I don't think nowdays realy exists the intention to deliberately ruin and destroy Bitcoin. Such intentions were much more present at the begininig. Now many have realised that Bitcoin is inevitable and that it's much better to accept it and make money on it than trying to destroy it. Even those who still act open against Bitcoin, like banks, secretly are performing totaly different.
Yes I agree by this statement you said about bitcoin those people who are getting angry by the level of bitcoin. Actually they are the real competitors who are rising voice against the success of bitcoin. They should need to improve and try to be in competition 
Topic: Destroying Bitcoin is NOT Acceptable (Read 2274 times)
I just came across this news, although it's quite old but still transactions are taking place. These guys are burning bitcoins intentionally and that's really painful part.
Proof of Burn
No reason is enough satisfactory for this kind of shitty practice. Whatever the reason is, I strongly feel that burning (destroying) bitcoins is not acceptable. It's too much worst for the long term. What do you think?
Experts, Please blow your torch if I'm going wrong.
Quote
XCP is used in the Counterparty protocol to create new assets, make bets, and perform callbacks on callable assets. Counterparty used proof of burn to issue XCP, instead of a more traditional fund-raising technique for altcoin launches, to keep the initial distribution of funds as fair and decentralized as possible, and to avoid potential legal issues.
https://en.m.wikipedia.org/wiki/Counterparty_(technology)
https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr
https://bitcointalksearch.org/topic/anncha-chancecoin-supernet-core-coin-for-betting-in-a-decentralized-casino-528023
https://blockchain.info/address/1ChancecoinXXXXXXXXXXXXXXXXXZELUFD
Why proof-of-burn?
Quote
By opting to distribute all XCP by proof-of-burn, the Counterparty developers eliminated any speculation that they planned to get rich quick or redistribute risk unequally. On the contrary, they put themselves in the same position as everyone else, backing their ideas with destroyed bitcoin to obtain XCP in the hope of eventually benefiting financially from their own project and hard work.
https://counterparty.io/news/why-proof-of-burn/
It is like if someone wants to launch a new altcoin with fair distribution and instead of accepting bitcoin directly they ask investors to send bitcoins to a burn address and thus expecting a price increase. Even after burning 480 bitcoins CHA coin failed.
Yeah, since bitcoins are limited in number and burning it for altcoins is absolutely absurd.
I don't think nowdays realy exists the intention to deliberately ruin and destroy Bitcoin. Such intentions were much more present at the begininig. Now many have realised that Bitcoin is inevitable and that it's much better to accept it and make money on it than trying to destroy it. Even those who still act open against Bitcoin, like banks, secretly are performing totaly different.
I just came across this news, although it's quite old but still transactions are taking place. These guys are burning bitcoins intentionally and that's really painful part.
Proof of Burn
No reason is enough satisfactory for this kind of shitty practice. Whatever the reason is, I strongly feel that burning (destroying) bitcoins is not acceptable. It's too much worst for the long term. What do you think?
Experts, Please blow your torch if I'm going wrong.
I just came across this news, although it's quite old but still transactions are taking place. These guys are burning bitcoins intentionally and that's really painful part.
Proof of Burn
No reason is enough satisfactory for this kind of shitty practice. Whatever the reason is, I strongly feel that burning (destroying) bitcoins is not acceptable. It's too much worst for the long term. What do you think?
Experts, Please blow your torch if I'm going wrong.
Destroying Bitcoin is definitely unacceptable. And to think that they are doing this just to make a switch to a different cryptocurrency. Though destroying some Bitcoin would contribute to the scarcity of Bitcoin in the market that would result to an increase in Bitcoin's price, the effect of destroying Bitcoin will greatly affect the usage of the coin. We might end up on a state that only people who belong to the higher level of society can use Bitcoin.
Yes, I agree with you, bitcoin has become a very powerful and very important role in the lives of so many people around the world. Bitcoin destruction can cause serious consequences, they may even go bankrupt, some people have invested their full amount in bitcoin, it's too dangerous. And I believe that if bitcoin is destroyed, a slight economic crisis will occur in the world.
Gold is being destroyed all the time. Or sent to space in satellites, never to be seen again. It has not caused an issue so far.
Like I said the unit "bitcoin" will simply become something of a high value rarely used. In fact it's already the case, if you buy a pizza or a coffee with BTC you will not spend 1 Bitcoin, you'll spend satoshis, or 0.001 BTC or something like that.
