Will you burn your bitcoins IF something goes wrong? - page 3.

andrei56

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Quote from: MicroGuy on January 18, 2017, 09:58:05 PM

Quote from: Viscount on January 18, 2017, 08:53:54 PM

Quote from: MicroGuy on January 18, 2017, 08:37:40 PM

I think the worst case scenario is that bitcoin will evolve into a quasi-centralized payment system maintained by a central core authority.

That's not the case. If there'll be some abuse people simply can refuse to use it and it will die. And everyone understand it. It would be meaningless to take over bitcoin because, in this case, bitcoin would cost nothing and all your efforts to achieve control over it would be in vain

Actually, end users that will make 99% of Bitcoin in future will not be equipped w/ technical understanding to protect bitcoin.

And if centralization comes, it will come quietly sneaking, not shouting from the rooftops. Crippling the main chain should be the first warning sign.

While I like bitcoin, bitcoin needs to evolve in a way that allow users which are not technical inclined to be able to secure their coins without too much hassle, because if it does not then many users will lose their bitcoin due to hacks.

Decoded

legendary

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give me your cryptos

If the value of gold drops, would you give it to a gold buyer for free?

That's pretty much what you're saying, except for Bitcoin. You're asking us whether we will give away our money and make the values of yours just that bit higher.

FLoving

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That will be a foolish idea if some one will go to burn his/her bitcoins and first of all it is also not sensible to think that bitcoin will ever reach to zero value. Bitcoin is a decentralized currency and those who have bitcoin will decide the price of bitcoin and people do not want to see its price at zero.

avatar_kiyoshi

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Quote from: Kprawn on January 18, 2017, 01:59:56 PM

plan to confiscate all wealth or just to control global economies. / A huge flaw in Bitcoin gets exposed and all private keys are compromised.

There's no reason to still hold the coin, in this case the value will drop as hell.
Unless the situation is not about the technical, means like almost all private key compromised, ect.
If it's purpose to control something like global economic, there are still a chance to raise the value, better hold it.

Kprawn

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Quote from: MicroGuy on January 18, 2017, 08:37:40 PM

I think the worst case scenario is that bitcoin will evolve into a quasi-centralized payment system maintained by a central core authority.

Don't see any possible way the network could be completely stopped unless we had a apocalyptic global event.

Yes, another PayPal. The network will not be stopped, but the trust relationship between the technology and the users might be shaken. We

might even see a much better technology taking it's place. { Remember VHS vs Betamax ? } So this apocalyptic event is not that far fetched

as most might think. A lot of the people say they will not burn their coins, but this is based on the hope that Bitcoin would bounce back. Roll Eyes

Wandering Soul~

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Wolf

Let me guess, The people that will burn their coins if that happened are the ones that have a some kind of hatred on bitcoin . In this situation where you can't sell it it is better to just hold it and wait for a turn around of things . If you burn your coin, You will absolutely gain nothing but if you hold it, You still have a small chance that you will gain something good with it, Still better than nothing .

And if we know that somebody's behind it, Its the more reason that we need to hold our bitcoins Cheesy

Pettuh4

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Quote from: Loganota on January 19, 2017, 10:06:32 AM

"Burning bitcoins" to me does not make any sense. Then the price rises again and you burnt your bitcoins, then you do what? Cry? Even if it reaches 0 I will continue to keep my coins even if it is for souvenirs.

I agree with you, you have to keep it and hope for a turnaround somehow. It doesn't make sense destroying it even if you've developed so much hate for yourself and Bitcoin for that matter. You will end up losing more because you'll spend your precious time getting them burned.

jakelyson

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I like to keep things for their sentimental value. And that would be hundred of dollars of sentimental value if bitcoin crashes to zero value.

I know it will not happen but if bitcoin does loses it value, I will still keep them in an offline wallet, probably trezor, and display it in my living room. A memorabilia of the good days it had, the ups and downs and the technology that could have helped the world.

Loganota

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"Burning bitcoins" to me does not make any sense. Then the price rises again and you burnt your bitcoins, then you do what? Cry? Even if it reaches 0 I will continue to keep my coins even if it is for souvenirs.

