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Author Topic: bitcoin deletion project. 21 million to 20 million.  (Read 4393 times)
axel2078
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November 19, 2014, 11:32:51 PM
 #41

This is just crazy. Asking businesses to voluntarily destroy their bitcoins? Come on, man.
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November 19, 2014, 11:36:27 PM
 #42

Don't worry OP. Satoshi already did that in a way.

But this is a very tard idea anyway.

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November 19, 2014, 11:37:01 PM
 #43

Maybe you could begin this deletion project.

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steelhouse
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November 19, 2014, 11:41:30 PM
 #44

This is just crazy. Asking businesses to voluntarily destroy their bitcoins? Come on, man.

business often donate money to charity, they advertise, rather than endorsing a college bowl game, would you more likely support them if they deleted 1000 bitcoin. The cost to name a bowl game may cost $20 million. $20 million is 50,000 BTC.  Then you can have an automatic list to show the top deleters.  Top deleters would be seen as noble as mother Theresa.  Top deleters would get the first dance at a ball.  Wow that guy deleted 100,000 BTC he is the man.  Hot supermodel, "that man deleted 6,000 I am sleeping with him tonight."
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November 20, 2014, 12:12:09 AM
 #45

The main idea is to crowdfund business and rather than give money to charity, they give it to bitcoin deletion to help the small owners of bitcoin, the poor.  The Walmart foundation gave $1.3 billion to charity in 2013.   $1.3 billion at current prices could destroy 3 million coins.  I presently own 10 bitcoin.  Thus I am considered poor and not expected to delete bitcoin.  Bitcoin deletion would be consider how philanthropy is today, yet instead of benefiting a few insiders of many of these fake charities, it benefits everyone equally.  Consider bitcoin deletion gods work.  Fight hunger delete bitcoin.

If Walmart wanted to help the poor* they could do so more directly by using the $1.3 billion to lower their prices.  The deletion of $1.3 billion worth of bitcoin doesn't benefit everyone equally as you claim, it benefits people in proportion to their bitcoin holdings.

*Of course, there are many poor around the world that have access to neither Bitcoin nor Walmart.  Reaching such people is more difficult and possibly the task of one or more of the charities that the Walmart Foundation targets.
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November 20, 2014, 12:22:20 AM
 #46

This is crazy, you really want to delete 1 million coins just to raise the price of your own bitcoins, why not delete 10 million?
What company is going to give up some of their profits just for the good of bitcoins price, sure their remaining coins might be worth more but no one is going to do it.
Why don't you go first and show us all that you have burnt 10% of you BTC stash.

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November 20, 2014, 02:43:38 AM
 #47

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November 20, 2014, 02:47:41 AM
 #48

There isn't going to be 21 million coins for nearly 140 years.
Why do people keep talking like this is happening soon?
Use numbers that make more sense.  13 million, 14 million, 15 million ...
-B-

There will never be 21 million bitcoins.The amount of bitcoin that have been lost and will be lost will ensures that.
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November 20, 2014, 03:06:32 AM
 #49

This is just crazy. Asking businesses to voluntarily destroy their bitcoins? Come on, man.

business often donate money to charity, they advertise, rather than endorsing a college bowl game, would you more likely support them if they deleted 1000 bitcoin. The cost to name a bowl game may cost $20 million. $20 million is 50,000 BTC.  Then you can have an automatic list to show the top deleters.  Top deleters would be seen as noble as mother Theresa.  Top deleters would get the first dance at a ball.  Wow that guy deleted 100,000 BTC he is the man.  Hot supermodel, "that man deleted 6,000 I am sleeping with him tonight."
Bitcoin holdings are concentrated very heavily towards people/entities that hold very large amounts of bitcoin. As a result "deleting" bitcoin would benefit the rich much more then it would benefit the poor.

A company also receives a direct benefit when they advertise and contributing to deflation would hurt a company because it would give people an incentive to delay purchases of such company's products.
Soros Shorts
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November 20, 2014, 03:35:14 AM
 #50

Instead of destroying coins why not just donate to every other non-empty address some amount proportional to what is inside that address. You would be making current owners of coins a little richer. If you destroyed coins you would be making current AND future owners richer. My attitude is fuck those people who are not already in BTC.
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November 20, 2014, 03:41:01 AM
 #51

What problem would this solve?

