Topic: Dear Elon Musk. (Read 331 times)

That's exactly what he expects. In order to "evolve" Bitcoin (BTC) into Bitcoin-ECO, you must first send real Bitcoin to a designated burn address. Sounds tempting, doesn't it? 


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Here is how he envisions Bitcoin-ECO's launch:


And, this is the same footage from a wider angle:

Does he have a passionate desire to be cheated? Or does he feel good about working for free? What if that is the only thing that gives him pleasure?

I'm defenately not involved in this project, but if i had to take an educated guess, the burn address would not be used to burn coin on the bitcoin chain, but rather to burn coins on OP's "bitcoin eco" chain.

The OP indicated he cloned bitcoin, changed the POW algo to POS and premined >21M coins. He then indicated he'll give btc holders the chance to switch to his chain and afterwards he promises (eventough you'd have to take his word for it) that he'll burn any leftover coin.
So, i assume the burn address will be used to burn leftover "bitcoin eco", since nobody in his right mind would burn btc (worth ~$40k) to get an equivalent amount "btc eco" (worth ~$0 at this point in time).

What the OP is doing is nothing new... Byteball (for example) had a similar distribution method.
On the other hand, if the OP was serious about distributing his "eco" altcoin according to current BTC holdings, he should have forked at a certain blockheight in the future, hence everybody who would have had funds on the original chain before the forkheight, would have also had funds on the "eco" altcoin chain... And by doing this, he would have been able to incentivise POS mining, since not all "eco" coins would have been mined, and there would have been some room left for block rewards. Also, by forking instead of premining, he would have built something that didn't rely on trusting him to burn all his premine, but he would have had a project that was completely verifyable and trustless.

But hey, bitcoin is open source, OP is free to try and experiment if he wants to... On the other hand, his "green" (white) paper contains little to no techical background, and his questions sometimes make me wonder if he has sufficient technical knowledge to pull something like this off.....

In my humble opinion, no one will want to burn, but if there are lost wallets.

And nobody has access to them, why? Many holders did not believe in bitcoin, many lost their passwords to their wallet. Many were millionaires but no longer will be.

Between 17% and 23% of total bitcoin will be forgotten forever.

https://www.wsj.com/articles/good-news-you-are-a-bitcoin-millionaire-bad-news-you-forgot-your-password-1513701480?mod=rss_Technology

What a funny thing to hear from a low-level bounty hunter. 
What is the point in hunting every possible shitcoin you come across if you do not trust cryptocurrencies?

You have tons of Issue against Elon Musk.





So why the hell you are not trusting Cryptocurrency? if you don't trust crypto Why you are still here?

Get Out and find your own world not here in crypto world.

And besides what is the sense for creating a Burning wallet? Elon will only take this advantage to Bag more and more Bitcoin.

The man is nothing but irresponsible human that only protect his interest and never to others.

I guess that OP has no Bitcoin at all..

I am also an entrepreneur in the real world, there is nothing wrong with Elon Musk's goal of making profit for himself and his company.
If he really uses the right way to make that profit, I have no problem, the problem is he does it in a way I can't justify. There are still many
good and elegant ways that Elon Musk can do so that he can get the profit he wants. Don't manipulate the crypto market, it can cost a lot of
people, meaning Elon Musk sacrifices a lot of people for the profit he wants. I agree this happened because we all over-trusted Elon Musk
and gave him space in the crypto world. Now it's time to stop giving him room, we better ignore whatever Elon Musk is doing,
it's the best thing we can do right now.

it is inevitable that someone like @elonmusk with a large following will do something that is clearly aimed at benefiting him, but it all comes back to followers and investors, whether they want to continue to trust such people who only do bad news for crypto which clearly has no benefit at all to be able to taken as an example.

As entrepreneurs, what he do is clear we cannot blame because that is the goal he are looking for and now it is up to us as followers and investors not to make the mistake of accepting what is said without proper analysis. Such a person clearly aims to benefit himself and his company, but if everyone does not heed and keep quiet then there will not be too big an impact, this is because there are still many who are carried away by the incitement he does and make everything go wrong.

start with good thinking that don't give excessive trust to this kind of person because he only wants to damage for the sake of what he wants to achieve. enough is enough and don't give him any more room to be able to do this silly thing.

