"revival" of bitcoin | Bitcointalksearch.org

lionheart78

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Quote from: AZlN0 on September 28, 2023, 12:10:12 PM

Ok. If I want delete all bitcoin how doesnt use last 10 - 20 years...
But I think little other way. Sorry my English, I feel self liile bad, will be tomorrow. Цeлyю князь

Bitcoin can't be deleted but it can become dormant and unaccessible thus it will be completely removed from market circulation if you delete the private key and any backup of the address holding the Bitcoin. That is the way to "delete" a bitcoin from the market.

It makes no sense to burn cash with the aim of deleting BTC. As stated in the earlier replies even if you burn the cash from converting Bitcoin, the Bitcoin still stays in the market and is ready to be traded by the people who bought your BTC.

Yamane_Keto

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We cannot say that the million bitcoins that were not used are spoiled and we redistribute them again. It is against the Bitcoin protocol, and such a modification requires a fork, which those who manage the full nodes will not agree on, which means that a new cryptocurrency will be generated that is completely different from Bitcoin, and you can call it anything but it will not have the same market value as Bitcoin.

Satoshi Nakamoto Quote about Lost coins: “Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.”

Quote from: AZlN0 on September 28, 2023, 12:10:12 PM

Ok. If I want delete all bitcoin how doesnt use last 10 - 20 years...
But I think little other way. Sorry my English, I feel self liile bad, will be tomorrow. Цeлyю князь

The Russian board is very active here and has many distinguished members. If it is difficult for you to express yourself in English, go post there.

TravelMug

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Perhaps OP has a had time explaining as English is not his first language. Anyhow, if he is talking about "burning" Bitcoin? doesn't make sense at all, it's all based on supply and demand already.

And with the amount of lost bitcoin already, sooner or later it will really be scarce without actually "burning" it. So the price could really take off specially next year when we have the scheduled block halving that will make bitcoin go into a bull run and new all time high.

As for banknotes, there's no correlation whatsoever to bitcoin.

retreat

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Quote from: AZlN0 on September 28, 2023, 12:10:12 PM

Ok. If I want delete all bitcoin how doesnt use last 10 - 20 years...
But I think little other way. Sorry my English, I feel self liile bad, will be tomorrow. Цeлyю князь

Actually, you can use Google Translate, which is free and you can access it at any time to improve your posts.
However, for your post, I don't understand what you are saying, but because you mentioned banknotes, etc., I assume that you want to integrate Bitcoin with banknotes. That is a pretty bad idea because Bitcoin has been developed with the best system. Making it in the form of banknotes is the same as creating a new centralized fiat product. The current system is very good, there is no need to change it anymore. Period.

Dunamisx

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Quote from: PX-Z on September 28, 2023, 05:51:52 PM

What i only understand is the burning of btc. Well, Btc cannot be burned in process of exchanging it on fiat money, it's just converting bitcoin to fiat, but it is still there on the exchanges.
The rest i cam't really comprehend, try to use google translate each sentence instead the whole paragraph of what you write.

Aside that people hardly find it easier to comprehend what exactly OP was bringing up, if his idea is actually on bitcoin burning, then he should consider such as an impossible request, though this has been what is common with many of the altcoins we have in the market, but I don't think bitcoin could be better treated this way because it's a decentralized digital currency different from other cryptocurrencies, maybe OP should find a local board he could post to express his ideas better incase he finds it difficult to understand English.

avikz

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Quote from: AZlN0 on September 28, 2023, 10:13:27 AM

I would like to know something about the realization of the transformation, let us assume 1,000 000 bitcoins in bankotas, in paper money, to change everywhere on exchange rates like dollar, dirham, yuan. So that this laps cannot be used electronically, but only after conversion to digital. The shield will go dare, Dolphins will feed, I will return to clarify, if not clear quite. Something a bit dumped, write from Malakk Strait

Well, burn 1 million out of 21 one, instead of it paper bills on the world diverge with good protection, each banknote in the registry, if not it, then everything, there is no block, the collichestvo decreases, and the price up. - VR. If the banknote was lost, burned, eaten, snukhana, then outpopuschusk and no, full erase block.
https://bitcointalk.org/index.php?topic=5468436.new#new

P.S. russian crew have time now only speak about policy

OMG! The quality of the weed is really high it seems!

What are you talking about? Burning bitcoin or bank notes? Burning bitcoin will have great impact as the supply will decrease but burning banknotes will have zero impact because the government can print those back in to circulation.

