What if...Satoshi Nakamoto suddenly burns 1 million bitcoins? - page 6.

gentlemand

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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?

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?

well in the market, it would really change much because those bitcoins were never really active anyways. but the peoples reaction would certainly increase the price because the total amount of bitcoins possible just decreased. satoshi has too much love for bitcoin to do that .

universe_

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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

Doamader

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Quote from: ranochigo on September 28, 2016, 11:46:54 AM

I guess that nothing would happen. With Satoshi not really moving any of his mined coins, majority of the community has already presumed the private keys to the addresses to be lost. If he were to burn them, it is simply a proof that he doesn't want them and nothing would change. It would however, probably spark another hunt for him.

Knowing several portions of bitcoin has been lost since the first days, if Nakamoto burns those coins the market should react, two ways, panic selling dumping bitcoin, or force a pump as less coins will be into circulation.

RussiaIsBest

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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

PremiumCodeX

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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.

n691309

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Quote from: Aamir1 on September 28, 2016, 11:14:37 AM

What do you mean by burns? Are you trying to say "creates" or "borns" by that? Because i don't get it if how bitcoins can be burnt, and if Satoshi Nakamoto suddenly adds that much bitcoins to the total sum of bitcoins if that is what you are trying to say, then i don't know what will be the outcome, maybe a price rise?

By burning a coin means that coin will never be used and never be accessed by anyone so these are "lost" coins. In this case if 1 Million BTC would be burned then the bitcoin price will reach the moon.

calkob

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i doubt very much that satoshi would still have the keys to all them address anyway. another question i have would be how the hell did that address get found, the bitcoin eater one Huh

ebliever

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Burning a million coins would certainly make the headlines. $600 million voluntarily destroyed? But what are the odds the he would make such a move, and why? What would be more compelling than having that much money available to spend, whether on himself or projects or charities he supports?

I expect such a move would have some upwards pressure on the price. While people have not worried too much about those coins being dumped on the market, in the deep back of our minds that possibility is there. So removing that possibility would remove one source of downwards pressure on the price, bumping it up to the next plateau.

ekoice

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If satoshi does such a thing, then the price would go high since there will be a decrease in one million coins to be mined.It would become a great news and more people would come to know about bitcoins,thus increasing the amount of people using bitcoins

naidray

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

I agree that might devalue bitcoin prices, still it could help bitcoin to grow further as other people will come to know about bitcoin with this free advertisement and also it will confirm the decentralization once again.

Kprawn

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The price will surely go up by a large margin, because the available coins or the cap will not be 21 000 000 coins, but 20 000 000 coins.

We will all benefit from this, and the "unknown" element of this would clear up all rumours of a big pump n dump scheme. These coins are

currently hanging in the air... Nobody knows what Satoshi is planning to do with it. Sad

john2231

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If it will happen i am sure the price should be increase and people will be happy to see that the price reach 10k value. but its impossible to happen they are just doing halving and decreasing the rewards per block..

Wendigo

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Satoshi Nakamoto or the people behind the pseudonym don't necessarily have to send the coins to a burn address to consider them 'burnt' forever. I think as long as they don't move the coins trying to sell them or influence the market in any way the Bitcoins in those addresses could be considered out of the Blockchain for good.

newIndia

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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?

You can be assured that Satoshis stash wont move till 2020.

ranochigo

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I guess that nothing would happen. With Satoshi not really moving any of his mined coins, majority of the community has already presumed the private keys to the addresses to be lost. If he were to burn them, it is simply a proof that he doesn't want them and nothing would change. It would however, probably spark another hunt for him.

cjmoles

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I don't believe there would be any significant change because the satoshi coins haven't been on the market so they're not available in the supply chain. If they were suddenly dumped on the market, however, that would probably have a significant impact on the price. The Satoshi coins aren't the only coins that one should be concerned about....the Winklevoss twins hold a significant stake in bitcoin and they are extremely active in the space <---- Beware, they are slowly moving toward Ethereum. http://www.bloomberg.com/news/articles/2016-05-23/here-s-one-way-of-saving-the-winklevoss-twins-bitcoin-etf-dream

Clement Kaliyar

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Quote from: bitcointank on September 28, 2016, 11:07:53 AM

The price will skyrocket since there are many people know nothing about he has 1 million bitcoin. People will realize that the real bitcoin total supply will be less 1 million, so they will buy more.

people who know about bitcoin in general know about how many coins Satoshi has in his arsenal,those who started mining in the beginning will be having a very large collection of coins and i am sure they are millionaires by now thanks to the great man in the pseudo named Satoshi

~Bitcoin~

legendary

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I think this will be really nice move by satoshi and it may open up lots of space for bitcoin price to rise well beyond our imagination as there will be no fear among traders that satoshi will be dumping large amount of bitcoins to exchange platform.

gentlemand

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Quote from: Aamir1 on September 28, 2016, 11:14:37 AM

What do you mean by burns? Are you trying to say "creates" or "borns" by that?

There are Bitcoin addresses known to have no private key. So if you send coins to them they'll never move again.

As for the original question, there's no proof Satoshi has that many coins. It would put a few doubts to bed but no one's expecting them to move ever again. It would be good to have a definitive answer either way.

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