Quote from: panonym on January 15, 2014, 12:43:38 PM

Thank you Vitalik for joining the topic.

I value your idea, and ultimately your project will be - and start - how you wish it to be.
However I am a bit sad you got influenced by LeoC without thinking twice about what he wrote.
About proof of burn, you two are just wrong.

Let's not mix everything.

Quote from: Vitalik Buterin on January 15, 2014, 12:16:25 PM

Quote from: Vitalik Buterin on January 15, 2014, 12:16:25 PM

When you're putting BTC into a proof of burn, through the deflation effect you're effectively donating your money to large BTC early adopters.

You do not give them anything... Their BTC is not suddenly worth more. It's psychological.
At best it's stay as stable as now for them forever.
If Ethereum goal were really to remplace bitcoin, which actual capacities to do so: then Bitcoin ultimately will lose value compare to ether over time.
Not win. Scarcity alone doesn't fix any value.

Lot's of thing I wish to express about Ethereum itself. (this post was a bit off topic)
But it will be for another time.
I have a life outside this forum.

Anyway, best of luck to your project. Whatever it will concretely be at the end.
There is still space for communication with the community, and many possible amelioration.

Deflation does not donate the money, it increases the buying power of all BTC holders including yourself. Because BTC is mined and is inflating, our buying power is constantly being reduced to benefit miners. The miners actually benefit the most from inflation while everyone holding Bitcoins benefits from deflation.

Supply and demand influence price so deflation will create higher prices if demand increases. It's safe to say that for Bitcoin demand is definitely going to continue to increase so everyone will benefit from PoB. It is true that people who have more Bitcoins will benefit too but it's not at the expense of people who have less. Even if you only have 1 Bitcoin you still would benefit as much as the person who has 1000.