Are you talking about anything else? Don't use Google translator, rather use chatgpt!

decodx

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OP has posted a similar topic in the Russian section, which could potentially provide some clarity here:

Quote from: AZlN0 on September 28, 2023, 09:33:32 AM

I would like to know some opinion on the implementation of converting, say, 1,000,000 bitcoins into banknotes, into paper money, so that they can be exchanged everywhere on exchangers, like dollars, dirhams, yuan. So that this lam cannot be used in electronic form, but only after conversion to digital. Now I’ll go and dare, I’ll feed the dolphins, I’ll come back and clarify if it’s not completely clear. I'm feeling a little seasick, I'm writing from the Strait of Malacca

Well, that is, we burn 1 million out of 21 of one, instead, paper banknotes are distributed around the world with good protection, each banknote is in the register, if it is not there, then that’s it, that block is not there, the quantity decreases, and the price goes up. Is that right? If the banknote is lost, burned, eaten, sniffed, then reissue or not, complete erasure of the block.

(google translated)

Op, what you're suggesting doesn't make sense. Bitcoin was designed as a purely electronic version of cash money, not meant to be physical like coins or banknotes. If we revert to paper banknotes, we'll revisit the old problems that Bitcoin aims to solve. Who would be the issuer of these banknotes? Who would guarantee their authenticity? What safeguards would they have against counterfeiting? Bitcoin addressed all these issues with cryptographic signing, which is impossible to replicate in physical form.

dzungmobile

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Quote from: zaim7413 on September 28, 2023, 10:16:47 PM

Burning 1 million Bitcoins. Whose assets will be burned? who would dare to do that when Bitcoin prices are predicted to soar even more?

Bitcoin is not like smart-contracted tokens and it can not be burned. Burning those tokens with smart contract is doable because they are centralized blockchains and developers can use their smart contracts to seize your tokens, burn them, do whatever they can with smart contracts.

With Bitcoin, you only can lose it by losing the private key. There is no Bitcoin developer can burn your bitcoin, they can not seize your bitcoin in your non custodial wallets. Simply, it's unable task for Bitcoin developers because Satoshi Nakamoto did not design Bitcoin blockchain with centralized smart contracts.

Lost bitcoins are gift for everyone.

Quote from: satoshi on June 21, 2010, 12:48:26 PM

Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.

zaim7413

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Burning 1 million Bitcoins. Whose assets will be burned? who would dare to do that when Bitcoin prices are predicted to soar even more? Bitcoin was created as a decentralized software digital currency and store of value, Bitcoin was also designed to operate as a peer-to-peer electronic cash system. There is no need for burning after the rapid development of Bitcoin, 21 million BTC since it was created can make Bitcoin so valuable.
The Bitcoin system is very different from other coins, BNB for example which has a feature called BNB Burn, Binance periodically buys back and burns some of the BNB, the aim is to reduce the total supply. This mechanism is carried out with the aim of increasing the value of BNB over time.
Bitcoin is electronic currency, not paper currency. There is no mechanism that can convert Bitcoin into fiat money because there is a high potential for Bitcoin counterfeit fraud.

Darker45

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Whatever your point is, forget about versions of Bitcoin in bank notes or paper bills. Bitcoin is an electronic cash. It's a digital money. Why do we have to convert it into paper bills that could easily be overprinted, counterfeited, seized, destroyed, and so forth?

There are physical Bitcoin like coins and notes, but these are mostly collectible items. They are certainly not created to serve as a fiat alternative. And there are risks involved with its creation. Somebody else knows the private keys. There's so much trust involved.

PX-Z

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What i only understand is the burning of btc. Well, Btc cannot be burned in process of exchanging it on fiat money, it's just converting bitcoin to fiat, but it is still there on the exchanges.
The rest i cam't really comprehend, try to use google translate each sentence instead the whole paragraph of what you write.

panganib999

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If you meant bitcoins being burned, then there's a chance for them to be reclaimed although that would mean getting the keys to an inaccessible address which is impossible if you don't have a quantum computer. You can't liquidate it either into banknotes cause that would mean you're just trading them off for a different currency, which again will do more bad than good as selling bitcoins diminishes its value. The current burn mechanism is good as it is and it doesn't need to change one bit. it works for the people, it works for bitcoin, and there's not much else you can ask for in this kind of setup.

nelson4lov

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Quote from: AZlN0 on September 28, 2023, 10:13:27 AM

~Snipped

Thanks @rby for cleaning it up a bit.

