Who is sending to 1111111111111111111114oLvT2?

[RawDog]

I see a lot of transactions which send small amounts to
https://blockchain.info/address/1111111111111111111114oLvT2
Seems to me that this is some kind of burning btc for proving something
Which service does this ?

They are stuffing the OP_Return field with some kind of information.  I'd start there.  If you could figure out how their encodings in the OP_Return are working, you might be able to understand their purpose.  

Someone is paying 10 cents for most of these transactions.  50 BTC isn't trivial for most bitcoin users - there must be some purpose here.  

One example of an OP_Return field: OP_RETURN 69643ffe2e35185b949e313ba9ea85dc6b9dfe4c913578f9b05156acc026e42fd8b92919fd07e2 

[1715142972]

1715142972

[1715142972]

1715142972

[1715142972]

1715142972

[1715142972]

1715142972

[tobacco123]

I assumed that someone generated it, ended up with a private key and then declared it destroyed.

You start by generating the private key.

Then you calculate the public bitcoin address from that private key.

The results of that calculation are completely unpredictable, so for any given private key the resulting address will be one of 2¹⁶⁰ possible bitcoin addresses, and which address it will be is completely unknown until you calculate it.

So, if you start by wanting a specific address, all you can do is keep trying different private keys and see if the resulting bitcoin addresses match the address that you want.  Since each private key has a 1 in 2¹⁶⁰ chance of being the address that you want, you have a 0.0000000000000000000000000000000000000000000000684% chance of finding the private key for that specific address each time you try.

You have a better chance of winning a major national lottery (such as the PowerBall in the U.S.) multiple times in a row than you do of starting with a specific desired bitcoin address and stumbling on the correct private key in your lifetime.

I agree. I don't think the private key was/is/will ever be generated. The chance is basically 0.

[CIYAM]

I agree. I don't think the private key was/is/will ever be generated. The chance is basically 0.

Personally I think you should just say - there is no chance (i.e. remove the basically).

Unfortunately humans are not good at understanding huge numbers - so they still think there is some chance (like winning at a lottery).

Perhaps if you equated it to "being able to travel to Pluto and back for your annual holiday in the next 50 years" then maybe they might realise that *there is zero chance* (but then again they might not as perhaps quite a lot of people actually believe that flying on a spaceship to Pluto and back will be feasible on an average salary in 2066).

[Mickeyb]

Perhaps if you equated it to "being able to travel to Pluto and back for your annual holiday in the next 50 years" then maybe they might realise that *there is zero chance* (but then again they might not as perhaps quite a lot of people actually believe that flying on a spaceship to Pluto and back will be feasible on an average salary in 2066).

Which is your speculation, as are the ones making up the probability for the Pluto-Spaceship situation

[Zetacoin Express]

Perhaps it's service that is doing something similar to what Keybase.io does, but with no beneficiary of the sent BTC

See:
https://keybase.io/docs/server_security/merkle_root_in_bitcoin_blockchain

[FriendlyChemist]

I assumed that someone generated it, ended up with a private key and then declared it destroyed.

You start by generating the private key.

Then you calculate the public bitcoin address from that private key.

The results of that calculation are completely unpredictable, so for any given private key the resulting address will be one of 2¹⁶⁰ possible bitcoin addresses, and which address it will be is completely unknown until you calculate it.

So, if you start by wanting a specific address, all you can do is keep trying different private keys and see if the resulting bitcoin addresses match the address that you want.  Since each private key has a 1 in 2¹⁶⁰ chance of being the address that you want, you have a 0.0000000000000000000000000000000000000000000000684% chance of finding the private key for that specific address each time you try.

You have a better chance of winning a major national lottery (such as the PowerBall in the U.S.) multiple times in a row than you do of starting with a specific desired bitcoin address and stumbling on the correct private key in your lifetime.

It was a nice explanation by you , i really appreciate your efforts in this community.

[dishwara]

I found this in the 279 page.



