What if...Satoshi Nakamoto suddenly burns 1 million bitcoins? - page 5.

noictib

hero member

Activity: 966

Merit: 515

One of the world's leading Bitcoin-powered casinos

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 this happned in the bitcoin world then surely there will a strom of bitcoin rate will occur . because this amount of bitcoin is comparable to the all the mined bitcoin the world .

dearbesz1219

hero member

Activity: 924

Merit: 500

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?

Of course many of the bitcoiners if they find out that happen majority of them will get a chance to more bitcoin, it is because the price value of it will goes down and the same time goes up again.

sana54210

legendary

Activity: 3346

Merit: 1128

Quote from: PremiumCodeX on September 28, 2016, 03:59:58 PM

If I assume that Satoshi Nakamoto has 1 million bitcoins and he sends them to an address that has no known private key, I think that bitcoin's price in general rises because there is less value of bitcoin in Satoshi Nakamoto's hands so the value of the bitcoin I have is higher and I could ask for a bigger price for it.

The thing here must be, Satoshi's one million bitcoins are not in circulation and they had been hoarded since they got mind. So, burning them will not impact the prices of bitcoin in my opinion as those bitcoins are already sleeping and they are going to continue it but in different address.
But, anything could happen in bitcoin market as traders might speculate by their own way of thinking.

Herbert2020

legendary

Activity: 1946

Merit: 1137

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?

absolutely nothing. those coins that satoshi owns are considered lost as it is. so moving them to a known burn address or not moving them there doesn't really make any difference.

Quote

Would it make headlines?

of course it would.
it is the dream of all the bitcoin news sites to find a hot news like that and milk it dry with their click bait articles which offers nothing to the readers except waste of time.

Quote

Would the exchange rate rise significantly?

i doubt if it rises, that kind of news (which is not going to happen by the way) is a breading ground for FUD so price may even drop a little.
but all news has a short life time.

Quote

Is it likely?

NO

btccashacc

legendary

Activity: 1120

Merit: 1000

Quote from: Dudeperfect on September 29, 2016, 12:10:45 AM

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.

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.

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.

Kakmakr

legendary

Activity: 3542

Merit: 1965

Leading Crypto Sports Betting & Casino Platform

I would not want him to dump or burn all coins at once, but that he gives this to a foundation like the Bill Gates foundation that manage this money for him, to give this to charity or Bitcoin startups. He can still stay anonymous and only communicate with this foundation via encrypted emails.

He or she will not have to pay any taxes on this money, because he OR she received no capital gain or profit from it. Dumping all coins at once, will create chaos and might tank the price of Bitcoin.

MingLee

hero member

Activity: 490

Merit: 520

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?

How do you know it isn't already burned?

The thing is the Bitcoin will always exist in a private address somewhere. There will always be 21m Bitcoin, regardless of whether or not you can access them. They are still a part of the blockchain and are never technically lost.

Wouldn't make headlines, probably wouldn't do much to the exchange rate.

Dudeperfect

hero member

Activity: 1190

Merit: 534

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.

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.

pooya87

legendary

Activity: 3472

Merit: 10611

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?

the only thing this is going to change is that it will put an end to all the speculations about "what will satoshi do with his coins" topics and we can finally stop seeing who is satoshi topics too if we are lucky Cheesy

btccashacc

legendary

Activity: 1120

Merit: 1000

Quote from: naidray on September 28, 2016, 02:18:19 PM

Instead of burning, why not Mr. Satoshi just airdrop those 1 million bitcoin to this community.

It means total coins still 21 Millions but if he send them to the eater the total coins will be 20 Millions, so that the price would be up as people speculate, however it's impossible for satoshi do that, in other hand people would scared since they don't know how much bitcoin's that satoshi have and what if satoshi sell all of his coins but once again it's imposible.

