Is it possible to remove or destroy the supply of any coin?

[teminalibug 309]

I believe the supply if coins is the season when coins are generated either by mining or staking, then can not be be destroyed that is why crypto is not a scam and people don't have to worry about any coin just disappear completely, the only stake is decrease in demand.

But it come to my mind what if in some way it is possible to end the supply or cut it off, eliminating it??!!

[Migo 7946]

Of course, for example if the supply was breakable, they would destroyed it before, because there is some countries who are not accepting this crypto world at all, and if they had the opportunity, they will erase it, this is the reason why bitcoin is not scam and cannot be removed, I mean there is no possibility for that at all, in the current time 

[Brushless4500KV 4214]

Yes, it could be possible if all the owners of a particular coin decide to sell and ignore it completely and if no one buys the coin after that, there will be zero demand and there is no point to supply a coin which has no buyers. But this is not easy because it requires all the owners to act as a group and all of them follow the same procedure. In this case, the coin itself may exist but the volume will be near to zero and no miner takes the time to mine a dead coin.

[kyoukage01 3181]

Right now, the only active way to at least reduce the supply of crypto coins that I know of is a process called 'coin burning' where coins are dumped to a wallet address that is virtually inaccessible and thus removed from circulation, and the more passive approach is programming coins in such a way that supplies are limited and due to run out as time passes as in the case with Bitcoin. I think there are more methods and techniques in removing supply of coins other than the ones I mentioned.

 

[bliznec 22267]

Some cryptocurrencies come to the burning of coins, thereby destroying the amount of coins that they need. Maybe you mean it?

[Lover840 0]

On 3/11/2020 at 2:54 PM, teminalibug said:

I believe the supply if coins is the season when coins are generated either by mining or staking, then can not be be destroyed that is why crypto is not a scam and people don't have to worry about any coin just disappear completely, the only stake is decrease in demand.

But it come to my mind what if in some way it is possible to end the supply or cut it off, eliminating it??!!

Hello my dear friend. Yes it true. Crypto currency is not a scam. Price is just related to the demand and supply of the users. And many people consider it's scam because of its fluctuating price lol. 

[rianpedia 816]

2 hours ago, Jaga123321 said:

Yes this is possible but when the team want to do so because it is the decisions can be done by team by sending number of coins to a unkow address

Of course, every team has the best decisions that are carefully negotiated. it's good to be filled by people who understand about this.

[PiroSense 2681]

On 3/11/2020 at 5:24 PM, teminalibug said:

crypto is not a scam and people don't have to worry about any coin just disappear completely, the only stake is decrease in demand.

You cannot say that the whole cryptocurrency market does not have any scam. Some coins are purely made to hoard investors money, and does not have any use at all, in which case, we could say that it disappeared (exit scams).

 

On 3/11/2020 at 5:24 PM, teminalibug said:

But it come to my mind what if in some way it is possible to end the supply or cut it off, eliminating it??!!

It could happen, especially on weak blockchains. Ever heard of the 184 billion bitcoins bug? 

 

Read here: https://coincodex.com/article/3669/the-184-billion-btc-bug-that-caused-a-transaction-revert/

[teminalibug 309]

6 hours ago, PiroSense said:

You cannot say that the whole cryptocurrency market does not have any scam. Some coins are purely made to hoard investors money, and does not have any use at all, in which case, we could say that it disappeared (exit scams).

I did nit say all coins a re legit all i mean is coins can  not disappear completely even the scam ones, demand will go blank but supply s still there.

[rekter 8129]

On 3/11/2020 at 11:24 AM, teminalibug said:

But it come to my mind what if in some way it is possible to end the supply or cut it off, eliminating it??!!

That's not a realistic scenario as there wouldn't be any miners keeping it running without incentives and miners are the reason that any public blockchains exists. Private centralized blockchains are whole different issue but i wouldn't touch them anyway.

[teminalibug 309]

2 hours ago, rekter said:

That's not a realistic scenario as there wouldn't be any miners keeping it running without incentives and miners are the reason that any public blockchains exists. Private centralized blockchains are whole different issue but i wouldn't touch them anyway.

What about coins that are staked instead of mined, is that not a change for the fact you say that miners are the ones securing blockchain of any coins?

Edited March 14, 2020 by teminalibug

[MCSGlegend 2210]

I think that Yes, it is possible, but it requires huge resources if the coin is popular and in demand, a quantum computer can do it.

[rekter 8129]

34 minutes ago, teminalibug said:

What about coins that are stable instead of mined, is that not a change for the fact that miners are the ones securing blockchain of any coins?

