Will you burn your bitcoins IF something goes wrong? - page 4.

Rizky Aditya

hero member

Activity: 700

Merit: 500

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

I think that it would be stupid to 'burn' your coins. If you sell them when they reach less than a cent, probably won't hit zero, you won't be earning any money. It would just be smarter to keep you coins in case anything happens and the price goes up again. That is what I would do if the price went down to less than a cent.

Karpeles

legendary

Activity: 1162

Merit: 1000

Never burn stuff that could be of some value in the future, even crazy people would not burn or tear money(or precious things)

There are people that buy old coins out of circulation and with no value, maybe someone will buy Bitcoins even if they don`t have any monetary value anymore

Carlsen

hero member

Activity: 910

Merit: 501

I don't think I would ever burn bitcoins on purpose.
After all, they are money. And I do not throw money away, no matter what.
With bitcoins, I am sure that there will always be an option to convert them into something that would be of use for me.
So no, I would never burn my coins.

NorrisK

legendary

Activity: 1946

Merit: 1007

Just send them to a paper wallet in a case like that. No software needed initially to hold them so no way the three letters would have anything on you anymore.

Burning bitcoin would be very stupid in that case, it is literly the same as burning money then, even if the value drops like a rock (do you throw quarters because you think they are worth too little?).

BorgChiquita

newbie

Activity: 1

Merit: 0

f you have already installed 60 fps converter the original bitcoin client (Bitcoin Core), then you are running a wallet, but may not even know it. In addition to relaying transactions on the network, this software also enables you to create a bitcoin address for sending and receiving the virtual currency, and to store the private key for it.

There are other desktop wallets too, all with different features. MultiBit runs on Windows, Mac OSX, and Linux. Hive is an OS X-based wallet with some unique features, including an app store that connects directly to bitcoin services.

Some desktop wallets are tailored for enhanced security: Armory falls into this category.

Others focus on anonymity: DarkWallet – uses a lightweight browser plug-in to provide services including coin ‘mixing’ in which users’ coins are exchanged for others’, to prevent people tracking them.

frendsento

sr. member

Activity: 434

Merit: 250

given that worst scenario still I'm gonna hold on my coins ,There's no way I'm gonna burn it ! I'm not gonna say that it's okay if the price of bitcoins goes that low however what I earn is still a bitcoin and It Will serve as a remembrance to me how bitcoin help me financially and how it tries to revolutionize the world and still I am hoping that It will start to recover and gain back it's value.

ImHash

hero member

Activity: 924

Merit: 506

This is it, we're burning money every day but governments keep their record and since bitcoin isn't physically available after burning(spending) blockchain(government of bitcoin) keeps the records in public ledger and data is available on every miner's core wallet, unless every single nodes of bitcoin and everyone with a live copy of blockchain secretly is working for the agency there is no way that they could scr*w with our wealth.

If dev team spreads their legs and sh*t all over the code, then we might as well fork or if critical flaws found again we could fix and fork to have our own perfect version, the results are that none of the OP's scenarios could practically and logically happen.

btccashacc

legendary

Activity: 1120

Merit: 1000

Quote from: pinkflower on January 19, 2017, 02:50:33 AM

If any of you are willing to burn all your BTC you are welcome to send them all in the BTC address posted in my profile. I myself will not burn mine because why would I? I paid and worked hard for these and every coin I have will be mine until the day I die.

Me to, i gladly will buy your coins guys or if you want to burn your coins just send your bitcoins to my bitcoin address lol.
I think before bitcoin's price touch zero people will buy them when it touch 200 dollars, however if bitoin price touch zero or being nothing there must be something and it obviously must bigger than MtGox issue.

pinkflower

sr. member

Activity: 868

Merit: 259

If any of you are willing to burn all your BTC you are welcome to send them all in the BTC address posted in my profile. I myself will not burn mine because why would I? I paid and worked hard for these and every coin I have will be mine until the day I die.

Viscore

hero member

Activity: 3178

Merit: 661

Live with peace and enjoy life!

What do I get if I burn it? Nothing, right?

I'm sure I will just keep it, bitcoin was dead in the past but came alive, so it's not wrong to still not lose hope, who knows what will happen in the future, there might be another surprises. Another rise from the dead. Grin

Juggy777

hero member

Activity: 2646

Merit: 686

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

That's one he'll of dream, cause this would only happen in a nightmare and you just had one didn't you lol. No I. Would never burn my coins, I. Would try and acculumate more and more. This will never happen though and say this thing happens then also I doubt any one will burn their coins. The real bitcoiners would never do this. 1000$ or zero, or any circumstances not leaving Bitcoins.

bitloud

member

Activity: 68

Merit: 10

I will never burn my coins and will hold them for the time when good times come. Who knows someday the price could bounce back again.

