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Author Topic: What if...Satoshi Nakamoto suddenly burns 1 million bitcoins?  (Read 4134 times)
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November 05, 2016, 03:57:32 PM
 #101

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 

also satoshi does not have 1 million coin, it was said via a good reseach that he has only 200k, so that amount will hard kill bitcoin or do anything really relevant, compared to what happened already with hacked exchange and everything else that already happened
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November 05, 2016, 03:59:19 PM
 #102

It's pretty simple and this applies on every kind of stock ever, currency, commodity, whatever: scarcity is good and will make whatever your are holding more valuable (if the demand stays the same).
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November 05, 2016, 05:03:23 PM
 #103

It's pretty simple and this applies on every kind of stock ever, currency, commodity, whatever: scarcity is good and will make whatever your are holding more valuable (if the demand stays the same).
but the demand never stays the same. especially if such big things happen. this would cause an uncertainty which has always cause some kind of panic. people have the need to act and buy or sell. you can make money if you know which way it will be, but this is just the theory and those are easy. 

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November 05, 2016, 05:12:43 PM
 #104

I don't think there's need to worry. The coins have not moved in 7 years. Satoshi Nakamoto is probably dead by now, or lost the coins, or whatever else. Something happened. It's impossible he/they would not move the coins for 7+ years.
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November 05, 2016, 05:21:13 PM
 #105

I don't think there's need to worry. The coins have not moved in 7 years. Satoshi Nakamoto is probably dead by now, or lost the coins, or whatever else. Something happened. It's impossible he/they would not move the coins for 7+ years.
how can you say something like this? why would he be dead? just because he is 7 years older? what do you expect how old he was when he invented bitcoin? 90? why would you assume he lost the keys? it is more likely that he destroyed them, but i see no evidence that he lost them. and why exactly should it be impossible to not move coins for over 7 years? do they have an expiration date?

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November 05, 2016, 05:23:02 PM
 #106

I think if its happen well i think the price will increase more since the price of bitcoin is always depends in demand and supply so our supply will reduce so it can affect the value of bitcoin..



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November 05, 2016, 06:04:23 PM
 #107

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 that happened i would honestly be happy and excited for bitcoin because of two reasons. Satoshi is back and alive and the fact that about 5% of bitcoins in existence are now burned, making the price significantly higher.

However the chances of this occuring are very low because satoshi has too much respect for bitcoin.
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November 06, 2016, 06:50:28 PM
 #108

I have never heard about burnt btc and don't quite understand what is it. Well, I think if Nakamoto burns a million then we have less of btc potentially and that's it. Why would it influence the price? I gues if nobody is aware of an action, it doesn't influence the price. I might be wrong about it, of course.
I checked on the In ternet and found out that it is indeed possible to burn BTC but I still don't understand how it works and why is it possible.

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November 10, 2016, 05:52:20 PM
 #109

Since there are total  of 21 million coins,1 million will not kill bitcoin but will make the price go high further


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November 10, 2016, 06:09:06 PM
 #110

its next to impossible there is no probabilty that satoshi nakamoto himself will burn 1million bitcoin thays a crap idea.bitcoin price is already higher because other things or coins are now count in cents but bitcoins is 700$ per btc with is huge

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November 10, 2016, 07:49:07 PM
 #111

If satoshi is out there.... I wouldn't mind if you sent me a pm. I'd love to discuss bitcoin with you.  Grin

I would also gladly take your bitcoin if you wanted to burn it.  Cheesy Cheesy
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November 10, 2016, 07:54:50 PM
 #112

If Satoshi Nakamoto burn that 1 million, I think that there is no effect in the market.  The reason is that the 1 million bitcoins had been there for and never been moved.  So basically it is already no in the circulation.  Now tell me, how does the bitcoin that is not in the market circulation affect the market if it is burn?  Of course it will not affect the volume of demand and supply in the market because it is not in the market in the first place.
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November 17, 2016, 08:04:22 AM
 #113

I have never heard about burnt btc and don't quite understand what is it. Well, I think if Nakamoto burns a million then we have less of btc potentially and that's it. Why would it influence the price? I gues if nobody is aware of an action, it doesn't influence the price. I might be wrong about it, of course.
I checked on the In ternet and found out that it is indeed possible to burn BTC but I still don't understand how it works and why is it possible.

I also cant imagine how is it possible to burn BTC. But then I think it wont gonna happen. Why would Nakamoto burn BTC? And if so, I think there will gonna be a movement on BTC's price. Since the supply will be affected, its demand will also move probably it will rise. And probably it will gonna be a big news to the bitcoin community. But then its just an imagination that he will burn 1 million BTC.
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November 17, 2016, 08:12:10 AM
 #114

Of course it would make the headlines. Lots of it for sure.
But about the price to significantly rise, err.. I'm not sure about that.
It won't matter because even if Satoshi or some other man has 1 million bitcoins and he does not use it, that is nothing and it will still be nothing even if you send it to a bitcoin eater.
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November 17, 2016, 08:20:38 AM
 #115

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?

It will get to the headlines, clearly, but the price will not rise, it will fall (at least at start).
And I think that it's unlikely.

I think that most believe that Satoshi is dead or anyway he cannot access his BTC anymore. Or he just wants to keep them where they are. (Else he would have done moves before).
If somebody burns BTC1Mil of Satoshi's account he might have access to another big huge amount of BTC and he may want to sell sooner or later. (And I expect that this somebody is not Satoshi).

Disclaimer: My logic is based on the assumption Satoshi's wallets have much more than BTC1M, maybe even more than BTC1.5M...

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November 17, 2016, 10:40:26 AM
 #116

OK first of all, Satoshi wouldn't be daft enough to dump all his coins if he has any into an address like 1BitcoinEaterAddressDontSendf59kuE.

Secondly, the risk of 1000000 Bitcoin falling into a transom persons hands in a random person's wallet is way too high.

Thirdly, he'll probably make multiple transactions to keep things quiet.

looking for a signature campaign, dm me for that
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November 17, 2016, 10:45:07 AM
 #117

First off, even if he was the creator this is not possible with the blockchain. Just to answer your question, if it did happen. It will make headlines for sure. The rates would drop and everybody will leave bitcoin.
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November 17, 2016, 10:52:53 AM
 #118

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 
"if" he does it the price will go up,burning 1 million of bitcoins mean decreasing the stock of bitcoin while the demands still remain the same
i guess the price will go up drastically and for sure will affect the whole bitcoin world or even altcoins,but that seems too imaginary to be actually happen

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November 17, 2016, 11:17:28 AM
 #119

First off, even if he was the creator this is not possible with the blockchain. Just to answer your question, if it did happen. It will make headlines for sure. The rates would drop and everybody will leave bitcoin.
absolute nonsense. it is possible to burn bitcoin, that means to make them unaccessible forever. why would it make the rates drop? if demand stays the same but the supply goes down, then the price usually goes up. i see no need to leave in such a case.

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November 17, 2016, 12:02:49 PM
 #120

First off, even if he was the creator this is not possible with the blockchain. Just to answer your question, if it did happen. It will make headlines for sure. The rates would drop and everybody will leave bitcoin.
absolute nonsense. it is possible to burn bitcoin, that means to make them unaccessible forever. why would it make the rates drop? if demand stays the same but the supply goes down, then the price usually goes up. i see no need to leave in such a case.
But there were another debate like total 21 million bitcoin units will be enough to serve the globe among infinitely divisible nature of bitcoin units. Still, many bitcoiners have already burned few of their bitcoins for the reason of having better price of their rest of bitcoins. Same thing might be happening if Satoshi decides to do so.
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