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Author Topic: Burn Satoshis coins to end the threat of prices crashing - Paxful Founder  (Read 730 times)
yesyes18
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August 23, 2019, 10:07:35 PM
 #41

That's could be good but if only Satoshi is there and has access to that coins, it's his/her/their property and invention so no one should dictate how they should use it for them/him/her. But well, if we discover Satoshi, it's going fo be interesting haha.

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August 23, 2019, 10:49:03 PM
 #42

even if satoshi started spending his bitcoins, the price would drop temporarily and then it would go up again, not a big deal
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August 24, 2019, 07:07:18 AM
 #43

His statement is a little bit quite confusing because I don’t know how it will be possible to burn what you don’t have access to, I know that binance do use this strategy to make the value of their coins to increase by buying tokens from investors that are willing to sell and then burn it to make price stable which I think has kept the value of bitcoin stable for a while now.

I understand what he is saying that if satoshi is still alive and then he sells all his coin, it would make the market crash, but satoshi has been so wise for not selling his coin now, because the moment satoshi starts to sell his coin, even if it is one drop, it could make the market go bad, because the moment they notice he is selling, people could panic and start selling their own coin also, and I believe that satoshi would not want a collapsed system for now.

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August 25, 2019, 12:08:16 PM
 #44

How does burning the genesis coins will end the threat of prices crashing?? even satoshi himself hasn't appeared for 8 years already and the scammer craig wright doesn't prove that he is satoshi by signing the bitcoin address used by satoshi himself and also, how will core devs will burn the coins if the addresses itself can't be accessed without the private keys?? anyways, i think the paxful owner is over exaggerating in that article to be honest lol.
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August 25, 2019, 12:14:33 PM
 #45

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 idea isn't bizzare,I think it's has been discussed over and over again for the last 6-7 years.
Satoshi Nakamoto's coins are his property and only he and his children(if he really has any children) have the right to own and sell those coins."Stealing" the coins of someone just for the sake of keeping the bitcoin price stable is simply wrong.What if there's a mechanism to "burn" all the coins owned by crypto whales,so they can't pump and dump the bitcoin price?Would the majority of people just run away from Bitcoin?




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August 25, 2019, 01:23:10 PM
 #46

How can they effect that if they have no access to the private key Shocked? i thought only the real original satoshi nakamoto has access to his keys, if they can burn satoshi btc without keys that means all that talk about satoshi signing message from his private key is irrelevant, but lets see them try to do because am quite curious.
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August 25, 2019, 02:48:57 PM
Merited by vapourminer (1)
 #47

It's a very similar idea to a company founder being stripped of his rights by the board. I'm sure you know how corporations work when the owner is old and, in the eyes of the board incapable, of running the company alone. He gets a minority share and the board decides what will happen next. Usually the owner is later put on a retirement pension and spends his days playing golf. Are we the board in this case? Do we have the right to Strip Satoshi of his hard earned money because we have the majority vote? Fuck that!

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August 26, 2019, 11:53:12 AM
 #48

How does burning the genesis coins will end the threat of prices crashing?? even satoshi himself hasn't appeared for 8 years already and the scammer craig wright doesn't prove that he is satoshi by signing the bitcoin address used by satoshi himself and also, how will core devs will burn the coins if the addresses itself can't be accessed without the private keys?? anyways, i think the paxful owner is over exaggerating in that article to be honest lol.
Firstly, you mean understand what the OP and Paxful founder said because what he said is that the genesis coin is a threat to bitcoin market and it should be burned and this was the exact almost all experience crypto enthusiast believed.
With that been said, every genuine crypto enthusiast knows Craig Wright was just an imposter and his coin follow are the newbie which just invest in coin base on hype.

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August 27, 2019, 02:53:11 AM
 #49

It's a stupid suggestion and it falls short of professional reasoning. How can a CEO reason so low like that? This is just a free market, where was he when bitcoin was worthless than $2, if he had been the creator of bitcoin, will he have suggested such? besides when is Paxful CEO going to unblock the accounts he illegally blocked without technical explanation?
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August 28, 2019, 06:54:06 AM
 #50

It's a stupid suggestion and it falls short of professional reasoning. How can a CEO reason so low like that? This is just a free market, where was he when bitcoin was worthless than $2, if he had been the creator of bitcoin, will he have suggested such? besides when is Paxful CEO going to unblock the accounts he illegally blocked without technical explanation?
They would have as well asked him to also empty his account to pay his shareholders also or whatever reason that would make his company move forward. It is really a dumped suggestion coming from such a public figure. A laborer is worthy of his wages, this is what satoshi worked for and he deserve to have it.

Does he know how many lives has been changed because of this, aside the scammer who has raised money through the scheme, there are so many genuine companies that has been established now, would there have been those companies within the top 200 in market cap, at least those companies has in one way contributed to the economy of their country.

This is why government cannot even cancel crypto because there has been so many companies that came into existence through it and they all pay their tax.

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August 28, 2019, 12:25:22 PM
 #51

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.

This basically. Bitcoin is not going to do things that occur beyond its realm. How much or how little fiat people are willing to trade for one bitcoin is completely irrelevant for Bitcoin (software). To Bitcoin it matters nothing what its price is in the market, there is zero reason for an idea like this to push forward. And if Satoshi comes and sells his/her coins, there will be cheap bitcoin for a little while, so what? This doesn't matter to Bitcoin, the system will keep working as designed, and that is all that matters.

