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Author Topic: Why people keep burning Bitcoins?  (Read 425 times)
400actforsale
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December 16, 2016, 05:43:56 AM
 #1

https://blockchain.info/address/1111111111111111111114oLvT2
https://blockchain.info/address/1BitcoinEaterAddressDontSendf59kuE
https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr - People still sending here while the distribution have ended years ago!

↑↑↑ Above are only 3 of the popular burning address where people are sending satoshis and satoshis inside and decreasing the total supply of Bitcoin. Are they too rich and felling like burning a real piece of money? Or they sent them 'accidentally'?

Just curious of that.

↓↓↓ Satoshi's address mining block 0 have also received 1000+ inputs... They are donors or just, again, burning BTC?

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

Goodbye bitcoin!
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December 16, 2016, 05:48:54 AM
 #2

most of them are for experimenting and mostly since they are famous addresses people send transactions to these addresses with "OP_RETURN" and as you can see on the blockchain.info those red "Unable to decode output address" lines.

sometimes it is for begging or advertising too. see the comments.

p.s. i forgot to say there is also https://en.bitcoin.it/wiki/Proof_of_burn

let me decode a couple and see if i can edit this comment and add more information.

https://blockchain.info/tx/0fc9549ad148d5a71c1973a609f88e6471c0dc1d7b02f95735b9d7a120371167
has this: 蝬瘝迵朝붡਽徖瓇૿麧첻㼅蜳夵

https://blockchain.info/tx/b7e3afeb974c8bc3889ea7b726e711bf6091981b21c5a1126fbd4e9d17eb250e
has: omni

https://blockchain.info/tx/89e8e61ad9ddbb43c10ea7906dacd7f8cc4db3f1da588476997b556a0e9cd03c
椧㽤碎됛ꡯ猺멆㲒롹晛튓꽯�嘩퐘㧳羫鑸蕕禬

https://blockchain.info/tx/de8fb87f3deba69e001c09ae20dcc13c84b8a81c95b1d85e1ca59889111f68b5
椧㽤屷놆瓕Ԃ裒ﳳޜ曺끷讂�嘩퐘㧳羫鑸蕕禬

i did the conversions with Unicode, but this was the first time i was doing it, i hope i did it right because the ASCII returns nonesense (apart from the second one which was omni)

400actforsale
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December 16, 2016, 07:36:34 AM
 #3

After seeing your decode I still don't see anything which seemed to have sense for them to burn coin to make unreadable messages (apart from the 2nd, the Chinese characters in the 1st, 3rd and 4th messages have no meaning combined).

P.S. I have just remembered this website, which let people write meaningful messages with just few cents. Maybe this is one of the reason? (The coins sent to 1111111111111111111114oLvT2 still makes no sense at all!)

Goodbye bitcoin!
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December 16, 2016, 07:56:39 AM
 #4

It can be because of anything. Maybe they want to show that they can, maybe they did it in a fit of rage because something bad happened, maybe they want to decrease the number of bitcoin supply, maybe they did it because their girlfriend dared them to.
Unless you can get into contact with every single person that have burned bitcoins and ask them why they did it you can't know for sure why they burned their bitcoins. I've burned few uBTC twice while trying some stuff.

                                                                       
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400actforsale
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December 16, 2016, 08:11:36 AM
 #5

I've burned few uBTC twice while trying some stuff.
I had in fact considered burning some bitcoins for a message on the blockchain, but after considering the fees incurred and in fact that the uBTCs could worth a notable amount, I have given up burning them...

P.S. There are more than 7 billion humans on Earth, dividing the 21,000,000 BTC total supply, yields only <0.003 BTC per person.

Goodbye bitcoin!
Senor.Bla
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December 16, 2016, 08:47:56 AM
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There are also other reasons. The idea is, that by burning Bitcoin you can give value to something. Some altcoins are generated by burning Bitcoin. For every burned Bitcoin you get 10 altcoins, which gives each altcoin roughly the value of 1/10th Bitcoin. At least in theory.

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December 16, 2016, 09:50:33 AM
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There are too many reasons to list, some people just try to decrease btc value or do it for fun
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December 16, 2016, 09:59:42 AM
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There are too many reasons to list, some people just try to decrease btc value or do it for fun
I can not agree with this. Doing it for fun is stupid, but people do stupid things, so maybe this one is true to some extent. But decreasing the value of Bitcoin but burning it ans therefore making it more scarce is nonsense and counterproductive, but talking about stupid people i wonder if there are some who do it and thing they are decreasing the value while in fact increasing it.   

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December 16, 2016, 10:12:27 AM
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There are also other reasons. The idea is, that by burning Bitcoin you can give value to something. Some altcoins are generated by burning Bitcoin. For every burned Bitcoin you get 10 altcoins, which gives each altcoin roughly the value of 1/10th Bitcoin. At least in theory.

I guess its due to reduce the volume of bitcoins and then all the people will be demand and have greedy with the bitcoin. Then adoption and rate of users in bitcoins also will grow. I think this is the reason.

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December 16, 2016, 11:03:11 AM
 #10

I quite often used to burn coins as well, but I stopped doing so as I donate them to the donation address belonging to TPB (ThePirateBay), or I send them to very old wallets that I still have backups from, but don't exactly know where they are. I use quite some addresses every week/month, where I delete them afterwards, but in many cases there is always dust left in the wallet ranging from 0.00005BTC to 0.001BTC. I usually was burning them, but I now donate them, or simply send them to my earliest wallet addresses. Perhaps that after 10 years they'll be worth a decent amount. Wink

400actforsale
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December 16, 2016, 11:09:36 AM
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I quite often used to burn coins as well, but I stopped doing so as I donate them to the donation address belonging to TPB (ThePirateBay), or I send them to very old wallets that I still have backups from, but don't exactly know where they are. I use quite some addresses every week/month, where I delete them afterwards, but in many cases there is always dust left in the wallet ranging from 0.00005BTC to 0.001BTC. I usually was burning them, but I now donate them, or simply send them to my earliest wallet addresses. Perhaps that after 10 years they'll be worth a decent amount. Wink
Donating them is a great idea Smiley Especially there are still 'poor' people earning only satoshis from faucets and take forever to get a payout (like me Smiley), and for a better life for others, donating them to Bitcoin-accepting charity would be good too (they are also collecting cents and help children in Africa etc.).

This thread is going to become off-topic by signature spammers. Locking this and thanks to all your replies Smiley

Goodbye bitcoin!
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