate such kind of practices.

It's against the core values and fundamental ethics. Yes, I respect everyone's right to do 'WHATEVER' with his bitcoins but why should I tolerate such practices if it's eventually going to affect me? (It's not about price or demand or supply law but it's about ethics of community).

We can't fake ourselves by playing with fractions and building illusion that bitcoin is still divisible and valuable.



Do we have any satisfactory answer On the Grounds of Morality to this main question of next generation?

It's okay about divisibility and other technical stuff but WHY NOT 21 MILLION COINS FOR US ?

[Lauda]

-snipped nonsense

Franky, you're the one making mistakes.

There is no such thing as a Satoshi at the code level either, the balance attributable to a given public key is an unsigned 64-bit integer. Your favourite Bitcoin ideologue Mike Hearn was the first to suggest what Lauda is referring to.

He has no idea what he's talking about as usual. I had to un-ignore them to see what they actually wrote. I loved that part how introducing smaller denominations would increase the supply.

It would be much better to donate the coins or distribute them in another way, burning them doesn't make any sense whatsoever.

It does make sense, and people are free to do with their coins as they please anyways. Read the motivation on the wiki link or do some research.

Origin site is unreachable, so I can't read the article.

The website works.

How many Bitcoin are these people supposed to have destroyed?

I don't think someone keeps track of all eater addresses though. You could take a look around at some of the known ones.

What is their purpose?

Click the link or use your search engine before asking redundant questions.

[Doamader]

Well i understand that burn some coins will affect bitcoin in the end, but i consider it a waste, people loose bitcoins all days, being with scam projects, loosing the keys of the wallets, forgeting their passwords, and much more reasons. Soo even reducing the suplly, making bitcoin be more healty, makes no sense with that money could be donated to save childs, soo this is something i dont agree at all.

[Lauda]

Well i understand that burn some coins will affect bitcoin in the end, but i consider it a waste, people loose bitcoins all days, being with scam projects, loosing the keys of the wallets, forgeting their passwords, and much more reasons.

The statement found in this post is entirely irrelevant to proof-of-burn. People losing coins != people burning coins.

Soo even reducing the suplly, making bitcoin be more healty, makes no sense with that money could be donated to save childs, soo this is something i dont agree at all.

Yet another person who jumps on the "donations by low/middle class will save the world" train, and who posts without even looking at the Wikipedia page.

[mirakal]

I will be glad if many people are burning their bitcoins so we can short the supply and the price will rise eventually since the demand is increasing now. That would be good for the economy as investors will surely make profit in that kind of move.

[yayayo]

I will be glad if many people are burning their bitcoins so we can short the supply and the price will rise eventually since the demand is increasing now. That would be good for the economy as investors will surely make profit in that kind of move.

In what way it is positive for the economy if a few speculators receive fiat scam money for their Bitcoin investment? Please explain. You are aware that if one investor realizes a gain in investment, another one realizes a loss - are you? There is no economic growth or value creation from investment activity alone, unless the provided capital is used for something productive, which clearly isn't the case here.

Your mindset makes me sad. You don't seem to care about Bitcoin. You define profits in terms of fiat money, which shows you don't understand the reason for Bitcoin's creation...

Burning Bitcoins is neither positive nor negative. It is the same as loosing Bitcoin. There's no problem, unless an extremely high number is burnt, which would in turn require more decimal places for usability because of the resulting extreme valuation of the remaining coins.

ya.ya.yo!

[Dudeperfect]

I will be glad if many people are burning their bitcoins so we can short the supply and the price will rise eventually since the demand is increasing now. That would be good for the economy as investors will surely make profit in that kind of move.

I respect your opinion but you are wrong (or say through inclusive point of view). Yes it will definitely affect price of bitcoin but that's against morals and values. One shouldn't think about his profits on the cost of someone else's cash burning. I am keen to know, how is it good for economy?

What can we do? It's their bitcoin and they can do what they want with their bitcoin. Even we says don't use it for criminal bitcoin or destroy it, people won't listen anyway.
But, i think they must have reason such as dispose tainted coins, destroy evidence linked with illegal/criminal activity, prevent government from take bitcoin in case there's no other choice for criminal or just want to do it.

So, i think destroy bitcoin is acceptable even though they could do better with their bitcoin.

We can build awareness about it because it's something that's going to affect future of it and those who are burning bitcoins have nothing to do with bitcoin. They are greedy investors looking at profits and compromise with values. Nope, they are not burning due to any criminal issues,they are doing it for totally different purpose.

Burning Bitcoins is neither positive nor negative. It is the same as loosing Bitcoin. There's no problem, unless an extremely high number is burnt, which would in turn require more decimal places for usability because of the resulting extreme valuation of the remaining coins.

ya.ya.yo!

I think we just because we can't see any effect at this moment (and neither possibility of it in next 20 years) that doesn't mean it's neither positive or negative. The most powerful element is time and we can't reverse it so it's critically important issue to think and ACT on it if we really care about it.

