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A comment on One of the largest owners of Bitcoin, reportedly held over 1B dead at 41. Parent comment

Re:One of the largest owners of Bitcoin, reportedly held ove... by mynameishere on Monday June 28, 2021 @08:18PM (#27670033)
Some libertarian crank (I forget who) said that the best charity a person could do is to cash out their fortune and burn the paper dollars. This is a deflationary event and does just what you mention--gives everybody a little gift. Somehow a cynical suggestion like that is considered serious now. Because it is high-tech I guess.
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Re:One of the largest owners of Bitcoin, reportedly held ove... by anonporridge on Monday June 28, 2021 @08:23PM (#27670082)
Na, that's stupid with cash because we can arbitrarily print more of it. Any cash burning event would be of marginal collective contribution.

It actually matters with bitcoin because of the hard supply cap. Every lost coin shrinks the pie.

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Re:One of the largest owners of Bitcoin, reportedly held ove... by jayd16 on Monday June 28, 2021 @08:48PM (#27670290)
It doesn't matter with any currency. You don't price things by how many dollars exist. You price things at what people will pay. If the billions weren't being spent, its about the same as if they're never spent.

Printing money and giving it away causes inflation because people can use it to buy things but having money printed but locked away does nothing. If this money was locked up then its not much of a change.

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Re:One of the largest owners of Bitcoin, reportedly held ove... by bradleyjg on Monday June 28, 2021 @08:29PM (#27670146)
“We” can arbitrarily print more Bitcoin or dollars. In either case you just need consensus among the correct group of people.
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Re:One of the largest owners of Bitcoin, reportedly held ove... by anonporridge on Monday June 28, 2021 @08:45PM (#27670265)
Technically true, but the big difference is that if someone hard forks bitcoin to start printing more, holders will see their coins fork with the chains. You'll have both the old, hard money and the new diluted money, and the market will decide which one is more valuable. This doesn't happen with fiat.

Which one would you choose?

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Re:One of the largest owners of Bitcoin, reportedly held ove... by cyanydeez on Monday June 28, 2021 @08:35PM (#27670195)
infact "we" can just seitch to any other infinite coins cause again, theres barely anything but grandfsther clauses tying bitcoin to any realworld value
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Re:One of the largest owners of Bitcoin, reportedly held ove... by paxys on Monday June 28, 2021 @08:25PM (#27670101)
It does not give "everybody" a little gift, only people who already have money (since their existing money is now worth X% more). People with 0 still have 0, and people in debt have to work even harder to pay it off. Something that disproportionally helps rich people is the opposite of charity.
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