Post
Topic
Board Bitcoin Discussion
Merits 6 from 4 users
Re: Burn Satoshis coins to end the threat of prices crashing - Paxful Founder
by
o_e_l_e_o
on 21/08/2019, 11:19:31 UTC
⭐ Merited by Foxpup (3) ,d5000 (1) ,vapourminer (1) ,BitcoinFX (1)
Burning coins to try to stop the price crashing is a complete non sequitur.

One of the core principle of bitcoin is it is decentralized and censorship resistance. There is no central authority which can exercise control over other people's money, burn coins, freeze address, reverse transactions, and so forth. There is no majority rule which can prevent someone else from doing anything they like with their coins, including dumping them on the market if they so choose.

If you burn Satoshi's coins, you have effectively destroyed a core principle of bitcoin. The number of people who would sell up and move their money elsewhere would crash the market harder than Satoshi's coins would.

There are plenty of centralized scam coins out there you can put your money in instead if you desire.

Quote
Burning Nakamoto’s coins is possible, if incredibly unlikely. If the whole network came together and agreed to move the coins into a different, inaccessible, account, then Nakamoto would be unable to access his/her/their fortune.
This will be a disaster. They are asking perform a 51% attack.
This wouldn't be a 51% attack, it would have to be a hard-fork. A 51% attack only allows an attacker to mine new blocks and therefore reverse transactions which have already been confirmed in older blocks. It doesn't allow them to create and confirm invalid transactions. Unless they had the private keys to Satoshi's addresses, no amount of hashpower would be able to move his coins.