I have a paper wallet with 1 bitcoin. If I carry it from U.S. to Mexico, have I moved the bitcoin from U.S. to Mexico, or have I just moved the key? If I left a copy of the wallet back in the U.S., then where are the bitcoins? U.S. or Mexico, or both, or neither?
Bitcoins are never in a wallet, just the keys are. The keys allow you to move the bitcoins from address to address, but the bitcoins never leave the blockchain. The blockchain is in the digital world, not any specific country. |
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So looks like we're holding steady with $1.6 million worth of fiat coming in on a daily basis.
Assuming all mined coins are soon sold. I wonder how long coins typically sit in their original address... |
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I see your point; I suggest a compromise; allow some to be stolen (for the good of the community) (eventually) and burn the rest. We only touch non-hashed coinbase coins.
So you think if someone leaves their car door unlocked too long that gives you the right to light the car on fire to prevent the car from being stolen? That's madness! No, you don't burn anything. Those coins belong to their owners exclusively and it's their responsibility to keep them safe. Not yours, not the community's, not anyone else's. |
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It doesn't apply here because leaving dust in old wallets does not provide any advantage to a user.
Sure it does. By leaving it in place you preserve any potential anonymity. By always combining all your outputs you are linking addresses that don't need to be linked. |
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So, should we burn all those coin who's owners refuse to move their coin kept in an unencrypted hot wallet on an antiquated windows operating system because they're also not secure and could be stolen and dumped on the market? Where does it end? And, since when has it become fashionable to control other's stake in the project? Are "we" becoming that "third party" the project was designed to eliminate?
Exactly. All bitcoins are vulnerable even today, just some more than others. Just look at the history of major bitcoin heists over the years. Sometimes the market takes a temporary tumble due to such heists. The responsibility to secure those bitcoins is solely the responsibility of said owner. |
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Consider time. A 1 minute old tx is far less risky than a fresh tx (assuming the rest of the tx is clean) if no double-spends on the tx show up.
Also, you want your node to be well connected. If you only have a single peer, you are at risk.
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huge fraction of coins fall into the hands of thieves eager to dispose of them would be a neutral or transient event.
By that same logic, Satoshi's 1M coins should be destroyed right now. Don't you see how faulty your logic is? This "future situation" already exists. At any moment, his private keys could be stolen, or he could decide to dump all his coins. They are his coins. He should be the only one to decide what to do with them. That is a core principle that Bitcoin was founded upon. |
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Given an electricity cost of 0.1 USD/kWh
A reasonable assumption for a home miner, but miners aren't in homes anymore. Big farms pay much less than that. |
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But I never agree with fooling with other people's shit, which isn't the deal here once you get past the misquote.
There's no misquote here. I am talking about destroying presumably-lost coins
Nor here. old coins should be destroyed
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Since, if each of 2256 public keys produce only 2160 hashes this means more than one public key produces the same public key hash.
Yes, that is correct. |
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You're defending the soundness of "let's destroy early coins" idea purely as an intellectual exercise, to practice your sophistry chops?
No, he's doing it to spam threads with his sig campaign. |
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I don't think that giving a grace period for them to move coins out of addresses with weak encryption and then 'locking' them or something is unreasonable.
I do think that is unreasonable. If people don't want to move their old coins, that's their choice. I'd rather have my coins be lost than some bad actor acquiring them and just dumping them for fiat.
I respect your choice to do as you wish with your coins. Stay the hell away from my coins. |
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Don't you mean this one?  |
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Where does this 1 million coin figure come from? I've no doubt he has a ton but there are probably a few other people who aren't too far behind.
Sergio's analysis. There're several posts on his blog to read through. |
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What makes you say that security for cards is awful? The only time I had issues with one was with a debit card loaded with bitcoin.
The private key is 16 digits printed on the front of the card. There is no security whatsoever! |
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Payments with no chargebacks already open the door to scams, except on the part of the merchant scamming the customer. The customer can request a refund all they want, but if the merchant doesn't send them the customer is stuck.
Merchants have to deal with unknown customers all the time, therefore, they need protection against dishonest customers. Bitcoin solves this problem perfectly. On the other hand, customers can choose to deal only with known merchants. I have no worries about sending bitcoin to a merchant because I only deal with reputable vendors. Bitcoin works perfectly here too. |
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And the protocol should protect people when the sending app fails to do so.
No, it should not. |
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Do you know the address of that genesis block? I would like to see how many bitcoin are there beside that initial 50 BTC.
I heard that people were sending there donations for years.
The address is 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa. |
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