It's probably better to freeze the coins until there is assurance nothing will be crashed deliberately . The threat to crash the price is a threat to thousands of people/investors.
It should be a community decision anyway. We can't do much if a big majority prefers the coins not to be frozen temporarily
Topic: Burn Satoshis coins to end the threat of prices crashing - Paxful Founder - page 3. (Read 868 times)
August 21, 2019, 01:18:39 PM
August 21, 2019, 12:11:50 PM
Ray Youssef don't have the authority to make that decision and he should STFU. Even Satoshi can't make that decision, since Bitcoin is a decentralized currency. At the most, he can appeal to the mining pools, to reverse the transactions through a 51% attack. But I don't think that the mining pools will approve such a request. Even if they approve it, I don't think that it can be implemented.
August 21, 2019, 11:53:24 AM
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
Source: https://finance.yahoo.com/news/paxful-founder-makes-wild-proposal-161450915.html
I don't understand the reason for even making the outburst in the first place because what he has done now is to successfully create additional publicity for the same coin that he does not want. He should have know long enough that in the crypto space, the opposite is like the reaction after an outburst like this and for someone who is hearing this kind of coin for the first time, he is pushed to research more about it. The crypto space does not have a central mouthpiece neither do we have a director appointed to speak on our behalf. What I would have expected him to do is to continually pursue his business by doing more publicity of bitcoin and let the market decides which route to take.
August 21, 2019, 11:51:44 AM
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
Source: https://finance.yahoo.com/news/paxful-founder-makes-wild-proposal-161450915.html
it's a controversial idea, but he's certainly not the first person to propose it. 3 years ago, theymos proposed the same thing, knowing that ECDSA will eventually be broken and the satoshi coins stolen: https://www.reddit.com/r/Bitcoin/comments/4isxjr/petition_to_protect_satoshis_coins/d30we6f/
hypothetically, i have no ethical problem with the idea of activating such a fork with eg 5 years notice---that's ample time for everyone to move their coins to quantum safe addresses. the problem is, this was never part of bitcoin's original consensus. establishing a new consensus that burns these coins is therefore highly controversial.
An idiotic idea. Once the principle that we can burn someone else's coins becomes enshrined in bitcoin, anyone's can be burned.
i don't think we should be talking about burning someone's coins. this is about burning lost coins (whoever they belonged to) before ECDSA is broken and those coins start being stolen. this is what theymos said back then:
Quote
Even if I wanted to destroy Satoshi's bitcoins in particular, it's not possible to identify which bitcoins are Satoshi's. I am talking about destroying presumably-lost coins that are going to be stolen, ideally just moments before the theft would occur.
August 21, 2019, 11:26:19 AM
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
Source: https://finance.yahoo.com/news/paxful-founder-makes-wild-proposal-161450915.html
An idiotic idea. Once the principle that we can burn someone else's coins becomes enshrined in bitcoin, anyone's can be burned.
Anyway, anyone who did this would create an alt-coin and would be forked off the main chain because anyone with an ounce of intelligence knows it would destroy bitcoin.
August 21, 2019, 11:24:24 AM
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
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
August 21, 2019, 11:23:46 AM
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
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.
August 21, 2019, 11:11:27 AM
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://bitcointalksearch.org/topic/fork-and-destroy-satoshis-1-million-bitcoin-5131393
Only quantum computers can move these coins.
Did Satoshi think that quantum computers will exist? https://bitcointalksearch.org/topic/did-satoshi-think-that-quantum-computers-will-exist-5172573
They are already discussing such things: Fork and Destroy Satoshi's 1 million Bitcoin? https://bitcointalksearch.org/topic/fork-and-destroy-satoshis-1-million-bitcoin-5131393
Only quantum computers can move these coins.
Did Satoshi think that quantum computers will exist? https://bitcointalksearch.org/topic/did-satoshi-think-that-quantum-computers-will-exist-5172573
August 21, 2019, 10:52:49 AM
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.
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, 09:43:23 AM
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.
August 21, 2019, 09:36:29 AM
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?
August 21, 2019, 09:09:20 AM
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.Source: https://finance.yahoo.com/news/paxful-founder-makes-wild-proposal-161450915.html
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.
August 21, 2019, 06:24:31 AM
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
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
August 21, 2019, 06:19:31 AM
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 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.
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.
August 21, 2019, 06:14:07 AM
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.
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.
August 21, 2019, 06:13:51 AM
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 (!)
August 21, 2019, 06:10:36 AM
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.
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
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.
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
August 21, 2019, 05:56:08 AM
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
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.
August 21, 2019, 05:53:01 AM
Not this again!!!!! 
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?
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) ?
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://bitcointalksearch.org/topic/2017-12-14-united-bitcoin-hard-fork-aims-to-steal-inactive-wallet-balances-2580692
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://bitcointalksearch.org/topic/2017-12-14-united-bitcoin-hard-fork-aims-to-steal-inactive-wallet-balances-2580692
August 21, 2019, 05:52:17 AM
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.
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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