What if...Satoshi Nakamoto suddenly burns 1 million bitcoins?

PokerFace3

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Quote from: chesatochi on November 17, 2016, 12:24:27 PM

I think he could send it to my wallet and I will take care of it Wink

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Instead of giving all the bitcoins to one person, why not just distribute all his hoarding to all the current bitcoin holders. It might sound similar to CLAMcoin's initial distribution methodology, still I feel it would be fair and will be encouraging all the "earlier" adopters of bitcoins. Yes, we are all the earlier adopters.

chesatochi

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I think he could send it to my wallet and I will take care of it Wink

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Personally I don't think something will happen because the bitcoin will flow into the network like the money in circulation in the real world. Also I think the price will stay the same even is he will decide to sell most of it for real money.

Kprawn

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Quote from: Senor.Bla on November 17, 2016, 06:17:28 AM

Quote from: LuanX3 on November 17, 2016, 05:45:07 AM

First off, even if he was the creator this is not possible with the blockchain. Just to answer your question, if it did happen. It will make headlines for sure. The rates would drop and everybody will leave bitcoin.

absolute nonsense. it is possible to burn bitcoin, that means to make them unaccessible forever. why would it make the rates drop? if demand stays the same but the supply goes down, then the price usually goes up. i see no need to leave in such a case.

The price will go up, because one of the "uncertainties" in Bitcoin would be removed and Bitcoin will one again get massive media exposure. It

is not common for people to destroy $ 743 000 000 US in one day. Roll Eyes

.... The demand will not stay the same, when a major event like this

happens. If this happens, we would see record prices. Wink

Doamader

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First if Nakamoto burns its bitcoins wouldnt make sense, do you know how many childs are dying outside? If someone burns such ammount of coins i would understand clear that the person doesnt care about others. About the financial problems it could cause at bitcoin would be insane, to see how the market would react, i doubt a pump would happen, i believe people would dump their bitcoin very fast.

StarofBTC

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Quote from: Senor.Bla on November 17, 2016, 06:17:28 AM

Quote from: LuanX3 on November 17, 2016, 05:45:07 AM

First off, even if he was the creator this is not possible with the blockchain. Just to answer your question, if it did happen. It will make headlines for sure. The rates would drop and everybody will leave bitcoin.

absolute nonsense. it is possible to burn bitcoin, that means to make them unaccessible forever. why would it make the rates drop? if demand stays the same but the supply goes down, then the price usually goes up. i see no need to leave in such a case.

But there were another debate like total 21 million bitcoin units will be enough to serve the globe among infinitely divisible nature of bitcoin units. Still, many bitcoiners have already burned few of their bitcoins for the reason of having better price of their rest of bitcoins. Same thing might be happening if Satoshi decides to do so.

Senor.Bla

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Quote from: LuanX3 on November 17, 2016, 05:45:07 AM

First off, even if he was the creator this is not possible with the blockchain. Just to answer your question, if it did happen. It will make headlines for sure. The rates would drop and everybody will leave bitcoin.

absolute nonsense. it is possible to burn bitcoin, that means to make them unaccessible forever. why would it make the rates drop? if demand stays the same but the supply goes down, then the price usually goes up. i see no need to leave in such a case.

TastyChillySauce00

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Quote from: SyGambler on November 05, 2016, 10:18:51 AM

ehh not sure about it , but I think the price won't go down since satoshi's coins are considered by many people burnt at the moment
so probably the price would stay the same or it would go up , in the long run there will be less coins available for the public which should increase the price

"if" he does it the price will go up,burning 1 million of bitcoins mean decreasing the stock of bitcoin while the demands still remain the same
i guess the price will go up drastically and for sure will affect the whole bitcoin world or even altcoins,but that seems too imaginary to be actually happen

LuanX3

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First off, even if he was the creator this is not possible with the blockchain. Just to answer your question, if it did happen. It will make headlines for sure. The rates would drop and everybody will leave bitcoin.

Decoded

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OK first of all, Satoshi wouldn't be daft enough to dump all his coins if he has any into an address like 1BitcoinEaterAddressDontSendf59kuE.

Secondly, the risk of 1000000 Bitcoin falling into a transom persons hands in a random person's wallet is way too high.

Thirdly, he'll probably make multiple transactions to keep things quiet.

NeuroticFish

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Quote from: ArcCsch on September 28, 2016, 10:58:25 AM

The title explains it all, you look at blockchain.info and see a burst of transactions sending a total of 1000000BTC to 1BitcoinEaterAddressDontSendf59kuE.
What happens next?
Would it make headlines?
Would the exchange rate rise significantly?
Is it likely?

