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Author Topic: Destroying bitcoin, by coin, by coin...  (Read 14152 times)
rnicoll
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July 10, 2011, 10:20:21 AM
 #81

Me getting fired over this is about as likely as bitcoin becoming adopted by the masses. I'm not worried much Wink

*gets popcorn*

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July 10, 2011, 10:55:14 AM
 #82

FAIL

Eventually your private key will be cracked and the orphaned BTC will be reclaimed.
rnicoll
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July 10, 2011, 10:58:26 AM
 #83

Eventually your private key will be cracked and the orphaned BTC will be reclaimed.

For values of eventually that are slightly past the heat death of the universe.

Dogecoin Core developer, ex-researcher, trader.

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Rob P.
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July 10, 2011, 12:13:57 PM
 #84


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

And your evidence of this is...

- Bitcoin is a speculative bubble, has no real value and will cause many people to lose the money they invested

It's a closed system.  For every dollar lost, someone gained a dollar.  The only people losing money on Bitcoins are the people who treat it as a speculative instrument. 

- The whole concept is too geeky (and yes, we're geeks too, but still) to become ever widely adopted

Guess what else was "too geeky" only 2 years into its existence:  Personal Computers.  To think something as radical as Bitcoins could be brought into the mainstream within 6 months (which is really the only time period we're talking about, because the mainstream media didn't even know what Bitcoins were in January of this year) is just nuts.

- 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

Just making this statement shows you have no idea what a "pyramid scheme" is, so it's not even worth responding to.

- It's a botnet-hack waiting to happen

Such an original thought.  So I guess you're going to stop using Personal Computers as well, because those have already been hacked by botnets.  Why do you keep using them?

- Instances like MtGox  deciding to perform rollbacks show that the principle ideal was already raped

Umad?  Rollbacks happen in every market, go look it up.  The market decided where the price should be, Mt. Gox didn't.  They rolled back trades, and then the market decided where to stabilize.  Sorry you didn't get to keep your $0.01 Bitcoins.  Oh, and what Mt. Gox did only really affected speculators, no one who actually cares about the "principle ideal" was affected.  And what Mt. Gox does has ZERO bearing on the ideals behind Bitcoin.

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rnicoll
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July 10, 2011, 12:26:45 PM
 #85

- Instances like MtGox  deciding to perform rollbacks show that the principle ideal was already raped

I have to admit I can't remember the last large scale rollback in a "proper" exchange, but I thought I'd link to the CBOE about their procedure for busting (undoing) trades:

https://www.cboe.org/publish/InfoCir/IC10-134.pdf

Dogecoin Core developer, ex-researcher, trader.

Unless stated otherwise, opinions are my own and do not necessarily reflect that of other Dogecoin developers.
Rob P.
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July 10, 2011, 12:35:45 PM
 #86

- Instances like MtGox  deciding to perform rollbacks show that the principle ideal was already raped

I have to admit I can't remember the last large scale rollback in a "proper" exchange, but I thought I'd link to the CBOE about their procedure for busting (undoing) trades:

https://www.cboe.org/publish/InfoCir/IC10-134.pdf


From:  http://www.nyse.com/technologies/tradingsolutions/1225787393155.html

Under "Features"

Quote
Entitlements safety features including rollback mechanism

Every exchange has rollback mechanisms in place to handle technical problems.  Mt. Gox just didn't have them automatically executed.

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Detritusx
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July 10, 2011, 12:46:28 PM
 #87

2 posts to go Smiley

Funny that people say Bitcoin's cant be good cause it wouldnt have any real value. Reminds me of the US Dolloar wich gets printet out of Air as well. And i personaly think even the paper on wich its printed on is worth more.