Another address which maybe used in future.

https://blockchain.info/address/11111111111111111111BZbvjr

[TheGrimm]

Yea has to be a bitcoin eater, that would be a pretty funny address to have though.

I wonder if there are similar address like that but are not bitcoin eaters :-P

[Mickeyb]

I wonder if there are similar address like that but are not bitcoin eaters :-P

You can confirm that with the tech discussion experts but my guess is such an address has an astronomically small chance of finding the right priv. key.

The current longest vanity address: 1EMBARraSSABLezwXrdWu1dDAVMMdJ7Ci2 . Referred from https://bitcointalk.org/index.php?topic=90982.0

[tuvok007]

No harm if some bitcoins are burned, it is the opposite, value of bitcoin is bigger if there are some burned coins.

[coinzat]

I do not get the concept from sending btc to an address that no one has access for ! It is like ripping fiat money a part or throwing in in the ocean ! People should care for their money in more proper way

[The Sceptical Chymist]

I too find it bizarre that anyone would send any coins to this address. With some of the other coins I can see wanting to burn them, but bitcoin is a lot different.  Bitcoin has value and potential to grow significantly.

[1Referee]

I do not get the concept from sending btc to an address that no one has access for ! It is like ripping fiat money a part or throwing in in the ocean ! People should care for their money in more proper way

Well, people that are about to delete a used wallet some times have a few hundred/thousand Satoshi left in that wallet. They probably sent it there just for the fun as their coins would get "deleted" anyway.

[Quantus]

Some people burn coins to prove they have commitment to a new username/account on websites selling illegal items.

A drug dealer who wants to make a name for himself, who wants to build trust, can start burning coins these coins get tied to his new account to prove it's not a toss-away IF *superdurgsRX* has burned 10 bitcoins creating a new account you should be able to trust him up to this limit. Websites and now applications have this built in. Have a look at https://openbazaar.org/ If he steals your money you can give him bad reputation and while you have lost money he has not netted a gain because he already spent 10 bitcoins on his now worthless account because the owner has now been given bad reputation and no one will trust him again.
Some sellers will burn/invest a percentage of each sell on their reputation, to say to the world "I intend to keep this account for a long time and won't scam anyone"

[upsidedown75]

Hmm will try to find this, I like to do detective work, or maybe this is some sort of exchange site's address, because so many transactions can be done to such addresses only.

[trout]

I read somewhere that this is a name registration distributed service, similar to namecoin but on the bitcoin blockchain, and that the 40 BTC payment was to register the name " .id  ". (The registration is by proof-of-burn )
But now I can't find where I read this.  Maybe someone with better googling skills can try checking this.

[amaclin]

I read somewhere that this is a name registration distributed service, similar to namecoin but on the bitcoin blockchain, and that the 40 BTC payment was to register the name " .id  ". (The registration is by proof-of-burn )
But now I can't find where I read this.  Maybe someone with better googling skills can try checking this.

In this topic above? 

[barbara44]

Hmm will try to find this, I like to do detective work, or maybe this is some sort of exchange site's address, because so many transactions can be done to such addresses only.

It must be some sort of ponzi address I think where people are sending money and they send back users, and so on . Other than that it might be some exchange's address too.

[Mickeyb]

Hmm will try to find this, I like to do detective work, or maybe this is some sort of exchange site's address, because so many transactions can be done to such addresses only.

It must be some sort of ponzi address I think where people are sending money and they send back users, and so on . Other than that it might be some exchange's address too.

Just stop with the bullshit theories already, its a burn address and creating any such address with a private address is near to impossible

[Kprawn]

At first I thought it was a valid address, but almost all transactions shows "Unable to decode output address" ...but what is weird, the address actually contains 47.71322686 BTC. The small amounts

in quick secession points to some sort of stress test, combined with a burn experiment, because I doubt if someone has the private key for that address. What is the chances of someone creating a

vanity wallet with that address? { - 0.0000000 % } Oh, well in the grand scheme of things, those coins are lost forever.