Nobody can stop people from burning coins,but noone can stop others from warning people not to... #memo
It breaks my heart to see Jose working so hard to feed Venezualans
people giving funds to support him/them
& others,
burning coins.
Yes people can do whatever they want
#StopInsanity
Burning coins helps all Joses who have these coins at the same time, it's the ultimate form of an open Ponzi which exists on ETH. Watch decentralized universal basic income emerge
That's a great point,
as soon as UBI is mentioned it shows where people are coming from.
Give (Aus) govt more power??
Absolutely N O T.
What about the word "decentralized" u don't understand? Burning coins is a way to redistribute existing wealth. Money is not wealth in itself, it's a language game for value
Is it me that determines the value of this language game, or you?
0/10
The market. Both of us are in the constant negotiation. Humans are the blankest slate, culture - history of dialogues - accounts for the bigger blank part of us
The rest of the coins will just have to be worth more. Bitcoin is divisible to 8 digits. When 1 sat is 1 $ (2018) it will still be a good problem to have.
If you're looking purely from a selfish motive and your options are burn or donate - donate is clearly much better for adoption and adoption will increase the price. Donate wins.
Idk, burning $10 of coins increases the value of every other coin by a tiny tiny tiny fraction. A donation however, increases adoption in countries that could use a stable currencey.
Yeah agreed. I'm really just comparing burning with not burning here.
I have mixed feelings about it, especially with Bitmain. If the stated purpose for doing it is to make everyones coins more valuable I think it's dumb. How about pay a marketing team?
Did they ever state that was their goal? I am not getting much info from @JihanWu
I think it's more of an altruistic excuse for developing Wormhole. Sort of appealing to BCH holders like "plus it makes your coins more valuable!"
Burning coins causes deflation and hence increases the value of remaining coins.
*UTILITY INCREASES THE VALUE*
#BitcoinCASH is greater than *just* the $$$
True and for that very reason supply/demand holds true.
what does that have to do with burning coins?
If the demand is contant and supply goes down (by e.g. burning), the price of the remaining supply must go up.
Loop back
#iLOVEonChainPostsBCH
IS
NOT
*JUST*
ABOUT
THE
PRICE
Of all the ways to increase price
(if this is what you are limited to)
Burning is the laziest,
most deceitful.
Goodbye
Burning coins is kind of like burning a Tabasco the Bull thinking it'll make all the other extant Beany Babies more valuable/desirable. In reality it's just a token gesture(wakawaka).
I agree it is lazy, and we should seek to grow value in other ways. I was just stating how the market works.
So explain the decline in price of the remaining coins, since people started burning BCH for wormhole.......
Maybe because of the conflict, don't you think? I don't think the burning is the reason
i dont think burning affects price in any way, which is exactly my point, people claiming burning increases value of other coins, this is provably false, by the price decline.
I would rather say that the decline was stronger than the effects of the burning
They always will be.
Burning coins does not increase the price in USD of remaining coins
All it does
Is reduces how many slices of the pie there will be.
This is not the same.
How is that? Because the market believes there are 21 million? In reality a lot less but we can't detect how many are burned.
Burning coins will increase the price proportional to the ratio of burned coins to coins in circulation. For a permanent 1% change you need to burn 210,000 BCH.
If I burn 100 coins the price in USD is unaffected, as these coins would not be part of trading market anyway.
All it means is, I hold less bitcoin.
Yes yes, the way to affect the price is to restrict the supply *on the market* while making sure demand stays consistent or rises. If restricting supply decreases demand it's futility.
The sell pressure has been extremely strong for two reasons - the general bear market, and the FUD regarding Nov. fork. This has NOTHING to do with the burning.
a BURNT coin, is essentially a coin sold for $0.00
this has no impact on remaining coins.
Less supply of coins = more value per coin. Does selling it for nothing trump that?
Supply AND demand,
Determines price.
It doesn't matter what the supply is if there is no demand.
UTILTY CREATES DEMAND!
Utility is where the value stems from, not the supply.
Exactly, burning a Tabasco the Bull doesn't create any more demand for collectors to buy one. If I have 10 and burn the price I can sell the remaining 9 for doesn't increase.
If it's utility and demand, why wouldn't less supply mean higher price?
Having 3 apples at that people value at 33 sats and eating 2 apples, or selling 333,333 BCH, (or whatever is a substantial amount of BCH) wouldn't affect the buying price?
limited number of coins
utilised for maximum value.
Burning is the cheapest
most vulgar option.
