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Author Topic: What if...Satoshi Nakamoto suddenly burns 1 million bitcoins?  (Read 4134 times)
RussiaIsBest
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September 28, 2016, 09:02:54 PM
 #21

if satoshi nakamato sell million bitcoins prize wil 100% rise because that is really big amount and after that prize will drop and drop and after some time it will be little bigger than this prize
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September 28, 2016, 09:49:29 PM
 #22

I guess that nothing would happen. With Satoshi not really moving any of his mined coins, majority of the community has already presumed the private keys to the addresses to be lost. If he were to burn them, it is simply a proof that he doesn't want them and nothing would change. It would however, probably spark another hunt for him.
Knowing several portions of bitcoin has been lost since the first days, if Nakamoto burns those coins the market should react, two ways, panic selling dumping bitcoin, or force a pump as less coins will be into circulation.
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September 28, 2016, 10:29:41 PM
 #23

if satoshi nakamato sell million bitcoins prize wil 100% rise because that is really big amount and after that prize will drop and drop and after some time it will be little bigger than this prize
you must be new to bitcoin, if satoshi sells his coins then the price would never recover just because people would be scared of new dumps
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September 28, 2016, 10:31:34 PM
 #24

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?
well in the market, it would really change much because those bitcoins were never really active anyways. but the peoples reaction would certainly increase the price because the total amount of bitcoins possible just decreased. satoshi has too much love for bitcoin to do that .
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September 28, 2016, 10:41:18 PM
 #25

you must be new to bitcoin, if satoshi sells his coins then the price would never recover just because people would be scared of new dumps

You can only sell once. And no one knows how many coins Satoshi has. And if you were the inventor of a new financial paradigm would you sell all of them at once on Yobit after doing nothing with them for years?

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September 28, 2016, 10:43:27 PM
 #26

if satoshi nakamato sell million bitcoins prize wil 100% rise because that is really big amount and after that prize will drop and drop and after some time it will be little bigger than this prize
you must be new to bitcoin, if satoshi sells his coins then the price would never recover just because people would be scared of new dumps
I think of that as the opposite, if i see satoshi dumping coins into a bitcoineater address i think "less coins in the market, better buy up" meaning increase in the price.
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September 28, 2016, 10:46:15 PM
 #27

He would be an idiot doing so. Also, markets would run around crazy for a few hours and then everything would settle Cheesy
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September 28, 2016, 11:00:39 PM
 #28

you must be new to bitcoin, if satoshi sells his coins then the price would never recover just because people would be scared of new dumps

You can only sell once. And no one knows how many coins Satoshi has. And if you were the inventor of a new financial paradigm would you sell all of them at once on Yobit after doing nothing with them for years?
I think satoshi Nakamoto has millions in the bitcoin wallet, I do not think that the creator has little bitcoin bitcoin, I'm sure he saves and withstand millions of bitcoin. I do not know is it satoshi already started selling their bitcoin or he just continues to hold. but can I be sure that if he came in and showed the public that in fact it can be a shocking thing in the world bitcoin
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September 28, 2016, 11:15:06 PM
 #29

for holders it would be the best in my opinion, it would mean that he will never sell any of his bitcoins and there would be less of it so the price would grow


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September 28, 2016, 11:59:15 PM
 #30

He would be an idiot doing so. Also, markets would run around crazy for a few hours and then everything would settle Cheesy

LOL How about if no one knows  that it is already burned?

If it will happen, surely it will affect bitcoin price and as  @unamis76 said it will be settled after. At first theres a market reaction of course,like in speculations but in the long run market will be stabilized. It will affect the available volume supply of bitcoin.


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September 29, 2016, 12:08:13 AM
 #31

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?

Surely will make headlines because the amount is too big to be true.
I think the price of BTC will drop because of this but then slowly rise again.
I think its almost unlikely because it seems to be a no brainer.
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September 29, 2016, 03:11:38 AM
 #32

if satoshi nakamato sell million bitcoins prize wil 100% rise because that is really big amount and after that prize will drop and drop and after some time it will be little bigger than this prize

I do not believe he has that amount of coins. But if has and burn them, I believe that the price would hardly dump. It is highly unlikely to happen.



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September 29, 2016, 03:27:32 AM
 #33

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?
So that's will not be headlines, caused the volume of bitcoin is getting decreased and too rarely for finding btc and make the price is rise. but no more than it. and that is just in my dream will happen and not yet.

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September 29, 2016, 03:35:40 AM
 #34

for holders it would be the best in my opinion, it would mean that he will never sell any of his bitcoins and there would be less of it so the price would grow

I don't think satoshi is not going to this why he is just going to burn that 1 million bitcoins. But if that happens for sure the price is going to increase.

But I guess it is better if Satoshi is not going to burn that instead he is just going to keep on holding that and make his own assets and just enjoy his life.

And he is going to be recognize by Forbes magazine because of it.

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September 29, 2016, 03:42:34 AM
 #35

some ifs are just plain stupic because they are never going to happen.

why would the creator of bitcoin suddenly come out of hiding and then instead of doing anything constructive with the 1 million coins they burn them!!!

that does not make any sense.

Buying the dip...
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September 29, 2016, 03:53:46 AM
 #36

Instead of burning, why not Mr. Satoshi just airdrop those 1 million bitcoin to this community.
It means total coins still 21 Millions but if he send them to the eater the total coins will be 20 Millions, so that the price would be up as people speculate, however it's impossible for satoshi do that, in other hand people would scared since they don't know how much bitcoin's that satoshi have and what if satoshi sell all of his coins but once again it's imposible.
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September 29, 2016, 04:43:32 AM
 #37

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?

the only thing this is going to change is that it will put an end to all the speculations about "what will satoshi do with his coins" topics and we can finally stop seeing who is satoshi topics too if we are lucky Cheesy

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September 29, 2016, 05:10:45 AM
 #38

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.
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September 29, 2016, 05:19:52 AM
 #39

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?
How do you know it isn't already burned?

The thing is the Bitcoin will always exist in a private address somewhere. There will always be 21m Bitcoin, regardless of whether or not you can access them. They are still a part of the blockchain and are never technically lost.

Wouldn't make headlines, probably wouldn't do much to the exchange rate.
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September 29, 2016, 05:21:28 AM
 #40

I would not want him to dump or burn all coins at once, but that he gives this to a foundation like the Bill Gates foundation that manage this money for him, to give this to charity or Bitcoin startups. He can still stay anonymous and only communicate with this foundation via encrypted emails.

He or she will not have to pay any taxes on this money, because he OR she received no capital gain or profit from it. Dumping all coins at once, will create chaos and might tank the price of Bitcoin.

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