Bitcoin Forum

[NVC] Public destruction of 110 000 coins

Hi all. As you know, BTC-E received 110k of coins before NVC was publicly released. There are so many trolling about this, and we  decided to destroy it.

So, let's talk about subject. There are four basic ways, and they all work:

There are four basic ways, and they all work:

1) Come up with an address that passes the basic sanity checks but is internally invalid. You can know for sure that no key could possibly match this address.

2) Put strings of characters in the address that are way beyond what anyone could generate in a vanity address. For example, if the Bitcoin address has "FourScoreAndSevenYearsAgo" in it, it's clearly beyond anyone's capability to find a corresponding private key.

3) Use a public key that's obviously made up, such as one that consists only of zero bytes or that contains all consecutive digits of Pi. It's clearly beyond anyone's capability to find a corresponding private key. (For this one to work, you need to disclose the public key.)

4) Use a hash of the public key that's obviously made up. This works the same as the option above, but the difficulty would be in even finding a public key with such a hash, much less finding the corresponding private key.

Let's begin creation of our valid non-redeemable address for destroying coins. We will use this online address generator: http://gobittest.appspot.com/Address

All valid public keys begin with 0x04. We can use this byte sequence as public key:

0400000000000000000000000000000000000000000000000000000000000000000000000000000 000000000000000000000000000000000000000000000000000

Enter this line to "Public ECDSA Key" field and press "Send" button. After this you need to set the correct address version. It's can be done pretty easy by editing first byte of "Adding network bytes to 3" field, set it to 08. I.e. final value of "Adding network bytes to 3" will be

083B4DF4363CAA9E3BD9DA58020D3080BE8230A4AE

Now you can press "Send" button and get your NovaCoin address, which corresponds to invalid public key. It will be 4K7Q8XHw6vb8v25jBMQJvBYDJ71jJybzhG

We used this address for coins destruction - 4K7Q8XHw6vb8v25jBMQJvBYDJ71jJybzhG

Transaction ID is 9ffcf4b7c8a2e17a2776f7e8aaa0852ed2a7f80386bfc0d63991aac21dbdfe1e.

yay!  :D

crazy good move! long live novacoin!  8)

BTW where can I find the sources and how do I install a miner on a mac?

what is your personal motivation behind NVC?

I think its a scrypt implementation of PPCoin

Only 110k was "premined"?

What's the story behind this?  Someone else transferred 110,000 NVC to BTC-e, then BTC-e decides to destroy it?  Or BTC-e is behind NVC?

... Aaaaand it's gone.  ;D

http://www.youtube.com/watch?v=NmFo-LKHGY0

+110K :)

but serious.... what about andyrossy's question BTC-e??

This is only a small step in the right direction.  You are still scammers.

If I bribe, and steal $16,000 from a financial exchange in the real world, I dont get to just destroy the money when I get caught and the police will let me go.

You got caught so you destroy it, that doesnt make you trustworthy now

Is there any  way to confirm these coins were destroyed?

Agreed


No around 200 k...and missing 90k. They understand if they dont destroy the no hided premine (110k)...the coin will died due so much trolling (In fact just real questions but called trolling...).
So you delete 110 k keep 90k who even take bigger value cause less coins in circulation...Does I'm alone to see the smart move for them ?

As I said in btc-e chat to balthazar I have to admit the scam is nicely organised and this move make it much better again for them...

My question isn't about the NVC BS(looks like a crap coin to me). I just want to know when the site will be back up and where are my funds? (not much money) but fuck this is the first time I have transferred and I cant access the site. Doesn't make me feel to good about transferring larger amount in the future. Not to mention the site looks like 1980's qbasic. This shit is so annoying. How many fucking payment accounts do I have to open to get some BTC? Mt.gox, dwolla, okpay,liqpay,btc-e, coinbase, have all of these fucking accounts and still no coins!

Will you please consider supporting TRC and PPC on the site? While it won't earn everyones trust back, it will certainly help for some to see a more fair support of other alt-Coins as well.

Actually, I don't like this act of destroying the coins. Why not using these coins to do frequent transactions and paid as transaction fees. So the current miners can benefit as rewards.

can the coin descruction be proved?

Yes, the coins are destroyed.

So there are still 90K in premined coins, that now due to having destroyed the 110K, are now even more valuable?

Where did you get this value? Why not 2000001 or 194999.98?

It was released on Feb 09, 2013 at ~ 1:00 AM GMT+4. Moneysupply for this date is pretty easy to calculate, there were less than 65k coins at release. Additional amount was mined after release simultaneously with other miners, but we also destroyed it, as a gesture of fair. Instead of trolling, you have to admit that you were wrong, and apologize. If you care about your reputation, of course.

But if you don't care, you are free to post random numbers without explanations and proofs. :D

Because there were around 200k premined coins. Stop spreading FUD for NovaScam.

It was sent to address with invalid public key. Follow the instructions in the first message, and you will get the same address. Which will be proof of destruction.

 If someone can't figure it out, he should try. ;)

You are free to believe in anything what you want, but you have nothing against facts.  



https://github.com/CryptoManiac/novacoin/commits/master


 :P

So, now you are able to stop spreading ridiculous lie.

Nothing personal, but you chose the wrong way. The intelligent person always able to admit their own mistakes.

As an honest question- what was the point behind creating NVC in the first place? What was the inspiration/reason?

I like Proof of Stake/Proof of Work hybrid design, and I want support this idea by alternative implementation. It was only reason to create this project. There is nothing to hide.

