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Some people have burned it: https://en.wikipedia.org/wiki/K_Foundation#The_K_Foundation_Burn_a_Million_Quid https://en.wikipedia.org/wiki/K_Foundation#The_K_Fo

Some people have burned it: https://en.wikipedia.org/wiki/K_Foundation#The_K_Foundation_Burn_a_Million_Quid https://en.wikipedia.org/wiki/K_Foundation#The_K_Foundation_...

onion2k 8y ago
Bill Drummond from the KLF has since said he regrets doing that stunt. "Of course I regret it - who wouldn't!" Drummond now says. http://news.bbc.co.uk/1/hi/northern_ireland/3667901.stm http://news.bbc.co.uk/1/hi/northern_ireland/3667901.stm
- etrautmann 8y ago
  I enjoyed reading about the soup line in that article.
majewsky 8y ago
I prefer what https://en.wikipedia.org/wiki/Pineapple_Fund https://en.wikipedia.org/wiki/Pineapple_Fund did with their unexpected fortune.
- corodra 8y ago
  They gave away money, in the public light, to attract more donations... to take off the top. More donations, more “top” to take from. Just because it was bitcoin, doesn’t mean they aren’t human. I think the past few years of bitcoin has proven that bitcoin isn’t magically immune to human corruption.
Asooka 8y ago
A bit offtopic, but I've been wondering - is it possible to destroy money in any way other than literally burning banknotes. With electronic money you can only transfer them between parties, so while you can give away all your money, the money still exists in the system - you can't call the bank and ask to have 100k deleted from your account. Am I missing something or is there no way for money to ever disappear from the banking system?
- foxhop 8y ago
  You cannot destroy money, the government literally adds money at any time (physical and electronically). Deleting 100k would be a drop in the bucket. Often when the government creates new money it's given to the banks who loan it to the rest of us with interest...
- jpetso 8y ago
  Money is created when debt is taken out. By repaying debt, the allowed maximum amount of loaned money (i.e. arbitrarily created money) is reduced. If all debts everywhere were repaid, all money would stop existing. Therefore, if you give your money to people who use it to pay off their loans, you effectively do the same thing as having it "deleted". The other question, of course, is how to keep those people from taking on new debt now that they have some breathing room.
corodra 8y ago
Proves my point. He burned it in front of a freelance reporter and filmed it. Then released a film about it. Sacrifice a small pile of money to try making a bigger pile. There are smarter ways, but making more was the intent. If it wasn’t the intent, it would have been done in private.

Some people have burned it: https://en.wikipedia.org/wiki/K_Foundation#The_K_Foundation_Burn_a_Million_Quid https://en.wikipedia.org/wiki/K_Foundation#The_K_Foundation_...

onion2k 8y ago

Bill Drummond from the KLF has since said he regrets doing that stunt. "Of course I regret it - who wouldn't!" Drummond now says. http://news.bbc.co.uk/1/hi/northern_ireland/3667901.stm http://news.bbc.co.uk/1/hi/northern_ireland/3667901.stm

etrautmann 8y ago
I enjoyed reading about the soup line in that article.

majewsky 8y ago

I prefer what https://en.wikipedia.org/wiki/Pineapple_Fund https://en.wikipedia.org/wiki/Pineapple_Fund did with their unexpected fortune.

corodra 8y ago
They gave away money, in the public light, to attract more donations... to take off the top. More donations, more “top” to take from. Just because it was bitcoin, doesn’t mean they aren’t human. I think the past few years of bitcoin has proven that bitcoin isn’t magically immune to human corruption.

Asooka 8y ago

A bit offtopic, but I've been wondering - is it possible to destroy money in any way other than literally burning banknotes. With electronic money you can only transfer them between parties, so while you can give away all your money, the money still exists in the system - you can't call the bank and ask to have 100k deleted from your account. Am I missing something or is there no way for money to ever disappear from the banking system?

foxhop 8y ago
You cannot destroy money, the government literally adds money at any time (physical and electronically). Deleting 100k would be a drop in the bucket. Often when the government creates new money it's given to the banks who loan it to the rest of us with interest...
jpetso 8y ago
Money is created when debt is taken out. By repaying debt, the allowed maximum amount of loaned money (i.e. arbitrarily created money) is reduced. If all debts everywhere were repaid, all money would stop existing. Therefore, if you give your money to people who use it to pay off their loans, you effectively do the same thing as having it "deleted". The other question, of course, is how to keep those people from taking on new debt now that they have some breathing room.

corodra 8y ago

Proves my point. He burned it in front of a freelance reporter and filmed it. Then released a film about it. Sacrifice a small pile of money to try making a bigger pile. There are smarter ways, but making more was the intent. If it wasn’t the intent, it would have been done in private.