RoommateAgreement

hero member

Activity: 770

Merit: 500

Bazinga!

some ifs are just plain stupic because they are never going to happen.

why would the creator of bitcoin suddenly come out of hiding and then instead of doing anything constructive with the 1 million coins they burn them!!!

that does not make any sense.

jossiel

hero member

Activity: 3150

Merit: 636

DGbet.fun - Crypto Sportsbook

Quote from: greatr on September 28, 2016, 06:15:06 PM

for holders it would be the best in my opinion, it would mean that he will never sell any of his bitcoins and there would be less of it so the price would grow

I don't think satoshi is not going to this why he is just going to burn that 1 million bitcoins. But if that happens for sure the price is going to increase.

But I guess it is better if Satoshi is not going to burn that instead he is just going to keep on holding that and make his own assets and just enjoy his life.

And he is going to be recognize by Forbes magazine because of it.

shinratensei_

legendary

Activity: 3276

Merit: 1029

Leading Crypto Sports Betting & Casino Platform

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?

So that's will not be headlines, caused the volume of bitcoin is getting decreased and too rarely for finding btc and make the price is rise. but no more than it. and that is just in my dream will happen and not yet.

noormcs5

hero member

Activity: 2856

Merit: 618

Leading Crypto Sports Betting & Casino Platform

Quote from: RussiaIsBest on September 28, 2016, 04:02:54 PM

if satoshi nakamato sell million bitcoins prize wil 100% rise because that is really big amount and after that prize will drop and drop and after some time it will be little bigger than this prize

I do not believe he has that amount of coins. But if has and burn them, I believe that the price would hardly dump. It is highly unlikely to happen.

Ankara

legendary

Activity: 952

Merit: 1000

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?

Surely will make headlines because the amount is too big to be true.
I think the price of BTC will drop because of this but then slowly rise again.
I think its almost unlikely because it seems to be a no brainer.

clickerz

hero member

Activity: 1414

Merit: 505

Backed.Finance

Quote from: unamis76 on September 28, 2016, 05:46:15 PM

He would be an idiot doing so. Also, markets would run around crazy for a few hours and then everything would settle Cheesy

LOL How about if no one knows that it is already burned?

If it will happen, surely it will affect bitcoin price and as @unamis76 said it will be settled after. At first theres a market reaction of course,like in speculations but in the long run market will be stabilized. It will affect the available volume supply of bitcoin.

greatr

sr. member

Activity: 447

Merit: 250

for holders it would be the best in my opinion, it would mean that he will never sell any of his bitcoins and there would be less of it so the price would grow

BeGoods

legendary

Activity: 1372

Merit: 1008

Quote from: gentlemand on September 28, 2016, 05:41:18 PM

Quote from: universe_ on September 28, 2016, 05:29:41 PM

you must be new to bitcoin, if satoshi sells his coins then the price would never recover just because people would be scared of new dumps

You can only sell once. And no one knows how many coins Satoshi has. And if you were the inventor of a new financial paradigm would you sell all of them at once on Yobit after doing nothing with them for years?

I think satoshi Nakamoto has millions in the bitcoin wallet, I do not think that the creator has little bitcoin bitcoin, I'm sure he saves and withstand millions of bitcoin. I do not know is it satoshi already started selling their bitcoin or he just continues to hold. but can I be sure that if he came in and showed the public that in fact it can be a shocking thing in the world bitcoin

unamis76

legendary

Activity: 1512

Merit: 1012

He would be an idiot doing so. Also, markets would run around crazy for a few hours and then everything would settle Cheesy

Hugroll

hero member

Activity: 756

Merit: 500

Quote from: universe_ on September 28, 2016, 05:29:41 PM

Quote from: RussiaIsBest on September 28, 2016, 04:02:54 PM

if satoshi nakamato sell million bitcoins prize wil 100% rise because that is really big amount and after that prize will drop and drop and after some time it will be little bigger than this prize

you must be new to bitcoin, if satoshi sells his coins then the price would never recover just because people would be scared of new dumps

I think of that as the opposite, if i see satoshi dumping coins into a bitcoineater address i think "less coins in the market, better buy up" meaning increase in the price.

Topic: What if...Satoshi Nakamoto suddenly burns 1 million bitcoins? - page 5. (Read 4387 times)