Destroying Bitcoin is NOT Acceptable

[squatz1]

Well, although not acceptable this sort of think already happenes today if you were to really think about the issue. We have tons and tons of inactive (at least we think) addresses that people haven't used in years, these people could've simply lost the coins in there and  (if confirmed) it should be reflected ont he total supply as being lower. As we'd never be getting these coins back into 'circulation' ever again.

While not acceptable, it happens and it is AN ALTERNATIVE to proof of stake and or proof of work. Something would have to change on a major scale to see Bitcoin accept and use something like this, so I wouldn't throw the idea COMPLETETLY out the window just yet.

[skorupi17]

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.

Destroying Bitcoin is definitely unacceptable. And to think that they are doing this just to make a switch to a different cryptocurrency. Though destroying some Bitcoin would contribute to the scarcity of Bitcoin in the market that would result to an increase in Bitcoin's price, the effect of destroying Bitcoin will greatly affect the usage of the coin. We might end up on a state that only people who belong to the higher level of society can use Bitcoin.

[aesma]

Gold is being destroyed all the time. Or sent to space in satellites, never to be seen again. It has not caused an issue so far.

Like I said the unit "bitcoin" will simply become something of a high value rarely used. In fact it's already the case, if you buy a pizza or a coffee with BTC you will not spend 1 Bitcoin, you'll spend satoshis, or 0.001 BTC or something like that.

[foxbat]

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.

Destroying Bitcoin is definitely unacceptable. And to think that they are doing this just to make a switch to a different cryptocurrency. Though destroying some Bitcoin would contribute to the scarcity of Bitcoin in the market that would result to an increase in Bitcoin's price, the effect of destroying Bitcoin will greatly affect the usage of the coin. We might end up on a state that only people who belong to the higher level of society can use Bitcoin.

Yes, I agree with you, bitcoin has become a very powerful and very important role in the lives of so many people around the world. Bitcoin destruction can cause serious consequences, they may even go bankrupt, some people have invested their full amount in bitcoin, it's too dangerous. And I believe that if bitcoin is destroyed, a slight economic crisis will occur in the world.

[Phyton76]

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.

As of today bitcoin isis not really accepted because it is online they have fear of being have in there bitcoin wallet so i guess also the government do not accept bitcoin as it causes a lot of vulnerabilities in many illegal transaction but i guess it is easy to adopt in the community.

[bitbunnny]

I don't think nowdays realy exists the intention to deliberately ruin and destroy Bitcoin. Such intentions were much more present at the begininig. Now many have realised that Bitcoin is inevitable and that it's much better to accept it and make money on it than trying to destroy it. Even those who still act open against Bitcoin, like banks, secretly are performing totaly different.

[krishnapramod]

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.

XCP is used in the Counterparty protocol to create new assets, make bets, and perform callbacks on callable assets. Counterparty used proof of burn to issue XCP, instead of a more traditional fund-raising technique for altcoin launches, to keep the initial distribution of funds as fair and decentralized as possible, and to avoid potential legal issues.

https://en.m.wikipedia.org/wiki/Counterparty_(technology)

https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr

https://bitcointalk.org/index.php?topic=528023.0

https://blockchain.info/address/1ChancecoinXXXXXXXXXXXXXXXXXZELUFD

Why proof-of-burn?

By opting to distribute all XCP by proof-of-burn, the Counterparty developers eliminated any speculation that they planned to get rich quick or redistribute risk unequally. On the contrary, they put themselves in the same position as everyone else, backing their ideas with destroyed bitcoin to obtain XCP in the hope of eventually benefiting financially from their own project and hard work.

https://counterparty.io/news/why-proof-of-burn/

It is like if someone wants to launch a new altcoin with fair distribution and instead of accepting bitcoin directly they ask investors to send bitcoins to a burn address and thus expecting a price increase. Even after burning 480 bitcoins CHA coin failed.

Yeah, since bitcoins are limited in number and burning it for altcoins is absolutely absurd.

[logicgate]

I don't think nowdays realy exists the intention to deliberately ruin and destroy Bitcoin. Such intentions were much more present at the begininig. Now many have realised that Bitcoin is inevitable and that it's much better to accept it and make money on it than trying to destroy it. Even those who still act open against Bitcoin, like banks, secretly are performing totaly different.

Yes I agree by this statement you said about bitcoin those people who are getting angry by the level of bitcoin. Actually they are the real competitors who are rising voice against the success of bitcoin. They should need to improve and try to be in competition