It will get to the headlines, clearly, but the price will not rise, it will fall (at least at start).
And I think that it's unlikely.

I think that most believe that Satoshi is dead or anyway he cannot access his BTC anymore. Or he just wants to keep them where they are. (Else he would have done moves before).
If somebody burns BTC1Mil of Satoshi's account he might have access to another ~~big~~ huge amount of BTC and he may want to sell sooner or later. (And I expect that this somebody is not Satoshi).

Disclaimer: My logic is based on the assumption Satoshi's wallets have much more than BTC1M, maybe even more than BTC1.5M...

drwtsn32

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Of course it would make the headlines. Lots of it for sure.
But about the price to significantly rise, err.. I'm not sure about that.
It won't matter because even if Satoshi or some other man has 1 million bitcoins and he does not use it, that is nothing and it will still be nothing even if you send it to a bitcoin eater.

groll

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Quote from: kryptqnick on November 06, 2016, 01:50:28 PM

I have never heard about burnt btc and don't quite understand what is it. Well, I think if Nakamoto burns a million then we have less of btc potentially and that's it. Why would it influence the price? I gues if nobody is aware of an action, it doesn't influence the price. I might be wrong about it, of course.
I checked on the In ternet and found out that it is indeed possible to burn BTC but I still don't understand how it works and why is it possible.

I also cant imagine how is it possible to burn BTC. But then I think it wont gonna happen. Why would Nakamoto burn BTC? And if so, I think there will gonna be a movement on BTC's price. Since the supply will be affected, its demand will also move probably it will rise. And probably it will gonna be a big news to the bitcoin community. But then its just an imagination that he will burn 1 million BTC.

BitcoinPanther

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If Satoshi Nakamoto burn that 1 million, I think that there is no effect in the market. The reason is that the 1 million bitcoins had been there for and never been moved. So basically it is already no in the circulation. Now tell me, how does the bitcoin that is not in the market circulation affect the market if it is burn? Of course it will not affect the volume of demand and supply in the market because it is not in the market in the first place.

0xfff

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If satoshi is out there.... I wouldn't mind if you sent me a pm. I'd love to discuss bitcoin with you. Grin

I would also gladly take your bitcoin if you wanted to burn it. Cheesy

krishna1

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its next to impossible there is no probabilty that satoshi nakamoto himself will burn 1million bitcoin thays a crap idea.bitcoin price is already higher because other things or coins are now count in cents but bitcoins is 700$ per btc with is huge

bitcoinsforall

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Since there are total of 21 million coins,1 million will not kill bitcoin but will make the price go high further

kryptqnick

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I have never heard about burnt btc and don't quite understand what is it. Well, I think if Nakamoto burns a million then we have less of btc potentially and that's it. Why would it influence the price? I gues if nobody is aware of an action, it doesn't influence the price. I might be wrong about it, of course.
I checked on the In ternet and found out that it is indeed possible to burn BTC but I still don't understand how it works and why is it possible.

Hugroll

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Quote from: ArcCsch on September 28, 2016, 10:58:25 AM

The title explains it all, you look at blockchain.info and see a burst of transactions sending a total of 1000000BTC to 1BitcoinEaterAddressDontSendf59kuE.
What happens next?
Would it make headlines?
Would the exchange rate rise significantly?
Is it likely?

If that happened i would honestly be happy and excited for bitcoin because of two reasons. Satoshi is back and alive and the fact that about 5% of bitcoins in existence are now burned, making the price significantly higher.

However the chances of this occuring are very low because satoshi has too much respect for bitcoin.

Bitcoinsummoner

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I think if its happen well i think the price will increase more since the price of bitcoin is always depends in demand and supply so our supply will reduce so it can affect the value of bitcoin..

Senor.Bla

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Quote from: BillyBobZorton on November 05, 2016, 12:12:43 PM

I don't think there's need to worry. The coins have not moved in 7 years. Satoshi Nakamoto is probably dead by now, or lost the coins, or whatever else. Something happened. It's impossible he/they would not move the coins for 7+ years.

how can you say something like this? why would he be dead? just because he is 7 years older? what do you expect how old he was when he invented bitcoin? 90? why would you assume he lost the keys? it is more likely that he destroyed them, but i see no evidence that he lost them. and why exactly should it be impossible to not move coins for over 7 years? do they have an expiration date?

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