Kray

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I will never burn my bitcoin. Do you think bad things will happen with bitcoin in 2017?

Zadicar

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If that thing would happen to bitcoin then i would not burn my bitcoin infact i would still kept it on a secure place even the value would drop to zero or shall we say its already useless but seeing on the situation of bitcoin i could really say that it would still exist for long years before it goes down.

machinek20

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It will be really heartbreaking to see my bitcoin being burrned, i prefer to watch it priceless rather than burned it, i got my bitcoin with hardwork and dedication, so i wont be able to watch it disappear suddenly, i will just keep it until the price is back, if it is not back then i will keep it until the end

erickkyut

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How can i burn something that has no physical appearance? bitcoin is an online currency therefore, you cannot burn it! If you mean if I will ignore my bitcoin if something goes wrong, definitely NO! I will keep it because I'm pretty sure that it will increase it's value again!

n0ne

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Never and ever I'll not do such a wrong thing. Burning something which has got value is similar to destroying ourselves. If I feel bitcoin or other valuables that I've been using is towards fall, then I'll hold it with hope to overcome that problem. Else will explain about the particular valuable and give it to someone who is close to me. So that near future or later he might get benefited.

20kevin20

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It's like saying you'd throw away gold if its value goes to zero. Why throw it? If it went to zero it could have gone back to its price as easy as that. If this happens, just hold your bitcoins there.. why burn it when it can jusr go back up at a high price..

ralle14

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Quote from: Kprawn on January 18, 2017, 01:59:56 PM

I have just thought of the most tragic thing that people could do, if something went wrong with Bitcoin.... Burning their coins. Sad

Let's say, some tragedy strikes Bitcoin and the price per Bitcoins goes to ZERO .... would you burn your coins, or still hoard them in the hope

that this tragedy would be turned around. Examples : We figure out some 3 letter agency is behind the technology and they have some master

plan to confiscate all wealth or just to control global economies. / A huge flaw in Bitcoin gets exposed and all private keys are compromised.

This is highly unlikely, but a Doomsday scenario that might just kill the coin. Roll Eyes

This one is dedicated to RAWDOG. Grin

Burning your bitcoins would be like the last option for me when the price goes near to zero. I would just store them in an offline wallet or would just gamble them away if possible. If everyone is willing to burn their coins then I might do it.

rchstr

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Well, when the bitcoin goes zero in value, i will just keep it. Burning it will not give you any satisfaction at all. Ill just keep it for it could bounce back or it could be a souvenir that i can keep. Burning it with zero value will not help at all. Nothing will change if you just burn it. Better keep it.

Senor.Bla

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If something goes wrong with Bitcoin the price will fall, but not to ZERO. It will be maybe worth only cents, but not nothing. Some people will find a use for it, even if only collectors. So there is no need to burn, especially if you consider that they do not take up much space. But i do think that i would burn them if it would be required to get some other coins.

noictib

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Quote from: Kprawn on January 18, 2017, 01:59:56 PM

I have just thought of the most tragic thing that people could do, if something went wrong with Bitcoin.... Burning their coins. Sad

Let's say, some tragedy strikes Bitcoin and the price per Bitcoins goes to ZERO .... would you burn your coins, or still hoard them in the hope

that this tragedy would be turned around. Examples : We figure out some 3 letter agency is behind the technology and they have some master

plan to confiscate all wealth or just to control global economies. / A huge flaw in Bitcoin gets exposed and all private keys are compromised.

This is highly unlikely, but a Doomsday scenario that might just kill the coin. Roll Eyes

This one is dedicated to RAWDOG. Grin

In my opinion it will never happen but it may be possible that it can be for a particular days of period .
Well if it would be than instead of burning the coins we should hold it as an dust or dirty paper in dustbin instead to burn .
Because it may be happened that the price of bitcoin may increase in incoming days , months , year or years , so instead of burn it we should hold for good .
Because if we hold then thereare sime possibilities that the price increase and at least we can withdraw at least 10% of our initial investment .

bitbunnny

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Burning Bitcoins would be very stupid idea. Like the value went down it will go up eventualy. This would be like burning money in case of devaluation or something. In case that something terrible like this happens I would still keep the coins if I didn't manage to convert them sooner.

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