Will you burn your bitcoins IF something goes wrong?

[FLoving]

That will be a foolish idea if some one will go to burn his/her bitcoins and first of all it is also not sensible to think that bitcoin will ever reach to zero value. Bitcoin is a decentralized currency and those who have bitcoin will decide the price of bitcoin and people do not want to see its price at zero.

[Decoded]

If the value of gold drops, would you give it to a gold buyer for free?

That's pretty much what you're saying, except for Bitcoin. You're asking us whether we will give away our money and make the values of yours just that bit higher.

[andrei56]

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

Actually, end users that will make 99% of Bitcoin in future will not be equipped w/ technical understanding to protect bitcoin.

And if centralization comes, it will come quietly sneaking, not shouting from the rooftops. Crippling the main chain should be the first warning sign.

While I like bitcoin, bitcoin needs to evolve in a way that allow users which are not technical inclined to be able to secure their coins without too much hassle, because if it does not then many users will lose their bitcoin due to hacks.

[d@nte]

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

Actually, end users that will make 99% of Bitcoin in future will not be equipped w/ technical understanding to protect bitcoin.

And if centralization comes, it will come quietly sneaking, not shouting from the rooftops. Crippling the main chain should be the first warning sign.

While I like bitcoin, bitcoin needs to evolve in a way that allow users which are not technical inclined to be able to secure their coins without too much hassle, because if it does not then many users will lose their bitcoin due to hacks.

For a payment system that is relatively new, things are evolving efficiently. As one expert once said, Bitcoin is in a phase similar to the phase in which email services were a few decades ago, but over time things have been moving forward and we have what exists today. Probably sending Bitcoin will be as easy as sending an email some day.

[Btc_1856]

That will be a foolish idea if some one will go to burn his/her bitcoins and first of all it is also not sensible to think that bitcoin will ever reach to zero value. Bitcoin is a decentralized currency and those who have bitcoin will decide the price of bitcoin and people do not want to see its price at zero.

Exactly bitcoin is completely digital currency with peer to peer technology really it is foolish idea to burn bitcoin, once it is burn it is not possible to get it back. Many countries are showing interest towards block chain technology i hope bitcoin will lead crypto currency in the coming generation.

[Ipwich]

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

Actually, end users that will make 99% of Bitcoin in future will not be equipped w/ technical understanding to protect bitcoin.

And if centralization comes, it will come quietly sneaking, not shouting from the rooftops. Crippling the main chain should be the first warning sign.

While I like bitcoin, bitcoin needs to evolve in a way that allow users which are not technical inclined to be able to secure their coins without too much hassle, because if it does not then many users will lose their bitcoin due to hacks.

It's not the hacking is the main problem here, we have been using it for many years and no major problem has ever heard that the system was hack. I think the inventor has made a great job with bitcoin to make it secure and transparent for us. Only when you don't take care your important information will you will be hack.

[jeraldskie11]

I will not burn my bitcoins even there's something goes wrong like what you said that I the value of bitcoin will became to zero. I will burn it,  what if the bitcoin will came back and you loss already your bitcoin. You will miss it if that happen. I still have a hope that bitcoin will came, while waiting better to work.

[divinemaniac]

Well, there is no point in burning bitcoins even if sth happens. It it hits 0, it just hits 0. It is not too much effort to just keep it in my wallet you know, I'll just keep it. No burning here.
And as you mentioned, this is highly unlikely. XD so, yeah, no burning

[pinkflower]

As I read all your posts I have noticed that everyone doesnt want to give up their coins. It shows the strength of the currency and how it has perceived first as a fad to a ticket out of poverty by the people from third world countries.

[BayAreaCoins]

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

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.  

This one is dedicated to RAWDOG. 

I would for sure not burn my coins.

[avikz]

Bitcoin is another form of money and I don't like to burn money in any way. I am a normal human being and I have not earned anything illegally till date and hence I don't fear about my money.

If I was a illegal money earner, then probably I will be worried about my money that it can be tracked and I can be punished. But since that is not the case, I will not burn my bitcoins even if the worst comes.

[Zadicar]

Bitcoin is another form of money and I don't like to burn money in any way. I am a normal human being and I have not earned anything illegally till date and hence I don't fear about my money.

If I was a illegal money earner, then probably I will be worried about my money that it can be tracked and I can be punished. But since that is not the case, I will not burn my bitcoins even if the worst comes.

This is right and why we should burn money? We know it does have value and if the time that bitcoin would lose its value then its better to keep it no matter what because im still hoping that it would be reincarnate again and for those people who burned their bitcoin will surely regret.

[NUFCrichard]

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

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.  

This one is dedicated to RAWDOG. 

If that was the case, I would predict that someone would hardfork the failed/comprimised Bitcoin leaving holders with a possibly useful new coin on the new chain.

Given that my options would be, burn the coins (how?) or hold for a chance of them having direct or indirect value I the future, I would hold.

I guess I would have thousands of Bitcoins in that situation, as even with problems, I would be buying at $5!

[Transisto]

You aware that provably burning coin is a technical feat for most people ?

WTF people responding to this ?

[cramcram21]

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

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.  

This one is dedicated to RAWDOG. 

Well this is really something to think about but I can't imagine bitcoin value to fall down to zero,

but maybe if that happens then I would just hold my bitcoin and maybe there would still be a chance that it could rise up again.

[Amph]

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!

uh? for burning bitcoin it means that you send them to an address fro which those coins cannot be retrieved, or you on purpose destroy your wallet without recover of any kind

[n691309]

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

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.

If my plan is to hold bitcoin for a long time then whatever happens I'm not going to burm any bitcoin, especially when the bitcoin price will be zero, at this stage I may try to find who selling bitcoin for pennies but when you are lost and broke at zero there is no needed to burn them.

[Dudeperfect]

No, I won't burn my coins even if the price reach 0 because it would be something interesting to hold in that condition too. I am impressed with this technology and price is just a single part of it and I would love to discuss and meet those people who will do the same because the people who will hold their coins will be technology devotees.

[Xester]

If a doomsday scenario occurred then everything including internet, powerlines, financial system will become useless. Only food will and other survival items will be deemed necessary. If that event will occur instead of thinking of bitcoins I will be thinking of ways to survive. Bitcoin will be useless at that time since even power and internet are no more.

[virasog]

"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.

Yes, I agree with this, it does not make sense. So if this thing will happen for me I will just keep it on, and wait until it rises up again because once people burnt their coins, the demand will rise again and together with its value so it’s a big choice not to burnt it  because of its zero value.