If we burn bitcoin? - page 2. | Bitcointalksearch.org

Red-Apple

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Quote from: DomainMagnate on February 04, 2017, 06:21:53 AM

If each one of us just burned only the 10% of our bitcoin holding, will it makes bitcoin price jump to sky?.Do you think it will create the shortage and thus price increase?

ok lets think about your "suggestion" here.
how much bitcoin are we holding? 1? 10? 100? or 1000?
how many people will burn bitcoin? is it only 10 person or is it 10,000

and also the most important question that you need to answer is that will you be really willing to throw away 10% of your money away just for a "chance" of maybe causing price to go up just you threw away some money?!

the answer is clearly no. nobody is going to throw away thousands of dollars just for a crazy chance.

and besides why don't you start thinking about how you can increase the demand instead of reducing the supply?

adzino

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www.Crypto.Games: Multiple coins, multiple games

Quote from: DomainMagnate on February 04, 2017, 06:21:53 AM

If each one of us just burned only the 10% of our bitcoin holding, will it makes bitcoin price jump to sky?.Do you think it will create the shortage and thus price increase?

By just destroying the bitcoins will not increase the price of it. We need people to adapt bitcoin. Surely the demand will increase for bitcoin since there will be shortage of supply, but we would require to burn a huge amount of it.

0xfff

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Quote from: DomainMagnate on February 04, 2017, 06:21:53 AM

If each one of us just burned only the 10% of our bitcoin holding, will it makes bitcoin price jump to sky?.Do you think it will create the shortage and thus price increase?

Go ahead and burn your bitcoin. I will too. I promise. Wink

I have an even better idea. How about everyone sends me their bitcoin and then I will make it disappear. Cheesy

You have funny idea I must say. Very funny Grin

d5000

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The problem is: Who is "we"?

I don't think it will be possible to get such a large majority of holders to burn 10% of their holdings. According to game theory if some people burn then there will be many others trying to profit from it without burning.

The only way would be an incentive which you can claim by Proof of Burn, for example, a coloured coin asset or even an altcoin distributed among the "burners". (But then, regarding cryptocurrencies as a whole, you have again incremented the supply of tokens).

ImHash

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Did someone shove a red Mexican pepper in your behind that is to burn the coins instead of just holding them?
Or did you think bitcoin is like fiat with unlimited supply and renewable?

Wapinter

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Quote from: ?? on ??

Quote from: DomainMagnate on February 04, 2017, 06:21:53 AM

If each one of us just burned only the 10% of our bitcoin holding, will it makes bitcoin price jump to sky?.Do you think it will create the shortage and thus price increase?

...Shortage of the supply will make the demand higher and when the demand is higher that can make the price higher, remember that.

That is why op suggested way to increase shortage.
But I do not think it is right way to control the supply and it will not have any positive affect on bitcoin price.

n691309

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Quote from: DomainMagnate on February 04, 2017, 06:21:53 AM

If each one of us just burned only the 10% of our bitcoin holding, will it makes bitcoin price jump to sky?.Do you think it will create the shortage and thus price increase?

We don't hold any big amount that would affect the overall bitcoin price, but if you mean in general to burn 10% then this is another thing, of course that would affect the price and the price will be increased because of that, and just think that 10% is really a high amount.

DomainMagnate

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Quote from: pooya87 on February 04, 2017, 06:28:23 AM

Quote from: DomainMagnate on February 04, 2017, 06:21:53 AM

If each one of us just burned only the 10% of our bitcoin holding, will it makes bitcoin price jump to sky?.Do you think it will create the shortage and thus price increase?

why? and i don't mean why burn bitcoin i mean why did you even come up with this thought!!!

it is like saying if i burn gold in acid, destroying it forever, why would you even think of doing something like that?!

Yes I would do it if it helps growing gold price say 100x so that I can encash my 90% holding of gold.
Losing 10% is worth it if I get 100x profit for my 90%. Cheesy

btvGainer

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Quote from: DomainMagnate on February 04, 2017, 06:21:53 AM

If each one of us just burned only the 10% of our bitcoin holding, will it makes bitcoin price jump to sky?.Do you think it will create the shortage and thus price increase?

It is not just shortage that makes anything's price go up,there must be corresponding demand also.
I dont think or recommend burning of bitcoin for any reason.

pooya87

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Quote from: DomainMagnate on February 04, 2017, 06:21:53 AM

If each one of us just burned only the 10% of our bitcoin holding, will it makes bitcoin price jump to sky?.Do you think it will create the shortage and thus price increase?

why? and i don't mean why burn bitcoin i mean why did you even come up with this thought!!!

it is like saying if i burn gold in acid, destroying it forever, why would you even think of doing something like that?!

DomainMagnate

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If each one of us just burned only the 10% of our bitcoin holding, will it makes bitcoin price jump to sky?.Do you think it will create the shortage and thus price increase?

Topic: If we burn bitcoin? - page 2. (Read 1728 times)