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Someone just burned $8 million of bitcoin
(protos.com)
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this post was submitted on 26 May 2026
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Nobody in the history of bitcoin had ever tampered with the money supply for it. The vast majority of cryptocurrencies are immune to it, but not all. When I say that, I mean you can't create or destroy coins. You cannot impact the total supply of available money. Well, you can technically burn coins by sending them to uncontrolled addresses, but that doesn't destroy them, just leaves them in a very public box nobody has the key to.
But having a secure money supply does not prevent scammers, correct. It's extremely unfortunate and not something I condone, but it doesn't take away from what I said about the money supply.
Last I looked, everyone who held bitcoin for more than I think 3-4 years had turned a profit, and that's been true at almost every point in bitcoin's history. The overall crypto scene is rife with scam coins and people who think their near clone of bitcoin will replace it despite no real features to distinguish it.
Like I said, on a long enough time line, bitcoin has almost ALWAYS turned a profit, and at many points, it outperformed S&P. But if you wanna get into the broader crypto market, don't do that, it's rife with scams.
“A long enough timeline”
Dude crypto isn’t even 20 years old and didn’t hit the mainstream until the last 19 years.
You don’t even know why crypto goes up or down other than hype. There’s no balance sheet. No profits. No product. Nothing. Just a bunch of gambling addicts waiting to defend it because they know their just only keep value as long as long as it has positive press. How is it not just a pyramid scheme?
Like I said, the long enough timeline is all of like 4 years, assuming we speak specifically of bitcoin. If you held at least that long, no matter when you bought in, you turned a profit.
Bitcoin seeks to fulfill the role of a currency, but currencies are just as or more strongly ruled by the network effect than things like social media. It's almost impossible to see the usage it's capable of before it hits a critical mass of popularity. Even in spite of that, there are communities of people who make and sell things exclusively in cryptocurrency, typically bitcoin. They don't buy it and hold it as an investment. They actually use it as a routine, daily currency where they have complete freedom to transact with anyone, anywhere with no concern for processor fees, credit cards censoring their products, banks holding the money for days, authoritarian controls most people in here don't have to even think of, etc. I understand that the value proposition may not make sense to you, but there are people out there absolutely loving what it does for them and using it every single day as the currency people here think it will never be.