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Dudeperfect
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October 01, 2016, 04:24:20 PM |
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Theymos wants that satoshi's bitcoin should be destroyed, Theymos: “Bitcoins Belonging to Satoshi Should Be Destroyed”But then it would make even critical to identify the real identity of satoshi and another thing is there will be a compromise with his privacy. This is really a complicated issue and decision must be taken after extreme research about possible incidents which might cause such destruction. Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.
This has been discussed so many times before, on Reddit and also in this forum, which is still in debate https://bitcointalk.org/index.php?topic=1469099.0But the thing I always wondered was does he ever have a plan to burns or destroyed his coin??? Well from his quote it's clearly if the coin has burnt the price will be increase. I have a different point of view about destroying coins and I don’t want a single satoshi to destroy. It’s completely okay if you don’t want to use it but one shouldn’t burn it because bitcoin is in its early phase and after few decades it will have a crucial importance so since any activity is not reversible we can’t recover the burned coins. I agree that I am not and expert but still, I don’t think it’s a good idea to destroy bitcoin. |
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Unlike traditional banking where clients have only a few account numbers, with Bitcoin people can create an unlimited number of accounts (addresses). This can be used to easily track payments, and it improves anonymity.
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mastica
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October 03, 2016, 09:46:16 PM |
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If Nakamoto one day just think about such act, i would left bitcoin, just because there are milions childs die because they has no food, medical and water to survive, soo a act like those at my vision would mean he has no heart and doesnt care the rest of the world.
Bitcoin were made to people for the people soo act like that for me would be the end of bitcoin, if he think into donate the coins its another history.
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Senor.Bla
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October 03, 2016, 10:00:04 PM |
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If Nakamoto one day just think about such act, i would left bitcoin, just because there are milions childs die because they has no food, medical and water to survive, soo a act like those at my vision would mean he has no heart and doesnt care the rest of the world.
Bitcoin were made to people for the people soo act like that for me would be the end of bitcoin, if he think into donate the coins its another history.
the talk is that satoshi has over 1 million bitcoin. which would be 5% and this is considered quite a sum. many are assuming this amount will never move and is lost. price would go probably down if the coins would move. if he burns them we could be certain they are gone and this would make the other coins more valuable (price would go up). |
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jacktheking
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Personal Text Space Not For Sale
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October 03, 2016, 10:42:29 PM |
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My take is that, a lot of big technology company or rich tech-savvy person will try to 'crack' the 1BitcoinEaterAddress's address and get its private key. Well ... it's 1 million Bitcoin which is equivalent to 6,111,000,000 USD as of right now at Preev.com.
Other than that I also guess that the price of Bitcoin will mostly likely goes up as the amount of Bitcoin available on the market is lower - unless these people I mentioned above managed to obtain the private key.
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So sad! This profile does not appear as the #1 result (on anonymous) Google searches anymore.
Time to be active on the crypto forums again? Proud to be one of the few Legendary members of the Sparkie Red Dot!
Gonna put this on my resume if I ever join a cryptocurrency/blockchain industry!
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hawkins
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October 03, 2016, 11:34:50 PM |
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Well, it's very easy to guess, bitcoin prices will come down drastically, and perhaps with so many people who are no longer believed to bitcoin, and most likely, bitcoin will disappear slowly. Well, I guess if that happens then something bad will happen to users bitcoin, but I hope it does not happen
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social crypto comunity
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October 03, 2016, 11:43:23 PM |
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all everything dev coin and found coin
or investor buy ico with much coin
never superdump and destroy the coin, because this him bussines long time , and not, take profit sell all coin super dump, coin lost and dilisting to exchanger same ponzy scheme
this him and dev coin want long time bussines
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Techie5879
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Back from the Dead!
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November 05, 2016, 12:38:10 PM |
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If Satoshi does such a thing, then the value of BTC would go sky high since there will be in one million coins less to be mined and the USD value of 1 BTC might go up even 300$ more within a day. It would become a headline and all news channels would feature that for quite sometime and more people would come to know about bitcoins, thus increasing the amount of people using bitcoins and thus, an increase in buying and earning BTCs.
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pereira4
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November 05, 2016, 01:00:28 PM |
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Price would first crash due the shock factor, and then it's going to go to 10.000 dollars, since it's 000.000 zeroes in a million, i would say it can go x 1.000 higher, so if any case that happens, it would be good news for us holders.
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Fatanut
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November 05, 2016, 01:27:45 PM |
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There's not that much that will happen. He didn't sell the coins so the price will definitely not decrease. There would be discussions in here about that and it will become a part of the bitcoin history. People would be asking why to themselves and maybe think about how much money Satoshi let go. It might even be featured in some Youtube channels and facebook pages which might lead to new comers but that wouldn't be that much of a difference.
