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Topic: Destroying bitcoin, by coin, by coin... - page 3. (Read 15743 times)

hero member
Activity: 740
Merit: 500
Hello world!
I am an IT specialist at a medium sized european insurance company. Not in the large datacenters or anything, just a smallish dependance. We're with only two people in my department and we work together so basically we can do with the computers at our disposal what we want.
Including installing and running bitcoin miners Smiley

Good for you! You might think. Nice bitcoins for us, ready to spend or trade on an exchange or whatever and it doesn't cost us anything! Other than a few lost hours reading into bitcoin and then registering for a pool and setting up some miners.
But. We're not in this for the money. The ideal is what matters to us, the idea behind bitcoin, the potential it has and what it could same day become. The problem is, we don't believe in that. We both feel bitcoin is an incredibly silly idea, a waste of resources (spare me the irony, we're aware of it) and a concept that is doomed to fail.

So, we destroy every coin we mine. It's amazing how much effort it takes PC's to create a bitcoin yet how easily they can be destroyed. It litterally takes us no more than a minute every week. Delete the wallet.dat and create a fresh one and another 5 coins or so are gone forever Smiley

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.

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



Whoa a whole 700Mhash.. over twelve boxes.. OMG! the hashing power of a 5970.. which would produce 2.8, not 5 BTC a week... looks like we have an "IT specialist" who doesn't know what a VLIW instruction set is.. or basic math..

It also looks like we have someone who's not keen on reading dates.. Smiley
sr. member
Activity: 462
Merit: 250
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
If You give me 3000€, I will join the idea.
sr. member
Activity: 462
Merit: 251
I am an IT specialist at a medium sized european insurance company. Not in the large datacenters or anything, just a smallish dependance. We're with only two people in my department and we work together so basically we can do with the computers at our disposal what we want.
Including installing and running bitcoin miners Smiley

Good for you! You might think. Nice bitcoins for us, ready to spend or trade on an exchange or whatever and it doesn't cost us anything! Other than a few lost hours reading into bitcoin and then registering for a pool and setting up some miners.
But. We're not in this for the money. The ideal is what matters to us, the idea behind bitcoin, the potential it has and what it could same day become. The problem is, we don't believe in that. We both feel bitcoin is an incredibly silly idea, a waste of resources (spare me the irony, we're aware of it) and a concept that is doomed to fail.

So, we destroy every coin we mine. It's amazing how much effort it takes PC's to create a bitcoin yet how easily they can be destroyed. It litterally takes us no more than a minute every week. Delete the wallet.dat and create a fresh one and another 5 coins or so are gone forever Smiley

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.

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



Whoa a whole 700Mhash.. over twelve boxes.. OMG! the hashing power of a 5970.. which would produce 2.8, not 5 BTC a week... looks like we have an "IT specialist" who doesn't know what a VLIW instruction set is.. or basic math.. Kid, it's going to take you about 144000 years to destroy bitcoin .. If everything stays exactly as it is now..In that time you might finish puberty, move from mommy's basement and get laid.. maybe the same sex and a different species but laid nonetheless.. .. buy a cardboard box under a bridge.. squeeze of a few little trolls. Bring 'em up to hate all that is bitcoin .. and die knowing that the dreaded bitcoin is still rolling round in cyberspace...

Seriously dude, Thanks for the laugh.. Its been a long day and I needed it.... Grin
legendary
Activity: 1358
Merit: 1002
This turned out to be a great Idea!

No regrets, right guys?

Holly thread necro!
legendary
Activity: 1918
Merit: 1570
Bitcoin: An Idea Worth Spending
I am an IT specialist at a medium sized european insurance company. Not in the large datacenters or anything, just a smallish dependance. We're with only two people in my department and we work together so basically we can do with the computers at our disposal what we want.
Including installing and running bitcoin miners Smiley

Good for you! You might think. Nice bitcoins for us, ready to spend or trade on an exchange or whatever and it doesn't cost us anything! Other than a few lost hours reading into bitcoin and then registering for a pool and setting up some miners.
But. We're not in this for the money. The ideal is what matters to us, the idea behind bitcoin, the potential it has and what it could same day become. The problem is, we don't believe in that. We both feel bitcoin is an incredibly silly idea, a waste of resources (spare me the irony, we're aware of it) and a concept that is doomed to fail.

So, we destroy every coin we mine. It's amazing how much effort it takes PC's to create a bitcoin yet how easily they can be destroyed. It litterally takes us no more than a minute every week. Delete the wallet.dat and create a fresh one and another 5 coins or so are gone forever Smiley

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.

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 reclaim barn wood for a living, and recently have found myself making way more money than I'll ever need, so I've decided to burn the rest. I convert all the large bills into singles, thus allowing myself the enjoyment of watching the fire burn longer.

You can join in my quest of ridding the world of fiat dollars starting today. Simply burn your cash bill by bill by bill!  Roll Eyes
hero member
Activity: 740
Merit: 500
Hello world!
This turned out to be a great Idea!

No regrets, right guys?
hero member
Activity: 616
Merit: 500
Firstbits.com/1fg4i :)
If you got enough processing power for the coins you destroy to make any difference, there are plenty other things you could be doing instead of destroying them that would be way more effective (though i still wouldn't expect you to be able to make much more than a tiny ripple in the ocean)
member
Activity: 75
Merit: 10
IT not the sharpest tools in the shed, who would have thought?
member
Activity: 84
Merit: 10
You could just devalue the currency by donating to this guy bitcoinscam.webs.com

I like that guy...he just seemed...honest.

Not a very effective scam: 
http://blockexplorer.com/address/1Acg2GCjC76ni2S3QcDaYo7NTYNm5JdwKb
legendary
Activity: 1512
Merit: 1036
So, we destroy every coin we mine.

Bitcoins can never be destroyed, the blockchain knows they are yours and will not forget. Like an omniscient overlord, the bitcoin network will be passing around blocks containing records of your bitcoin earnings long after you are dead. You can only choose to spend them or not. Your wallet only allows you to send them to someone else. They will be looming over you like a spectre of guilt, robbing you of your life essence, until you are destitute from your new obsession - sleeping in a cardboard box outside the loading bay of your former employer, hoping that you can get a tossed out hard drive to recover a wallet from, but alas, you will find no relief from your self-inflicted burden.
sr. member
Activity: 448
Merit: 250
You could just devalue the currency by donating to this guy bitcoinscam.webs.com

I like that guy...he just seemed...honest.
legendary
Activity: 1400
Merit: 1005
On that note... I'll destroy 1 BTC for every 1 BTC donated to me!  GO!
newbie
Activity: 5
Merit: 0
This isn't a half bad idea. VIVA LA BITCOIN!
member
Activity: 119
Merit: 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
full member
Activity: 122
Merit: 100
If you get caught, it would be considered theft of resources such as electricity and you could get fired.
mrb
legendary
Activity: 1512
Merit: 1028
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.
newbie
Activity: 9
Merit: 0
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!
newbie
Activity: 25
Merit: 0
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.
hero member
Activity: 812
Merit: 1001
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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.



sr. member
Activity: 448
Merit: 250
- 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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