What if...Satoshi Nakamoto suddenly burns 1 million bitcoins?

[jak3]

i think the topic is bullshit , how will satoshi gets 1million bitcoin or if he has it then also if he burns it then also i can not see any sign of price increase because those coins are burnt not returned to the network

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[CoinBreader]

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?

Ofc it will make headlines ! What happens next is really unknown because crypto land is full of surprises ! And ofc satoshi i dont he is so naive to burn 1m btc !
Shit man, my mind run back in the day where satoshi was solo mining bitcoin ! and hitting block one after another.... now its take to take the red pill! 

[ashiqdey]

Your questions is not correct or may be i had understood incorrect.

How can anyone burn bitcoin. It's a digital asset and it's not like paper currency which we can burn even bitcoin doesn't store in bitcoin network as a file or a program rather it is just a number that is stored in database so how can we burns those digital 1's and 0's . It's n abnormal question I guess but well you wanted to know and just take bitcoin as digital 1s and 0s and nothing more than that.

[rickadone]

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.

Never expect any negative actions from the noble man Satoshi, at the same time expecting him throwing away his own invention is also completely meaningless in my personal opinion.

I believe, Satoshi will come back and will use this hoarding for the future developments of bitcoin system like taking it to underdeveloped countries by providing infrastructures for bitcoin adoptions.

[PremiumCodeX]

People who said that the price would drop, why did you write that? Why would bitcoin's price drop if Satoshi "burned" 1 millions bitcoins? I explained my reason why I think the price would rise in my previous post, which was based on the "the less there is, the more valuable" principle. But I wonder the reason of the other side of the discussion.

[1Referee]

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.

Never expect any negative actions from the noble man Satoshi, at the same time expecting him throwing away his own invention is also completely meaningless in my personal opinion.

I believe, Satoshi will come back and will use this hoarding for the future developments of bitcoin system like taking it to underdeveloped countries by providing infrastructures for bitcoin adoptions.

Satoshi is too hot still after the years we have already had. I wouldn't be surprised governments somehow have him on a wanted list somewhere. He will be better off to never ever show up again. Also, with all the different egos from developers, I don't think they will allow him to sit back on "his" seat.

[Clement Kaliyar]

Satoshi is too hot still after the years we have already had. I wouldn't be surprised governments somehow have him on a wanted list somewhere. He will be better off to never ever show up again. Also, with all the different egos from developers, I don't think they will allow him to sit back on "his" seat.

the person behind the name satoshi is still talked about because of his genius ,i do not think that the government would hunt him or do something else for what he did to the technological advancement but the ego filled developers wont accept him or give him a chance at all if he ever wishes to come to the forefront that is a fact.

[trickshot22]

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.

i think that of course no action would be taken because people would most probably just not care

[Doamader]

People who said that the price would drop, why did you write that? Why would bitcoin's price drop if Satoshi "burned" 1 millions bitcoins? I explained my reason why I think the price would rise in my previous post, which was based on the "the less there is, the more valuable" principle. But I wonder the reason of the other side of the discussion.

Who created bitcoin, Nakamoto, soo to him burn their coins wont make any sense, and the market can react and will if something happens to those coins, being burned people might pump bitcoin, as might start a panic sell at bitcoin, those adress has a lot power a single person can hit bitcoin deeply and affect it in the heart.

[oceanriver]

i think the topic is bullshit , how will satoshi gets 1million bitcoin or if he has it then also if he burns it then also i can not see any sign of price increase because those coins are burnt not returned to the network

either way i dont think that it would affect bitcoins a lot, it would just show that satoshi is still active

[Hirose UK]

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 I don't misunderstand, the word "burn" means to delete, to make it disappear, so you mean that Satoshi will delete that 1 million bitcoins?
wow, that's actually unbelievable. but if he would do it, I think the price of bitcoin will be down because that amount is not small, really.

[Theb]

It won't have a tremendous effect on prince increase because not all bitcoins have been mined yet. Also I don't someone like Satoshi will burn a virtual currency in which he is know for. If the supply is affected than it is guaranteedn that the price will really go up more than triple of the price today.

[darklus123]

It really doesn't matter to me at all as long as we are the greatest benefactor of what ever is happening to bitcoin industry. Withdrawing $1m worth of bitcoin does not mean that bitcoin was burned it only means that it is being used.

[mindrust]

It would change nothing. How would anyone know if he had the 1.000.000bitcoins before he says that he burned them?

Maybe a 10 or 20$ pump would happened and that's it. Then it would go back to where it was before. (back to normal)

He wasn't going to dump those coins anyway and people didn't know existance. So saying that i destroyed 1million bitcoins wouldn't affect anytning.

[zahra4577]

i think the topic is bullshit , how will satoshi gets 1million bitcoin or if he has it then also if he burns it then also i can not see any sign of price increase because those coins are burnt not returned to the network

it is a common knowledge Satoshi has 1 millions bitcoin in his possession but he has not spent it

[1Referee]

Satoshi is too hot still after the years we have already had. I wouldn't be surprised governments somehow have him on a wanted list somewhere. He will be better off to never ever show up again. Also, with all the different egos from developers, I don't think they will allow him to sit back on "his" seat.

the person behind the name satoshi is still talked about because of his genius ,i do not think that the government would hunt him or do something else for what he did to the technological advancement but the ego filled developers wont accept him or give him a chance at all if he ever wishes to come to the forefront that is a fact.

For us Satoshi is a genius, but I am quite sure that governments don't look at him like that. He made something that allows people to be in full control of their finances, avoid any contact with banks and governments, bring their economy in danger, etc. Reason enough for governments to hunt him down.

[clickerz]

For us Satoshi is a genius, but I am quite sure that governments don't look at him like that. He made something that allows people to be in full control of their finances, avoid any contact with banks and governments, bring their economy in danger, etc. Reason enough for governments to hunt him down.

Agree, and government is now thinking any ideas they can control of bitcoin. Some wants this bitcoin to be regulated so that they can taxed it or can impose any fees they wanted. Because of bitcoin or these blockchain technology, banks are also utilizing these.

[dunfida]

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.

Why he would  intend to  burn in out? Since its his  invention after all and he do much hard work  on this  project and he  would  just   burn 1m bitcoin? Hes  not crazy enough to do such thing  In fact  he would   even  make more development on  bitcoins ecosystem and  it would surely help  from  all bitcoin  holders.

[amacar2]

If you look at here https://blockchain.info/charts/total-bitcoins around 15 million bitcoin are in supply and only 6 million new coins will be generated from now on till bitcoin will have its maximum 21 million supply. So burning 1 million means its around 5% of total supply and also known to holded by one guy satoshi nakamoto (hypothetical title for bitcoin creator) from long time and when this will be moved market can go upwards as this will limit the supply by 5% and main reason will be that satoshi actually is alive and not trying to be rich by destroying bitcoin.

[fravia]

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.

of course he wouldnt do it, we actually dont know if hes still active so we shouldnt be worried about it