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Author Topic: Destroying bitcoin, by coin, by coin...  (Read 14156 times)
MoonShadow
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July 08, 2011, 12:33:45 AM
 #61


You'd actually be much better off trying to reverse-engineer
(factor) the private elliptic key from the public one: there are
methods that are slightly faster than brute-forcing it the way
you describe. However: IMO still completely unfeasible with
current technology, and being able to do that would, for obvious
reasons, signify the end of bitcoin.

No, it wouldn't.  It would only signify the end of using that particular type of public/private cryptographic signature.  Bitcoin is modular, the encryption methods in use can be replaced.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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1481263291
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SgtSpike
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July 08, 2011, 12:39:00 AM
 #62

I still don't understand the math.
If there are 10 pies and 8 are lost, why would you divide the 2 remaining pies?
Why would only pie holder #1 get to keep his pie and pie holder #2 has to give his up.

By the way. Which insurance company do you work for?
Neither has to give up his pies.  What are you talking about?

That simply divides the bitcoins up into smaller portions. Every bitcoin that is lost, is gone for good and simply reduces the amount of bitcoins there will ever be.

If you make all other BTC worth more and they are divided up into smaller pieces, the net result is no change long-term. You're not hurting anything. You're only helping us out in the short-term.

Ok. Have 10 people and 10 pies. We give everyone a pie.
Now 8 pies get lost. Some get eaten, one pie was encrypted and the key got lost, another one's fridge was hacked and his pie deleted, a pie was dropped on the floor, etc etc.

We divide  every remaining pie into 10 pieces. One guy didn't lose his pie, he gets to keep all 10 pieces. The other 10 pieces are divided evenly over the other 9 people and piece gets destroyed by me, just cos I can. And pie makes me fat.
We have 10 times as many "items of pie". We performed a digit shift on the pie basically... Yet now one guy has half of all items of pie available, while he only had 1/10 earlier.
Still think shifting the digit will solve bitcoins getting lost? Wink

So one guy gets to keep his pie. Why? Insurance? Why would the other guy only get 1/10th of his pie? No Insurance?
...

"just cos I can. And pie makes me fat."

It was a volunteer split of one of the two last pies.  Neither one is forced to give up any of his pie.  Both pies are worth 5x as they were previously.
Sp3rm
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July 08, 2011, 01:27:44 AM
 #63

I still don't understand the math.
If there are 10 pies and 8 are lost, why would you divide the 2 remaining pies?
Why would only pie holder #1 get to keep his pie and pie holder #2 has to give his up.

By the way. Which insurance company do you work for?
Neither has to give up his pies.  What are you talking about?

That simply divides the bitcoins up into smaller portions. Every bitcoin that is lost, is gone for good and simply reduces the amount of bitcoins there will ever be.

If you make all other BTC worth more and they are divided up into smaller pieces, the net result is no change long-term. You're not hurting anything. You're only helping us out in the short-term.

Ok. Have 10 people and 10 pies. We give everyone a pie.
Now 8 pies get lost. Some get eaten, one pie was encrypted and the key got lost, another one's fridge was hacked and his pie deleted, a pie was dropped on the floor, etc etc.

We divide  every remaining pie into 10 pieces. One guy didn't lose his pie, he gets to keep all 10 pieces. The other 10 pieces are divided evenly over the other 9 people and piece gets destroyed by me, just cos I can. And pie makes me fat.
We have 10 times as many "items of pie". We performed a digit shift on the pie basically... Yet now one guy has half of all items of pie available, while he only had 1/10 earlier.
Still think shifting the digit will solve bitcoins getting lost? Wink

So one guy gets to keep his pie. Why? Insurance? Why would the other guy only get 1/10th of his pie? No Insurance?
...

"just cos I can. And pie makes me fat."

It was a volunteer split of one of the two last pies.  Neither one is forced to give up any of his pie.  Both pies are worth 5x as they were previously.

But it really never happened.
drrussellshane
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July 08, 2011, 01:31:20 AM
 #64

So the pie story was all a big lie?   Huh



 Grin

Buy a TREZOR! Premier BTC hardware wallet. If you're reading this, you should probably buy one if you don't already have one. You'll thank me later.
Sp3rm
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July 08, 2011, 01:47:05 AM
 #65

So the pie story was all a big lie?   Huh



 Grin

I'm sorry to report that pie stocks have been depressed.
We're expecting a rebound in pie stock prices some time soon.
Your local bakery will post notices in the store window.
ottoxgam
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July 08, 2011, 02:24:54 AM
 #66

Why wouldn't you cash out on what you're doing and possibly buy more pcs/equiptment? I'm an IT guy for a local church/school and they have around 97 stations on campus. I brought up the idea of using the pcs to mine after everyone goes home. I have a script set up to log on to an account. A startup script runs the miner and gets around .7Btc a night. Once we get enough, we're cashing out to get couple gigabit switches.
Sp3rm
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July 08, 2011, 02:38:08 AM
 #67

Why wouldn't you cash out on what you're doing and possibly buy more pcs/equiptment? I'm an IT guy for a local church/school and they have around 97 stations on campus. I brought up the idea of using the pcs to mine after everyone goes home. I have a script set up to log on to an account. A startup script runs the miner and gets around .7Btc a night. Once we get enough, we're cashing out to get couple gigabit switches.

Church/School

I think you took a wrong turn on the internets.

Are you on the Board of Directors?
NYConsultant
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July 09, 2011, 05:28:17 AM
 #68

Why wouldn't you cash out on what you're doing and possibly buy more pcs/equiptment? I'm an IT guy for a local church/school and they have around 97 stations on campus. I brought up the idea of using the pcs to mine after everyone goes home. I have a script set up to log on to an account. A startup script runs the miner and gets around .7Btc a night. Once we get enough, we're cashing out to get couple gigabit switches.

Church/School

I think you took a wrong turn on the internets.

Are you on the Board of Directors?


Lol   Grin
Pengboo
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July 09, 2011, 06:16:57 AM
 #69

Oh my, there's a ton of reasons, all of which I am sure you've read here on the forums before so I think it'd be kinda boring to discuss here. Just a small list if you insist [...]
- The Bitcoin currency requires more energy (electricity/buying new hardware/spending real money) for what we get in return.
ottoxgam
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July 09, 2011, 06:22:22 AM
 #70

Why wouldn't you cash out on what you're doing and possibly buy more pcs/equiptment? I'm an IT guy for a local church/school and they have around 97 stations on campus. I brought up the idea of using the pcs to mine after everyone goes home. I have a script set up to log on to an account. A startup script runs the miner and gets around .7Btc a night. Once we get enough, we're cashing out to get couple gigabit switches.

Church/School

I think you took a wrong turn on the internets.

Are you on the Board of Directors?


Lol   Grin
No, but I explained it in a way that made it seem really good for them  Wink
wolf902
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July 09, 2011, 06:25:27 AM
 #71

This thread personaly scares me.

http://i.imgur.com/KN8Dd.png (http://wolf902.triplemining.com/register)
MtRev
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July 09, 2011, 06:46:50 AM
 #72

Why in the world would you mine bitcoins only to delete your wallet? I would be loading up and selling for the loot lol

You need a web designer? I'm offering big agency quality, without the big agency invoices!
Drop me a message; will work for BTC, LTC & PPC =]
wolf902
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July 09, 2011, 07:34:24 AM
 #73

Why in the world would you mine bitcoins only to delete your wallet? I would be loading up and selling for the loot lol

You are loosing out. You could have thousands if you did not destroy them

http://i.imgur.com/KN8Dd.png (http://wolf902.triplemining.com/register)
saykor
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July 09, 2011, 08:08:40 AM
 #74

Hi,
I want to join in your cause but I not have enough hardware. Can you send me a some video cards to make more fast a more coins that will be destroyed.

If you want to help me please send me a pm.

Let's color the MOON: YP4ZV8yabKGBKG2uNWHQBwrdURkyxqst4D
Before to do business with me you can check my  BitcoinFeedback; ebay and .net developer profile
MtRev
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July 09, 2011, 08:23:04 AM
 #75

Hi,
I want to join in your cause but I not have enough hardware. Can you send me a some video cards to make more fast a more coins that will be destroyed.

If you want to help me please send me a pm.

ROFL!

You need a web designer? I'm offering big agency quality, without the big agency invoices!
Drop me a message; will work for BTC, LTC & PPC =]
ciore
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July 09, 2011, 08:58:18 AM
 #76

Hi,
I want to join in your cause but I not have enough hardware. Can you send me a some video cards to make more fast a more coins that will be destroyed.

If you want to help me please send me a pm.

I want to join too!! please send me some video cards too!!!  Cool
anu
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July 09, 2011, 01:50:52 PM
 #77

Miner is running on 12 PC's at the moment, total hashing power close to 700 Mhash. Next week it's time roll it out on the other 40 machines.

Oh my - I got almost twice on *one* box. No wonder you're so pissed about wasting ressources.

Of course you can join our quest and start deleting your wallets from today and help us get rid of bitcoin. Coin by coin by coin by coin! Smiley

I got an even better idea: You send me your wallets and I keep them. Promise, I won't sell the BTC until Bitcoin is a wild success. Which, according to you, is not going to happen.

Cheers
Anu

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RandyFolds
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July 10, 2011, 05:25:55 AM
 #78

By the way. Which insurance company do you work for?

He doesn't work for an insurance company. And here's why:

Insurance companies are very keen to keep their expenses very low, so, even those 12 computers mining 24/7 would raise their electricity bill so much that they would look very well to find out where it was being spent. Only 1 month of mining would be enough for the OP and his "partner" to be already working for "social security"(unemployed), not for an insurance company  Roll Eyes

You're not helping to liven up the discussion by being sensible.


Sorry for ruining the fun for the rest of you Cheesy

I'm sorry I had a fight in the middle of your Black Panther party.

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solovay
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July 10, 2011, 07:21:04 AM
 #79


Oh my, there's a ton of reasons, all of which I am sure you've read here on the forums before so I think it'd be kinda boring to discuss here. Just a small list if you insist (if you like my rhymes, please sestroy a bitcoin for donation! Wink:

- The deflatory nature of bitcoin is an inherent flaw making the principle useless
- Bitcoin is a speculative bubble, has no real value and will cause many people to lose the money they invested
- The whole concept is too geeky (and yes, we're geeks too, but still) to become ever widely adopted
- It is a pyramid scheme and the only ones benefiting are the early adoptors and they will laugh at you when they cash and pull out
- It's a botnet-hack waiting to happen
- Instances like MtGox  deciding to perform rollbacks show that the principle ideal was already raped
- and so on...

Thanks for this list of anti-bitcoin reasons. Food for thought.
solovay
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July 10, 2011, 07:25:23 AM
 #80

In my immediately previous post I mangled the quoting mechanism. The first two paragraphs are quotes from the message by "Coins Are Gone".
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