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Topic: Lost Forever: 26.04 BTC Burned In 2016 (Read 2325 times)

full member
Activity: 198
Merit: 100
December 29, 2016, 08:31:20 AM
#47
New Burn address tryIT!!!

1NextXE5aM81RejwHbCg3SpwaCstYWUgcm

I lost its pvtkey
legendary
Activity: 3346
Merit: 1352
Leading Crypto Sports Betting & Casino Platform
December 29, 2016, 07:45:45 AM
#46
Since the total number of Bitcoins that can be mined is limited, I have a feeling that these "lost" bitcoins will cause a deflationary effect in the long run. Why can't we destroy these coins and re-generate them from mining?
hero member
Activity: 3038
Merit: 634
December 29, 2016, 06:15:57 AM
#45
Last October a website called BTCBurns.cf identified 397 burn addresses containing 2,657.8686 BTC lost forever. It has gone offline. Since it stopped keeping track 26.04 additional bitcoins have been sent to these addresses.

The total number of unspendable bitcoins is now 2,771.4086.

http://bitcoinwhoswho.com/blog/2016/12/21/btc-burn-addresses/

For sure that those bitcoins are lost forever. I'm a bit curious why another 26.04 BTC will be sent to those addresses, what a burner wasting big amount of money.

2,771.4086BTC is already a big amount of bitcoin but I guess if someone is keep on sending on those addresses, it has something to do with pump.

So that the total supply of bitcoin is going to be lesser.
Supply would be really lesser but 2k bitcoins wouldn't hurt soo much on bitcoins ecosystem but the painful part is that those bitcoin aren't useful already unless if they are being used by the site owner or the person who have access on those funds but if none then those will float only on bitcoin network and cant be spend.Supply would really be lesser and that amount of 26 btc maybe from a user that didn't know that the site goes offline and its really a sad thing because 26 btc is already a lot of money.

As if we know that there are not only 2k bitcoins are just being burned and totally lost forever and that is has a very big impact in the ecosystem.

And I don't think that those online wallet site owners have the rights to use it unless they will have sometime for restoring those burned coins forever.

Yes it is sad because even though that isn't our bitcoins but still it worth a lot.
hero member
Activity: 2926
Merit: 722
December 28, 2016, 04:39:49 AM
#44
Last October a website called BTCBurns.cf identified 397 burn addresses containing 2,657.8686 BTC lost forever. It has gone offline. Since it stopped keeping track 26.04 additional bitcoins have been sent to these addresses.

The total number of unspendable bitcoins is now 2,771.4086.

http://bitcoinwhoswho.com/blog/2016/12/21/btc-burn-addresses/

For sure that those bitcoins are lost forever. I'm a bit curious why another 26.04 BTC will be sent to those addresses, what a burner wasting big amount of money.

2,771.4086BTC is already a big amount of bitcoin but I guess if someone is keep on sending on those addresses, it has something to do with pump.

So that the total supply of bitcoin is going to be lesser.
Supply would be really lesser but 2k bitcoins wouldn't hurt soo much on bitcoins ecosystem but the painful part is that those bitcoin aren't useful already unless if they are being used by the site owner or the person who have access on those funds but if none then those will float only on bitcoin network and cant be spend.Supply would really be lesser and that amount of 26 btc maybe from a user that didn't know that the site goes offline and its really a sad thing because 26 btc is already a lot of money.
hero member
Activity: 756
Merit: 502
December 28, 2016, 04:12:01 AM
#43
My big question is how do they know that this is a burning address ? Unless this is stated in the address' public key, I see absolutely no way to identificate them. Anyone has a clue about that ? And beside that, I think that the amount is much bigger that the 2771,4086BTC stated in the second post.
hero member
Activity: 3038
Merit: 634
December 28, 2016, 01:36:01 AM
#42
Last October a website called BTCBurns.cf identified 397 burn addresses containing 2,657.8686 BTC lost forever. It has gone offline. Since it stopped keeping track 26.04 additional bitcoins have been sent to these addresses.

The total number of unspendable bitcoins is now 2,771.4086.

http://bitcoinwhoswho.com/blog/2016/12/21/btc-burn-addresses/

For sure that those bitcoins are lost forever. I'm a bit curious why another 26.04 BTC will be sent to those addresses, what a burner wasting big amount of money.

2,771.4086BTC is already a big amount of bitcoin but I guess if someone is keep on sending on those addresses, it has something to do with pump.

So that the total supply of bitcoin is going to be lesser.
hero member
Activity: 1190
Merit: 534
December 28, 2016, 01:13:23 AM
#41
Last October a website called BTCBurns.cf identified 397 burn addresses containing 2,657.8686 BTC lost forever. It has gone offline. Since it stopped keeping track 26.04 additional bitcoins have been sent to these addresses.