Like I said the unit "bitcoin" will simply become something of a high value rarely used. In fact it's already the case, if you buy a pizza or a coffee with BTC you will not spend 1 Bitcoin, you'll spend satoshis, or 0.001 BTC or something like that.
I just came across this news, although it's quite old but still transactions are taking place. These guys are burning bitcoins intentionally and that's really painful part.
Proof of Burn
No reason is enough satisfactory for this kind of shitty practice. Whatever the reason is, I strongly feel that burning (destroying) bitcoins is not acceptable. It's too much worst for the long term. What do you think?
Experts, Please blow your torch if I'm going wrong.
Destroying Bitcoin is definitely unacceptable. And to think that they are doing this just to make a switch to a different cryptocurrency. Though destroying some Bitcoin would contribute to the scarcity of Bitcoin in the market that would result to an increase in Bitcoin's price, the effect of destroying Bitcoin will greatly affect the usage of the coin. We might end up on a state that only people who belong to the higher level of society can use Bitcoin.
Well, although not acceptable this sort of think already happenes today if you were to really think about the issue. We have tons and tons of inactive (at least we think) addresses that people haven't used in years, these people could've simply lost the coins in there and (if confirmed) it should be reflected ont he total supply as being lower. As we'd never be getting these coins back into 'circulation' ever again.
While not acceptable, it happens and it is AN ALTERNATIVE to proof of stake and or proof of work. Something would have to change on a major scale to see Bitcoin accept and use something like this, so I wouldn't throw the idea COMPLETETLY out the window just yet.
While not acceptable, it happens and it is AN ALTERNATIVE to proof of stake and or proof of work. Something would have to change on a major scale to see Bitcoin accept and use something like this, so I wouldn't throw the idea COMPLETETLY out the window just yet.
If it would have been wrong, then why would alts be taking such measures too to burn their coins which are useless?
It really gives much value to a crypto for removing unused coins out of service and just having the remaining part being circulated as it will amplify and give more stimulative reasons to the newer people who are joining the bitcoin revolution daily.
It really gives much value to a crypto for removing unused coins out of service and just having the remaining part being circulated as it will amplify and give more stimulative reasons to the newer people who are joining the bitcoin revolution daily.
It does reduce the supply, but I don't think anyone in his right mind now will throw away that much money just to increase the value of his other coins. That's basically stupid now. They might not even be actually burning it, they might even have the keys to those addresses they are using we'll never know. It might be good for use small holders but yeah in the long run it could post a problem.
"Lost coins only make everyone else’s coins worth slightly more. Think of it as a donation to everyone." - Satoshi Nakamoto.
I would never throw money or Bitcoin myself , and yes It's immature but I like to see it positively , let's just think of it as a donation for us.
I would never throw money or Bitcoin myself , and yes It's immature but I like to see it positively , let's just think of it as a donation for us.
I think it's not responsible, it's literally throwing or burning money, pretty immature and although can be better for other owners not so impressive from the one doing it.
However this can be considered good for bitcoin as this will just lower the total supply as well as available bitcoin for trading. For sure, it is quite insane if someone willingly burn their coin. I just came across this news, although it's quite old but still transactions are taking place. These guys are burning bitcoins intentionally and that's really painful part.
Proof of Burn
No reason is enough satisfactory for this kind of shitty practice. Whatever the reason is, I strongly feel that burning (destroying) bitcoins is not acceptable. It's too much worst for the long term. What do you think?
Experts, Please blow your torch if I'm going wrong.
I believe that it is the opposite, this is good for bitcoin because less bitcoin available in the market means the price gets higher.
It's unbelievable how these guys burn these bitcoin without any reason but at the end it is good for bitcoin.
Everyone is free to do whatever they want with their money but at least make a donation instead of burning them.
it is actully totally normal but its also in a sense is insane that 8t is destroying those valuable bitcoins from them network its like burning our own money in a log fire and also discussing about it
it is really great that people sometimes destroy bitcoins for the holders because it means that there are less bitcoins so their bitcoins are worth more
I think it's not responsible, it's literally throwing or burning money, pretty immature and although can be better for other owners not so impressive from the one doing it.
I just came across this news, although it's quite old but still transactions are taking place. These guys are burning bitcoins intentionally and that's really painful part.
Proof of Burn
No reason is enough satisfactory for this kind of shitty practice. Whatever the reason is, I strongly feel that burning (destroying) bitcoins is not acceptable. It's too much worst for the long term. What do you think?
Experts, Please blow your torch if I'm going wrong.