And to rollbacks well i rather have a clean rollback than all the crooks in Wallstreet Smiley

cheers

LeFBI
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July 10, 2011, 01:22:21 PM
 #88

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 sure will support you OP but instead of destroying bitcoins for good i suggest we waist our coins for fun!
Join me in my quest to raise a fund for bitcoin tattoos! I'm not kidding, OP! Join me and let's waist some coins for fun here and here!
XIU
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July 10, 2011, 01:34:25 PM
 #89

We want stats, how many BTC did you destroy already? I want to know how much more my coins are worth :p

1xiuHwHk81j4TRnLuLBMvH2ctqtTsubT6
Nicolai Larsen
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July 10, 2011, 01:35:13 PM
 #90

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 sure will support you OP but instead of destroying bitcoins for good i suggest we waist our coins for fun!
Join me in my quest to raise a fund for bitcoin tattoos! I'm not kidding, OP! Join me and let's waist some coins for fun here and here!

I support this man!

BTC: 1GUH16sneWgKuE1ArXrnYKN3njuherJQi1
Rob P.
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July 10, 2011, 02:25:54 PM
 #91

We want stats, how many BTC did you destroy already? I want to know how much more my coins are worth :p

+1.  Just post the addresses you're destroying with links to blockexplorer.  At least make it interesting for the readers.

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Raoul Duke
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July 10, 2011, 02:37:52 PM
 #92

We want stats, how many BTC did you destroy already? I want to know how much more my coins are worth :p

+1.  Just post the addresses you're destroying with links to blockexplorer.  At least make it interesting for the readers.

LOL Trolls never present evidence  Roll Eyes

drrussellshane
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July 10, 2011, 03:15:59 PM
 #93

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.

Hahaha! 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.
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July 10, 2011, 08:26:31 PM
 #94

- Instances like MtGox  deciding to perform rollbacks show that the principle ideal was already raped

I have to admit I can't remember the last large scale rollback in a "proper" exchange, but I thought I'd link to the CBOE about their procedure for busting (undoing) trades:

https://www.cboe.org/publish/InfoCir/IC10-134.pdf


Flash Crash, homie...NYSE is pretty friggin' big.

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July 10, 2011, 10:11:49 PM
 #95

We want stats, how many BTC did you destroy already? I want to know how much more my coins are worth :p

+1.  Just post the addresses you're destroying with links to blockexplorer.  At least make it interesting for the readers.

LOL Trolls never present evidence  Roll Eyes

If one would like to do real damage to bitcoin, one should rent like 100 Ghps worth of hashing power and instruct the provider to send results to a 'sink' wallet. I am standing by...  Grin just let me know if you wanna do this.




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July 11, 2011, 12:01:59 AM
 #96

https://en.bitcoin.it/wiki/Weaknesses#Coin_destruction

Quote
Coin destruction

BitCoin has 8 decimals of precision, so the entire network could operate on just a handful of BitCoins. An attacker could never destroy them all. If deflation gets to the point where transactions of more than 10BC are unheard of, the client can just shift the decimal point over so that, for example, people with 0.01 BitCoins have 1.000 BitCents.

This movement is a useless waste of resources and thought process. If y'all are really intent on doing something with that massive amount of computing power, do something for Folding@Home, or some other BOINC process.

This thread should die here and now.
Sp3rm
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July 11, 2011, 12:31:32 AM
 #97

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.

Hahaha! Grin

Run, Forrest, Run!
mrb
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July 11, 2011, 08:27:56 AM
 #98

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

It is too late to get rid of Bitcoin. 6.8M BTC have already been mined. That's 6.8e14, or 680000 billion of the smallest divisible unit (10 nano BTC, or 0.00000001 BTC). There are about 830 billion USD in circulation, so:

  830e9/6.8e14 = 0.00122 USD

Meaning that the whole USD economy could be run on Bitcoin if its smallest unit was worth only one tenth of a US cent. Same thing for the Euro, as there are only 840 billion EUR in circulation. In fact, the whole worldwide economy could already comfortably be run on 6.8M BTC without its divisibility being an issue.
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July 11, 2011, 09:13:46 AM
 #99

If you get caught, it would be considered theft of resources such as electricity and you could get fired.

1FaTKKYFBtrDfn558AbgbVcmgjsV7SLzk9

Feeling generous? Send me some bits Smiley
noob_jul11
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July 11, 2011, 03:30:38 PM
 #100

I would love the experience of destroying bitcoins. Do me a favor, send me all your bitcoins and I will help you destroy them. Address at the bottom ...

I'm still waiting for some btc for the experience.  Grin
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