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steelhouse
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November 20, 2014, 06:21:06 AM
 #52

Ridiculous idea. It's pointless and unproductive.

Bitcoin is just a medium of exchange.  I do suggest crowdfunding where the owner of the crowdfunded business must delete the profits.  That way the SEC will never come after them for running a security.
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November 20, 2014, 06:25:22 AM
 #53

Bitcoin holdings are concentrated very heavily towards people/entities that hold very large amounts of bitcoin. As a result "deleting" bitcoin would benefit the rich much more then it would benefit the poor.

A company also receives a direct benefit when they advertise and contributing to deflation would hurt a company because it would give people an incentive to delay purchases of such company's products.

I suggest the rich delete a higher percentage of their coins.  

Deflation gives the owner more money to spend.  Yes, if they can delay the more power to them.  However the human life is 80 years or so and how long do you want to wait.  Inflation helps the rich and deflation helps the poor.  As the workers earn their money by work it is inflated away.  Who are the winners?  The miners, bankers, and government workers.

A business must be observant to cut wages.  Most likely an employee would not get a pay cut as they would be more productive.
steelhouse
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November 20, 2014, 06:34:36 AM
 #54

Instead of destroying coins why not just donate to every other non-empty address some amount proportional to what is inside that address. You would be making current owners of coins a little richer. If you destroyed coins you would be making current AND future owners richer. My attitude is fuck those people who are not already in BTC.

You could do that but you would overload the blockchain with transactions.  Deleting functions as the same thing.  By by deleting you are not benefiting people who are not already in bitcoin. They still have zero.  What you are doing is making the price of bitcoin rise.  Any item is only as valuable as someone is willing to pay for it. Rising bitcoin prices leads to interest and free news coverage.  When bitcoin rises it is seen even on CNBC and they all know what it is Cramer, Griffith, all of them.

I will only post if there is some progress  I don't intentionally want to keep bumping this thread.
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November 20, 2014, 06:40:05 AM
 #55

What problem would this solve?

1. A means to donate to the community
2. A way to advertise yourself and business
3. A way to run a corporation where the community is the largest shareholder.
4. A way to show you are the most generous.
5. A way to jumpstart the rise of the price of bitcoin.
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November 20, 2014, 07:22:57 AM
 #56

I actually think EVERYONE except for me should delete their bitcoins Smiley

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November 20, 2014, 07:25:49 AM
 #57

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. 

Well, I don't know about that idea, sounds a bit out of place to me, but anyway I think that a couple of million BTC can already be considered lost. Things like lost passwords and lost harddrives of the early adopters, there are 100,000s of BTC lost for sure, might be more than 1 mil.



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November 20, 2014, 08:18:55 AM
 #58

I actually think EVERYONE except for me should delete their bitcoins Smiley
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November 20, 2014, 08:51:33 AM
 #59

This is just crazy. Asking businesses to voluntarily destroy their bitcoins? Come on, man.

business often donate money to charity, they advertise, rather than endorsing a college bowl game, would you more likely support them if they deleted 1000 bitcoin. The cost to name a bowl game may cost $20 million. $20 million is 50,000 BTC.  Then you can have an automatic list to show the top deleters.  Top deleters would be seen as noble as mother Theresa.  Top deleters would get the first dance at a ball.  Wow that guy deleted 100,000 BTC he is the man.  Hot supermodel, "that man deleted 6,000 I am sleeping with him tonight."

This is crazy idea, but it could get some media attention to the first business deleting large chunk of Bitcoins  Smiley
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November 20, 2014, 09:10:00 AM
 #60

This would have no effect at all.  It's only seems like a good idea for people with bad math skills or the people that wouldn't delete part of their holding which i assume would be everyone unless they were stupid.  If you have 5% less total coins and the price therefore goes up 5% you are still in the same position.
If i owned 21mil bitcoins and they were worth $1,  $21M.   I then burned 1 million BTC so now effectively they are worth $1.05, x 20M  still $21M.  Market cap is what you want to see rising.
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