The total number of unspendable bitcoins is now 2,771.4086.

http://bitcoinwhoswho.com/blog/2016/12/21/btc-burn-addresses/

That’s really painful part that we are destroying bitcoins. I always believed that there are some better ways to avoid processes like proof of burn. Even if such activities are increasing the values of remaining bitcoins, I don’t think that it is a wise idea to use it. Bitcoin is in initial phase and we shouldn't do something that might affect the future such as destruction.


legendary
Activity: 3038
Merit: 4418
Crypto Swap Exchange
December 28, 2016, 12:35:45 AM
#40
Last October a website called BTCBurns.cf identified 397 burn addresses containing 2,657.8686 BTC lost forever. It has gone offline. Since it stopped keeping track 26.04 additional bitcoins have been sent to these addresses.

The total number of unspendable bitcoins is now 2,771.4086.

http://bitcoinwhoswho.com/blog/2016/12/21/btc-burn-addresses/

What is a burn adress?I`ve never heard about this.

How is it possible people to continue to send bitcoins to those adresses?
A burn address is an address that is created for people to send Bitcoins to them and make sure that it is unable to be used. The address does not have a private key that is known to anyone. An example of an address is this: 1CounterpartyXXXXXXXXXXXXXXXUWLpVr. It is extremely hard for anyone to generate an address that starts with 1CounterpartyXXXXXXXXXXXXXXX and thus the probability of it having a private key that is known to everyone is extremely low. Many motivations to doing this.
Some people just burn some of their Bitcoin to increase the value of it overall, and to be fair 2771BTC isn't a small amount and it is worth a huge amount.

As for everyone who thinks that the bitcoin really is lost forever, though, it's far from that. It'll take a long time to get to the address, but I would be willing to guarantee that someone will find it at some point. Assuming someone seriously undertakes that goal, though.
And when someone does it we should IMMEDIATELY switch to a different algorithm of generating wallet. Your "very long" is underestimating what power it is to crack an address. When you get that address, the earth probably wouldn't even exist.


lookup "proof of burn"
this is the only purposeful burning i am aware of

the rest of lost coins maybe someday  retrievable when computers are powerful enough to break their passphrases
They aren't meant to be taken out. If anyone ever gets access to them, we should be fearing for our addresses to be cracked. This is impossible and if it does happen, we would have switched to a better algorithm to generating addresses.



Sending Bitcoins intentionally to an address that cannot be spent is irresponsible since it introduces blockchain spent as the UXTO of them will be stored forever. A better method would be to use OP_Return since they do not occupy any space in the node's UXTO.
legendary
Activity: 1316
Merit: 1000
Si vis pacem, para bellum
December 27, 2016, 09:27:50 PM
#39
I guess it's a bit more to add to this thread... Still don't understand why people burn their coins intentionally. I don't think any burning is purposeful... But to each his own.

lookup "proof of burn"
this is the only purposeful burning i am aware of

the rest of lost coins maybe someday  retrievable when computers are powerful enough to break their passphrases
legendary
Activity: 1512
Merit: 1012
December 27, 2016, 07:21:10 PM
#38
I guess it's a bit more to add to this thread... Still don't understand why people burn their coins intentionally. I don't think any burning is purposeful... But to each his own.
legendary
Activity: 1316
Merit: 1000
Si vis pacem, para bellum
December 27, 2016, 07:12:11 PM
#37
Last October a website called BTCBurns.cf identified 397 burn addresses containing 2,657.8686 BTC lost forever. It has gone offline. Since it stopped keeping track 26.04 additional bitcoins have been sent to these addresses.

The total number of unspendable bitcoins is now 2,771.4086.

http://bitcoinwhoswho.com/blog/2016/12/21/btc-burn-addresses/

It would be cool to be able to keep real track of the amount of burned addresses, but only those addresses that are publicly know to be as burning address can provide us efficient data in keeping track of real lost forever bitcoins.

if we take into consideration that the address of satoshi nakamoto contain up to 1 million bitcoins, we may think that the amount of burned BTC is over 1 million now, since its safe to assume satoshis keys are lost for life.

some people believe satoshi mined 1-1.5 Million BTC
i have seen analyists thinking that 33% of the bitcoins maybe "lost" but i guessitwill take some decades to see if that is true
it is wrong in my opinion to think if someone didnt sell for $1250  then his coins must be must
many investors are likely fiat rich and dont need to cash out until something drastic happens in the economy
newbie
Activity: 31
Merit: 0
December 27, 2016, 06:11:41 PM
#36
I should have been more clear; 2,771.4086 is the absolute minimum unspendable bitcoins in existence. There are certainly more.
legendary
Activity: 1358
Merit: 1014
December 27, 2016, 02:58:02 PM
#35
Last October a website called BTCBurns.cf identified 397 burn addresses containing 2,657.8686 BTC lost forever. It has gone offline. Since it stopped keeping track 26.04 additional bitcoins have been sent to these addresses.

