Pulse of Truth

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Someone just burned $8 million of bitcoin (protos.com)

submitted 1 month ago by lemmydev2@infosec.pub to c/pulse_of_truth@infosec.pub

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More than 107 BTC are now provably burned from the supply until someone invents a cryptographically relevant quantum computer. The post Someone just burned $8 million of bitcoin appeared first on Protos.

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[–] Tiresia@slrpnk.net 1 points 1 month ago (1 children)

Wouldn't the value be redistributed? If the bitcoin price is driven by the desire for bitcoin liquidity and that desire didn't change, then burning $8 million in bitcoin should raise the value of all other bitcoin combined by $8 million, no? Bitcoin would still have the same number of people willing to pay the same amount to buy bitcoin, they just have fewer bitcoins available to buy. So every other bitcoin in existence just got more rare and valuable.

[–] musicalphysics@discuss.online 1 points 1 month ago

Logically I agree.