Virgin Coins - page 2. | Bitcointalksearch.org

cccarnation

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One Token to Move Anything Anywhere

Quote from: Largo on December 21, 2012, 08:40:46 PM

Can you mine bitcoins to an address where you only got the public key?
If only i had the private key i would maybe pay like 101 BTC for 100 BTC mined to my address.
So yes there could be a market

You only need the address for mining not the private key. The problem is that most mining pools do not disperse shares directly from the generation (coinbase) transaction, so for most pools you would get some mix of non-virgin coins. As mentioned above Eligius and P2pool both directly split the coinbase into shares paid. The downside is this takes 120 confirmations before they can be spent (unless that was changed, I haven't really followed it). In any case whether you or someone else mines the coins go to an address provided.

If you wanted to provide a service providing virgin coins then you would accept a customer's address and mine to that address for them. If you wanted to pre-mine such that they can just buy them (without waiting) then they have to trust you as any split key method would requires they provide a public key such that you generate a shared private key that is trustworthy. In which case why not just mine to their address.

NotAtOld

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You'd have to trust the person you're buying the private key from to not know it in any which way shape or form.
Instead, use a split key generation method. This is similar to split key vanity addresses, with the only difference being that you don't really need to bother with the 'vanity' aspect (though you still could, for a premium, say). Google around for how that works.
I don't know what premium would apply to minted coins - especially since the service in question would still be involved.. could just as well use a tumbler.

Whether that, in turn, would constitute a laundering service depends on who you talk to.
If the service does use split key, then it would not be appropriate for meat space, due to timing constraints.

logger

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This topic was discussed extensively a couple years back here on forum so you may want to search there. The Eligius pool always used to mine directly to your address. I think they still do as I checked their most recent block and it has a split gen transaction. I haven't used them in years. Other than that you would need to make a deal with a miner or pool and to my knowledge there hasn't been any settling on premiums.

QuestionAuthority

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Quote from: jamesg on September 28, 2014, 11:55:35 AM

Quote from: Robin_Good on September 28, 2014, 11:43:23 AM

All bitcoins have the same value. They don't become more valuable just because they're 'fresh'.

That might be the case today. The question you need to ask is whether bitcoin will continue to be completely fungible.

If it does not remain completely fungible then it's useless as a currency just as dollars would be. I would no longer use dollars if I had to stand at a store cashier line and check each bill against a ledger before accepting it.

jamesg

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Quote from: Robin_Good on September 28, 2014, 11:43:23 AM

All bitcoins have the same value. They don't become more valuable just because they're 'fresh'.

That might be the case today. The question you need to ask is whether bitcoin will continue to be completely fungible.

Robin_Good

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All bitcoins have the same value. They don't become more valuable just because they're 'fresh'.

bambino

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Are you trying to buy or to sell? Buying a private key doesn't sound like a great idea. Can't the miner send coins to your own address?

GTA

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You can't trust that, for a premium, mine your own

Soros Shorts

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Quote from: JWU42 on September 27, 2014, 04:01:58 PM

A virgin 50BTC block is rather cool -- but as you say trusting the seller to discard the privkey (securely) is paramount.

Well they certainly don't make them anymore. Should be worth more than 2 x 25BTC blocks.

jamesg

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Quote from: a447513372 on September 27, 2014, 08:37:44 PM

IMO it would be impossible to know for sure that the seller actually disregarded the private key. Not only that but if the coins are moved to an address that you do not control without you signing a TX to move them, you really do not know if it was the seller moving them, if your private keys were somehow compromised or if there was a "collision" (although this is extremely unlikely).

It is no different than owning Casascius coins. You had to trust that Casascius didn't keep all of the private keys on the holograms. He was very up front and transparent which lent a lot of credibility.

a447513372

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Quote from: JWU42 on September 27, 2014, 04:01:58 PM

A virgin 50BTC block is rather cool -- but as you say trusting the seller to discard the privkey (securely) is paramount.

