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Burning Bitcoin

  1. #1
    Ghost Black Hole
    It would be possible to destroy the Bitcoin network by buying large amounts of bitcoin, moving it to a private wallet and destroying the private keys which would remove them from the supply chain forever.
  2. #2
    Ghost Black Hole
    Folks?
  3. #3
    Star Trek VI: The Undiscovered Country African Astronaut [my scoffingly uncritical tinning]
    Why not burn your money instead, and bring down the whole system?
  4. #4
    Ghost Black Hole
    Because money has no value and they can print more. Bitcoin has a finite supply so 'burning' it would reduce the total supply of bitcoins in circulation.
  5. #5
    WellHung Dark Matter
    Ghost could you try to explain your initial post more specifically and thoroughly for me plz?
  6. #6
    Ghost Black Hole
    There is a limited supply of Bitcoins that can exist, 21,000,000. Right now 20% of all bitcoins are lost forever because people lose their private key or password associated with the wallet. It might be possible to destroy bitcoin by 'burning' large amounts of it or putting it into a wallet and destroying the private keys which would play havoc on the price.

  7. #7
    WellHung Dark Matter
    ohhhh...i kinda get it now. thnks ghosty.
  8. #8
    WellHung Dark Matter
    Ghost How do you feel about bit coin as a currency compared to regular cash? Can one use bit coin to purchase anything money can buy?
  9. #9
    Ghost Black Hole
    Yeah
    The following users say it would be alright if the author of this post didn't die in a fire!
  10. #10
    Originally posted by Ghost There is a limited supply of Bitcoins that can exist, 21,000,000. Right now 20% of all bitcoins are lost forever because people lose their private key or password associated with the wallet. It might be possible to destroy bitcoin by 'burning' large amounts of it or putting it into a wallet and destroying the private keys which would play havoc on the price.


    unless you have unlimited fund "investors" are just going to move over to the 2nd on the list, like eth or xrp and bitcoin cash and at the same time drive the prices of bitcoin higher since theres less in circulation now.

    the only thing you can do to disrupt it is by DDOS the exchange or overwhelmimg their nodes.
  11. #11
    Admin African Astronaut
    Less coins in circulation doesn't mean the price will rise.
  12. #12
    Ghost Black Hole
    What if there was only 10,000 left
  13. #13
    Star Trek VI: The Undiscovered Country African Astronaut [my scoffingly uncritical tinning]
    Did you ever see Goldfinger op?
  14. #14
    Originally posted by Admin Less coins in circulation doesn't mean the price will rise.

    that must mean your a reetard.
  15. #15
    Ghost Black Hole
    Originally posted by Star Trek VI: The Undiscovered Country Did you ever see Goldfinger op?

    No but I'm familiar with the plot
  16. #16
    SBTlauien African Astronaut
    It's over $11K.
    The following users say it would be alright if the author of this post didn't die in a fire!
  17. #17
    -SpectraL coward [the spuriously bluish-lilac bushman]
    New BitCoins can be created. Bitcoin's protocol can be changed to allow for a larger supply.
  18. #18
    G4LM African Astronaut
    Originally posted by -SpectraL New BitCoins can be created. Bitcoin's protocol can be changed to allow for a larger supply.

    No
  19. #19
    -SpectraL coward [the spuriously bluish-lilac bushman]
    Originally posted by G4LM No

    "Once miners have unlocked this many Bitcoins, the planet's supply will essentially be tapped out, unless Bitcoin's protocol is changed to allow for a larger supply."

    https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/
  20. #20
    Star Trek VI: The Undiscovered Country African Astronaut [my scoffingly uncritical tinning]
    Originally posted by -SpectraL "Once miners have unlocked this many Bitcoins, the planet's supply will essentially be tapped out, unless Bitcoin's protocol is changed to allow for a larger supply."

    https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/

    What a shit article.
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