Elon musk is playing with the crypto investors' emotion and as per the recent Crypto Market crash, I make him responsible because of his greedy tweets. This is the reason I did not trust cryptocurrency.

I agree with you, Elon Musk is increasingly showing his greed for what he has done in the crypto world. And began to slowly lose the public's trust,
this is the result that he did himself. I'm becoming increasingly skeptical of all the companies that Elon Musk is leading to make life on this planet better.
It is possible that Elon Musk's main goal through the company he leads is just to enrich himself. I really hate Elon Musk right now.

I find your suggestion very old considering that Elon has lost the public trust and has been caught in the lust for profit rather than the desire to develop and improve life on the planet

Create a Bitcoin wallet and don't save it.
Lose the seed words.
Copy paste addresses to send money to it
???
Profit!

Or use any of the gazillion addresses of people who come crying saying they lost their password/seeds.

I don't see any point in burning bitcoin since its limited production anyway and some have been getting lost by people's own mistakes or simply passing away without leaving it to anyone. Some altcoins do that, especially those with unlimited production, in their pointless attempt to affect its own market price.

Bitcoin doesn't need any "eco" initiative, the market is self-regulating this. Elon Musk is simply ignorant or attempting to manipulate the market. Mining is becoming more and more unprofitable, large inefficient mining will stop, the last miners will be those with free energy from renewable sources, on a much smaller scale.

When price surges for whatever reason this might seem to be delayed, but make no mistake, it is coming sooner or later. Every 4 years a halving occurs...

We have a very specific need to burn Bitcoin. It is not the intention to destroy Bitcoin but to evolve the value that Bitcoin has to a better  Bitcoin. A Faster , Secure and Environmentally Sustainable Bitcoin

Don't make fun of the community , they don't even deserve to be treated like this.

and what is the main purpose of this burning wallet?

Market does not even need something like to dispose bitcoin because there are only limited stocks of it.

LOL isn't 21M max cap too small already? And we already have those lost wallet from early users?
And why would Elon even do it? Why would people send their investment to be burn out?

Seriously ? you wanted Elon to help burning Bitcoin? are you a born loser or simply a stupid one?

Why not just Burn your things and let Bitcoin alone?

From the guy who wants to start a stupid project comes a stupid request...

You don't know how to create a 100% certifiable burn address but you want to create a new, "better" Bitcoin? Oh, God help us all!

AFAIK, there's an address which anyone can send any amount for burning. I'm sure that I've seen it somewhere here in the forum. But just like they said, there's no need for Elon to make one.

But if you want to voice this out to him, tweet what you're saying or reply to any of his tweets. There's a bigger chance that you'll be noticed by him.

Very neat way of thinking. Satoshi  is our HERO!!! Everything we do is in service of Bitcoin , Satoshi and the Bitcoin community. People might not see it that way .We might be vilified by some. Hopefully in time we can change that narrative. Hopefully in time the work will speak for itself. All we can do is move forward in our ambitions to make a positive impact.

There's a misconception of “burned coins”. If you sent some bitcoins to a rewarding address of the first blocks (probaby Satoshi's), you would have no proof that someone still has access to its private key. A burning address works as a proof. A proof that no one worked that much to generate it. It speaks for itself.

If you funded a Satoshi address, you would have no proof, but rather belief that the outputs will remain unspent.

Why is burning coins a green initiative for you? You could use those bitcoins to buy seeds or trees... That's a true green initiative.

And as other users already mentioned, you don't need to ask Elon for something that you can do yourself. Create an address and destroy the private keys, or use one of the burning addresses that already exist. You could even send your coins to a Satoshi Address and consider those coins as burned. If you take a look at block one: https://www.blockchain.com/btc/block/1 there was an address where the generated coins were ended (12c6DSiU4Rq3P4ZxziKxzrL5LmMBrzjrJX) you could burn your coins there just like the other people already burned 0.34btc on it.

If you wanted to burn some coins, simply generate a wallet, copy one address, trash the wallet(and the backups), then you got yourself a burn address. Not sure why we need a "public" one, also taking into consideration that who the heck would want to burn some bitcoin with these prices.

If you want to throw away some money, why not just donate them to charity instead?

