Best way to destroy bitcoins? Send them to the value 0 address? - page 2.

Snorek

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Quote from: cryptoheadd on May 09, 2016, 09:52:16 AM

Why would anyone want to burn Bitcoins?

This is a theoretical discussion of potential possibilities of permanent destruction of BTC.

I guess no one sane would never burn their own coins that way. I guess the only valid reason someone would want to do that is burn coins of someone as a form of attack.
If you cannot steal it - destroy it, or something like that.

Crazygreek

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Why people interested on it? It's same as ignite a 100$ and than create topic about - "best way to destroy dollars". Bitcoin is so hard to earn,really.

dezoel

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I will never do that, I mean its uselses to burn your hard earned coins, even if the value doens't go high I will prefer not to waste my coins.

rizzlarolla

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Quote from: The Sceptical Chymist on May 10, 2016, 07:27:11 PM

Quote from: cryptoheadd on May 09, 2016, 09:52:16 AM

Why would anyone want to burn Bitcoins?

People want to do the strangest things. I think some folks want to destroy bitcoin to make the remaining bitcoin more valuable because of increased scarcity. Not sure if that makes sense. Now there was a program that looked to burn shitcoins because there are way too many of them, and that I can definitely get behind. But bitcoin? It really makes no sense to me.

Like Theymos?
www.reddit.com/r/Bitcoin/comments/4isxjr/petition_to_protect_satoshis_coins/d30we6f

Genius Einstein

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Are you sure about that. I do not think it is a good idea

Betwrong

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Quote from: The Sceptical Chymist on May 10, 2016, 07:27:11 PM

Quote from: cryptoheadd on May 09, 2016, 09:52:16 AM

Why would anyone want to burn Bitcoins?

People want to do the strangest things. I think some folks want to destroy bitcoin to make the remaining bitcoin more valuable because of increased scarcity. Not sure if that makes sense. Now there was a program that looked to burn shitcoins because there are way too many of them, and that I can definitely get behind. But bitcoin? It really makes no sense to me.

If someone thinks that destroying part of the coins will make remaining coins more valuable the person is wrong IMO. In othter words you should destroy a large part, say more than 50% of all existing coins, to make others just slightly more valuable, but no one on Earth owns such a big part of them.

Vikingr

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Bitcoin is the future of success and we should have to respect it and have not to play with it and have not to destroy it. we have to support bitcoin, currently bitcoin is in a stage that it need our support and when we give it success it will also give us success in return, just stand with bitcoin to make it global currency.

BurtW

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Quote from: pereira4 on May 11, 2016, 12:09:47 PM

Here's a sure fire way to destroy bitcoins instead of sending bitcoins to random addresses.

1) Create a paper wallet.
2) Save the public key somewhere so you have it accessible for anytime you want to "destroy" bitcoins
3) Cut the private key part from the paper and put it somewhere like a paper shredder, or just break it in small pieces and flush it down the toilet or something

That's all. Now you just send the bitcoin to the public address whenever you want to destroy bitcoins. All the bitcoins that are on that address will never be recovered because the private key was destroyed.

While your method would send the Bitcoins to an address that would be "unspendable", they would continue to take up space in the UTXO set forever.

In other words every time you do that you create baggage that everyone has to carry around with them in the blockchain forever.

That is why, as discussed up thread many times, the preferred method of destroying Bitcoins would be OP_RETURN since those can be pruned from the blockchain and we are not stuck carrying them around in the blockchain forever.

mobnepal

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Destroying bitcoin is really nonsense at this time, its better you donate them to some social organization so that those bitcoin you like to burn can make some good impact in society. Buring altcoin to reduce supply only make sense on early days of launch.

pereira4

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Here's a sure fire way to destroy bitcoins instead of sending bitcoins to random addresses.

1) Create a paper wallet.
2) Save the public key somewhere so you have it accessible for anytime you want to "destroy" bitcoins
3) Cut the private key part from the paper and put it somewhere like a paper shredder, or just break it in small pieces and flush it down the toilet or something

That's all. Now you just send the bitcoin to the public address whenever you want to destroy bitcoins. All the bitcoins that are on that address will never be recovered because the private key was destroyed.

Kprawn

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Quote from: avikz on May 11, 2016, 11:52:57 AM

Why would anyone want to burn money?? What kind of freaking madness is that??

If anyone don't need money, please donate it to a charitable organisations who works for poor. This way you can make your unwanted bitcoin in good use.

Please don't destroy money in any form. It is a sin.

A sin? What sin is that..? Bitcoin has a limited supply and a capped amount... when these people burn coins, they effectively decrease the supply available and in theory this will bump up the price. So

this will be to your advantage. When people destroy fiat currency, it costs the government/tax payer money, because they have to replace it. Burning your dollars will not increase it's value, because

they simply print more out of thin air... BUT burning Bitcoin, increase the value of the remaining bitcoins. Roll Eyes

avikz

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Why would anyone want to burn money?? What kind of freaking madness is that??

If anyone don't need money, please donate it to a charitable organisations who works for poor. This way you can make your unwanted bitcoin in good use.

Please don't destroy money in any form. It is a sin.

27QVUTZj8rgZP1

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Quote from: mookid on May 10, 2016, 07:55:13 PM

As user Danny said, the best way is to send it to the OP_Return

But how do I do that?

mookid

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Quote from: Kprawn on May 10, 2016, 12:27:15 PM

OP, If I may ask... Are you planning to burn some coins or are you merely asking because you want to gather more knowledge on the subject. Why would you worry... if the private key could be

brute forced in future? The chance of that happening is VERY slim and next to impossible. I hope you not planning to burn coins, because you got fed up with the technology. I would much rather

donate those coins to a good cause that might change other people's life forever... but that's just me. Roll Eyes

OP already stated that he doesn't want to donate anything, he is the owner so he decides what to do with his money.
As user Danny said, the best way is to send it to the OP_Return

27QVUTZj8rgZP1

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Quote from: DannyHamilton on May 09, 2016, 10:31:42 AM

It would be MUCH better to send them to an OP_RETURN output.

OP_RETURN outputs can be removed from the UTXO set, and therefore do not put a permanent unnecessary burden on full nodes.

I do not think people wanting to trash their coins would care about that anyway.

But just for curiosity how can I do that?

Thank you!

btccashacc

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Quote from: 27QVUTZj8rgZP1 on May 10, 2016, 04:16:03 PM

You could just throw your bitcoins here: 1ThrowYourBitcoinsHere1741jy71wis

Did you know you can exchange your bitcoins to the "fiat currency" of your choice?

the only thing that i just wondering is, why do peoples destroy their bitcoin?? if you want to destroy your bitcoin just send it to my addy lol Cheesy

anyway if you want to destroy your bitcoin why not to donate it, there so many peoples out there that need the amount for buy some foods,

The Sceptical Chymist

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Quote from: cryptoheadd on May 09, 2016, 09:52:16 AM

Why would anyone want to burn Bitcoins?

People want to do the strangest things. I think some folks want to destroy bitcoin to make the remaining bitcoin more valuable because of increased scarcity. Not sure if that makes sense. Now there was a program that looked to burn shitcoins because there are way too many of them, and that I can definitely get behind. But bitcoin? It really makes no sense to me.

BurtW

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I was going to answer this question but noticed it was already answered up thread.

If you are hell bent on destroying Bitcoins do this:

Quote from: DannyHamilton on May 09, 2016, 10:31:42 AM

No.

If you want to destroy coins permanently, you should not sent them to 16QaFeudRUt8NYy2yzjm3BMvG4xBbAsBFM.

While I believe that bitcoins sent to that address would be "unspendable", they would continue to take up space in the UTXO set forever.

It would be MUCH better to send them to an OP_RETURN output.

OP_RETURN outputs can be removed from the UTXO set, and therefore do not put a permanent unnecessary burden on full nodes.

So, no, don't send them to 1BitcoinEaterAddressDontSendf59kuE or 1ThrowYourBitcoinsHere1741jy71wis or 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa or any other "Bitcoin eater" address.

Wapinter

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Why cant you just let them lie in your wallet and forget them? Why would someone be hell bent to destroy something for any reasons when he can simply abondon them unattended

Cryddit

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Send them to 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa.

That's the address of the txOut of the Genesis block.

If you send them there the only entity that could spend them is Satoshi Nakamoto.

Satoshi, as far as we know, hasn't touched his coins except for <100BTC in test transactions. And if he decides to spend it - he deserves it.

I know there are more certain ways, like the 1BitcoinEater address or an OP_RETURN with an input. But I just plain like the idea of sending satoshis to Satoshi.

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