Topic: Help me DESTROY Bitcoin! - page 2. (Read 986 times)

That's the solution I am looking for. To create a burn address system that will irrevocably destroy an existing asset and replace it with new Phoenixes / Ash.


That's dumb. If the burned tokens are bought/sold then that will devaluate the generated Phoenix / Ash as well. The only way Phoenix will gain value is by decreasing the volume of other assets that are in limited supply to begin with and replacing them with Ash / Phoenix.
The point of this discussion is to get people who are interested in this idea to work together and build something new and better with transparency.

Changing the topic a bit here But this isn't true 'burning' IMO. What happens when we master the art of quantum computing in the next 5-10 decades? A quantum computer will be able to crack these 'Burn' addresses and retrieve the bitcoins. What you are doing here is basically donating your bitcoins to person/entity who will avail these bitcoins in the future. Consider it a sort of smart contract  

How will you prove your didn't make another copy? The only way to prove nobody can access coins ever again is by sending them to a burn address.

You are almost correct!


Let's call it a "system" - something like a wallet but its entirely hosted on the 'internal network' of the "system".

At the beginning the internal network may only be compatible with a few coins or tokens and additional tokens / coins can be plugged into the system -so that when those inputs are enabled the same 'Phoenix' would also be available for those burning events.


Yes, and there will obviously be a cap to how much phoenix can be generated overall so there is - in theory - a limited supply. In that way the early burners will get larger rewards. But the rewards will be locked in a way that not all of it is given away at once. That locked reward is something I'd like to call "Ash".
The ash system in the early days of the product would mature into Phoenixes at a much slower rate than -say 4 years into the project.
This way the early adopters are still rewarded well but not enough to make them whales.


Let me put it this way :
In long term the purpose of this coin/token is to burn away excess digital assets. In a way I want it to not only be able to accept crypto inputs but anything and everything that has a "value" digitally.

Remember, value is something that will be determined by the usd price of an asset in the free market - which is another aspect of this project in the future - setting up a free market where ANY digital asset can be traded and "burned" to get Phoenix coins as rewards.

Ok, if I understand this correctly, you want someone to deposit bitcoins into a digital wallet and the moment he/she "burns" that wallet, the software must award the person with another "token" from another Alt coin that you created.

So in a sense, you still want to destroy bitcoins by burning them, but you want to reward people with another token for doing that. 

Should this software also be "compatible" with other Alt coins, for a broader use case? or a standalone software solution?>

The aim is to destroy the consumed coins and be never accessible by anyone. Essentially taking them away from the market and in turn they would be replaced by these newly generated 'Phoenix' tokens/coins.
If you are interested in getting onboard as a coder, DM me, we can have further discussions about this.

And its not going to be a wallet ergo a single wallet solution.
The idea is to design a system that will consume inputs - tokens / other cryptos, irrevocably removing them from circulation and the free market.
AND in turn generating some new coins - Phoenixes.

Do the project requirements mean that it’s a necessity that the coins be destroyed or could they simply be locked away in an encrypted wallet where the password/2FA is unknown to the creator?
I’m probably missing the point of this but then again it depends if you want the function to be available to the masses or as a single wallet in which case that could be a simple solution?

Well, I'm not them. And if something has been done before does not mean it can't be done again in a much better way. I haven't even described 10% of the full functionality of what I am intending to build.

PS: I've heard of XCP before but wasn't aware of their 'burning bitcoins' ideology. Thanks for digging it up. Now I'll know what I need to do differently.

What you are describing has been done before. You might want to lookup the story of Counterparty who was responsible for trading a new currency "XCP" for people who were willing to burn bitcoin in exchange. Over 2,100 BTC's were burned this way.But some smaller startups have done it as well in the past.

Which is why I am not leaning towards those ideas. I want to be able to do this 'digitally'... if that makes sense..

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What I am trying to get at is not particular to Bitcoin. And hence does not need to be a single / universal solution.
Think of it this way, we have a 'system' let's call it 'Phoenix Generators" - it simply churns out 'Phoenixes' whenever a token or crypto is burned 'in the system'.

This serves two purposes;

One - The original value of the token or crypto is transferred into the new Phoenix that is generated, creating value for the generated Phoenix in equivalence to the token / bitcoin burnt. The value can be described as the usd market equivalence of the crypto at that time.

Two - Since the burnt cryptos cannot be recovered, the burnt crypto asset as a whole would also appreciate in value as there is less of that original crypto in the market.


Now, of course, this is a lot of work, if a system is built it cannot be universally compatible with every asset and blockchain out there but at the least, I want to target a few chunks of Bitcoin or any other altcoin out there. When the time arises a new asset would be plugged-in to the system (much like how an exchange like Binance keeps adding new coins to it's system).


If anyone is able to understand and comprehend this idea, please get in touch.

OP asked for a way to to track it and verifiable prove it.

Also: Burning a paper wallet or destroying a drive is not burning a coin, it's still registered in the utxo.

Burning Bitcoin offline is easy. Transfer to a Drive and destroy the drive. Same with paper wallet, there you will actually get the satisfaction of burning it.

Also, if I do not have the private key to the wallet but still if I could log into the wallet with a passphrase -like older wallets where passphrases were not wallet keys. Then that wallet would still be pretty unsecured as someone would still have access to it.

https://en.bitcoin.it/wiki/Proof_of_burn

Any address that nobody has a private key of is a burn address.

Some addresses are specifically created because it is unlikely that anyone has a key to them.

You cannot destroy bitcoins "offline". They only exist online.

Bitcoin exists because it is a balance show on the blockchain available to a certain address.


Proof of burn addresses:
http://bitcoinwhoswho.com/blog/2017/12/30/8-97-bitcoins-burned-in-2017/

Why exactly do you want to send to a wallet? Do you by any chance mean an address? Because otherwise I could be holding a wallet with some addresses in them having a huge balance and then they all get destroyed because you deposit some satoshi's in an address from that wallet?

What's the off-chain aspect of this? How will coins get deposited into this wallet if it's not on-chain?

In general the preferred way in Bitcoin to burn coins is to include an OP_RETURN in a transaction with a value > 0.00. That way it is verifiable because it's registered in the blockchain but it cannot be spent afterwards. This is a better way than using fake addresses like the Bitcoineater one since the will be unspendable but it will also be included in the utxo-database.

This address isn't valid. I suppose you could send bitcoins there if you compose a transaction manually, but wallets wouldn't allow you to send there.

This one seem to be valid: 1BitcoinEaterAddressDontSendf59kuE

pm'd

Let's connect and have a chat about it ? I think i might be able to cide it per your requirements.

If anyone is interested, you may respond to my hiring call here :

NEED EXPERIENCED COIN DEVs

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The idea can be something novel and real. Anyone interested. Please reach out.

Wasn't aware and that's not what I am aiming for. I have other plans. Want to develop something that is essentially the same as that burn address but with some differences. If you (or anyone) can help me code this, PM me.

This would be a fun project with a huge pay off in the end.

Can’t you just send them to a burn address? For example, Bitcoin has 1BitcoinEaterAddressDontSendf59kuE.

Edit: fixed the address.