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Author Topic: bitcoin deletion project. 21 million to 20 million.  (Read 4392 times)
steelhouse
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November 19, 2014, 07:23:26 AM
 #1

I came up with the idea of capital coins.  However, I think you can boost the price of bitcoin if you attempt to delete 1 million coins.  Many have already been lost.  If you can get the large and new businesses to delete 1% of their coins, maybe over a year we can get to 20 million total supply while the price is cheap.  Maybe set up a mining pool to delete transaction fees, and only accept transactions with a fee attached.

A business might have a 5,000 BTC profit
1,000 btc a year would go to deletion
4,000 btc distributed to shareholders.

If you add those lost and those intentionally deleted, we could get to 20 million.  Deflation and austerity will lead to growth, as it always does.  As opposed to inflation, money supply growth, and hyperinflation which leads to tyranny. 
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November 19, 2014, 07:32:44 AM
 #2

LOL. It is ridiculous for any business to volunteer to delete any percentage of hard earning bitcoin.

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November 19, 2014, 07:35:50 AM
 #3

 Roll Eyes That a great idea Roll Eyes.

Better yet ,let's delete 20 million or more bitcoin.The lesser it is the precious it becomes ,amirite?
steelhouse
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November 19, 2014, 07:36:37 AM
 #4

LOL. It is ridiculous for any business to volunteer to delete any percentage of hard earning bitcoin.
 not if it is crowd funded.  Businesses make donations to the red cross and some even donate to football bowls and racing cars.
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November 19, 2014, 07:43:42 AM
 #5

Do you know, who would really benefit from such a thing:
People who don't participate.
So, some idiots are destroying their wealth to raise the Bitcoin Price? K, I just sit here on my Bitcoins and wait for that.

https://forum.bitcoin.com/
New censorship-free forum by Roger Ver. Try it out.
steelhouse
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November 19, 2014, 07:58:25 AM
 #6

Do you know, who would really benefit from such a thing:
People who don't participate.
So, some idiots are destroying their wealth to raise the Bitcoin Price? K, I just sit here on my Bitcoins and wait for that.

Most people still spend more bitcoin than they hold thus they will need to work to get more bitcoin.  If you have bitcoin you don't need to spend yes you will benefit with some money supply with a velocity zero.   However, eventually you will want to spend them or lose them when you have a heart attack.
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November 19, 2014, 08:07:18 AM
 #7

Do you know, who would really benefit from such a thing:
People who don't participate.
So, some idiots are destroying their wealth to raise the Bitcoin Price? K, I just sit here on my Bitcoins and wait for that.

Most people still spend more bitcoin than they hold thus they will need to work to get more bitcoin.  If you have bitcoin you don't need to spend yes you will benefit with some money supply with a velocity zero.   However, eventually you will want to spend them or lose them when you have a heart attack.
Exactly, so the people, who already have a lot of bitcoins and just sit on them and dump them when the price is high enough, benefit the most. The people who want to spend them lose.
Such a project, would just encourage the wrong behavior.

https://forum.bitcoin.com/
New censorship-free forum by Roger Ver. Try it out.
steelhouse
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November 19, 2014, 08:13:14 AM
 #8

Do you know, who would really benefit from such a thing:
People who don't participate.
So, some idiots are destroying their wealth to raise the Bitcoin Price? K, I just sit here on my Bitcoins and wait for that.

Most people still spend more bitcoin than they hold thus they will need to work to get more bitcoin.  If you have bitcoin you don't need to spend yes you will benefit with some money supply with a velocity zero.   However, eventually you will want to spend them or lose them when you have a heart attack.
Exactly, so the people, who already have a lot of bitcoins and just sit on them and dump them when the price is high enough, benefit the most. The people who want to spend them lose.
Such a project, would just encourage the wrong behavior.

They don't lose because they benefit from the time they obtain the bitcoin and the time they spend the bitcoin.  That is the hidden inflation tax but in this case the defation bonus.  Even if you only hold the bitcoin a day over a lifetime those bitpennies add up.  I would think many of the early adopters that made millions off bitcoin would consider deleting some, it would make their other coins rise and jump start and add excitement to bitcoin again.  The reason the poor have gotten poorer since 1971 can be attributed partially to the inflation taxes of every nation of the world.
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November 19, 2014, 08:22:25 AM
 #9

Do you know, who would really benefit from such a thing:
People who don't participate.
So, some idiots are destroying their wealth to raise the Bitcoin Price? K, I just sit here on my Bitcoins and wait for that.