Can you give me an example of such coins because i don't understand what do you mean about the supply being stable? Or are you talking about some tokens and smart contracts behind them?

[Elusir 38]

Supply of any coin is all depend upon which type of platform you are using because some platform are using for mining but after withdraw time you cannot withdraw it means all coins are destroy.

[teminalibug 309]

21 minutes ago, rekter said:

Can you give me an example of such coins because i don't understand what do you mean about the supply being stable? Or are you talking about some tokens and smart contracts behind them?

Sorry i need to go edit/change my post i meant staked coins stable it should have bee like below.

Quote

What about coins that are staked instead of mined, is that not a change for the fact you say that miners are the ones securing blockchain of any coins?

 

1 hour ago, halloweed said:

how can anything or anyone destroy the coins that are already in circulation, that is impossible man, not even those quantum computers..

Or m any be if it is unlisted from all exchanges then there is no where ti exchanges it we cans say a coins just disappeared but still nit completely since the coin can be listed again at any time with he same supply.

[rekter 8129]

9 minutes ago, teminalibug said:

Sorry i need to go edit/change my post i meant staked coins stable it should have bee like below.

 

Staking is just a one form of mining, stakers are keeping the blockchain secure by running the code on the wallet by keeping it online. There are several different methods in staking, they aren't as secure as pow mining yet, but they are getting there in the future i think. But anyway, there hasn't been any successful attacks on the bigger marketcap pos coins recently to my knowledge. At least in those i have studied and invested to.

[rekter 8129]

1 hour ago, rekter said:

Staking is just a one form of mining, stakers are keeping the blockchain secure by running the code on the wallet by keeping it online. There are several different methods in staking, they aren't as secure as pow mining yet, but they are getting there in the future i think. But anyway, there hasn't been any successful attacks on the bigger marketcap pos coins recently to my knowledge. At least in those i have studied and invested to.

 

46 minutes ago, halloweed said:

sorry i would like to correct if you don't mind.

Mining and stalking does the same thing but you can't call saying a type of mining, and it is not POP on staking is POS(Proof Of Staking.)

First of all i was comparing Pos (proof of stake) and Pow (Proof of Work) (i didn't say "pop" in anywhere). While they are very different consensus mechanisms, they are just different approaches to secure the blockchain. And as miners usually are the ones who secure the blockchain, therefore i would argue that pos can be considered as sort of mining too.

Edited March 14, 2020 by rekter
typos

[bitcoin-shark 1928]

the creator of an altcoin / token can decide to make them all available immediately or slowly over time through mining, and can also decide to burn / destroy a part to increase their value...

[teminalibug 309]

21 hours ago, rekter said:

First of all i was comparing Pos (proof of stake) and Pow (Proof of Work) (i didn't say "pop" in anywhere). While they are very different consensus mechanisms, they are just different approaches to secure the blockchain. And as miners usually are the ones who secure the blockchain, therefore i would argue that pos can be considered as sort of mining too.

I get your point, but i still argue on the part you say PoS is sort of mining, becuse mining and staling are two categories of one ting, but they are not the same thing. I'm nit saying you are wrong just the way you put the two like they are the same thing.

[rekter 8129]

5 minutes ago, teminalibug said:

I get your point, but i still argue on the part you say PoS is sort of mining, becuse mining and staling are two categories of one ting, but they are not the same thing. I'm nit saying you are wrong just the way you put the two like they are the same thing.

I agree, technically they are 2 different categories. My opinion in grouping them together could be wrong or controversial. I am not tech-savvy enough to be a judge of that.

[MrGox 880]

l don think so that, it is possible to destroy or remove the supply of coins. It seems to me it is impossible. You can only influence some situation. 

[teminalibug 309]

46 minutes ago, MrGox said:

l don think so that, it is possible to destroy or remove the supply of coins. It seems to me it is impossible. You can only influence some situation. 

The situation that can be influenced gotta have something to do wot demand, even whales manipulate the price by playing with fake demand.

[tienda 8776]

I think in the first time of creation a such coin is depend about his owner if will invest on it to promote or no, but then all depend about the amount of supply and demand, so the decision change his place from owner to the people who decide.

[Ashikhasan87 12]

No user can take any call so once burned out the team sends a coin to an intact wallet and offers that all the coins sent there will never be recovered. This should be done, but the selection should be taken by the currency team that results in any of our tendencies.

[gkapoxm 84]

Its possible. But what most people do is send the coins tha tthey want to "burn" or destroy to an address that no ones own or can own like the 1BitcoinEater, which has no keys to anyone so they are basically lost forever.