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Author Topic: Burn Satoshis coins to end the threat of prices crashing - Paxful Founder  (Read 561 times)
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August 21, 2019, 10:26:41 AM
 #1

Paxful founder Ray Youssef has tweeted a bizzare idea in which he wants the community to burn Satoshis coins, so the threat of prices crashing due to Satoshi revealing himself and selling his coins goes away. While I understand that if Satoshi were to sell his coins crypto prices indeed will crash, but in the end it’s his creation and his coins no one should decide for him. What are your thoughts on this should the community support this bizzare idea, or voice their opinion and keep Satoshis coins safe?.

Source: https://finance.yahoo.com/news/paxful-founder-makes-wild-proposal-161450915.html

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August 21, 2019, 10:30:28 AM
Merited by Foxpup (2), vapourminer (1), BitcoinFX (1)
 #2

Quote
If Nakamoto does appear and decides to cash in the Satoshi stash—or threatens to—the bitcoin market would almost certainly collapse.
https://finance.yahoo.com/news/paxful-founder-makes-wild-proposal-161450915.html

I have no idea but I think Bitcoin is no more in control of anyones hand. May be we will see a sudden crash but then again people will start to buy and market will stable. Who would miss to buy something which is on sale?

For the last 10 years people were expecting all sorts of crash but Bitcoin survived. Bitcoin will survive till the end.

Quote
Burning Nakamoto’s coins is possible, if incredibly unlikely. If the whole network came together and agreed to move the coins into a different, inaccessible, account, then Nakamoto would be unable to access his/her/their fortune.

This will be a disaster. They are asking perform a 51% attack. This is stupid and dangerous idea in my opinion. Tomorrow you will ask to burn someone else's Bitcoin if you do not like them to have huge amount of Bitcoin. Bitcoin was created to have peace in mind that no one can touch my money.

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August 21, 2019, 10:31:41 AM
 #3

How can the community burn Satoshi's bitcoins? They are Satoshi's own property. No one has access to Satoshi's bitcoin.
Shouldn't worry about Satoshi's bitcoin. Satoshi will never damage what he/she has created. I expect Satoshi has some bitcoins in some unknown addresses and he/she can sell them anonymously without any effect to the market.

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August 21, 2019, 10:33:27 AM
 #4

Paxful founder Ray Youssef has tweeted a bizzare idea in which he wants the community to burn Satoshis coins, so the threat of prices crashing due to Satoshi revealing himself and selling his coins goes away. While I understand that if Satoshi were to sell his coins crypto prices indeed will crash, but in the end it’s his creation and his coins no one should decide for him. What are your thoughts on this should the community support this bizzare idea, or voice their opinion and keep Satoshis coins safe?.

Source: https://finance.yahoo.com/news/paxful-founder-makes-wild-proposal-161450915.html
I believe that he just wants to protect his investment that's all because in reality Satoshi selling his entire stock will totally cripple his creation and it will take a very long time to get it back to it's feet if it ever does. People are going to lose their entire investments and that will make Bitcoin unattractive to a lot of people.

 
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August 21, 2019, 10:44:46 AM
 #5

Paxful founder Ray Youssef has tweeted a bizzare idea in which he wants the community to burn Satoshis coins, so the threat of prices crashing due to Satoshi revealing himself and selling his coins goes away. While I understand that if Satoshi were to sell his coins crypto prices indeed will crash, but in the end it’s his creation and his coins no one should decide for him. What are your thoughts on this should the community support this bizzare idea, or voice their opinion and keep Satoshis coins safe?.

Source: https://finance.yahoo.com/news/paxful-founder-makes-wild-proposal-161450915.html

I absolutely don't support such bizarre idea of burning anyone else's property. Also is it technically possible to burn his coins when we are not controlling those coins?? I don't think it is possible!

Also remember, virgin bitcoins are selling with premiums attached to it and Satoshi owned bitcoins are all virgin bitcoins. Even if Satoshi really sells his bitcoins, there will be another group of buyer who will buy it so the impact will be very limited and temporary!

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August 21, 2019, 10:52:17 AM
 #6

Who are we to decide what to do with Satoshi's coins
It's Satoshi because of which Bitcoin was created in the first place.
He should be the most eligible person to reap the benefits of his creation. Nobody has the rights what to do with his coins.
If you be a little optimistic and change your perspective then you must be happy because if Satoshi decides to sell all his coins then there will be more number of coins in the active supply of bitcoin meaning there will be more coins for us to use whereas the number of coins will be comparatively less if he doesn't sell it.



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August 21, 2019, 10:53:01 AM
Merited by Foxpup (2), d5000 (1), BitcoinFX (1), o_e_l_e_o (1)
 #7

Not this again!!!!!  Angry
Can we have one full month during which nobody has the bright idea of effectively stealing someone's else coins in order to "save" bitcoin?

