Topic: Destroying Bitcoin is NOT Acceptable - page 3. (Read 2344 times)
The people that wont to destroy Bitcoin implicitly give it legitimate and power since they are scared that it may become way too big to destroy, but the thing is that already happened, bitcoin is now too big to fail. Haters will suffer the consequences.
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.
And as already someone said, if you would have 2 pieces of something really rare, you dont destroy the second one to increase the price, right?
If that ends up not being enough, the developers could introduce an even smaller unit than a Satoshi.
please learn bitcoin..
at code level. there is no bitcoin, only satoshis..
its at GUI level that converts 100,000,000 sats into one bitcoin.. again for emphasis GUI level
so if you were to make 1 sat turn into 10 sats by moving a decimal.. the reality is you are creating (imagining the 18mill coins after loss scenario) 180million bitcoins
after all 100million of the smallest unit. doesnt make there be more fractions at code level, but makes more 'groupings' at code level, but is then just baited and switched at GUI level to hide the fact that there are now 10x more coins
seems lauda's mindset is burn bitcoin to bait people to an altcoin. to then later magic up more bitcoin..
(facepalm)
What's the meaning of throwing away coins (not even in someone's pocket but in to the unknown area). Coins are for created for spending and since it has limited supply it becomes more important to safely store available coins.
The reasoning behind proof-of-burn can be found in the link that you've provided. Have you even completely read it?Let's consider most optimistic picture. Almost 50% of earth population will be using bitcoins in next 20 years, at that time we might have just 18 million coins (assuming coins are getting lost). It's completely admissible if it's kind of accident (or say hack) but intentionally reducing the supply is against fundamentals of his concept in my opinion.
Bitcoin is divisible, so it won't matter. Examples of units:Long story short : If you have 1 of the 2 rarest antique pieces in the world, to increase the value of your antique piece you are not supposed to destroy another antique piece.
False analogy.
using proof of burn to cause a small drop in circulation is acceptable .. emphasis small drop.
but using it as a tool to convert someone over to a different cryptocurrency could kill bitcoin if everyone done it
EG if someone wanted (madeupname) instantcoin because they were sick of waiting for confirms/increasing tx fee.. once they moved over to instant coins, they are stuck with it. they cannot burn the instantcoin to retrieve their old bitcoin in a swap, as those bitcoins are gone! forever!
anyone is free to throw away their coins but i do not suggest any dev's use burning coins as a method to hype up an sidechain(altcoin) they want to convert people over to.
anyone thinking the opposite should just go play with their altcoin and leave bitcoin alone. if you dont wanna keep bitcoin. maybe donate it to seans outpost or a charity
but using it as a tool to convert someone over to a different cryptocurrency could kill bitcoin if everyone done it
EG if someone wanted (madeupname) instantcoin because they were sick of waiting for confirms/increasing tx fee.. once they moved over to instant coins, they are stuck with it. they cannot burn the instantcoin to retrieve their old bitcoin in a swap, as those bitcoins are gone! forever!
anyone is free to throw away their coins but i do not suggest any dev's use burning coins as a method to hype up an sidechain(altcoin) they want to convert people over to.
anyone thinking the opposite should just go play with their altcoin and leave bitcoin alone. if you dont wanna keep bitcoin. maybe donate it to seans outpost or a charity
There's nothing wrong with proof of burn. What are you talking about? You haven't given any reasoning behind your opinion.
It's too much worst for the long term. What do you think?
No, it is not. Generally, it reduces the total supply that is available which can be seen as a positive thing for those who put importance on the price of a singular Bitcoin in fiat equivalent. I might be completely wrong, but I honestly think that we have already lost much coins and that's not the way we are expecting it. What's the meaning of throwing away coins (not even in someone's pocket but in to the unknown area). Coins are for created for spending and since it has limited supply it becomes more important to safely store available coins.
Let's consider most optimistic picture. Almost 50% of earth population will be using bitcoins in next 20 years, at that time we might have just 18 million coins (assuming coins are getting lost). It's completely admissible if it's kind of accident (or say hack) but intentionally reducing the supply is against fundamentals of his concept in my opinion.
It would definitely prove beneficial to other coins in circulation but it's not according to pure values.
Long story short : If you have 1 of the 2 rarest antique pieces in the world, to increase the value of your antique piece you are not supposed to destroy another antique piece.
There's nothing wrong with proof of burn. What are you talking about? You haven't given any reasoning behind your opinion.
It's too much worst for the long term. What do you think?
No, it is not. Generally, it reduces the total supply that is available which can be seen as a positive thing for those who put importance on the price of a singular Bitcoin in fiat equivalent. 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.
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