What happens if I send coin to an address that is unclaimed?

[underminer]

OK!  Question answered.  I find that interesting.  So basically, unless decryption technology takes a huge leap that money is probably effectively "gone" and at the same point I have a good chance of cracking that password with existing technology, there is a good chance that nobody's password is safe, so most probably bitcoin wouldn't be around either.

If I send money to a random unused address it is lost for sure. 

[BurtW]

It can't be totally random.  It has to be "legal" (bitcoin addresses have a built in checksum).  But it is easy enough to create a "legal" address without knowing the keys, send some bitcoins to it and they will be lost forever.

Here is an example:

https://blockchain.info/address/1BitcoinEaterAddressDontSendf59kuE

Read the address very carefully - it is very honest.

All of the bitcoins sent to this address are lost forever.

[underminer]

lol

Why is there money in there?

[BurtW]

Check out all the outputs from this transaction:

http://blockchain.info/tx/28ccf29cfcc9f82d42793db770e7c7894d61ccf3d18299f34bda2e54415da287

They read:

Code:

1But1DontWantToGoAmongMadxxxzDmyW6 0.0001 BTC
1Peop1eA1iceRemarkedxxxxxxxxxuLyKu 0.0001 BTC
12ohYouCantHe1pThatxxxxxxxxxzCjyMs 0.0001 BTC
19SaidTheCatWereA11MadHerexxyTvEir 0.0001 BTC
191mMadYoureMadxxxxxxxxxxxxxvwA4Up 0.0001 BTC
1HowDoYouKnow1mMadSaidA1icexxZA4Nr 0.0001 BTC
12YouMustBeSaidTheCatxxxxxxxz2tFa2 0.0001 BTC
12orYouWou1dntHaveComeHerexxvtHbqq 0.0001 BTC
0.0008 BTC

There is a bunch of cool stuff written here:

http://blockchain.info/address/12zEQoozpKCWLVfwxusiLEKLPVQ7mQNAnZ

And my favorite (one that I created) is:

http://blockchain.info/tx/bf40e4a1c2546747bc800a085e7145d921a9f402aaf4040c155ff5d0df9cc999

Which reads:

Code:

11When1DieBuryMeDeepLayTwoXVEY5jv 0.00000001 BTC
11SpeakersAtMyFeetAPairofXXTyrHor 0.00000001 BTC
11HeadphonesonMyHeadAndXXXXYUSvnd 0.00000001 BTC
11ALwaysPLayTheGratefuLDeadWdq4Xo 0.00000001 BTC
0.00000004 BTC

[BurtW]

lol

Why is there money in there?

You have to send some money to an address in order for it to be "claimed" and appear in the block chain for everyone to see.

Remember ALL the BTC sent to all of these addresses is lost forever.

[underminer]

Ok, and you are sending a minimum, paying a small fee just for the lulz of it.

*Sort of* like buying a tile with your name on it at your favorite local restaurant... 

[BurtW]

Ok, and you are sending a minimum, paying a small fee just for the lulz of it.

*Sort of* like buying a tile with your name on it at your favorite local restaurant... 

Yes.  Please keep asking questions.  We were all noobs once upon a time.  Ignore the flames and press on.