I believe that he just wants to protect his investment that's all because in reality Satoshi selling his entire stock will totally cripple his creation and it will take a very long time to get it back to it's feet if it ever does. People are going to lose their entire investments and that will make Bitcoin unattractive to a lot of people.

Yeah, how about I go tonight and torch the building next door in order to make room for a park and raise the value of my property (investment) ?

How can the community burn Satoshi's bitcoins? They are Satoshi's own property. No one has access to Satoshi's bitcoin.

In theory, it can be done with a fork in which those coins are no longer valid.
Bitcoin united (another useless fork) has tried this:
https://bitcointalk.org/index.php?topic=2580692.0


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August 21, 2019, 10:56:08 AM
 #8

Paxful founder Ray Youssef has tweeted a bizzare idea in which he wants the community to burn Satoshis coins, so the threat of prices crashing due to Satoshi revealing himself and selling his coins goes away. While I understand that if Satoshi were to sell his coins crypto prices indeed will crash, but in the end it’s his creation and his coins no one should decide for him. What are your thoughts on this should the community support this bizzare idea, or voice their opinion and keep Satoshis coins safe?.

Source: https://finance.yahoo.com/news/paxful-founder-makes-wild-proposal-161450915.html

This would only be possible in case of major Bitcoin hard fork update (maybe due to some security issue or improvement)
In theory, majority of users would update and Satoshi coins would (probably) stay on the old chain.
Some diehards would no doubt also stay on this old chain, and we could see forks again.

This would probably end once and for all production of new Faketoshis like Craig Wrong and Bilal Halid.

Is it likely to happen?
No, but everything is possible.

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August 21, 2019, 11:10:36 AM
Merited by vapourminer (1)
 #9

This is certainly an impossible idea without splitting up of the longest chain and destroying the consensus of bitcoin as a whole.

Coin burning or the reorg of chain can happen only when 51% of miners accept for the change and that even can never change the 10 year old mined blocks. The current miners need to mine faster from block 1 and should exceed the current main chain to become the longest chain.  Grin

While I understand that if Satoshi were to sell his coins crypto prices indeed will crash, but in the end it’s his creation and his coins no one should decide for him.
Though Bitcoin might be his creation, but the decentralization has changed completely the way he can control. Presumably it's really not possible to really find out which of those initial coins belong to satoshi and it's multiple wallets which he used to mine during the initial days.

P.S theymos once proposed an idea to destroy lost bitcoins to prevent further misuse. Here is the post from reddit : https://www.reddit.com/r/Bitcoin/comments/4isxjr/comment/d30we6f

 
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August 21, 2019, 11:13:51 AM
 #10

This is certainly an impossible idea without splitting up of the longest chain and destroying the consensus of bitcoin as a whole.

And since Satoshi didn't consent in burning his coins, the ones using that new Bitcoin (if such a split would ever happen) will actually be thieves (!)

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August 21, 2019, 11:14:07 AM
Last edit: August 21, 2019, 11:49:09 AM by gentlemand
Merited by BitcoinFX (1), o_e_l_e_o (1)
 #11

Hard forking or whatever to achieve this aside, the idea of Satoshi dutifully sending in a selfie with a hopeful smile holding up his driving licence to dump on Yobit is a fucking joke.

And this is indicative of the lack of interest and understanding of the core principles of BTC. It always seems to be corporate pricks who come up with these wonderful ideas that never manage to extend their thinking to any, like, consequences.

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August 21, 2019, 11:19:31 AM
Merited by Foxpup (3), vapourminer (1), d5000 (1), BitcoinFX (1)
 #12

Burning coins to try to stop the price crashing is a complete non sequitur.

One of the core principle of bitcoin is it is decentralized and censorship resistance. There is no central authority which can exercise control over other people's money, burn coins, freeze address, reverse transactions, and so forth. There is no majority rule which can prevent someone else from doing anything they like with their coins, including dumping them on the market if they so choose.

If you burn Satoshi's coins, you have effectively destroyed a core principle of bitcoin. The number of people who would sell up and move their money elsewhere would crash the market harder than Satoshi's coins would.

There are plenty of centralized scam coins out there you can put your money in instead if you desire.

Quote
Burning Nakamoto’s coins is possible, if incredibly unlikely. If the whole network came together and agreed to move the coins into a different, inaccessible, account, then Nakamoto would be unable to access his/her/their fortune.
This will be a disaster. They are asking perform a 51% attack.
This wouldn't be a 51% attack, it would have to be a hard-fork. A 51% attack only allows an attacker to mine new blocks and therefore reverse transactions which have already been confirmed in older blocks. It doesn't allow them to create and confirm invalid transactions. Unless they had the private keys to Satoshi's addresses, no amount of hashpower would be able to move his coins.