I believe that it is the opposite, this is good for bitcoin because less bitcoin available in the market means the price gets higher.
It's unbelievable how these guys burn these bitcoin without any reason but at the end it is good for bitcoin.
Everyone is free to do whatever they want with their money but at least make a donation instead of burning them.
It would be much better to donate the coins or distribute them in another way, burning them doesn't make any sense whatsoever.
It does make sense, and people are free to do with their coins as they please anyways. Read the motivation on the wiki link or do some research.I have, and I still think it doesn't make any sense deliberately burning Bitcoins. Just a personal view, to each their own as I've said in my post. I respect whoever finds it suitable for them burning Bitcoin for whatever the purpose.
Exactly, I have the same point. I respect the opinion of burning bitcoins but I respect it as far as it's just an opinion. Being in a community, any activity by any member affects the community as a whole (irrespective of his reputation or quantity of his activity) and I have my issues through that point of view. It's really annoying to see something destructive for what people are taking efforts since long time (even way before 2000).
I would like invite those who are following crypto currencies topic since at least 2000 to discuss on this important issue. Please provide if you have any reference, I would personally approach them.
It would be much better to donate the coins or distribute them in another way, burning them doesn't make any sense whatsoever.
It does make sense, and people are free to do with their coins as they please anyways. Read the motivation on the wiki link or do some research.I have, and I still think it doesn't make any sense deliberately burning Bitcoins. Just a personal view, to each their own as I've said in my post. I respect whoever finds it suitable for them burning Bitcoin for whatever the purpose.
I will be glad if many people are burning their bitcoins so we can short the supply and the price will rise eventually since the demand is increasing now. That would be good for the economy as investors will surely make profit in that kind of move.
I respect your opinion but you are wrong (or say through inclusive point of view). Yes it will definitely affect price of bitcoin but that's against morals and values. One shouldn't think about his profits on the cost of someone else's cash burning. I am keen to know, how is it good for economy?
What can we do? It's their bitcoin and they can do what they want with their bitcoin. Even we says don't use it for criminal bitcoin or destroy it, people won't listen anyway.
But, i think they must have reason such as dispose tainted coins, destroy evidence linked with illegal/criminal activity, prevent government from take bitcoin in case there's no other choice for criminal or just want to do it.
So, i think destroy bitcoin is acceptable even though they could do better with their bitcoin.
But, i think they must have reason such as dispose tainted coins, destroy evidence linked with illegal/criminal activity, prevent government from take bitcoin in case there's no other choice for criminal or just want to do it.
So, i think destroy bitcoin is acceptable even though they could do better with their bitcoin.
We can build awareness about it because it's something that's going to affect future of it and those who are burning bitcoins have nothing to do with bitcoin. They are greedy investors looking at profits and compromise with values. Nope, they are not burning due to any criminal issues,they are doing it for totally different purpose.
Burning Bitcoins is neither positive nor negative. It is the same as loosing Bitcoin. There's no problem, unless an extremely high number is burnt, which would in turn require more decimal places for usability because of the resulting extreme valuation of the remaining coins.
ya.ya.yo!
I think we just because we can't see any effect at this moment (and neither possibility of it in next 20 years) that doesn't mean it's neither positive or negative. The most powerful element is time and we can't reverse it so it's critically important issue to think and ACT on it if we really care about it.
As you have said there is 'no problem, unless an extremely high number is burnt' so many tiny amounts makes a large number and to prevent it on macro level we must work (prevent) it on micro levels.
Playing with decimals would be like creating an illusion for ourselves and to the next adopters of this technology. It's like artificially increasing price of it but that's not the way it's expected to grow.
I will be glad if many people are burning their bitcoins so we can short the supply and the price will rise eventually since the demand is increasing now. That would be good for the economy as investors will surely make profit in that kind of move.
In what way it is positive for the economy if a few speculators receive fiat scam money for their Bitcoin investment? Please explain. You are aware that if one investor realizes a gain in investment, another one realizes a loss - are you? There is no economic growth or value creation from investment activity alone, unless the provided capital is used for something productive, which clearly isn't the case here.
Your mindset makes me sad. You don't seem to care about Bitcoin. You define profits in terms of fiat money, which shows you don't understand the reason for Bitcoin's creation...
Burning Bitcoins is neither positive nor negative. It is the same as loosing Bitcoin. There's no problem, unless an extremely high number is burnt, which would in turn require more decimal places for usability because of the resulting extreme valuation of the remaining coins.
ya.ya.yo!
Jump to: