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Author Topic: Will you burn your bitcoins IF something goes wrong?  (Read 3559 times)
Kprawn
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January 18, 2017, 06:59:56 PM
 #1

I have just thought of the most tragic thing that people could do, if something went wrong with Bitcoin.... Burning their coins.  Sad

Let's say, some tragedy strikes Bitcoin and the price per Bitcoins goes to ZERO .... would you burn your coins, or still hoard them in the hope

that this tragedy would be turned around. Examples : We figure out some 3 letter agency is behind the technology and they have some master

plan to confiscate all wealth or just to control global economies. / A huge flaw in Bitcoin gets exposed and all private keys are compromised.

This is highly unlikely, but a Doomsday scenario that might just kill the coin.  Roll Eyes

This one is dedicated to RAWDOG.  Grin



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.BITVEST DICE.
HAS BEEN RELEASED!


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January 18, 2017, 07:44:04 PM
 #2

I have just thought of the most tragic thing that people could do, if something went wrong with Bitcoin.... Burning their coins.  Sad

Let's say, some tragedy strikes Bitcoin and the price per Bitcoins goes to ZERO .... would you burn your coins, or still hoard them in the hope

that this tragedy would be turned around. Examples : We figure out some 3 letter agency is behind the technology and they have some master

plan to confiscate all wealth or just to control global economies. / A huge flaw in Bitcoin gets exposed and all private keys are compromised.

This is highly unlikely, but a Doomsday scenario that might just kill the coin.  Roll Eyes

This one is dedicated to RAWDOG.  Grin

This is hard to predict, all will go well fine, if the velocity of money in bitcoin goes well.



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January 18, 2017, 07:48:08 PM
 #3

I have just thought of the most tragic thing that people could do, if something went wrong with Bitcoin.... Burning their coins.  Sad

Let's say, some tragedy strikes Bitcoin and the price per Bitcoins goes to ZERO .... would you burn your coins, or still hoard them in the hope

that this tragedy would be turned around. Examples : We figure out some 3 letter agency is behind the technology and they have some master

plan to confiscate all wealth or just to control global economies. / A huge flaw in Bitcoin gets exposed and all private keys are compromised.

This is highly unlikely, but a Doomsday scenario that might just kill the coin.  Roll Eyes

This one is dedicated to RAWDOG.  Grin

Why do I need to burn my coins?  If it goes zero then it goes zero, holding it won't hurt but burning it will do because if it bounce back then you all be regretful that you have realized you burned your money.
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January 18, 2017, 07:54:24 PM
 #4

I have just thought of the most tragic thing that people could do, if something went wrong with Bitcoin.... Burning their coins.  Sad

Let's say, some tragedy strikes Bitcoin and the price per Bitcoins goes to ZERO .... would you burn your coins, or still hoard them in the hope

that this tragedy would be turned around. Examples : We figure out some 3 letter agency is behind the technology and they have some master

plan to confiscate all wealth or just to control global economies. / A huge flaw in Bitcoin gets exposed and all private keys are compromised.

This is highly unlikely, but a Doomsday scenario that might just kill the coin.  Roll Eyes

This one is dedicated to RAWDOG.  Grin

This is hard to predict, all will go well fine, if the velocity of money in bitcoin goes well.




Are you stoned on some kind of drug? Wtf do you have to predict? It is a choice... either you will burn your coins or you will not.  Roll Eyes ....What

is the "velocity of money" Huh or did you mean... the adoption rate of Bitcoin? Some guys on here... have to learn how to use Google

translate or they will have to type in their local language and then paste the translated text here too.  Undecided  



.
.BITVEST DICE.
HAS BEEN RELEASED!


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January 18, 2017, 08:19:05 PM
 #5

If I am not mistaken if I want to burn my bitcoins I have to send them to an address with unknown private key. But as you post all private keys are compromised. So someone will take my coins and eventually coins would not burnt. Seriously now; none will ever burn his coins because hope lasts forever.
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January 18, 2017, 08:21:19 PM
 #6

Think about those people who bought bitcoins at $1200 in 2013 and from that time the price started to decrease and reach to $250 and still they remained with bitcoin. Now they are lucky because bitcoin once again rose up. I will also do the same I will never burn my coins and will hold them for the time when good times come.

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January 18, 2017, 08:26:57 PM
 #7

What is the "velocity of money" Huh  

Velocity of Money: the rate at which money is exchanged from one transaction to another and how much a unit of currency is used in a given period of time. Velocity of money is usually measured as a ratio of GNP to a country's total supply of money.  (http://www.investopedia.com/terms/v/velocity.asp)

I don't think anyone's explained this yet - why does burning bitcoin save us or provide a solution? Is it meant to be a protest?

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January 18, 2017, 11:23:21 PM
 #8

well i won't be burning my coin for sure, if bitcoin turns into zero value then i will just keep it, who knows someday the price could bounce back again, because I don't see any advantage of burning the coin, and if I burned it and then one day the price bounce back I will be the stupidest user in the world

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January 18, 2017, 11:31:45 PM
 #9

well i won't be burning my coin for sure, if bitcoin turns into zero value then i will just keep it, who knows someday the price could bounce back again, because I don't see any advantage of burning the coin, and if I burned it and then one day the price bounce back I will be the stupidest user in the world

That's correct, I wouldn't burn mine either but the emotional trauma may not make me want to get close to anything bitcoins. Maybe I will have my private keys saved on a Harddrive and keep it in my library.

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January 18, 2017, 11:35:52 PM
 #10

That is just stupid, why would you burn your bitcoin even if it went belly up ?

and even if some 3 letter agency started it, so what they cant control it now, unless some of the worlds best programming minds have missed something serious in the code, which i doubt.
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January 18, 2017, 11:44:10 PM
 #11

I have just thought of the most tragic thing that people could do, if something went wrong with Bitcoin.... Burning their coins.  Sad

Let's say, some tragedy strikes Bitcoin and the price per Bitcoins goes to ZERO .... would you burn your coins, or still hoard them in the hope

that this tragedy would be turned around. Examples : We figure out some 3 letter agency is behind the technology and they have some master

plan to confiscate all wealth or just to control global economies. / A huge flaw in Bitcoin gets exposed and all private keys are compromised.

This is highly unlikely, but a Doomsday scenario that might just kill the coin.  Roll Eyes

This one is dedicated to RAWDOG.  Grin
I would never burn my bitcoin and will hold in a hope that soon price will go high again.I wouldn't care whoever is behind the bitcoin technology as to me the purpose it serve to me is more important rather than who is behind it.

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January 18, 2017, 11:49:59 PM
 #12

That is just stupid, why would you burn your bitcoin even if it went belly up ?

and even if some 3 letter agency started it, so what they cant control it now, unless some of the worlds best programming minds have missed something serious in the code, which i doubt.

 I wouldn't burn my bitcoin too. I will put it on my desktop wallet and it will serve as a reminder to me Smiley That this bitcoin has for one time, changed the way we transact on the internet. But I think it has a little chance for bitcoin to go back to zero.

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January 19, 2017, 12:00:21 AM
 #13

I would gather millions of bitcoins and make them my own currency. I would buy a small island and name it Bitcoinia. If you want to live on the island you'll have to use bitcoins as your currency. That's the dream anyways.














 

 

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January 19, 2017, 01:27:34 AM
 #14

Actually I am not willing to wait for such a catastrophic scenario to start spending my coins. I am aware that things are not quite right in this ecosystem and that is why I am not storing my coins, but spending them on investments that can generate more wealth than just having them stored.

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January 19, 2017, 01:37:40 AM
 #15

I think the worst case scenario is that bitcoin will evolve into a quasi-centralized payment system maintained by a central core authority.

Don't see any possible way the network could be completely stopped unless we had a apocalyptic global event.

"The Internet unshackled information, Satoshi Nakamoto unshackled money. And money makes the world go round."
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January 19, 2017, 01:43:31 AM
 #16

I have just thought of the most tragic thing that people could do, if something went wrong with Bitcoin.... Burning their coins.  Sad

Let's say, some tragedy strikes Bitcoin and the price per Bitcoins goes to ZERO .... would you burn your coins, or still hoard them in the hope

that this tragedy would be turned around. Examples : We figure out some 3 letter agency is behind the technology and they have some master

plan to confiscate all wealth or just to control global economies. / A huge flaw in Bitcoin gets exposed and all private keys are compromised.

This is highly unlikely, but a Doomsday scenario that might just kill the coin.  Roll Eyes

This one is dedicated to RAWDOG.  Grin
why such a wrong and backwards say, people are feed by bitcoin, and on the other hand am quite sure that the miners or even the owner of bitcoin will not just be at sleep for his/their sweat to come down to ash, no way.

.

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January 19, 2017, 01:45:36 AM
 #17

If you want to burn your bitcoins if something goes wrong better send it to me  Cheesy
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January 19, 2017, 01:53:54 AM
 #18

I think the worst case scenario is that bitcoin will evolve into a quasi-centralized payment system maintained by a central core authority.

That's not the case. If there'll be some abuse people simply can refuse to use it and it will die. And everyone understand it. It would be meaningless to take over bitcoin because, in this case, bitcoin would cost nothing and all your efforts to achieve control over it would be in vain
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January 19, 2017, 01:54:54 AM
 #19

Actually I am not willing to wait for such a catastrophic scenario to start spending my coins. I am aware that things are not quite right in this ecosystem and that is why I am not storing my coins, but spending them on investments that can generate more wealth than just having them stored.

I thing that is a very good ideology, making a plan B that will make the sweat of plan A useful, that will keep the future going, rather than crashing along side with the coin when it start getting problems that will lead it to crash beyond the point of rising up again.

.

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Qartersa
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January 19, 2017, 01:57:04 AM
 #20

I'll just leave it be. Maybe something will come out of it or maybe not. It doesn't matter at that point since I would not lose anything once it happens and I keep my coins. Maybe I'll horde them if its price is 0. No cost to collect them anyway, so why not? There is no scenario that I would lose more by holding it anyway.

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