Then why premine _at least_ 110k?

This is the first part of the history.
Pre-mined coins + Starter Official Release was in Russian on a Russian forum, other people are saying + There was no official annoucement for the coin here.

OK, take a closer look to this line again

Are there any problem with Arabic numbers understanding? Where did you find out this 110/200/rand()k sums? Repeating the same joke more than three times is not funny.

I mined this coins + ~35k for the stake, and given it to exchange as of a guarantee that I'll not dump it. So, there are not only pre-mined coins destroyed, my normally mined coins destroyed too. I have nothing else to say.

Maybe I also had to write a letter for Putin, or Obama? I lol'd. ;D  :D

Okay, enough ... Because I am simply dying of laugh. See you later, have a nice day. :)

I don't think anyone else is laughing. Not the people with coins stuck on BTC-E and not the people who are losing their faith in BTC-E, and not the people (mostly newbies) who will probably be left holding useless NVC.

While everyone might be getting their facts wrong, the reason people aren't laughing is that someone did premine at least 110K Coins, and as far as I can tell no one has said why. Of course people put two and two together.

I don't think anyone else is laughing, unless someone can explain otherwise: the massive buy orders, the price above LTC, the immediate trading of NVC on BTC-E. 

What was the point of pre-mining 110K NVC? The last time I checked the price for NVC was .0042, or 426 BTC, or over twelve thousand dollars. Where was that 12 thousand dollars supposed to come from? Obviously from other users on BTC-E.

And it was created out of thin air.

So, I'm not laughing. I've stayed mostly on the sidelines for this one, I'd just like to see TRC and PPC on the exchange. Understand please that it's not the facts that need to be argued, it's the INTENT which concerns me the most.

+ 1

Since there is a community about crypto-currency, why the hell you didn't posted it here?
Or even better, show your work before the genesis block start, like LTC and PPC?
Trying to make fun of us and telling nothing make you more stupid than smoothie.

Wow. You are contradicting BTC-e in the exact same thread. Check the OP of the thread.

You know, if you tried to pull this off in real life, you'd be prosecuted for something called "fraud".

Scammer accusation thread opened: https://bitcointalk.org/index.php?topic=144353.0

I'd like to see TRC and other altcoins as well!

Could someone give a rundown of what happened?  Whose 110K premined coins were those?  Who started NVC?  Why did BTC-e feel it necessary to destroy them?  Why have people lost trust in BTC-e?

From my pov:

Balthazar makes NVC, and mines 110k coins (for the chain testing i assume)
He sends those coins on btc-e as a guarantee fund, and btc-e adds nvc trading
Everyone gone crazy "lets ddos those f*ckers, and the pools" (coz the price of nvc was/is higher than ltc)
Btc-e felt like destroying those coins for everyone to be ok with it
Everyone now asks btc-e to remove nvc trading (coz they didnt catch up when the diff was low enough and losing money(from ltc)
Some ask btc-e if it doesnt remove nvc trading, to add the coin that they have more of (search in threads)
Some call btc-e and/or Balthazar a scammer for creating and adding this coin in btc-e, even after the "premined" coins destroyed, like its their own exchange and their opinion is a rule for btc-e
-end

Yes, it's getting more an more idiotic ;D
BTC-E probably shouldn't even have destroyed coins as people start to demand more and more.

Is Balthazar involved with BTC-e at all?  If not, what gave BTC-e the right to destroy his coins?

Totaly agree, balthazar and/or btc-e deserved those for the service they offer


As far as i know he is a mod there.


Addiotionaly to all this mess ppl now start complaining on the btc-e chat that btc-e stole their money etc etc... Im a little suspicious that someone wants btc-e to die...

Guys...DDOS. It's been working okay for me...Stop crying and refresh the page a few times.  ::)

Refresh doesnt work. Anti-DDOS is blocking IPs. I've had a friend empty my accounts until they stop peddling their own stupid altcoin and become an exchange again.

This means the NVC scam can continue with a clean sleeve, let see how long this coin last.

If it weren't for the scrypt mining, the coin would be killed already!

Ugh.

Removing or remarking out the host file entry they told everyone on windows to enter yesterday allows access. Account access hide-and-go-seek anyone? ::)

Wow I just realized this. They got 110k coins before NVC was publicly released. Damn that is pretty bad.

Actually, this isn't surprising for an exchange, especially when the originator of the coin wants there to be an ample source for people to buy into. The more people buy, the more value there is in the coin. But the wisdom of Satoshi was not simply in making a new currency: it was limiting the supply so that any demand for it could catch up. When the supply exceeds the demand, it's probable that the price will drop (it doesn't always, but it can). When more people want something than there is a supply of the thing they want, then the price goes up as people clamor to be one of the few who own something.

110k is a bit much--heck, 60k might be too many. This was just greed, as the person wanted to create something out of nothing. Unlike Satoshi, this person was focused only on making a quick profit. By itself, that's not a bad thing; but if someone "poisons the pool" and transmits invalid coins, then there is no value left. Those who want to create a new cryptocurrency first have to see that there is a need beyond their own selfish desire for money.

Too bad, NVC is dead. It can't be trusted.

Well, so far it doesn't seem dead enough for my collection.

Bought a few anyway so that I have them when they finally die (if they do)

Nice work necromancers

please add BSPMPD-Coin (bull sht pre mined pump&dump-coin)

A step toward the good direction!

Get out of here, necro troll.