Kakmakr

legendary

Activity: 3542

Merit: 1965

Leading Crypto Sports Betting & Casino Platform

I think there might be some angry and emotional people out there, who would go to drastic measures like burning coins to protest against these scenarios. If they did and Bitcoin survived these scenarios, then the remaining coins will be more valuable.

I make sure that I spend at least 20% to 30% of my coins on a regular basis, when the price skyrocket. So in the event, that something happens, I would have had a good experience from this technology. So far, I have managed to pay off some of my debt with my profits and I have bought some physical assets. So I already have a lot to show for my time and efforts.

Make the most of what you have now, so if this thing fails, you would have received something from it. My knowledge and experienced acquired, cannot be measured in money. ^smile^

Huge Black Woman

sr. member

Activity: 322

Merit: 251

Quote from: calkob on January 18, 2017, 06:35:52 PM

That is just stupid, why would you burn your bitcoin even if it went belly up ?

and even if some 3 letter agency started it, so what they cant control it now, unless some of the worlds best programming minds have missed something serious in the code, which i doubt.

Well lookit how this nigga be formattin' his posts...damn rite this here's stoopit. Any o' those scenarios come true, there ain't no need ta burn nothin'. It's like axin' them Zimbabweans if they be burnin' they dollas 'cause they inflated like quicksella's last date. They prolly make good wallpaper, they prolly make a good asswipe, but...wait, they prolly make fo' good rollin' papers too. But bitcoin ain't good for nonna that, so no ah won't EVA burn it!!

pooya87

legendary

Activity: 3472

Merit: 10611

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

~
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.
~

i believe when we are talking about a hypothetical situation it needs to have some elements from reality in it, it can not be all science fictional.

for instance what does this mean? being behind the technology and.... bitcoin is open source and we are all behind it, as far as source goes you can see what is happening and as far as the coins and price goes there are whales everywhere having thousands of coins accumulated for years so no agency can do shit when coins are spread around the world.

target

legendary

Activity: 2282

Merit: 1041

Some users already dedicated their life to bitcoin and crypto itself, my life revolves around it that i work for Bitcoin on job sites and i will not burn my btc even if its price drop close to zero but would rather cash out lol or move to another altcoin before it happen.

We all have invested and have profited to the rest of coins already, moving our btc there would be the rightful thing to do.

MicroGuy

legendary

Activity: 2506

Merit: 1030

Twitter @realmicroguy

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.

bitloud

member

Activity: 68

Merit: 10

No. If bitcoin turns into zero value then i will just keep it, because who knows someday the price could bounce back again, because I don't see any advantage of burning the coin, and if I burned it and then one day the price bounce back I will be the stupidest user in the world.

andrei56

sr. member

Activity: 840

Merit: 254

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

Even if bitcoin reached a value of zero I will not burn my coins I will keep them as a memento of the first crypto currency, maybe at some point they will have value not as a currency but as a souvenir.

Qartersa

hero member

Activity: 868

Merit: 535

Quote from: franky1 on January 18, 2017, 09:02:22 PM

if there was a thing that required people to burn coins.. exchanges would instantly stop trading before the message circled around to everyone.
so instantly this stops 3letter agencies profiting.

the exchanges wont accept bitcoin deposits. much like the 2013 db drama sipa created with his bug.. exchanges just halted trading.

next part...why 'burn coins??.. seems like a fools errand

afterall how would you 'burn' coins.
if any public key could be bruteforced because all privkeys were available to a 3letter agency. then any 'bticoin eater' public key you sent them to could be bruteforced and funds taken out.

ultimately there is nothing you can do as revenge

at best. to mitigate yourself as a possible victim. you would not have your stash on a single key. that way it wont show up as you being on the richlist for you to be targetted so soon/if at all.

i just see no point in burning coins by sending them to a bitcoin eater address if the agency has a privkey for all known addresses containing funds

Can anybody first tell me who this three letter agency we've all been talking about since the start of this thread?

Burning it is probably really unnecessary, like I said before it is just a waste and you don't incur any expenses anyway by holding it. And if they do have a list of all private keys that were used before then just create a new one where you would store your bitcoins, problem solved. Now the agency will not be able to get your coins because he does not have a list of new addresses.

Topic: Will you burn your bitcoins IF something goes wrong? - page 4. (Read 3867 times)