I read a thread on destroying bitcoins I have a better idea.

philipma1957

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'The right to privacy matters'

Quote from: BillyBobZorton on April 19, 2015, 12:19:30 PM

Quote from: philipma1957 on April 18, 2015, 08:11:33 PM

https://bitcointalk.org/index.php?topic=1000565.0;all

I say we all donate 0.001 btc to the genesis block address.

And we all buy 0.019 btc from coinbase or any real exchange of btc.

total cost = 0.02 btc most is in your pocket and if anyone should get a 0.001 btc the founder of btc deserves it.

first tx id

https://blockchain.info/tx/4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b

first btc addy

https://blockchain.info/address/1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa

this would not cost much and could cause some price boost.

Seems like a pretty cheeky/good idea, but i dont think long term i would work. Bitcoin will shine by itself with time, without needing to do these.

Yeah but what the fuck it is interesting and after I kicked in the token 0.001 btc to satoshi 's genesis block I some how felt a little bit better about myself and BTC in general. Plus I now have 0.019 extra btc I purchased well 0.018 After the 0.001 I gave away.

If coins go to 300 usd I made a profit. If the crash and burn I lose under 4.75 usd.

A wise man once told me slow nickels are better then fast dollars.

BillyBobZorton

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Quote from: philipma1957 on April 18, 2015, 08:11:33 PM

https://bitcointalk.org/index.php?topic=1000565.0;all

I say we all donate 0.001 btc to the genesis block address.

And we all buy 0.019 btc from coinbase or any real exchange of btc.

total cost = 0.02 btc most is in your pocket and if anyone should get a 0.001 btc the founder of btc deserves it.

first tx id

https://blockchain.info/tx/4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b

first btc addy

https://blockchain.info/address/1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa

this would not cost much and could cause some price boost.

Seems like a pretty cheeky/good idea, but i dont think long term i would work. Bitcoin will shine by itself with time, without needing to do these.

philipma1957

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Activity: 4116

Merit: 7849

'The right to privacy matters'

Quote from: pedrog on April 19, 2015, 10:20:54 AM

Quote from: cbeast on April 19, 2015, 02:27:18 AM

Quote from: odolvlobo on April 18, 2015, 10:13:40 PM

Quote from: cbeast on April 18, 2015, 08:41:25 PM

Sending to the genesis block is destroying bitcoins because that block can't be spent.

The output of the transaction 4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b (the 50 BTC coinbase transaction) cannot be spent, but the other bitcoins at 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa can be spent.

I can see why newly created outputs could be spent, but I doubt there is a client built for handling that transaction without using coin control.

Coin Control is available with Bitcoin Core.

Quote from: Miracal on April 19, 2015, 03:21:22 AM

Quote from: pedrog on April 18, 2015, 08:52:21 PM

Quote from: cbeast on April 18, 2015, 08:41:25 PM

Sending to the genesis block is destroying bitcoins because that block can't be spent.

The first 50 bitcoins cannot be spent, but other inputs in the address should be able to be spent, correct?

I think no one own the private of first btc addy, which has no spending record. So any one send bitcoin to this address, means they destroy the bitcoin.

The address belongs to Satoshi, besides some testing transactions he has never spent his bitcoins.

Yep and if we can't toss him 0.001 btc each we simply should be embarassed to be in the world of BTC

which is the point of the thread if you won't buy 0.019 btc for your ownself and donate 0.001 btc to the genesis block to show support to btc and to Satoshi why bother to be on this site or have anything to do with BTC at all.

So far no one has donated other then me. My point is the entire forum is mentally down on BTC or maybe at least those that have read the thread.

So far 311 have read this thread.

pedrog

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Quote from: cbeast on April 19, 2015, 02:27:18 AM

Quote from: odolvlobo on April 18, 2015, 10:13:40 PM

Quote from: cbeast on April 18, 2015, 08:41:25 PM

Sending to the genesis block is destroying bitcoins because that block can't be spent.

The output of the transaction 4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b (the 50 BTC coinbase transaction) cannot be spent, but the other bitcoins at 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa can be spent.

I can see why newly created outputs could be spent, but I doubt there is a client built for handling that transaction without using coin control.

Coin Control is available with Bitcoin Core.

Quote from: Miracal on April 19, 2015, 03:21:22 AM

Quote from: pedrog on April 18, 2015, 08:52:21 PM

Quote from: cbeast on April 18, 2015, 08:41:25 PM

Sending to the genesis block is destroying bitcoins because that block can't be spent.

The first 50 bitcoins cannot be spent, but other inputs in the address should be able to be spent, correct?

I think no one own the private of first btc addy, which has no spending record. So any one send bitcoin to this address, means they destroy the bitcoin.

The address belongs to Satoshi, besides some testing transactions he has never spent his bitcoins.

arallmuus

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Quote from: Amph on April 19, 2015, 09:45:44 AM

Quote from: arallmuus on April 19, 2015, 08:54:28 AM

Quote from: Amph on April 19, 2015, 03:04:56 AM

isn't better to spend bitcoin instead of destroying them(not exchanging them for fiat)? spending them for goods is like destroying them but you get something for their value...

why do you think this is a good idea? the seller of the good will ofcourse change it back to fiat to cover the capital he used to purchase the goods.

that's the real problem, the owner should not convert them to fiat, but use those to buy something else, it will make a chain where bitcoin is not changed for fiat ever

Still to early for that and for that to happen in the future, all the countries will need to adopt bitcoin as currency which is unlikely so this "chain" which you mentioned isnt realistic for now because sooner or later at some points, the seller who adopts bitcoin will likely change it back to fiat again

Amph

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Quote from: arallmuus on April 19, 2015, 08:54:28 AM

Quote from: Amph on April 19, 2015, 03:04:56 AM

isn't better to spend bitcoin instead of destroying them(not exchanging them for fiat)? spending them for goods is like destroying them but you get something for their value...

why do you think this is a good idea? the seller of the good will ofcourse change it back to fiat to cover the capital he used to purchase the goods.

that's the real problem, the owner should not convert them to fiat, but use those to buy something else, it will make a chain where bitcoin is not changed for fiat ever

philipma1957

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'The right to privacy matters'

Well here is my 0.019 purchase and my 0.001 donation screenshot. USD out of pocket is < 4.75

arallmuus

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Quote from: philipma1957 on April 19, 2015, 09:12:40 AM

Quote from: arallmuus on April 19, 2015, 08:54:28 AM

sending to the genesis address will ofcourse make it unspendable for some time, but buying small amount from coinbase/another bitcoin exchanger will not levitate the value in one night either. Bitcoin will only reach it true value once we had full amount in circulation

okay if 1000 people buy 0.019 btc that is 190 btc and we both know that is not going to move price up.

If 10000 people buy that is 1900btc and that is almost 1 diff adjustment price will trend up.

If 100,000 people buy that is 19,000 btc and that is 9.42 diff adjustments. You can be certain price will move upwards.

If 1,000,000 people buy that is 190,000 btc and that is more then 94.2 diff adjustments since 34 adjustments from now we do the half to 12.5.

My idea costs the individual 0.001 btc given to the genesis block. Buying 0.019 btc from an exchange is not a cost so to speak.

To show I put my money were my mouth is I will post my donation to the genesis block and my purchase from coinbase.

I am not promoting coinbase as a superior place to buy btc I have my account there. I don't care where you buy the 0.019 btc

Fair points, and with logical thinking that will be achievable, but you ought to take into the account that for every buy there is a sell, someone who buy 0.019 at this current price might sell it right after the price levitate a bit. Not everyone buy bitcoin to hold off in long term as most people are opportunity seeker, so whenever the price goes up, you can expect there will be some sell pressure as well

cheers

philipma1957

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Activity: 4116

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'The right to privacy matters'

Quote from: arallmuus on April 19, 2015, 08:54:28 AM

sending to the genesis address will ofcourse make it unspendable for some time, but buying small amount from coinbase/another bitcoin exchanger will not levitate the value in one night either. Bitcoin will only reach it true value once we had full amount in circulation

okay if 1000 people buy 0.019 btc that is 190 btc and we both know that is not going to move price up.

If 10000 people buy that is 1900btc and that is almost 1 diff adjustment price will trend up.

If 100,000 people buy that is 19,000 btc and that is 9.42 diff adjustments. You can be certain price will move upwards.

If 1,000,000 people buy that is 190,000 btc and that is more then 94.2 diff adjustments since 34 adjustments from now we do the half to 12.5.

My idea costs the individual 0.001 btc given to the genesis block. Buying 0.019 btc from an exchange is not a cost so to speak.

To show I put my money were my mouth is I will post my donation to the genesis block and my purchase from coinbase.

I am not promoting coinbase as a superior place to buy btc I have my account there. I don't care where you buy the 0.019 btc

arallmuus

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Activity: 2520

Merit: 1403

Quote from: Amph on April 19, 2015, 03:04:56 AM

isn't better to spend bitcoin instead of destroying them(not exchanging them for fiat)? spending them for goods is like destroying them but you get something for their value...

why do you think this is a good idea? the seller of the good will ofcourse change it back to fiat to cover the capital he used to purchase the goods.

Quote from: philipma1957 on April 18, 2015, 08:11:33 PM

https://bitcointalk.org/index.php?topic=1000565.0;all

I say we all donate 0.001 btc to the genesis block address.

And we all buy 0.019 btc from coinbase or any real exchange of btc.

total cost = 0.02 btc most is in your pocket and if anyone should get a 0.001 btc the founder of btc deserves it.

first tx id

https://blockchain.info/tx/4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b

first btc addy

https://blockchain.info/address/1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa

this would not cost much and could cause some price boost.

sending to the genesis address will ofcourse make it unspendable for some time, but buying small amount from coinbase/another bitcoin exchanger will not levitate the value in one night either. Bitcoin will only reach it true value once we had full amount in circulation

randy8777

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you can also just delete your wallet file and private keys to "destroy" your coins. via this way you don't have to send your coins to a certain address. and btw, satoshi isn't really in need of coins.

Miracal

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Quote from: pedrog on April 18, 2015, 08:52:21 PM

Quote from: cbeast on April 18, 2015, 08:41:25 PM

Sending to the genesis block is destroying bitcoins because that block can't be spent.

The first 50 bitcoins cannot be spent, but other inputs in the address should be able to be spent, correct?

I think no one own the private of first btc addy, which has no spending record. So any one send bitcoin to this address, means they destroy the bitcoin.

Amph

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isn't better to spend bitcoin instead of destroying them(not exchanging them for fiat)? spending them for goods is like destroying them but you get something for their value...

cbeast

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Let's talk governance, lipstick, and pigs.

Quote from: odolvlobo on April 18, 2015, 10:13:40 PM

Quote from: cbeast on April 18, 2015, 08:41:25 PM

Sending to the genesis block is destroying bitcoins because that block can't be spent.

The output of the transaction 4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b (the 50 BTC coinbase transaction) cannot be spent, but the other bitcoins at 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa can be spent.

I can see why newly created outputs could be spent, but I doubt there is a client built for handling that transaction without using coin control.

Snorek

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Quote from: cbeast on April 18, 2015, 08:41:25 PM

Sending to the genesis block is destroying bitcoins because that block can't be spent.

And that is exactly the idea behind it. Even Satoshi said that lost bitcoins are really good for economy because rest of the bitcoin will be worth slightly more for everyone else. Think of it as a small donation to everybody.

Q7

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Honestly there are other ways which I prefer, for example like talking to your friends and getting them to check out about bitcoin, tipping and become active participants in forums promoting bitcoin. Although these are more like an indirect approach but I see it being more effective in the long term than short term.

odolvlobo

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Quote from: cbeast on April 18, 2015, 08:41:25 PM

Sending to the genesis block is destroying bitcoins because that block can't be spent.

The output of the transaction 4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b (the 50 BTC coinbase transaction) cannot be spent, but the other bitcoins at 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa can be spent.

pedrog

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Quote from: cbeast on April 18, 2015, 08:41:25 PM

Sending to the genesis block is destroying bitcoins because that block can't be spent.

The first 50 bitcoins cannot be spent, but other inputs in the address should be able to be spent, correct?

vvv8

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Why are you acting silly ? There's no point to what you're doing because there are whales that can change btc price in a hiccup if they want to. Let's be honest here instead of kidding ourselves.

Coins r cheap now, you can stock up if u like. There will most likely be some type of event / pump that gets btc price moving in the right direction. When or what that event will be, I don't think we know about that yet.

cbeast

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Let's talk governance, lipstick, and pigs.

Sending to the genesis block is destroying bitcoins because that block can't be spent.

Topic: I read a thread on destroying bitcoins I have a better idea. (Read 1233 times)