IMO it would be impossible to know for sure that the seller actually disregarded the private key. Not only that but if the coins are moved to an address that you do not control without you signing a TX to move them, you really do not know if it was the seller moving them, if your private keys were somehow compromised or if there was a "collision" (although this is extremely unlikely).

JWU42

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A virgin 50BTC block is rather cool -- but as you say trusting the seller to discard the privkey (securely) is paramount.

CryptoCarmen

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Quote from: rackcityb1 on September 26, 2014, 09:39:46 PM

Quote from: jamesg on September 26, 2014, 08:04:11 PM

Quote from: JWU42 on September 26, 2014, 07:55:02 PM

Sadly now barely $20K Cry

Get them while they are cheap...

I think this would be incredibly risky. The seller of the directly mined bitcoin could easily sell the private keys twice (or more) or they could sign and broadcast a TX out of the address at a later time, and there would be nothing the buyer could do about it because of how difficult it is to determine where a TX came from.

A possible alternative would be to sell bitcoin whose inputs are from the block subsidies for a presidium (you would actually send the bitcoin to an address that the buyer controls). My concern about doing this however is that it would put the fungibility of bitcoin into question.

That is a good businesses to sell one thing twice.

rackcityb1

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Quote from: jamesg on September 26, 2014, 08:04:11 PM

Quote from: JWU42 on September 26, 2014, 07:55:02 PM

Sadly now barely $20K Cry

Get them while they are cheap...

I think this would be incredibly risky. The seller of the directly mined bitcoin could easily sell the private keys twice (or more) or they could sign and broadcast a TX out of the address at a later time, and there would be nothing the buyer could do about it because of how difficult it is to determine where a TX came from.

A possible alternative would be to sell bitcoin whose inputs are from the block subsidies for a presidium (you would actually send the bitcoin to an address that the buyer controls). My concern about doing this however is that it would put the fungibility of bitcoin into question.

keithers

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Quote from: jamesg on December 21, 2012, 08:19:21 PM

Hello Bitcoin Community,

I would like to discuss the topic of "virgin" bitcoins. Specifically, I would like to discuss the possibilities of being able to purchase a private key to coins mined directly to paper wallets.

Is this a niche market that only a few zealots would be interested in or this is more appealing to a broad range of Bitcoiners?
What kind of premium, if any, could be associated with virgin coins?
Would you consider a service that sells virgin coins for non-virgin bitcoins a laundering service?
Is a service like this appealing for payment via meat space methods including wire and cash?

I've always found this topic to be interesting and I look forward to your responses.

Best,
James

I think as time progresses, this idea may get more and more merit. This would only be pertinent to a small niche of people. I would say that 75% or more of the people in BTC only care about the price, because they want the $500 they invested to be worth $10,000 or more. I think "virgin" coins as you call them would be exceptionally cool once all the coins have been mined...

jamesg

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Quote from: JWU42 on September 26, 2014, 07:55:02 PM

Sadly now barely $20K Cry

Get them while they are cheap...

JWU42

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Quote from: JWU42 on November 24, 2013, 03:34:21 PM

Figured I would bump this -- with the pricing now - a 50BTC block is almost > $40K. A nice collector's item...

An example -- https://blockchain.info/address/1KuD3f15jnMby9ULMbxgyrWjmS2Q7ieEZN

Sadly now barely $20K Cry

BitCoinNutJob

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Here was me thinking Richard Branson was launching an alt coin for a quick pump and dump max keiser style Grin

bornil267645

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Does it mean it can never be f***ed...up???B-)

digitizedcurrency2010

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Quote from: mb300sd on November 24, 2013, 09:39:25 PM

I am perfectly happy to sell mining contracts to your address on eliguis, for a 10% premium. Have 2x avalon, full bitfury, and many usb miners.

Any one interested in selling virgin coins ?

Topic: Virgin Coins - page 2. (Read 15495 times)