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Author Topic: Will you burn your bitcoins IF something goes wrong?  (Read 3334 times)
NorrisK
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January 19, 2017, 08:24:31 AM
 #41

Just send them to a paper wallet in a case like that. No software needed initially to hold them so no way the three letters would have anything on you anymore.

Burning bitcoin would be very stupid in that case, it is literly the same as burning money then, even if the value drops like a rock (do you throw quarters because you think they are worth too little?).

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January 19, 2017, 08:27:38 AM
 #42

I don't think I would ever burn bitcoins on purpose.
After all, they are money. And I do not throw money away, no matter what.
With bitcoins, I am sure that there will always be an option to convert them into something that would be of use for me.
So no, I would never burn my coins.

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January 19, 2017, 08:33:56 AM
 #43

Never burn stuff that could be of some value in the future, even crazy people would not burn or tear money(or precious things)

There are people that buy old coins out of circulation and with no value, maybe someone will buy Bitcoins even if they don`t have any monetary value anymore


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January 19, 2017, 08:37:51 AM
 #44

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 think that it would be stupid to 'burn' your coins. If you sell them when they reach less than a cent, probably won't hit zero, you won't be earning any money. It would just be smarter to keep you coins in case anything happens and the price goes up again. That is what I would do if the price went down to less than a cent.

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January 19, 2017, 08:39:38 AM
 #45

Burning Bitcoins would be very stupid idea. Like the value went down it will go up eventualy. This would be like burning money in case of devaluation or something. In case that something terrible like this happens I would still keep the coins if I didn't manage to convert them sooner.

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January 19, 2017, 08:44:21 AM
 #46

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
In my opinion it will never happen but it may be possible that it can be for a particular days of period .
Well if it would be than instead of burning the coins we should hold it as an dust or dirty paper in dustbin instead to burn .
Because it may be happened that the price of bitcoin may increase in incoming days , months , year or years , so instead of burn it we should hold for good .
Because if we hold then thereare sime possibilities that the price increase and at least we can withdraw at least 10% of our initial investment .


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January 19, 2017, 08:44:40 AM
 #47

If something goes wrong with Bitcoin the price will fall, but not to ZERO. It will be maybe worth only cents, but not nothing. Some people will find a use for it, even if only collectors. So there is no need to burn, especially if you consider that they do not take up much space. But i do think that i would burn them if it would be required to get some other coins.

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January 19, 2017, 08:54:30 AM
 #48

Well, when the bitcoin goes zero in value, i will just keep it. Burning it will not give you any satisfaction at all. Ill just keep it for it could bounce back or it could be a souvenir that i can keep. Burning it with zero value will not help at all. Nothing will change if you just burn it. Better keep it.

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January 19, 2017, 08:58:53 AM
 #49

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
Burning your bitcoins would be like the last option for me when the price goes near to zero. I would just store them in an offline wallet or would just gamble them away if possible. If everyone is willing to burn their coins then I might do it.

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January 19, 2017, 09:55:58 AM
 #50

It's like saying you'd throw away gold if its value goes to zero. Why throw it? If it went to zero it could have gone back to its price as easy as that. If this happens, just hold your bitcoins there.. why burn it when it can jusr go back up at a high price..
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January 19, 2017, 10:16:00 AM
 #51

Never and ever I'll not do such a wrong thing. Burning something which has got value is similar to destroying ourselves. If I feel bitcoin or other valuables that I've been using is towards fall, then I'll hold it with hope to overcome that problem. Else will explain about the particular valuable and give it to someone who is close to me. So that near future or later he might get benefited.



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erickkyut
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January 19, 2017, 12:14:39 PM
 #52

How can i burn something that has no physical appearance? bitcoin is an online currency therefore, you cannot burn it! If you mean if I will ignore my bitcoin if something goes wrong, definitely NO! I will keep it because I'm pretty sure that it will increase it's value again!

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January 19, 2017, 12:44:41 PM
 #53

It will be really heartbreaking to see my bitcoin being burrned, i prefer to watch it priceless rather than burned it, i got my bitcoin with hardwork and dedication, so i wont be able to watch it disappear suddenly, i will just keep it until the price is back, if it is not back then i will keep it until the end

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January 19, 2017, 01:02:34 PM
 #54

If that thing would happen to bitcoin then i would not burn my bitcoin infact i would still kept it on a secure place even the value would drop to zero or shall we say its already useless but seeing on the situation of bitcoin i could really say that it would still exist for long years before it goes down.

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January 19, 2017, 01:37:01 PM
 #55

I will never burn my bitcoin. Do you think bad things will happen with bitcoin in 2017?

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January 19, 2017, 03:06:32 PM
 #56

"Burning bitcoins" to me does not make any sense. Then the price rises again and you burnt your bitcoins, then you do what? Cry? Even if it reaches 0 I will continue to keep my coins even if it is for souvenirs.

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January 19, 2017, 03:58:39 PM
 #57

I like to keep things for their sentimental value. And that would be hundred of dollars of sentimental value if bitcoin crashes to zero value.

I know it will not happen but if bitcoin does loses it value, I will still keep them in an offline wallet, probably trezor, and display it in my living room. A memorabilia of the good days it had, the ups and downs and the technology that could have helped the world.

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January 19, 2017, 04:03:29 PM
 #58

"Burning bitcoins" to me does not make any sense. Then the price rises again and you burnt your bitcoins, then you do what? Cry? Even if it reaches 0 I will continue to keep my coins even if it is for souvenirs.

I agree with you, you have to keep it and hope for a turnaround somehow. It doesn't make sense destroying it even if you've developed so much hate for yourself and Bitcoin for that matter. You will end up losing more because you'll spend your precious time getting them burned.

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January 19, 2017, 04:08:37 PM
 #59

Let me guess, The people that will burn their coins if that happened are the ones that have a some kind of hatred on bitcoin . In this situation where you can't sell it it is better to just hold it and wait for a turn around of things . If you burn your coin, You will absolutely gain nothing but if you hold it, You still have a small chance that you will gain something good with it, Still better than nothing .

And if we know that somebody's behind it, Its the more reason that we need to hold our bitcoins  Cheesy


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January 19, 2017, 04:41:07 PM
 #60

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.

Yes, another PayPal. The network will not be stopped, but the trust relationship between the technology and the users might be shaken. We

might even see a much better technology taking it's place. { Remember VHS vs Betamax ? } So this apocalyptic event is not that far fetched

as most might think. A lot of the people say they will not burn their coins, but this is based on the hope that Bitcoin would bounce back.  Roll Eyes

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