Why do people still send BTC to the genesis block address?

[manselr]

https://blockchain.info/address/1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa

As you can see, there are 999 transactions into this address which is the first ever as far as I know, so this address has basically 66 BTC that are frozen forever. What's the deal?

[flailing Junk]

Probably the same reason people throw coins into wells.

[saturn643]

https://blockchain.info/address/1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa

As you can see, there are 999 transactions into this address which is the first ever as far as I know, so this address has basically 66 BTC that are frozen forever. What's the deal?

That is actually not correct. The address is a valid address, it just cannot spend the Bitcoin from the GENESIS TRANSACTION. This is because that transaction isn't actually in the unspent outputs database and never will be. All of the other transactions that go to it can be spent because those transactions are in the unspent output database. So actually of that 66 BTC, only 50 of it cannot be spend. The remaining 16 can be spent.

[franky1]

i think the OP means presuming the genesis block privkey is lost. like most keys were in 2009 as bitcoin was buggy and wallets were changing around etc..

the reason people put funds into it is as a thankyou to satoshi.. no one expects him to spend it.. its more of a bow in honour, a tilt of the hat recognition symbol.

but flailing Junk said it better

Probably the same reason people throw coins into wells.

for good wishes and good luck

[manselr]

Oh I get it. And yeah I don't think anyone that is realistic about it thinks any of those BTC will ever move at this point. Sending BTC there: you can discount that from the total supply of 21 million coins basically.

[Bitware]

As a 'tip' or 'thank you' to Satoshi.

[Kakmakr]

To some Bitcoin is a religion and they bow to the creator, to bring gifts and sacrifices. <Sounds hardcore> ^Joking^
I think most people are just having some fun, and they send Bitcoin there, like people doing graffiti on public buildings.
Why do people climb Everest? Answer : Because it is there. ^hmf^

[Possum577]

Seems like a lamb of a target for a hack. Even just for 16 BTC...

Good thing this stuff can't be hacked now, but could it ever?

[CryptoDatabase]

Seems like a lamb of a target for a hack. Even just for 16 BTC...

Good thing this stuff can't be hacked now, but could it ever?

Unfortunately no code is safe from hackers. It may be safe for a while but there will always be a way around everything. The best we can hope for is that security is kept on top of.

[Possum577]

Seems like a lamb of a target for a hack. Even just for 16 BTC...

Good thing this stuff can't be hacked now, but could it ever?

Unfortunately no code is safe from hackers. It may be safe for a while but there will always be a way around everything. The best we can hope for is that security is kept on top of.

And do you know how many developers are in position to build and oversee those security improvements?

[CryptoDatabase]

Seems like a lamb of a target for a hack. Even just for 16 BTC...

Good thing this stuff can't be hacked now, but could it ever?

Unfortunately no code is safe from hackers. It may be safe for a while but there will always be a way around everything. The best we can hope for is that security is kept on top of.

And do you know how many developers are in position to build and oversee those security improvements?

I do not, no. But numbers cannot be used accurately in this situation as the amount of hackers out there far outweigh a select few keeping it up to date.

[seattlenonsmoker]

That's a keen observation.

[FrostStick]

Blockchain spammers often send small amounts of coins to random addresses attached with a message that sometimes contains malicious links.

Also some sites decide to advertise themselves this way although I strongly discourage it.