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Author Topic: Will you burn your bitcoins IF something goes wrong?  (Read 3352 times)
virasog
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January 20, 2017, 02:10:24 PM
 #81

"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.


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jakelyson
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January 20, 2017, 03:59:13 PM
 #82

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.

I doubt bitcoin can still recover if the price falls down to cents or zero. The only reason I think that can bring bitcoin down to zero is that there are fatal errors in the bitcoin that cannot be undone. There is no going back from that.

Exchanges getting hacked, FUD or exchanges suddenly closing without warning can only bring the price into a few hundred dollars, but not zero. We can still recover from those events. But if bitcoin becomes zero value, you can burn it or keep it, but bitcoin is dead by then, it will never be brought back to life again.


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January 20, 2017, 04:16:35 PM
 #83

I will never "burn" my coins as in deleting my wallet files and/or private keys. If the price happens to become worth zero as you stated in your example, I will keep holding my coins and do my very best to acquire more coins. Bitcoin is an open source project, so if needed, fixes can be implemented where after that the price will surely explode from nothing to something. Even if Bitcoin doesn't have any interesting features anymore at that time, then I'll solely use it as a speculative investment tool. At the end of the day one of our main priorities is still making profits, and that's something that will stay no matter what.

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January 20, 2017, 04:35:43 PM
 #84

How to burn the coins? I don't understand how we can burn our bitcoins. And i don't really feel i would do that even if that is possible nor will anyone else. Maybe if someone gets really angry because of his loss then a person might do something like that in that situation but a person should always be hopeful.
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January 20, 2017, 04:50:25 PM
 #85

For me burning Bitcoin coins does not make any sense , even if the price of Bitcoin goes to Zero, if that happen it would be better to hold and be hopeful to back it at the price. If the bitcoin will dump at that price I will get many Bitcoin so that if the price will back, I have earned too much bitcoin.

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January 20, 2017, 05:27:18 PM
 #86

I think you thought bitcoin is like every other shitcoins out there, there will always be the possibility of forking and since this is open source we're talking about then the most honest and transparent block chain will gain the most trust and miners use that version, now you see those scenarios already happening alts going down but the best block chain(/bitcoin) stays up.

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January 20, 2017, 05:53:31 PM
 #87

I will never burnt my BTC, never, there are reasons to hold, just like old currency notes that are not acceptable again, people still hold them for posterity and record purpose. SHow you children, even grand son and explain what BTC is, tell them Satoshi story and so on

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richardsNY
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January 20, 2017, 06:49:36 PM
 #88

How to burn the coins? I don't understand how we can burn our bitcoins. And i don't really feel i would do that even if that is possible nor will anyone else. Maybe if someone gets really angry because of his loss then a person might do something like that in that situation but a person should always be hopeful.

Don't take the term burned too serious. It's just a term people refer to when looking to take coins out of circulation by getting rid of your private keys so that no one can access your coins ever again. Another option is to send your coins to certain addresses (burn addresses) that no one has access to since there are no existing private keys belonging to that address (yet). People quite often do that with dust in their wallets that they want to get rid of.

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January 20, 2017, 07:15:17 PM
 #89

Why would I burn my bitcoin if something like that happens? It costs nothing to hope that the price will rise again in the scenario of bitcoin hitting the floor price. Also keeping your bitcoins in a wallet does not cost you anything,so why to burn them? Only to express your regret of not selling when it was higher? lol


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January 20, 2017, 07:27:28 PM
 #90

Better to just hold it instead of burning the coins even if the value goes to zero. We might come up with something better to do with those coins, who knows. By the way how do we burn our coins? Huh

 

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January 20, 2017, 07:34:38 PM
 #91

Better to just hold it instead of burning the coins even if the value goes to zero. We might come up with something better to do with those coins, who knows. By the way how do we burn our coins? Huh
Yeah I would hold them too, in case something else happens, or just as a memory if nothing does.
You can burn your coins by sending them to burner addresses.

 

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January 20, 2017, 07:35:01 PM
 #92

For me burning Bitcoin coins does not make any sense , even if the price of Bitcoin goes to Zero, if that happen it would be better to hold and be hopeful to back it at the price. If the bitcoin will dump at that price I will get many Bitcoin so that if the price will back, I have earned too much bitcoin.
yes that is right to say that it carry no sense to burn your bitcoin, because a time will come when you will be laming on your decision, therefore i can suggest your hold your bitcoin for next 10 years and after 10 years you will certainly get a good profit from bitcoin.


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tyz
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January 20, 2017, 07:35:36 PM
 #93

No, I would not burn them just because they go to zero. If this case happens, Bitcoin must be hacked or have a huge security hole or something else. So it would not make sense to use them anyhow at all. If it is secure, applicable and useable then it will never have zero value.

Flattering Flatulants
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January 20, 2017, 07:41:08 PM
 #94

Why would you? There's no benefit to burning your coins. Store them somewhere just in case there's a fork or revival. You'd look awfully stupid if that happened.

SamMurphy
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January 20, 2017, 07:47:22 PM
 #95

Depends how much I will have when something like that happen. If I burn them will save the world, or something like that then yes I would do it. It might be difficult but whatever will be, will be.
whizter
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January 20, 2017, 09:14:03 PM
 #96

No, I would not burn them just because they go to zero. If this case happens, Bitcoin must be hacked or have a huge security hole or something else. So it would not make sense to use them anyhow at all. If it is secure, applicable and useable then it will never have zero value.
i think this sentence do not keep any sense, how can a person burn his bitcoin, to me i think if you keep your bitcoin in a wallet consider these bitcoin as stolen by someone or just lost the key then you can really gold result from investing bitcoin.

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January 21, 2017, 12:47:30 AM
 #97

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.

absolutely, we must take responsibilities and take care of this digital currency. we all know that bitcoin helps a lot of people in the third world countries. we must help each other to maintain this digital currency as it helps others. showing strenght or loyalty to this crypto coin will influence others to be like having our strenght, influencing others will make them also strong and it can help a lot to this currency.

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Yakamoto
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January 21, 2017, 12:55:18 AM
 #98

I personally would be very, very wary when it comes to whether or not I would burn anything even if the value of Bitcoin became worth next to nothing. There would be no point to burn it and, if anything, it would be a better idea to just forget about it and see if it ever became relevant again.

Even if an alphabet soup agency opted to come out with proof they control the whole thing.














 

 

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tommy05
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January 21, 2017, 01:18:02 AM
 #99

certainly not there is no way I'm gonna burn my bitcoin even if the price goes to zero , Bitcoin has been proclaimed dead several times but still manage to become number one cryptocurrency, I will still hold my bitcoins and wait for bitcoin to gain its value again

CraigWrightBTC
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January 21, 2017, 02:05:42 AM
 #100

I will not burn my bitcoins although something goes wrong or bitcoin's price becomes zero
because on the early there's not value in bitcoin if it backs again, it is our resposibility for fixing bitcoins
the problem bitcoin must be fixed and we can not blam the bitcoins then burn it and  i am comunity of bitcoins.
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