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Author Topic: The Bitcoin Black Hole  (Read 6042 times)
Steve
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June 23, 2011, 07:40:38 PM
 #21

I thought there was already a way to do this (maybe not with the current client, but in the block chain...basically a way of transferring coins into the void)...I could be mistaken, but I recall asking a similar question months ago and being told this.

There is at least one other use for this that I don't think has been mentioned in this thread...bootstrapping a successor to bitcoin.  If a better virtual currency were invented, it could be brought into existence via the destructive exchange of bitcoins.

Btw, regarding the destruction being the equivalent of dissipating wealth to all other holders of bitcoin, it's a great point and I can imagine that even becoming a gesture of good will for wealthy individuals...they could pledge to take a substantial portion of their bitcoin holdings to their grave (of course, it would be hard to actually verify that unless they sent them to a null address before death).

(gasteve on IRC) Does your website accept cash? https://bitpay.com
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joan
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June 23, 2011, 08:06:15 PM
 #22

Here are some other black holes:
1111111111111111111114oLvT2
11111111111111111111BZbvjr

(Check the public key hash160)
dserrano5
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June 23, 2011, 09:51:30 PM
 #23

donate to givewell if you really don't want some money.

Sending money into the void is giving it to all other bitcoin owners.

There are people with more important needs.

westkybitcoins
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June 24, 2011, 12:46:59 AM
 #24

why the edit to the thread title?

I figure everyone's seen the thread by now and knows it's not trolling.

Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it.
...
...
In the future, books that summarize the history of money will have a line that says, “and then came bitcoin.” It is the economic singularity. And we are living in it now. - Ryan Dickherber
...
...
ATTENTION BFL MINING NEWBS: Just got your Jalapenos in? Wondering how to get the most value for the least hassle? Give BitMinter a try! It's a smaller pool with a fair & low-fee payment method, lots of statistical feedback, and it's easier than EasyMiner! (Yes, we want your hashing power, but seriously, it IS the easiest pool to use! Sign up in seconds to try it!)
...
...
The idea that deflation causes hoarding (to any problematic degree) is a lie used to justify theft of value from your savings.
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June 24, 2011, 12:54:01 AM
 #25



After reading about the effort put into making "vanity" addresses, I didn't think hand-crafting a viable address would be so easy.

These are really two different problems.
Problem #1, create a valid address that has a certain set of characters in it (i.e. to throw away money)
Problem #2, create a valid address that has a certain set of characters in it, that I know the private key to. (i.e. vanity addresses)


In problem #1, simply start with the characters that you are trying to create a valid address with. Get the right checksum at the end, and you're all set.

In problem #2, you have to create a valid key pair, and check to see if it has your desired string in it.  A much more difficult problem!



Ah, a mistake on my part; for some reason I thought the vanity addresses didn't include private keys.

Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it.
...
...
In the future, books that summarize the history of money will have a line that says, “and then came bitcoin.” It is the economic singularity. And we are living in it now. - Ryan Dickherber
...
...
ATTENTION BFL MINING NEWBS: Just got your Jalapenos in? Wondering how to get the most value for the least hassle? Give BitMinter a try! It's a smaller pool with a fair & low-fee payment method, lots of statistical feedback, and it's easier than EasyMiner! (Yes, we want your hashing power, but seriously, it IS the easiest pool to use! Sign up in seconds to try it!)
...
...
The idea that deflation causes hoarding (to any problematic degree) is a lie used to justify theft of value from your savings.
westkybitcoins
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June 24, 2011, 12:57:56 AM
 #26

donate to givewell if you really don't want some money.

Sending money into the void is giving it to all other bitcoin owners.

There are people with more important needs.

Which makes the idea of punishing someone for returning taxpayer money directly to taxpayers, rather than just "burning", it even less sensible.

Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it.
...
...
In the future, books that summarize the history of money will have a line that says, “and then came bitcoin.” It is the economic singularity. And we are living in it now. - Ryan Dickherber
...
...
ATTENTION BFL MINING NEWBS: Just got your Jalapenos in? Wondering how to get the most value for the least hassle? Give BitMinter a try! It's a smaller pool with a fair & low-fee payment method, lots of statistical feedback, and it's easier than EasyMiner! (Yes, we want your hashing power, but seriously, it IS the easiest pool to use! Sign up in seconds to try it!)
...
...
The idea that deflation causes hoarding (to any problematic degree) is a lie used to justify theft of value from your savings.
dserrano5
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June 24, 2011, 01:02:48 AM
 #27

donate to givewell if you really don't want some money.

Sending money into the void is giving it to all other bitcoin owners.

There are people with more important needs.

Which makes the idea of punishing someone for returning taxpayer money directly to taxpayers, rather than just "burning", it even less sensible.

I don't follow "punishing someone".

westkybitcoins
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June 24, 2011, 02:25:19 AM
 #28

donate to givewell if you really don't want some money.

Sending money into the void is giving it to all other bitcoin owners.

There are people with more important needs.

Which makes the idea of punishing someone for returning taxpayer money directly to taxpayers, rather than just "burning", it even less sensible.

I don't follow "punishing someone".

My second post in this thread describes someone who had that happen to them. I thought of a bitcoin black hole as a way for her to accomplish her goal without being thrown in jail.

Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it.
...
...
In the future, books that summarize the history of money will have a line that says, “and then came bitcoin.” It is the economic singularity. And we are living in it now. - Ryan Dickherber
...
...
ATTENTION BFL MINING NEWBS: Just got your Jalapenos in? Wondering how to get the most value for the least hassle? Give BitMinter a try! It's a smaller pool with a fair & low-fee payment method, lots of statistical feedback, and it's easier than EasyMiner! (Yes, we want your hashing power, but seriously, it IS the easiest pool to use! Sign up in seconds to try it!)
...
...
The idea that deflation causes hoarding (to any problematic degree) is a lie used to justify theft of value from your savings.
dserrano5
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June 24, 2011, 02:28:16 AM
 #29

Thanks for the clarification.

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