I would loved to ask you  few questions; How could you believe someone who supports and disunite with his own logics? He is half confused and half correct, he started supporting Blockchain just last year when he announced his trashy car company was accepting Bitcoin as a payment all of a sudden he Fudded Bitcoin with the "Energy Consumption" thrash he tweeted. I would never believe such a dishonest man even he invents such an idea, some people would still mistake him for a scam or he could in turn sell those BTC. Anyone else from the community can do such, Michael Saylor is open enough for such discussions.

We hold no illusions on who or what supports this  initiative. Nor do we care
We have built  a system and allow decentralized consensus to take it from there. No Ego. No Self
 here. Just a cause to facilitate . If you think you are talking to a person right now. YOUR NOT. You are talking to an  embodiment  of millions of like minded people in pursuit of an IDEA .

For someone who believes they're in a position to "fix" Bitcoin with radical changes, you certainly have some questionable ideas.  If you want to start a project with a loudmouth, celebrity narcissist with questionable motives and a track record of sudden, erratic U-turns, you're more than welcome to try.  But don't pretend for a second that this is something you have the community's support on.  

//EDIT: 
I see you've now seen sense, but your initial thought should always be about what you can validate for yourself, not what you can rely on someone else to do for you.

Got it. Thank you again for your explanation. Seems like Elon is not needed. Thank you again for evolving the way to view this issue. Was just after the maximum validity.

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Outstanding!! Very elegant solution for a specific utility. This is exactly what is needed

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We can considered this thread CLOSED

[moderator's note: consecutive posts merged]

Sending missions to mars has nothing to do with being trustworthy... I'd never send coins to an address that was generated by anybody, but i would blindly trust that nobody had the private key to an address like 1BitcoinEaterAddressDontSend8MUo1T.

Why? Simply because i've generated vanity addresses in the past...
Here's a post by somebody else about the topic:
https://crates.io/crates/stellar_vanity/0.6.0

If it's TL;DR;, it would take 33000000000000000000000000000000 years to bruteforce the private key belonging to above vanity address... I'd rather trust an address that was so impossible to bruteforce over trusting somebody that has basically trolled the bitcoin community.

Is “trusted burn address” a new term? Lol. What do you mean trusted? A burning address speaks for itself that no one owns the private key, you don't have to trust someone words for that.

This one is a burning address, because it'd be infeasible to generate such address: 1111111111111111111114oLvT2

You can create your own burning address by yourself. You just fill the address with a phrase or/and with a continuous letter. Check this: https://gobittest.appspot.com/ProofOfBurn

If he can send successful missions to Mars he can without a doubt give us a 100% certifiable burn address.

Why would you ask *any* celeb to do this? I mean, if he posted some address and said it was a burn address, you'd have to take his word for it...

In this case, you're asking somebody who has flipflopped between a bitcoin believer and a bitcoin hater repeatedly... I'd never believe him if he told us he posted an address but destroyed the key...

Bottom line, an address like:
1CounterpartyXXXXXXXXXXXXXXXUWLpVr => 99,9999999999%? certain to be a burn address
1/x/bc1[whatever Elon Musk posted] => 70%? certain to be a burn address

Creating burn addresses is something you should do yourself... It's not about trusting some celeb, it's about creating an address that's provably sooooo specific it's allmost impossible you actually have the private key.

btw: out of sheer curiosity, i clicked the link in your footer... To tell you the truth, i haven't completely read everything, i immediately went for the "green" paper... It looks like the white (green) paper you posted is merely a commercial for your coin, i couldn't find any technical detail herein.
So, i decided to visit your github repo (linked in your "green" paper), but it was empty...

Your project could have potential as an altcoin, but you really need to start by adding a real whitepaper and start publishing some of your code if you want people to latch on.

Dear Elon,

We have a simple request. It would cost you a few minutes of your time but would have a hug impact on Bitcoins bright future. Could you create a public Bitcoin burn address. A bitcoin address that cannot be recovered and NO ONE has access to. Could you post this address to your twitter account? Anyone could make an unrecoverable address but what we need is a TRUSTED burn address. So when people send Bitcoin to this address it is for sure 100%  out of circulation and FOREVER unrecoverable. This might sound like a strange request but rest assured it will function as much needed utility. This address will be used as a green initiative for Bitcoin.

Thank you