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carlfebz2
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November 05, 2016, 01:34:00 PM |
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There's not that much that will happen. He didn't sell the coins so the price will definitely not decrease. There would be discussions in here about that and it will become a part of the bitcoin history. People would be asking why to themselves and maybe think about how much money Satoshi let go. It might even be featured in some Youtube channels and facebook pages which might lead to new comers but that wouldn't be that much of a difference.
This is correct as long satoshi didn't sell those coins it wont really affect the bitcoins price infact the supply would be decreased by 1m which is 21m in total. It would be considered as lost bitcoin though but same as you said it would be trending and might convince some new people to engage into bitcoin. This type of question has no sense at all for me. Really. Burning huge amounts of money is just like suicide and no person who have normal thinking would do that. |
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robelneo
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November 05, 2016, 01:35:43 PM |
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In my opinion nothing will really happen,those bitcoins are not moving and we have been ok all this time,so even if they burn those bitcoins,there will be no impact at all,but if ever those bitcoin moves there will be a slight drop in the market but will eventually recover.
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croutonhexagon
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November 05, 2016, 01:47:15 PM |
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Dude bitcoin is not printed like paper currency so how could he burn bitcoin. Well he could throw away his hard disk which would have 1 million that's a man made artificial loss in bitcoin network but burning is out of question
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ivanst776
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November 05, 2016, 01:50:39 PM |
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The title explains it all, you look at blockchain.info and see a burst of transactions sending a total of 1000000BTC to 1BitcoinEaterAddressDontSendf59kuE.
What happens next?
Would it make headlines?
Would the exchange rate rise significantly?
Is it likely?
One million bitcoins worth 700 million dollar and yeah the price would be increased very high because less bitcoin will be available. It means that 1/24 of the total amount of bitcoin will be gone, which is around 4% of the total bitcoins or 1/16 of the actual number of bitcoins. |
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Shiroslullaby
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November 05, 2016, 01:57:09 PM |
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There would have to be some proof showing that the keys for those coins were lost/ destroyed.
Since Satoshi is possibly in hiding, dead, or more than one person has control over those keys,
it would be very hard to prove that this happened.
If it was proven, price would naturally go up by a percentage related to the amount of coins reduced.
(And possibly more by the hype that was generated.)
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helloeverybody
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November 05, 2016, 01:58:59 PM |
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Dude bitcoin is not printed like paper currency so how could he burn bitcoin. Well he could throw away his hard disk which would have 1 million that's a man made artificial loss in bitcoin network but burning is out of question
When people send coin to 1BitcoinEaterAddressDontSendf59kuE those coins are considered burnt because no one has the key to that address and the possibility of that address being cracked are so small its not worth thinking about. My take on these coins being burnt would be that price would increase for 2 reasons. NO1 being that there are now 1 million lees coins available and No2 that satoshi has returned. |
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Senor.Bla
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November 05, 2016, 02:09:29 PM |
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Dude bitcoin is not printed like paper currency so how could he burn bitcoin. Well he could throw away his hard disk which would have 1 million that's a man made artificial loss in bitcoin network but burning is out of question
When people send coin to 1BitcoinEaterAddressDontSendf59kuE those coins are considered burnt because no one has the key to that address and the possibility of that address being cracked are so small its not worth thinking about. My take on these coins being burnt would be that price would increase for 2 reasons. NO1 being that there are now 1 million lees coins available and No2 that satoshi has returned. actually any address without a private key will do. but a transaction to one of those bitcoineateraddresses would be visible on the blockchain and everybody would not have to wonder and guess what happened to the bitcoins. i think that a lot of people consider the 1 million bitcoins already as lost and that they are priced in in the current price. also i do mot think a return of satoshi would be good for the price nor for bitcoin. |
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prabowo96
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it's showtime
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November 05, 2016, 02:42:04 PM |
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What is this address? 13 bitcoin in the wallet lol why people keep sending money to this wallet?  Btw I don't understand the question on OP |
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helloeverybody
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November 05, 2016, 02:46:31 PM |
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What is this address? 13 bitcoin in the wallet lol why people keep sending money to this wallet? Btw I don't understand the question on OP The address is an address that has no private key (no one know it and probably never will) , Coins can be sent to this address to get rid of them forever. As satoshi still has over 1 million btcs in his known addresses op was asking what the impact would be on the market if these coins where destroyed. |
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Senor.Bla
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November 05, 2016, 03:08:25 PM |
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What is this address? 13 bitcoin in the wallet lol why people keep sending money to this wallet? Btw I don't understand the question on OP it is very unlikely (close to impossible) that someone has or ever will have the private key to this address. so we can assume that all coins send there are lost forever. a possible use of that is to create altcoins. you get some altcoin by exchanging it for bitcoin. to give value to the new coin you have to destroy some bitcoin. to some this makes sens. |
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SyGambler
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guess who's back
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November 05, 2016, 03:18:51 PM |
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ehh not sure about it , but I think the price won't go down since satoshi's coins are considered by many people burnt at the moment
so probably the price would stay the same or it would go up , in the long run there will be less coins available for the public which should increase the price
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