Can We Destroy Satoshi Nakamoto’s Bitcoins?

August 20, 2019 By: Lorenzo Stroe

Ray Youssef, the founder of Paxful, a p2p bitcoin marketplace seems to think so. His idea is to burn all the 980,000 bitcoins owned by Satoshi. Youssef thinks that destroying all the coins would make all the anxiety created by the mystery behind Nakamoto disappear.

Is Youssef serious? Apparently, he is. Youssef tagged big names like Roger Ver or CZ, the CEO of Binance and asked them to reply with ‘burn’ if they wanted to help.

But is it actually possible to somehow destroy Nakamoto’s bitcoins? It’s almost impossible but it could be done, theoretically if the whole network agrees and moved all the coins in a different account/wallet that Nakamoto couldn’t access, then the coins would be ‘burnt’.

Something like that happened already when DAO was hacked and the whole Ethereum blockchain was rewritten to get back all the funds the hacker stole. That’s how Ethereum Classic was created.

Jokes aside, this can really give anyone a good idea of the decentralization a blockchain offers. Although it’s possible to do something like burning coins, it’s only possible if the whole network or the big majority agrees.

Twitter wasn’t too kind about Youssef idea and most of the replies insulted or made fun of him.

Another user compared the idea to CZ’s idea of rolling back the chain after Binance’s hack.

 

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