Most people still spend more bitcoin than they hold thus they will need to work to get more bitcoin.  If you have bitcoin you don't need to spend yes you will benefit with some money supply with a velocity zero.   However, eventually you will want to spend them or lose them when you have a heart attack.
Exactly, so the people, who already have a lot of bitcoins and just sit on them and dump them when the price is high enough, benefit the most. The people who want to spend them lose.
Such a project, would just encourage the wrong behavior.

They don't lose because they benefit from the time they obtain the bitcoin and the time they spend the bitcoin.  That is the hidden inflation tax.  Even if you only hold the bitcoin a day over a lifetime those bitpennies add up.  I would think many of the early adopters that made millions off bitcoin would consider deleting some, it would make their other coins rise and jump start and add excitement to bitcoin again.
I am not really an expert on economics, but even I know, that deflation is a bad thing. Ask Japan.
I already mentioned it before, but maybe i wasn't clear enough:
Why buy something today with bitcoins, when you can buy twice as much, with the same amount of bitcoins in a week?

https://forum.bitcoin.com/
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steelhouse
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November 19, 2014, 08:51:30 AM
 #10

There is no deflation in Japan.  Furthermore Japan is one of the richest countries with one of the highest life expectancies in the world.

 
newuser01
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November 19, 2014, 10:03:37 AM
 #11

There is no deflation in Japan.  Furthermore Japan is one of the richest countries with one of the highest life expectancies in the world.

 

yes because printing more money will make everyone richer!!!!

PS. it wont last.
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November 19, 2014, 10:20:17 AM
 #12

Will you be the first to delete your bitcoins for the good of the rest of us?

http://www.bitpools.com
Pool your bitcoins with others. Vote on solutions using the Bitcoin blockchain. Keep your bitcoins in your cold storage until you find a solution you like.
Links and Reviews of useful every day places to spend bitcoins: https://bitcointalk.org/index.php?topic=943143.0
turvarya
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November 19, 2014, 10:24:07 AM
 #13

There is no deflation in Japan.  Furthermore Japan is one of the richest countries with one of the highest life expectancies in the world.

 
Ok, you obviously don't know much.
Japan had a deflation. Money printing isn't the only factor in that. I am really amazed, that so much people in the bitcoin world don't know that.
Really, educate yourself before spreading bullshit.
Look it up here(e.g. 2010):
http://www.tradingeconomics.com/japan/inflation-cpi

https://forum.bitcoin.com/
New censorship-free forum by Roger Ver. Try it out.
BTC_Hodler
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November 19, 2014, 11:35:01 AM
 #14

How about we get 21 million people to buy a single bitcoin and hold it till the price is over $1,000,000?
There's probably 500,000 lost or forgotten coins by now anyways.

I'm putting every $ I get into bitcoins because I know the currency is young and the price is low.
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November 19, 2014, 11:35:45 AM
 #15

Satoshi's coins seem to be off the market so there you go, already down to 20 million.
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November 19, 2014, 11:37:55 AM
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Will you be the first to delete your bitcoins for the good of the rest of us?

Beat me to it. He'd obviously need to prove ownership, then burn them.
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November 19, 2014, 11:46:12 AM
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Satoshi's coins seem to be off the market so there you go, already down to 20 million.

Satoshi knows bitcoins true value, he is holding until he is a Trillionaire.
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November 19, 2014, 01:17:20 PM
 #18

Why are people continue to come up with "ideas" that potentially might boost the value??

Are you so desperate to get the price up to sell the tiny amount of coins that you own for a profit?

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November 19, 2014, 03:50:09 PM
 #19

The real proof of burn  Cheesy

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November 19, 2014, 04:48:12 PM
 #20

Bitcoin is like it is now and will stay like that, at least in terms of total supply, its insane to try to change the fundamental rules of the game now.

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