The total number of unspendable bitcoins is now 2,771.4086.

http://bitcoinwhoswho.com/blog/2016/12/21/btc-burn-addresses/

It would be cool to be able to keep real track of the amount of burned addresses, but only those addresses that are publicly know to be as burning address can provide us efficient data in keeping track of real lost forever bitcoins.

if we take into consideration that the address of satoshi nakamoto contain up to 1 million bitcoins, we may think that the amount of burned BTC is over 1 million now, since its safe to assume satoshis keys are lost for life.
legendary
Activity: 1176
Merit: 1017
December 27, 2016, 01:47:31 PM
#34
I don't understand why anybody would intentionally burn their bitcoin....It doesn't make a whole of sense to me.  Why don't they just put them in cold storage somewhere and forget about them?  I think that most of these "burn" claims are bologny....I know that awhile back there was a group who wanted to kill bitcoin by buying them all up and burning them....but that's just a stupid thought now days ---->  $934/BTC who could afford that loss?
hero member
Activity: 490
Merit: 520
December 27, 2016, 01:38:56 PM
#33
Last October a website called BTCBurns.cf identified 397 burn addresses containing 2,657.8686 BTC lost forever. It has gone offline. Since it stopped keeping track 26.04 additional bitcoins have been sent to these addresses.

The total number of unspendable bitcoins is now 2,771.4086.

http://bitcoinwhoswho.com/blog/2016/12/21/btc-burn-addresses/

2771BTC in total, that is a fortune but is this act intentional or a mistake, how can they be sending BTC continually to a dead address.
Some people just burn some of their Bitcoin to increase the value of it overall, and to be fair 2771BTC isn't a small amount and it is worth a huge amount.

As for everyone who thinks that the bitcoin really is lost forever, though, it's far from that. It'll take a long time to get to the address, but I would be willing to guarantee that someone will find it at some point. Assuming someone seriously undertakes that goal, though.
sr. member
Activity: 322
Merit: 251
December 27, 2016, 01:33:41 PM
#32
Man, that smells like a lotta wastage fo such a tiny currency.   I git that tar's 21 mill gon' be produced, but i thank fo' the long term,  ya cain't waste that many...or the damn price is gon' hafta go up a lot t'accomodade all the people.   Rite? Anyways i don't know why anyone would want to boin they money.  Seem likka stupid thang t'do.
legendary
Activity: 1134
Merit: 1599
December 27, 2016, 01:23:43 PM
#31
What if they were actually cold wallets? It doesn't matter though, there are probably hundreds of thousands or millions of Bitcoins gone. People who joined Bitcoin in the first year might have thrown away their PCs, or erased the data they had together with their offline Bitcoin wallet. There were many cases in which they later found out they had millions in their accounts after cleaning up the house.
sr. member
Activity: 406
Merit: 252
Veni, Vidi, Vici
December 27, 2016, 12:47:02 PM
#30
I think it is not burned, i think it was lost by users stupidity. But also how come people can send btc to a specified burn address. When in fact that address is already burned, the address is still active but not accessible? I'm a bit confused on what is really burned addresses. BTCBurn website got some concrete evidence that the address is really burned?

Some lost from users but there is the expression Proof of Burn that is an alternate consensus of Proof of Work and Proof of Stake. More details has the following wiki https://en.bitcoin.it/wiki/Proof_of_burn. Even more there is an archived post in reddit with a list of these addresses https://www.reddit.com/r/Buttcoin/comments/3kqdjv/a_list_of_bitcoin_addresses_used_to_intentionally/. Someone above told that people intentionally had burned their coins when exchange rate to fiat was low but I have neither read nor listen anything about it yet. 
sr. member
Activity: 242
Merit: 250
December 27, 2016, 11:44:37 AM
#29
I sent 10 to what might as well be a burn address and i guess other fools like me also messed up not making back ups. There are 100,000s of unusable bitcoins. LOL.
legendary
Activity: 1792
Merit: 1283
December 27, 2016, 11:42:00 AM
#28
The actual amount of "long lost bitcoins" is for sure way greater than the said amount. It's impossible to throw any kind of estimations as we simply can't know about most of it.

Quote
It could be anyone, but let's take Satoshi as an example as it gets mentioned here. Him not moving his coins doesn't mean that he has no access to his wallets/private keys anymore. It's very simply to just assume so since these coins haven't been moved, but there are good reasons for him and other early adopters not to touch their coins (yet). It's not just a few thousand $$ worth of Bitcoin that we are talking about. That's what I tried to point out.

I agree. Doesn't seem logical that he wouldn't have control over those coins anymore. He simply hasn't moved them. It's not like he has an urgent need for even a small portion of the bitcoins Wink
Coinbuzz wrote an article about this, back in 2015. They made an estimate that around 1/3rd of all Bitcoins may be lost coins from addresses that haven't spent anything since 2011.
Of course, there's no way of knowing that these addresses are inaccessible, but that doesn't mean you can't make some reasonably accurate estimations.

Here's the article:
http://www.coinbuzz.com/2015/03/31/23-bitcoins-mined-13-may-lost/

On a side note: I'd like to know where they got their numbers from.
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