Looking for a solution to DESTROY altcoin in PUBLIC

[Coin.millionair]

We, at Virtual Mining Coin DEV TEAM are looking for a working solution to DESTROY SOME VMC frequently in PUBLIC !!!

We offer reedem option for VMC on a weekly basis up to the weekly reedem Limit.
Currently it is 2.000.000 VMC

https://bitcointalk.org/index.php?topic=582873.msg8997035#msg8997035

Read: We actually BUY up 2.000.000 VMC in every single week for a guaranteed price !
(no matter what is actual market price)

Expected reedem price for the next 10 weeks:


We wont keep the reedemed coins !
We dont want miners/buyers/traders to be afraid of DUMPING them, so we decided to DESTROY THEM !!!

We'd like to do it in PUBLIC for better tarsparency and having the trust of VMC Community.


If anyone know a reliable solution for DESTROYING VMCs on a weekly basis, please let us know about it...

Contact: info@virtualminingcoin.org
and/or just PM me...


Waiting for contacting You !
Kind regards:
VMC DEV Team

[1714815037]

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[1714815037]

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[1714815037]

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[1714815037]

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[1714815037]

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[h0lybyte]

Why not let an escrow hold the coins, instead of destroying them? The escrow wouldnt release unless valid projects come arise to redistrubte those coins, in a more beneficial matter.

[Coin.millionair]

Not everyone would trust in it.
Until they are not DESTROYED, they can be released, used, dumped,    etc...

We want to SUBSTRACT the reedemed coins form the TOTAL SUPPLY !
In this way, the rest of the coins will be valued up...!

[HeroCat]

There is only one solution on this  . Pay me some BTC and I will write you.
You can PM me, if any.

[ForgottenPassword]

Send it to an address that it would be incredibly unlikely anyone has the private key for.

See the following bitcoin address:
https://blockchain.info/address/1111111111111111111114oLvT2

[sgk]

Is it possible to generate a 'provably un-spendable' public address?

If yes, you could create one and then send all coins to this address.

[redsn0w]

Is it possible to generate a 'provably un-spendable' public address?

If yes, you could create one and then send all coins to this address.

You can generete an address and after delete  the private key  , but this is not "safe" .

[sgk]

Is it possible to generate a 'provably un-spendable' public address?

If yes, you could create one and then send all coins to this address.

You can generete an address and after delete  the private key  , but this is not "safe" .

But how do you publicly prove that you've destroyed the private key?

[Coin.millionair]

WE WANT SAFE BULLETPROOF SOLUTION !!!
And it must be visible for anyone to see and check, they are DESTROYED indeed !

[redsn0w]

Is it possible to generate a 'provably un-spendable' public address?

If yes, you could create one and then send all coins to this address.

You can generete an address and after delete  the private key  , but this is not "safe" .

But how do you publicly prove that you've destroyed the private key?

Ahaha  this is the (real) problem , you can't never prove  to have deleted the key.

[OnkelPaul]

You can generate a random address in a way that provably involves many people, so manipulation would be pretty much impossible. Finding the private key for this address is as hard as finding the private key for any given real address.

One possible procedure for generating a provably random address (assuming that addresses for your coin are basically built like bitcoin addresses):

• Let arbitrary people (forum members, for example) generate a random 160-bit number each.
• Everyone who generated such a number posts its hash (and keeps the number itself secret). You'd need to specify which hashing algorithm should be used here, it just serves to prove that the random number was indeed generated before any other of the random numbers were known.
• On a given date, everyone posts her random number.
• A list is compiled with all posted random numbers whose hash matches the previously published hash of this user. These random numbers are then combined using logical XOR.
• The resulting 160-bit random number is converted into an address of your coin just like you would convert the 160-bit hash of a public key.

All steps (except the actual random number generation and hashing) can be done in public for everyone to check.
Note that no real public key is ever generated, so even if an ECDSA weakness is found it would not be possible to compute the private key for this address (unless RIPEMD-160 is also broken).

Onkel Paul

[serje]

You can generate a random address in a way that provably involves many people, so manipulation would be pretty much impossible. Finding the private key for this address is as hard as finding the private key for any given real address.

One possible procedure for generating a provably random address (assuming that addresses for your coin are basically built like bitcoin addresses):

• Let arbitrary people (forum members, for example) generate a random 160-bit number each.
• Everyone who generated such a number posts its hash (and keeps the number itself secret). You'd need to specify which hashing algorithm should be used here, it just serves to prove that the random number was indeed generated before any other of the random numbers were known.
• On a given date, everyone posts her random number.
• A list is compiled with all posted random numbers whose hash matches the previously published hash of this user. These random numbers are then combined using logical XOR.
• The resulting 160-bit random number is converted into an address of your coin just like you would convert the 160-bit hash of a public key.

All steps (except the actual random number generation and hashing) can be done in public for everyone to check.
Note that no real public key is ever generated, so even if an ECDSA weakness is found it would not be possible to compute the private key for this address (unless RIPEMD-160 is also broken).

Onkel Paul

I vote for this but with a little change!
Everyone who wants to generate a number should pay something like 10 of this coins so you can avoid trolls and suckpuppets!

[OnkelPaul]

You can generate a random address in a way that provably involves many people, so manipulation would be pretty much impossible.
...

I vote for this but with a little change!
Everyone who wants to generate a number should pay something like 10 of this coins so you can avoid trolls and suckpuppets!

I don't know how many people hold some of these coins (I don't, and I'm not really interested in altcoins).
By including people who have no actual interest in the coin you can make the "destroyer" address more trustworthy because you can be more sure that at least some participants do not cooperate to rig the process, so it might be actually better to invite just anybody. Just make sure that the rules are fixed before everything starts, and that the address is generated according to the previously fixed rules.

Onkel Paul

[OnkelPaul]

Send it to an address that it would be incredibly unlikely anyone has the private key for.

See the following bitcoin address:
https://blockchain.info/address/1111111111111111111114oLvT2

Actually, that's an option I would even prefer to my convoluted scheme...
This address is computed from an all-zero 160-bit hash, so it's pretty clear that it was not produced using an actual private/public key pair.

Onkel Paul