bitcoin deletion project. 21 million to 20 million.

[Elwar]

Yet another thread where nobody agrees with the OP but everyone must post telling the OP how bad their idea is.

[1714092489]

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[1714092489]

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[1714092489]

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[turvarya]

Yet another thread where nobody agrees with the OP but everyone must post telling the OP how bad their idea is.

It's funny because, I showed pretty early, that OP just doesn't know much about economy.

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

I guess he just heard the supply/demand-thingy and thinks that is all, that is important in economy.

[Erza]

If this ever happen , then bitcoin price will rocket up in the near future.
but for now , I don't think it will go up more than $400 a coin, or maybe less

[BitCoinNutJob]

This has no chance, the incentive not participate is huge, not only do you save time and effort by not participating you make money on your holdings.

[steelhouse]

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 

Roger Ver, aka bitcoin Jesus, donated 1000 BTC to FEE.  What if he deleted 1000 BTC instead.  I can't say he would be my god as I would be breaking a commandment, but I would highly respect him more that giving it to FEE.

[steelhouse]

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.

Not if the coins are not yours.  What I am hoping is most only those with more than 1000 BTC would delete coins.  I pledged 0.1 BTC deletion with only 10 coins.  Businesses can say 5% of their profits can be deleted.  I wish the protocol would be changed to delete all transaction fees but that is impossible.

[steelhouse]

Yet another thread where nobody agrees with the OP but everyone must post telling the OP how bad their idea is.

Consensus does not matter to me.  The majority agreed with slavery.  The majority believes in the private ownership of land.  The majority probably thinks bitcoin should be shut down.  The lynch mob agreed the guy should be hung (the guy at the end of the rope wanted a trial). As Ayn Rand would say the individual is a noble being, not a sacrificial animal, and has rights.

[steelhouse]

Yet another thread where nobody agrees with the OP but everyone must post telling the OP how bad their idea is.  It's funny because, I showed pretty early, that OP just doesn't know much about economy.

No offense you basically showed to me you are clueless.

[steelhouse]

If this ever happen , then bitcoin price will rocket up in the near future.
but for now , I don't think it will go up more than $400 a coin, or maybe less

Bitcoin could may rise without a deletion.  Bitcoin will probably rise in a year due to the block reward cut and a instanteous inflation rate less than 5%.  However, the value of bitcoin is only as high as someone is willing to pay for it. 

[steelhouse]

This has no chance, the incentive not participate is huge, not only do you save time and effort by not participating you make money on your holdings.

I hope most people don't participate, only those winners that want to as a choice help the community as they have more wealth than they use.  There are many foolish economists that think deflation is bad.  They are wrong.  Why is a big screen tv dropping in price bad?  The reality is only government keeps track of gdp.  Government wants electricity prices and gdp high so they can get a larger cut of your income.  A dropping gdp and recessions can lead to higher life expectancy and high quality of life (Tyler Cowen).

[steelhouse]

If someone is productive and earning bitcoins, it would be in everyone's best interest for them to use those bitcoins for additional production (after all, they have a history of producing things of value). Destroying those coins is unproductive and senseless.

Not everyone got all their bitcoins from production.  Many people have government jobs and bought bitcoin with that money.  Furthermore, some one might own an apartment building in the city.  It is monopoly on land that provided their salary. To prove this if you have the choice of paying $3000 a month for a 500 square foot apartment in NYC or have a 10,000 square foot lot without paying rent or property tax or building permits, which would you choose?  Furthermore some just own a large mining rig and since Gavin says the network is overly secure, it would be better for them to just drop out of mining they are not doing anything productive.

Destroying coins is productive, it is a gift to those more productive than you.  You see money is suppose to be a commodity, it is suppose to represent wealth.  Money is suppose to rise in value (deflate). It is suppose to be an investment.     Deflation of the nations currency is sign of a healthy country, if your country does not have a deflating currency consider moving.  You are being robbed.  It is no coincidence the tyrants result from inflation, government, and private ownership of land. 

[burger_pimp]

What would be the incentive for the business to destroy their money I'm confused.

[Tomatocage]

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.

I think I remember you. You're that noob who wanted Litecoin (or maybe it was i0coin) to follow the Solidcoin route of drastically reducing the block reward down to single digits, effective ASAP, right? Of course this is after you had amassed your own personal stash

[googlemaster1]

This thread is less than reddit quality.  What the hell is going on?!

[str4wm4n]

Great idea, you first though

[turvarya]

If someone is productive and earning bitcoins, it would be in everyone's best interest for them to use those bitcoins for additional production (after all, they have a history of producing things of value). Destroying those coins is unproductive and senseless.

Not everyone got all their bitcoins from production.  Many people have government jobs and bought bitcoin with that money.  Furthermore, some one might own an apartment building in the city.  It is monopoly on land that provided their salary. To prove this if you have the choice of paying $3000 a month for a 500 square foot apartment in NYC or have a 10,000 square foot lot without paying rent or property tax or building permits, which would you choose?  Furthermore some just own a large mining rig and since Gavin says the network is overly secure, it would be better for them to just drop out of mining they are not doing anything productive.

Destroying coins is productive, it is a gift to those more productive than you.  You see money is suppose to be a commodity, it is suppose to represent wealth.  Money is suppose to rise in value (deflate). It is suppose to be an investment.     Deflation of the nations currency is sign of a healthy country, if your country does not have a deflating currency consider moving.  You are being robbed.  It is no coincidence the tyrants result from inflation, government, and private ownership of land. 

Are you really that much of an idiot? I already told you, you just have to look in Japan economic history to see that deflation is a bad thing.

[Elwar]

Yet another thread where nobody agrees with the OP but everyone must post telling the OP how bad their idea is.

Consensus does not matter to me.  The majority agreed with slavery.  The majority believes in the private ownership of land.  The majority probably thinks bitcoin should be shut down.  The lynch mob agreed the guy should be hung (the guy at the end of the rope wanted a trial). As Ayn Rand would say the individual is a noble being, not a sacrificial animal, and has rights.

Well, at least this thread has the OP there to bump the thread instead of the thread about trying to get ISIS to adopt Bitcoin.

Just an FYI...nobody will do this.

[steelhouse]

Great idea, you first though

Yes I pledged 0.1 btc, however we need a official deletion address where I can gain fame.

[steelhouse]

Are you really that much of an idiot? I already told you, you just have to look in Japan economic history to see that deflation is a bad thing.

Except in terms of prices of microwave ovens, there is no deflation in Japan.  Show me a decade where money supply went down?



http://en.wikipedia.org/wiki/List_of_countries_by_life_expectancy

#1 Japan.

[turvarya]

Are you really that much of an idiot? I already told you, you just have to look in Japan economic history to see that deflation is a bad thing.

Except in terms of prices of microwave ovens, there is no deflation in Japan.  Show me a decade where money supply went down?

That is not a chart of Japans Inflation/deflation. I already linked a site, where you can look at it.