As you have said there is 'no problem, unless an extremely high number is burnt' so many tiny amounts makes a large number and to prevent it on macro level we must work (prevent) it on micro levels.

Playing with decimals would be like creating an illusion for ourselves and to the next adopters of this technology. It's like artificially increasing price of it but that's not the way it's expected to grow.

[unamis76]

It would be much better to donate the coins or distribute them in another way, burning them doesn't make any sense whatsoever.

It does make sense, and people are free to do with their coins as they please anyways. Read the motivation on the wiki link or do some research.

I have, and I still think it doesn't make any sense deliberately burning Bitcoins. Just a personal view, to each their own as I've said in my post. I respect whoever finds it suitable for them burning Bitcoin for whatever the purpose.

[Dudeperfect]

It would be much better to donate the coins or distribute them in another way, burning them doesn't make any sense whatsoever.

It does make sense, and people are free to do with their coins as they please anyways. Read the motivation on the wiki link or do some research.

I have, and I still think it doesn't make any sense deliberately burning Bitcoins. Just a personal view, to each their own as I've said in my post. I respect whoever finds it suitable for them burning Bitcoin for whatever the purpose.

Exactly, I have the same point. I respect the opinion of burning bitcoins but I respect it as far as it's just an opinion. Being in a community, any activity by any member affects the community as a whole (irrespective of his reputation or quantity of his activity) and I have my issues through that point of view. It's really annoying to see something destructive for what people are taking efforts since long time (even way before 2000).

I would like invite those who are following crypto currencies topic since at least 2000 to discuss on this important issue. Please provide if you have any reference, I would personally approach them.

[ivanst776]

I just came across this news, although it's quite old but still transactions are taking place. These guys are burning bitcoins intentionally and that's really painful part.

Proof of Burn

No reason is enough satisfactory for this kind of shitty practice. Whatever the reason is, I strongly feel that burning (destroying) bitcoins is not acceptable. It's too much worst for the long term. What do you think?

Experts, Please blow your torch if I'm going wrong.

I believe that it is the opposite, this is good for bitcoin because less bitcoin available in the market means the price gets higher.

It's unbelievable how these guys burn these bitcoin without any reason but at the end it is good for bitcoin.

Everyone is free to do whatever they want with their money but at least make a donation instead of burning them.

[keaderza]

I think it's not responsible, it's literally throwing or burning money, pretty immature and although can be better for other owners not so impressive from the one doing it.

[Nimbulan]

it is actully totally normal but its also in a sense is insane that 8t is destroying those valuable bitcoins from them network its like burning our own money in a log fire and also discussing about it

it is really great that people sometimes destroy bitcoins for the holders because it means that there are less bitcoins so their bitcoins are worth more

[streazight]

I just came across this news, although it's quite old but still transactions are taking place. These guys are burning bitcoins intentionally and that's really painful part.

Proof of Burn

No reason is enough satisfactory for this kind of shitty practice. Whatever the reason is, I strongly feel that burning (destroying) bitcoins is not acceptable. It's too much worst for the long term. What do you think?

Experts, Please blow your torch if I'm going wrong.

I believe that it is the opposite, this is good for bitcoin because less bitcoin available in the market means the price gets higher.

It's unbelievable how these guys burn these bitcoin without any reason but at the end it is good for bitcoin.

Everyone is free to do whatever they want with their money but at least make a donation instead of burning them.

That's not entirely the case though. Burning bitcoins away means there is a possibility of less active bitcoins in circulation, which means there's less chance for growth of this kind of activity. I never encourage nor do this kind of burning for what ever reasons a bitcoin justify his action of burning bitcoins. In my opinion it may lead to over scarcity of bitcoin in future generation. Will you accept throwing away gold into volcano ?

[~Bitcoin~]

I think it's not responsible, it's literally throwing or burning money, pretty immature and although can be better for other owners not so impressive from the one doing it.

However this can be considered good for bitcoin as this will just lower the total supply as well as available bitcoin for trading. For sure, it is quite insane if someone willingly burn their coin.

[OmegaStarScream]

"Lost coins only make everyone else’s coins worth slightly more. Think of it as a donation to everyone." - Satoshi Nakamoto.

I would never throw money or Bitcoin myself , and yes It's immature but I like to see it positively , let's just think of it as a donation for us.

[Qartersa]

It does reduce the supply, but I don't think anyone in his right mind now will throw away that much money just to increase the value of his other coins. That's basically stupid now. They might not even be actually burning it, they might even have the keys to those addresses they are using we'll never know. It might be good for use small holders but yeah in the long run it could post a problem.

[2double0]

If it would have been wrong, then why would alts be taking such measures too to burn their coins which are useless?
It really gives much value to a crypto for removing unused coins out of service and just having the remaining part being circulated as it will amplify and give more stimulative reasons to the newer people who are joining the bitcoin revolution daily.