The so called "worry" is a human external factor, if you are worried don't invest in it, simple. Nobody is forcing anyone to. What the Paxful founder wants to do is a form of "State" (or institutional) intervention, someone who detests the free market would suggest. Again comes the Austrian economy advise: The best thing you can do in the face of a problem, is do nothing. Let it solve it itself, the market adjusts.

Truly the answer is do nothing. There is no point in burning someone else's coins (artificially, beyond decade old established rules) for whatever reason, and you are welcome to sell yours if you want, Bitcoin doesn't care, only you might...

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September 02, 2019, 08:02:15 AM
 #52

What about legal implications with this?

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September 02, 2019, 08:12:48 AM
 #53

lol To burn all the bitcoins of the person who created them, why? If you are afraid that the crypto market will collapse because Satoshi will create a collapse, then this looks like paranoia. The chance for this is negligible so in my opinion this is a stupid idea and most likely impossible
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September 02, 2019, 09:30:28 AM
 #54

I don't give a damn but now that it's official that the one who claimed to be Satoshi is a hoax
I don't know which "claim" you are referring to, as there are always a couple going around at any given time, but you definitely don't need to wait on "official" confirmation (whatever that means - the courts? this forum?) to know that all these Satoshi claims are nonsense. Until someone can sign a message with either a Satoshi linked address or his PGP key, you can ignore all these scammers and their fake claims.

The chance for this is negligible
No one should be basing their investment on the chance of coins being irretrievably lost over time. Lost coins, including Satoshi's, could reactivate at any time. ECDSA could be broken in the future, and Satoshi's coins and lost coins in any reused address could then re-enter the market. Chances may be small, but they aren't negligible, and people should be aware of this.

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September 03, 2019, 09:14:30 AM
 #55

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



ah thank you, i guest it is not possible to burn address. Still don't know technically but i just imagine that we can do it by harcode, example : denied addres to send or receive coin. is this correct?
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September 03, 2019, 12:44:05 PM
 #56

I don't give a damn but now that it's official that the one who claimed to be Satoshi is a hoax
I don't know which "claim" you are referring to, as there are always a couple going around at any given time, but you definitely don't need to wait on "official" confirmation (whatever that means - the courts? this forum?) to know that all these Satoshi claims are nonsense. Until someone can sign a message with either a Satoshi linked address or his PGP key, you can ignore all these scammers and their fake claims.

The chance for this is negligible
No one should be basing their investment on the chance of coins being irretrievably lost over time. Lost coins, including Satoshi's, could reactivate at any time. ECDSA could be broken in the future, and Satoshi's coins and lost coins in any reused address could then re-enter the market. Chances may be small, but they aren't negligible, and people should be aware of this.

@o_e_l_e_o I believe he may be referring to the new Satoshi who created a website recently, and declared himself to be Satoshi but when he was asked to prove it he failed. What you’re suggesting may not happen anytime soon maybe in the long run it’s possible, and when it happens I hope we’re around to see it’s impact. In your opinion will the markets crash if those coins came into circulation, or the market will remain neutral?.

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jake zyrus
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September 03, 2019, 01:10:55 PM
 #57

Who would've agreed to that? Burning Satoshi's coin to end the threat of crashing? If we were to burn Satoshi's coin, does it guarantee to end the price to crash if he decided to sell it? Though it's his own coins and it's his own decision so we can't decide what to do about it. It's not ours anyway.

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September 03, 2019, 01:29:16 PM
 #58

In your opinion will the markets crash if those coins came into circulation, or the market will remain neutral?
I would expect a dip, and maybe even a big one, but not a full on ~90% crash.

If Satoshi's coins reactivated, then I think a lot of newbies would start panicking about an upcoming dump and sell their coins. It would become a self fulfilling prophecy. I think quite a lot of smart players might sell up too, but only because they could then buy back in cheaper. I think there would be too many people waiting to buy the dip or buy back in after selling to see a full on crash.

At the end of the day, it's not like a million new bitcoins suddenly materialized out of nothing and raised the circulating max to 22 million (assuming Satoshi has a million coins, he may have far less). These bitcoins were always included in the 21 million limit. There would be no inflation. The protocol and technology hasn't changed, the fundamentals remain the same. I for one would be buying the dip.

There's another interesting factor to consider - assuming Satoshi's coins were moved by Satoshi himself and not hacked, would the return of Satoshi cause a price rally?

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September 03, 2019, 04:26:18 PM
 #59

What about legal implications with this?
They don’t understand that the fact cryptocurrency has not yet ben regulated does not mean that legal action can still not be taking on some things that surround it. We see how many crypto thieve has been arrested for some fraudulent practices, o I think his own still with not be exceptional because burning satoshi coins will surely be illegal.

It could also be quite difficult because satoshi has been silent for a while, and in the event if they plan to do that illegal thing he talked about, will satoshi come out? Or maybe they are just using it to see if they care through that threat or means lure satoshi out of his anonymity because I really do not see the effect or reason for burning the token. They will burn the token and still not see any effect of it.

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leftgirly
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September 03, 2019, 09:42:07 PM
 #60

This is a bad call and I think the basis on which the statement is made  is too poor for it to be understood. I think bitcoin and Satoshi would  always go together, I don't see the need for stakeholders to do away with the Satoshi unit. We still need Satoshi in the crypto space.
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