The way bitcoin was built, what you're proposing is far-fetched and definitely not possible. It's the same as saying we should modify the Bitcoin fixed supply to make it inflationary. The point of creating Bitcoin in the first place was so that it would self-sovereign and separate from the traditional finance world (with zero links to things like CBDC, banknotes, etc that you're proposing).

rby

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The few persons that have followed this thread so far complained that Op is not comprehensive and Op doesn't want to do anything either. I will try to make a meaning out of Op from my understanding.

Quote from: AZlN0 on September 28, 2023, 10:13:27 AM

I would like to know something about the realization of the transformation, let us assume 1,000 000 bitcoins in bankotas, in paper money, to change everywhere on exchange rates like dollar, dirham, yuan.

Op is assuming that 1 million out of the 21 million available bitcoin was printed on paper like bank notes(fiat), which has a stable value that is exchangeable in CEX or DEX just like USDT or CBDC.

Quote from: AZlN0 on September 28, 2023, 10:13:27 AM

So that this laps cannot be used electronically, but only after conversion to digital. The shield will go dare, Dolphins will feed, I will return to clarify, if not clear quite. Something a bit dumped, write from Malakk Strait

Then, these 1 million bitcoin in fiat form cannot be used electronically (not in blockchain), but can be converted to digital form just like CBDC.

Quote from: AZlN0 on September 28, 2023, 10:13:27 AM

Well, burn 1 million out of 21 one, instead of it paper bills on the world diverge with good protection, each banknote in the registry, if not it, then everything, there is no block, the collichestvo decreases, and the price up. - VR. If the banknote was lost, burned, eaten, snukhana, then outpopuschusk and no, full erase block.

The 1 million bitcoin that is converted to fiat will be burned and not to be onchain.

Tbh, this is not making sense, I give up.

decodx

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Quote from: AZlN0 on September 28, 2023, 12:10:12 PM

Sorry my English, I feel self liile bad, will be tomorrow.

Well, buddy, hate to break it to you, but that doesn't quite pass as English. No one gets what you're saying!

Try using some online tools to translate your posts, or stick to your local board.

Hamza2424

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What is this... OP like really from which planet are you speaking about our Bitcoin? Except for the Bitcoin supply mention of 21M and burning 1M I haven't understood anything even not a single byte. Shield, Dump, Dolphin & Block Huh

Hey theymos this forum is not catching the proper signals from space, Increase the height of the antenna.

Something mysterious is going on in the upper realm, Here we are getting some keywords Hold (Bitcoins ) Hard. Haha, that's not a direct attack just having fun but really I would like to hear, in the coming posts what Op is trying to say. Lets wait for a few more reponses.

NeuroticFish

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Quote from: AZlN0 on September 28, 2023, 12:10:12 PM

Ok. If I want delete all bitcoin how doesnt use last 10 - 20 years...

The bitcoins not used for 10 years (bitcoin doesn't have 20 years, so that's not in discussion today) may still belong to people.
I didn't understand anything from your first post, but if your proposal is to drain those addresses, that is equivalent to stealing and such proposal was already discussed, you can search for it if you're interested.

AZlN0

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Ok. If I want delete all bitcoin how doesnt use last 10 - 20 years...
But I think little other way. Sorry my English, I feel self liile bad, will be tomorrow. Цeлyю князь

albert0bsd

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I really don't understand anything of what you actually said.

Do they want to burn bitcoin to make some bitcoin banknotes?

if that is the case that is the worst idea that I ever heard.

There is a way to use bitcoin IRL w/o wallet software? Well there are some projects like Ballet wallet that is a physical storage of bitcoin like a cold wallet that you can redeem when you want or exchange it.

It is not my favorite option but at least it is something more or less tested.

The main problem with this approach: is susceptible to scams and falsifications. So IMO it is better to stick to regular software wallets.

AZlN0

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I would like to know something about the realization of the transformation, let us assume 1,000 000 bitcoins in bankotas, in paper money, to change everywhere on exchange rates like dollar, dirham, yuan. So that this laps cannot be used electronically, but only after conversion to digital. The shield will go dare, Dolphins will feed, I will return to clarify, if not clear quite. Something a bit dumped, write from Malakk Strait

Well, burn 1 million out of 21 one, instead of it paper bills on the world diverge with good protection, each banknote in the registry, if not it, then everything, there is no block, the collichestvo decreases, and the price up. - VR. If the banknote was lost, burned, eaten, snukhana, then outpopuschusk and no, full erase block.
https://bitcointalk.org/index.php?topic=5468436.new#new

P.S. russian crew have time now only speak about policy

Topic: "revival" of bitcoin (Read 195 times)