9 ms·

What a waste. The majority of people on this planet have a low enough income to be able to retire comfortably with a payout of that size.

• Scarblac 3y ago
  It's not actually wasted, the money went to people who held the 26.9 BTC before this transaction.
  • ioblomov 3y ago
    And, assuming Satoshi’s is a dead wallet, every other BTC in circulation becomes worth more.
  • hnthrowaway0328 3y ago
    Yeah, could actually be a good thing, if those BTC were sold by multiple ordinary people.
  • bakoo 3y ago
    The 26.9 now dead bitcoins could have done a lot more good had they been sent to a charity or nonprofit instead.
    • Hamuko 3y ago
      What charities take Bitcoin?
      • lazyasciiart 3y ago
        At least a few that I know, actually! Example: https://msf.org.au/donate/crypto https://msf.org.au/donate/crypto
      • majewsky 3y ago
        All of them after you convert it into fiat through an exchange.
        • lxgr 3y ago
          Hopefully before, since otherwise you might end up paying a totally avoidable tax bill.
      • nullc 3y ago
        Plenty do, https://www.eff.org/pages/other-ways-give-and-donor-support https://www.eff.org/pages/other-ways-give-and-donor-support All charities do if you open a Fidelity Charitable account and fund it with Bitcoin. :) In the US it is tax adventitious to donate appreciated assets, including Bitcoin. (or even especially bitcoin as few other assets have appreciated as much) It's often not highly promoted-- usually posed on an 'other ways to give' catch-all as it appears to have a slightly negative effect on conversion rates (I've heard there is some evidence that accepting bitcoin sends prospective donors off on a rabbit hole of learning about Bitcoin).
      • lxgr 3y ago
        Hopefully every well-managed one. Regardless what your views on Bitcoin are, accepting donations of appreciated assets just makes a lot of sense from a tax optimization perspective: The donor gets a write-off of the current market value, while the (nonprofit) charity can sell the appreciated assets without incurring capital gains or income tax. At least that’s the case for stock donations in the US.
      • master-lincoln 3y ago
        https://thegivingblock.com/resources/nonprofits-accepting-crypto-donations/ https://thegivingblock.com/resources/nonprofits-accepting-cr...
      • voidee 3y ago
        WCK is one of the best run charities providing food in otherwise hopeless catastrophes and wars. https://thegivingblock.com/donate/world-central-kitchen/ https://thegivingblock.com/donate/world-central-kitchen/
    • jampekka 3y ago
      Maybe the transactor didn't deem that they should have the power to decide what's "a lot more good"? There are a lot of "charities" that IMHO do mostly "bad". Also charity itself is problematic: should those with money get to decide how and what problems are focused on? https://www.bbc.co.uk/ethics/charity/against_1.shtml https://www.bbc.co.uk/ethics/charity/against_1.shtml
• hackerlight 3y ago
  If you burn currency it's not wasted, it deflates the remaining currency in proportion, so in effect it's gifting to other holders. Assuming it's never used after this.
• jampekka 3y ago
  Nothing was wasted. Currency is not a resource, it's a kind of debt arrangement. Or as more commonly put: you can't eat money.
  • INTPenis 3y ago
    But what if the BTC was traded in for real money and donated to a charity?
    • b112 3y ago
      But what if the time you just spent typing that, was instead, donated to charity? This question can be asked about anything. Like my new car! Or that I ate a steak instead of chicken.
    • jampekka 3y ago
      Maybe they don't believe that charity is a good thing? Or that they should have the power to decide what's a good thing? https://www.bbc.co.uk/ethics/charity/against_1.shtml https://www.bbc.co.uk/ethics/charity/against_1.shtml
    • pwdisswordfishc 3y ago
      Currency is not a resource, it's a kind of debt arrangement.
      • INTPenis 3y ago
        So? You can still trade the BTC in for money and do more good with it than just dumping it into /dev/null.
        • jampekka 3y ago
          Now they instead gave the opportunity for other bitcoin holders to do good with the /dev/null'ed coins. It's like giving up quota in a shared storage system for all others (in proportion to their quotas). And not like e.g. throwing away food or destructing buildings.
• BeFlatXIII 3y ago
  Just wait until you learn about the time The K Foundation burnt £1 mil in cash.