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Author Topic: What if...Satoshi Nakamoto suddenly burns 1 million bitcoins?  (Read 4134 times)
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September 29, 2016, 05:33:53 AM
 #41

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=1469099.0

But 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.
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September 29, 2016, 05:52:03 AM
 #42

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?

absolutely nothing. those coins that satoshi owns are considered lost as it is. so moving them to a known burn address or not moving them there doesn't really make any difference.

Quote
Would it make headlines?

of course it would.
it is the dream of all the bitcoin news sites to find a hot news like that and milk it dry with their click bait articles which offers nothing to the readers except waste of time.

Quote
Would the exchange rate rise significantly?

i doubt if it rises, that kind of news (which is not going to happen by the way) is a breading ground for FUD so price may even drop a little.
but all news has a short life time.

Quote
Is it likely?

NO

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September 29, 2016, 07:17:31 AM
 #43

If I assume that Satoshi Nakamoto has 1 million bitcoins and he sends them to an address that has no known private key, I think that bitcoin's price in general rises because there is less value of bitcoin in Satoshi Nakamoto's hands so the value of the bitcoin I have is higher and I could ask for a bigger price for it.
The thing here must be, Satoshi's one  million bitcoins are not in circulation and they had been hoarded since they got mind. So, burning them will not impact the prices of bitcoin in my opinion as those bitcoins are already sleeping and they are going to continue it but in different address.
But, anything could happen in bitcoin market as traders might speculate by their own way of thinking.

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September 29, 2016, 07:27:13 AM
 #44

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?

Of course many of the bitcoiners if they find out that happen majority of them will get a chance to more bitcoin, it is because the price value of it will goes down and the same time goes up again.

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September 29, 2016, 08:03:00 AM
 #45

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?
if this happned in the bitcoin world then surely there will a strom of bitcoin rate will occur . because this amount of bitcoin is comparable to the all the mined bitcoin the world .

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September 29, 2016, 08:05:03 AM
 #46

If he does that, it only shows he is alive. If he is not alive, his 1 million bitcoins are as good as burned already.
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September 29, 2016, 08:08:35 AM
 #47

i think it will never happen because satoshi nakamotv is creater of bitcoin and he can't do this bad work . because if it would be then the price of bitcoin will increasee about 50-60% and there will be a main problem how to get stable price .

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September 29, 2016, 08:17:14 AM
 #48

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?

I don`t think Satoshi is that crazy to burn 600 million USD.

Maybe the price will go down for 24 hours and after that will skyrocket,because of the decreased supply.





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September 29, 2016, 08:24:08 AM
 #49

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?

people are going to freak out if this happens. especially those who don't know anything about bitcoin and how that particular address of 1bitcoineater works will panic.

but i think in the long term of how things work out, this has no effect on bitcoin whatsoever.

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September 29, 2016, 08:33:42 AM
 #50

I think it would be interesting but these coins have been out for years already, it would impact the total market price I think since allot of media coverage is certain as well as the decrease in total acquirable coins, but it wouldn't make a huge impact.
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September 29, 2016, 08:38:07 AM
 #51

If he does that, it only shows he is alive. If he is not alive, his 1 million bitcoins are as good as burned already.

Fortunately he is the best dev, he never sold one bitcoin, if he sold bitcoin, the bitcoin will crash, people will panic sell because they fear his 1 million btc
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September 29, 2016, 08:40:46 AM
 #52

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?
Yes I think it will give a great push to bitcoin price if he burns all his coins.Given the increasing popularity of bitcoin,any shortage will fuel price increase.Although satoshi's coins are not in circulation but it is the news that effects the market.If there is a false news that 1 million new bitcoin are generated due to some reasons,market will react even on it and price will fall
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September 29, 2016, 08:46:05 AM
 #53

I don't think that anything would happen.
Satoshis coins have not been touched since the biginning, at least as far as I know.
If you burn something nobody uses, I do not think it would have any affect on anything.

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September 29, 2016, 08:46:10 AM
 #54

How could he burn it, it is digital.   Grin  Well, it would cost the price of bitcoin to soar high.  Its price will really goes up since there would be less bitcoin in the circulation.  

But I do not think that he will do that because he created and programmed it to help people.  He would not do such thing to make people suffer.  Many people will surely be affected by that phenomenon.
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September 29, 2016, 08:51:57 AM
 #55

I don't think that anything would happen.
Satoshis coins have not been touched since the biginning, at least as far as I know.
If you burn something nobody uses, I do not think it would have any affect on anything.


Exactly, finishing something which is not in use wont make any difference for anyone or anything, so if the bitcoins satoshi hold are not in circulation then it would really not make any difference if they are burnt or just stay where they are.
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September 29, 2016, 12:42:39 PM
 #56

I don't think that anything would happen.
Satoshis coins have not been touched since the biginning, at least as far as I know.
If you burn something nobody uses, I do not think it would have any affect on anything.


Exactly, finishing something which is not in use wont make any difference for anyone or anything, so if the bitcoins satoshi hold are not in circulation then it would really not make any difference if they are burnt or just stay where they are.
I'm not sure if it wouldn't make any difference, if that happens it would definitely show that he's alive and still has control over at least some of his addresses.
It could definitely trigger some kind of response from the market, I would think.

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September 29, 2016, 12:46:55 PM
 #57

assuming he really has that many coins, and he can still access them at any time, then the market will react postively when these coins get sent to an address as bitcoin eater so that these coins will not come into circulation ever again. but he will never do such a thing. no one would do that. destruction of capital is never the way to settle things.
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September 29, 2016, 03:19:52 PM
 #58

He would buy bitcoin he might have millions of bitcoin already with him and that could be the reason that he is still identified. After few years when bitcoin price will be sky rocketing at that time he could sell those bitcoin and lost his name in top richest person. But all thru l these are my imagination. Anyway satoshi it's not going to buy any bitcoin from public because he is the creator and he might have lot of bitcoin with him already. Imagine if he have 1 million bitcoin then if price of 1 bitcoin becomes half million then he would be owner of 1lakh crore. Just imaging the figure which doesn't got my calculator.
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September 29, 2016, 03:27:12 PM
 #59

He would buy bitcoin he might have millions of bitcoin already with him and that could be the reason that he is still identified. After few years when bitcoin price will be sky rocketing at that time he could sell those bitcoin and lost his name in top richest person. But all thru l these are my imagination. Anyway satoshi it's not going to buy any bitcoin from public because he is the creator and he might have lot of bitcoin with him already. Imagine if he have 1 million bitcoin then if price of 1 bitcoin becomes half million then he would be owner of 1lakh crore. Just imaging the figure which doesn't got my calculator.

I agree with you. Satoshi would never buy bitcoin from anyone because he it's owner of bitcoin and already he might have lots of bitcoin stored in his wallet. If he reveals his identity then he might loss his assets value sop he might be waiting for price hike top minimum 1LAKH Rs so that he could be the billionaire.
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September 29, 2016, 03:38:48 PM
 #60

I doubt he will take sure actions, as at today's valuation that is $600 million and even have potential of hitting $1 billion. I can't see anything that will motivate him to do that unless Bitcoin becomes too strong a currency and he also will possess the financial weapon to destroy any economy.

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