My take is that, a lot of big technology company or rich tech-savvy person will try to 'crack' the 1BitcoinEaterAddress's address and get its private key. Well ... it's 1 million Bitcoin which is equivalent to 6,111,000,000 USD as of right now at Preev.com.
Other than that I also guess that the price of Bitcoin will mostly likely goes up as the amount of Bitcoin available on the market is lower - unless these people I mentioned above managed to obtain the private key.
Topic: What if...Satoshi Nakamoto suddenly burns 1 million bitcoins? - page 3. (Read 4374 times)
If Nakamoto one day just think about such act, i would left bitcoin, just because there are milions childs die because they has no food, medical and water to survive, soo a act like those at my vision would mean he has no heart and doesnt care the rest of the world.
Bitcoin were made to people for the people soo act like that for me would be the end of bitcoin, if he think into donate the coins its another history.
the talk is that satoshi has over 1 million bitcoin. which would be 5% and this is considered quite a sum. many are assuming this amount will never move and is lost. price would go probably down if the coins would move. if he burns them we could be certain they are gone and this would make the other coins more valuable (price would go up). Bitcoin were made to people for the people soo act like that for me would be the end of bitcoin, if he think into donate the coins its another history.
If Nakamoto one day just think about such act, i would left bitcoin, just because there are milions childs die because they has no food, medical and water to survive, soo a act like those at my vision would mean he has no heart and doesnt care the rest of the world.
Bitcoin were made to people for the people soo act like that for me would be the end of bitcoin, if he think into donate the coins its another history.
Bitcoin were made to people for the people soo act like that for me would be the end of bitcoin, if he think into donate the coins its another history.
Theymos wants that satoshi's bitcoin should be destroyed,
Theymos: “Bitcoins Belonging to Satoshi Should Be Destroyed”
But then it would make even critical to identify the real identity of satoshi and another thing is there will be a compromise with his privacy. This is really a complicated issue and decision must be taken after extreme research about possible incidents which might cause such destruction.
Theymos: “Bitcoins Belonging to Satoshi Should Be Destroyed”
But then it would make even critical to identify the real identity of satoshi and another thing is there will be a compromise with his privacy. This is really a complicated issue and decision must be taken after extreme research about possible incidents which might cause such destruction.
Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.
This has been discussed so many times before, on Reddit and also in this forum, which is still in debate
https://bitcointalksearch.org/topic/theymos-bitcoins-belonging-to-satoshi-should-be-destroyed-1469099
But the thing I always wondered was does he ever have a plan to burns or destroyed his coin???
Well from his quote it's clearly if the coin has burnt the price will be increase.
I have a different point of view about destroying coins and I don’t want a single satoshi to destroy. It’s completely okay if you don’t want to use it but one shouldn’t burn it because bitcoin is in its early phase and after few decades it will have a crucial importance so since any activity is not reversible we can’t recover the burned coins. I agree that I am not and expert but still, I don’t think it’s a good idea to destroy bitcoin.
I doubt he will take sure actions, as at today's valuation that is $600 million and even have potential of hitting $1 billion. I can't see anything that will motivate him to do that unless Bitcoin becomes too strong a currency and he also will possess the financial weapon to destroy any economy.
of course he wouldnt do it, we actually dont know if hes still active so we shouldnt be worried about it
If you look at here https://blockchain.info/charts/total-bitcoins around 15 million bitcoin are in supply and only 6 million new coins will be generated from now on till bitcoin will have its maximum 21 million supply. So burning 1 million means its around 5% of total supply and also known to holded by one guy satoshi nakamoto (hypothetical title for bitcoin creator) from long time and when this will be moved market can go upwards as this will limit the supply by 5% and main reason will be that satoshi actually is alive and not trying to be rich by destroying bitcoin.
I doubt he will take sure actions, as at today's valuation that is $600 million and even have potential of hitting $1 billion. I can't see anything that will motivate him to do that unless Bitcoin becomes too strong a currency and he also will possess the financial weapon to destroy any economy.
Why he would intend to burn in out? Since its his invention after all and he do much hard work on this project and he would just burn 1m bitcoin? Hes not crazy enough to do such thing In fact he would even make more development on bitcoins ecosystem and it would surely help from all bitcoin holders.
For us Satoshi is a genius, but I am quite sure that governments don't look at him like that. He made something that allows people to be in full control of their finances, avoid any contact with banks and governments, bring their economy in danger, etc. Reason enough for governments to hunt him down.
Agree, and government is now thinking any ideas they can control of bitcoin. Some wants this bitcoin to be regulated so that they can taxed it or can impose any fees they wanted. Because of bitcoin or these blockchain technology, banks are also utilizing these.
Satoshi is too hot still after the years we have already had. I wouldn't be surprised governments somehow have him on a wanted list somewhere. He will be better off to never ever show up again. Also, with all the different egos from developers, I don't think they will allow him to sit back on "his" seat.
the person behind the name satoshi is still talked about because of his genius ,i do not think that the government would hunt him or do something else for what he did to the technological advancement but the ego filled developers wont accept him or give him a chance at all if he ever wishes to come to the forefront that is a fact.