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August 21, 2019, 11:24:31 AM
 #13

1. people that try to say that a certain coinage should burn, should burn their own first.
2. prices are temporary, they move up and down. any price crash is just a discount day for people to get a good deal. so see the positives of such.
3. the real threat is code changes to bitcoin that ruin peoples utility of bitcoin. such as making legacy transactions 4x the cost of segwits gateway to LN transactions

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August 21, 2019, 02:09:20 PM
 #14

Paxful founder Ray Youssef has tweeted a bizzare idea in which he wants the community to burn Satoshis coins, so the threat of prices crashing due to Satoshi revealing himself and selling his coins goes away. While I understand that if Satoshi were to sell his coins crypto prices indeed will crash, but in the end it’s his creation and his coins no one should decide for him. What are your thoughts on this should the community support this bizzare idea, or voice their opinion and keep Satoshis coins safe?.

Source: https://finance.yahoo.com/news/paxful-founder-makes-wild-proposal-161450915.html
The threat is unfounded and there's still no hint on the possibility that it will ever be moved, remember Bitcoin's all-time high reaches $20 k if you have one million Bitcoin you'll be 20 billion richer or even more if you cash it out although the possibility to cash out is very hard.

I will not support it, let him have his shares as a form of royalty for what he has done to the world
Bitcoin's price will definitely crash but we are afraid of something that is still a speculation, we cannot establish if he still alive or he still own his private keys.

 
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August 21, 2019, 02:36:29 PM
 #15

Burning these coins doesn't really solve the problem of price crashes at all. There are still whales which controls a huge amount of coins that can control the market at will even without satoshi's coins though, so it will be a totally worthless effort after all. Besides, even if the coins do exist, chances are there would be no one claiming them ever and will be left to rot in the void so what gives?

 
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August 21, 2019, 02:43:23 PM
 #16

This wouldn't be a 51% attack, it would have to be a hard-fork.
Oh yes, I messed up a bit.

Anyway, I do not think we need a hardfork as well. Just leave the coins there for the one it belongs to. I do not understand all these buzz surrounding it. Leaving those coins there in fact increase the value of Bitcoin. Less supply more demand.

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August 21, 2019, 03:52:49 PM
 #17

Satoshi created Bitcoin, and this is how we pay this person? By destroying not only some of the Satoshi's creation but also the money of this person?
I am sure that the majority would never agree to manipulate the coins this way. It crosses out the whole freedom and decentralization thing. If you own Bitcoin, nobody can deprive you of them unless by hacking, and this is how it's supposed to be. The person decides to sell - well, it's the right every single one of us has. And abusing one's right of managing money independently cannot be justified.

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August 21, 2019, 04:11:27 PM
 #18

Nobody can burn Bitcoins on the original blockchain. You can create a fork without the coins you don't want. But the original chain with all coins will remain the strongest chain.
They are already discussing such things: Fork and Destroy Satoshi's 1 million Bitcoin? https://bitcointalk.org/index.php?topic=5131393.0

Only quantum computers can move these coins.
Did Satoshi think that quantum computers will exist? https://bitcointalk.org/index.php?topic=5172573.0
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August 21, 2019, 04:23:46 PM
 #19

Paxful founder Ray Youssef has tweeted a bizzare idea in which he wants the community to burn Satoshis coins, so the threat of prices crashing due to Satoshi revealing himself and selling his coins goes away. While I understand that if Satoshi were to sell his coins crypto prices indeed will crash, but in the end it’s his creation and his coins no one should decide for him. What are your thoughts on this should the community support this bizzare idea, or voice their opinion and keep Satoshis coins safe?.

Source: https://finance.yahoo.com/news/paxful-founder-makes-wild-proposal-161450915.html

He can now ease up there is a guy who claims to be Satoshi Nakamoto and posted on the article that he lose his private keys when he made the gross error of sending his broken laptop to a company and the company replace the HDD, the problem is we need to verify if the guy really is the real Nakamoto.
but I don't like that idea, you are afraid of something that is not there, and besides, he mines it and he creates it and you are just partaking on his creation so shut the fuck up.

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August 21, 2019, 04:24:24 PM
Last edit: August 21, 2019, 04:53:50 PM by BrewMaster
 #20

and then why stop there? i don't like other people who own bitcoin too, lets burn their coins also. heck while we are at it lets burn any coin that is transferred in blocks below 100k. and before anything we have to first burn any coins that this dude has.

the worst part is that he says we should do it out of the fear of a small crash while what he suggests would kill bitcoin. in other words this idiot says we should kill bitcoin just because he fears a small drop Cheesy

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