What if...Satoshi Nakamoto suddenly burns 1 million bitcoins? - page 4.

rickadone

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Quote from: disconnectme on September 29, 2016, 10:38:48 AM

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.

ashiqdey

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Your questions is not correct or may be i had understood incorrect.

How can anyone burn bitcoin. It's a digital asset and it's not like paper currency which we can burn even bitcoin doesn't store in bitcoin network as a file or a program rather it is just a number that is stored in database so how can we burns those digital 1's and 0's . It's n abnormal question I guess but well you wanted to know and just take bitcoin as digital 1s and 0s and nothing more than that.

CoinBreader

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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?

Ofc it will make headlines ! What happens next is really unknown because crypto land is full of surprises ! And ofc satoshi i dont he is so naive to burn 1m btc !
Shit man, my mind run back in the day where satoshi was solo mining bitcoin ! and hitting block one after another.... now its take to take the red pill! Cool

jak3

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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

disconnectme

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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.

croutonhexagon

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Quote from: marleybobthedog on September 29, 2016, 10:19:52 AM

He would buy bitcoin he might have millions of bitcoin already with him and that could be the reason that he is still identified. After few years when bitcoin price will be sky rocketing at that time he could sell those bitcoin and lost his name in top richest person. But all thru l these are my imagination. Anyway satoshi it's not going to buy any bitcoin from public because he is the creator and he might have lot of bitcoin with him already. Imagine if he have 1 million bitcoin then if price of 1 bitcoin becomes half million then he would be owner of 1lakh crore. Just imaging the figure which doesn't got my calculator.

I agree with you. Satoshi would never buy bitcoin from anyone because he it's owner of bitcoin and already he might have lots of bitcoin stored in his wallet. If he reveals his identity then he might loss his assets value sop he might be waiting for price hike top minimum 1LAKH Rs so that he could be the billionaire.

marleybobthedog

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He would buy bitcoin he might have millions of bitcoin already with him and that could be the reason that he is still identified. After few years when bitcoin price will be sky rocketing at that time he could sell those bitcoin and lost his name in top richest person. But all thru l these are my imagination. Anyway satoshi it's not going to buy any bitcoin from public because he is the creator and he might have lot of bitcoin with him already. Imagine if he have 1 million bitcoin then if price of 1 bitcoin becomes half million then he would be owner of 1lakh crore. Just imaging the figure which doesn't got my calculator.

randy8777

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assuming he really has that many coins, and he can still access them at any time, then the market will react postively when these coins get sent to an address as bitcoin eater so that these coins will not come into circulation ever again. but he will never do such a thing. no one would do that. destruction of capital is never the way to settle things.

eternalgloom

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Quote from: Mastsetad on September 29, 2016, 03:51:57 AM

Quote from: Carlsen on September 29, 2016, 03:46:05 AM

I don't think that anything would happen.
Satoshis coins have not been touched since the biginning, at least as far as I know.
If you burn something nobody uses, I do not think it would have any affect on anything.

Exactly, finishing something which is not in use wont make any difference for anyone or anything, so if the bitcoins satoshi hold are not in circulation then it would really not make any difference if they are burnt or just stay where they are.

I'm not sure if it wouldn't make any difference, if that happens it would definitely show that he's alive and still has control over at least some of his addresses.
It could definitely trigger some kind of response from the market, I would think.

ABCbits

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Crypto Swap Exchange

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

What happens next?

Nothing much would happen after that because he doesn't use 1 million bitcoins anyway.
The only difference is only that Satoshi can's spend 1 million bitcoins.

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

Would it make headlines?

On bitcoin media? Definitely yes
On mainstream media? Most likely wouldn't happen

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

Would the exchange rate rise significantly?

No, because there's no different because Satoshi don't spend any of his/her 1 million bitcoin anyway Roll Eyes

But, some FUD might able to raise/drop bitcoin price

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

Is it likely?

NO, satoshi don't do anything unnecessary which could leak Satoshi's true identity.

Quote from: Xester on September 29, 2016, 03:46:10 AM

How could he burn it, it is digital. Grin

Well, it would cost the price of bitcoin to soar high. Its price will really goes up since there would be less bitcoin in the circulation.

But I do not think that he will do that because he created and programmed it to help people. He would not do such thing to make people suffer. Many people will surely be affected by that phenomenon.

By burn, OP means this Proof of Burn

Mastsetad

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Quote from: Carlsen on September 29, 2016, 03:46:05 AM

I don't think that anything would happen.
Satoshis coins have not been touched since the biginning, at least as far as I know.
If you burn something nobody uses, I do not think it would have any affect on anything.

Exactly, finishing something which is not in use wont make any difference for anyone or anything, so if the bitcoins satoshi hold are not in circulation then it would really not make any difference if they are burnt or just stay where they are.

Xester

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How could he burn it, it is digital. Grin

Well, it would cost the price of bitcoin to soar high. Its price will really goes up since there would be less bitcoin in the circulation.

But I do not think that he will do that because he created and programmed it to help people. He would not do such thing to make people suffer. Many people will surely be affected by that phenomenon.

Carlsen

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I don't think that anything would happen.
Satoshis coins have not been touched since the biginning, at least as far as I know.
If you burn something nobody uses, I do not think it would have any affect on anything.

btvGainer

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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?

Yes I think it will give a great push to bitcoin price if he burns all his coins.Given the increasing popularity of bitcoin,any shortage will fuel price increase.Although satoshi's coins are not in circulation but it is the news that effects the market.If there is a false news that 1 million new bitcoin are generated due to some reasons,market will react even on it and price will fall

holybible

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Quote from: defined on September 29, 2016, 03:05:03 AM

If he does that, it only shows he is alive. If he is not alive, his 1 million bitcoins are as good as burned already.

Fortunately he is the best dev, he never sold one bitcoin, if he sold bitcoin, the bitcoin will crash, people will panic sell because they fear his 1 million btc

kateaustin

newbie

Activity: 36

Merit: 0

I think it would be interesting but these coins have been out for years already, it would impact the total market price I think since allot of media coverage is certain as well as the decrease in total acquirable coins, but it wouldn't make a huge impact.

talkbitcoin

legendary

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All I know is that I know nothing.

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?

people are going to freak out if this happens. especially those who don't know anything about bitcoin and how that particular address of 1bitcoineater works will panic.

but i think in the long term of how things work out, this has no effect on bitcoin whatsoever.

davis196

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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?

I don`t think Satoshi is that crazy to burn 600 million USD.

Maybe the price will go down for 24 hours and after that will skyrocket,because of the decreased supply.

coynedterm

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i think it will never happen because satoshi nakamotv is creater of bitcoin and he can't do this bad work . because if it would be then the price of bitcoin will increasee about 50-60% and there will be a main problem how to get stable price .

defined

hero member

Activity: 574

Merit: 500

If he does that, it only shows he is alive. If he is not alive, his 1 million bitcoins are as good as burned already.

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