For us Satoshi is a genius, but I am quite sure that governments don't look at him like that. He made something that allows people to be in full control of their finances, avoid any contact with banks and governments, bring their economy in danger, etc. Reason enough for governments to hunt him down.
i think the topic is bullshit , how will satoshi gets 1million bitcoin or if he has it then also if he burns it then also i can not see any sign of price increase because those coins are burnt not returned to the network
it is a common knowledge Satoshi has 1 millions bitcoin in his possession but he has not spent it 
It would change nothing. How would anyone know if he had the 1.000.000bitcoins before he says that he burned them?
Maybe a 10 or 20$ pump would happened and that's it. Then it would go back to where it was before. (back to normal)
He wasn't going to dump those coins anyway and people didn't know existance. So saying that i destroyed 1million bitcoins wouldn't affect anytning.
Maybe a 10 or 20$ pump would happened and that's it. Then it would go back to where it was before. (back to normal)
He wasn't going to dump those coins anyway and people didn't know existance. So saying that i destroyed 1million bitcoins wouldn't affect anytning.
It really doesn't matter to me at all as long as we are the greatest benefactor of what ever is happening to bitcoin industry. Withdrawing $1m worth of bitcoin does not mean that bitcoin was burned it only means that it is being used.
It won't have a tremendous effect on prince increase because not all bitcoins have been mined yet. Also I don't someone like Satoshi will burn a virtual currency in which he is know for. If the supply is affected than it is guaranteedn that the price will really go up more than triple of the price today.
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?
What happens next?
Would it make headlines?
Would the exchange rate rise significantly?
Is it likely?
If I don't misunderstand, the word "burn" means to delete, to make it disappear, so you mean that Satoshi will delete that 1 million bitcoins?
wow, that's actually unbelievable. but if he would do it, I think the price of bitcoin will be down because that amount is not small, really.
September 29, 2016, 06:57:33 PM
i think the topic is bullshit , how will satoshi gets 1million bitcoin or if he has it then also if he burns it then also i can not see any sign of price increase because those coins are burnt not returned to the network
either way i dont think that it would affect bitcoins a lot, it would just show that satoshi is still active September 29, 2016, 06:21:51 PM
People who said that the price would drop, why did you write that? Why would bitcoin's price drop if Satoshi "burned" 1 millions bitcoins? I explained my reason why I think the price would rise in my previous post, which was based on the "the less there is, the more valuable" principle. But I wonder the reason of the other side of the discussion.
Who created bitcoin, Nakamoto, soo to him burn their coins wont make any sense, and the market can react and will if something happens to those coins, being burned people might pump bitcoin, as might start a panic sell at bitcoin, those adress has a lot power a single person can hit bitcoin deeply and affect it in the heart.
September 29, 2016, 04:44:02 PM
I doubt he will take sure actions, as at today's valuation that is $600 million and even have potential of hitting $1 billion. I can't see anything that will motivate him to do that unless Bitcoin becomes too strong a currency and he also will possess the financial weapon to destroy any economy.
i think that of course no action would be taken because people would most probably just not care September 29, 2016, 03:48:49 PM
Satoshi is too hot still after the years we have already had. I wouldn't be surprised governments somehow have him on a wanted list somewhere. He will be better off to never ever show up again. Also, with all the different egos from developers, I don't think they will allow him to sit back on "his" seat.
the person behind the name satoshi is still talked about because of his genius ,i do not think that the government would hunt him or do something else for what he did to the technological advancement but the ego filled developers wont accept him or give him a chance at all if he ever wishes to come to the forefront that is a fact.
September 29, 2016, 01:52:13 PM
I doubt he will take sure actions, as at today's valuation that is $600 million and even have potential of hitting $1 billion. I can't see anything that will motivate him to do that unless Bitcoin becomes too strong a currency and he also will possess the financial weapon to destroy any economy.
Never expect any negative actions from the noble man Satoshi, at the same time expecting him throwing away his own invention is also completely meaningless in my personal opinion.I believe, Satoshi will come back and will use this hoarding for the future developments of bitcoin system like taking it to underdeveloped countries by providing infrastructures for bitcoin adoptions.
Satoshi is too hot still after the years we have already had. I wouldn't be surprised governments somehow have him on a wanted list somewhere. He will be better off to never ever show up again. Also, with all the different egos from developers, I don't think they will allow him to sit back on "his" seat.
September 29, 2016, 01:50:48 PM
People who said that the price would drop, why did you write that? Why would bitcoin's price drop if Satoshi "burned" 1 millions bitcoins? I explained my reason why I think the price would rise in my previous post, which was based on the "the less there is, the more valuable" principle. But I wonder the reason of the other side of the discussion.
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