110K premined NVC is successfully destroyed !

[btc-e.com]

[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.

[1713921708]

1713921708

[smoothie]

yay! 

[human]

crazy good move! long live novacoin!  

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

what is your personal motivation behind NVC?

[Monster Tent]

crazy good move! long live novacoin!  

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

[AndyRossy]

Only 110k was "premined"?

[SgtSpike]

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?

[CoinHoarder]

... Aaaaand it's gone.  

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

[FuzzyBear]

... Aaaaand it's gone.  

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

+110K

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

[laughingbear]

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

[smoothie]

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

Agreed,

I think BTC-e should remove NVC/BTC from the exchange.

It is a centralized system (i.e. broken) and shouldn't be considered a viable trading asset (coin) to trade with others.

BTC-e should add MicroCash if this is the case or PPC or FRC or TRC. But they didn't.

That is the real question, why add this broken coin when we have like 10 other broken ones to add?

[laughingbear]

Is there any  way to confirm these coins were destroyed?

[neotrix]

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

Agreed

Only 110k was "premined"?

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...

[sublime5447]

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!

[crazy_rabbit]

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.

[hanzac]

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.

[laughingbear]

can the coin descruction be proved?

[🏰 TradeFortress 🏰]

Yes, the coins are destroyed.

[crazy_rabbit]

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

Agreed

Only 110k was "premined"?

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...

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

[Balthazar]

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...

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.

[laughingbear]

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

Show me how I can confirm the coins have been destroyed, I can not figure out how to look this up