Virgin Coins - page 6. | Bitcointalksearch.org

SAC

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Quote from: juhakall on December 22, 2012, 02:51:25 PM

Quote from: Yankee (BitInstant) on December 22, 2012, 02:41:54 PM

I'll still take 1 for novelty....let me know your BTC address and how much you want.

You can have bitcoins generated directly to your address by mining at a pool that does it's payouts like that. P2Pool and Eligius might be the only ones, here's an example of an Eligius payout. But that's still not the same as having the whole block reward generated to you.. or is it? I don't really know what's the value-adding thing here.

The value add is in finding the morons willing to pay over the odds for a bitcoin block and as I expected the usual suspects are in with how great this can be hold onto your wallet their at it again...

juhakall

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Quote from: Yankee (BitInstant) on December 22, 2012, 02:41:54 PM

I'll still take 1 for novelty....let me know your BTC address and how much you want.

You can have bitcoins generated directly to your address by mining at a pool that does it's payouts like that. P2Pool and Eligius might be the only ones, here's an example of an Eligius payout. But that's still not the same as having the whole block reward generated to you.. or is it? I don't really know what's the value-adding thing here.

Yankee (BitInstant)

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Charlie 'Van Bitcoin' Shrem

I'll still take 1 for novelty....let me know your BTC address and how much you want.

matthewh3

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You might want to use waterproof and tear-proof paper like this - http://toughprint.com/ - and make them into kind of a banknote maybe?

jamesg

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Quote from: BkkCoins on December 22, 2012, 08:32:34 AM

If I ran a pool, or had a big solo rig, I'd have an ongoing auction for each block to see what premium can be raised.

I've seen an idea like this before somewhere, I think there would need to be a lot of transparency around the bidding process and current bids. This does add the element of competition though which is always interesting.

Quote from: BkkCoins on December 22, 2012, 08:32:34 AM

Of course, with many virgin blocks like this, the specialness factor would go way down quickly and presumably the premium. Cool

At first I was thinking the same as you here, but the numbers quickly change if you wanted 500 or 1000 coins (aka multiple blocks) generated to a single address.

BkkCoins

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firstbits:1MinerQ

If I ran a pool, or had a big solo rig, I'd have an ongoing auction for each block to see what premium can be raised.

Each bidder would send a requested address and (25btc + premium) to an address provided. This is the only way you could guarantee the block is paid. They can request a refund at any time and if they don't win the bid is held over to the next block.

At block discovery the highest bid is used for generation address and the bidders deposit is used for pool payout.

Of course, with many virgin blocks like this, the specialness factor would go way down quickly and presumably the premium. Cool

jamesg

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Quote from: SAC on December 22, 2012, 01:47:02 AM

A virgin coin is worth the same as any other damn coin out there it is all bits on a computer.

Thanks SAC.

jamesg

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Quote from: Stephen Gornick on December 22, 2012, 01:50:16 AM

The problem is that any buyer would need to trust that the seller wouldn't spend the funds after the sale.

Correct. This is why I've stated that the coins would be mined to paper wallets (most likely laminated) or mine directly to the buyers address.

Quote from: Stephen Gornick on December 22, 2012, 01:50:16 AM

Sending the coins to a new address will still have numismatic value but it is not the same as what existed previously.

Sending the coins to an address is not the idea here. Only a generation transaction to an address.

Quote from: Stephen Gornick on December 22, 2012, 01:50:16 AM

But yes, there have been buyers who have paid a premium:

Quote from: ?? on ??

The auction is now closed, the block is sold. The premium paid will remain undisclosed.

Thanks for the link.

zero3112

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These are not newly minted coins. These are old coins minted in the past just like minted old US coins. But like old US coins they are worth more if the coins are in uncirculated conduction.

kjlimo

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How much does the Fed charge for freshly minted coins?

Pretty sure it's nothing above face value... not sure why bitcoins would be different.

Stephen Gornick

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Quote from: siggy on December 22, 2012, 01:22:10 AM

My thinking is that at the moment, a 50 or 25 virgin block is worth about 50.1 / 25 coins .. in 20 years however, the Numismic value of a virgin block (technically the private key for said block) will be off the charts ...This is simply because of the rarity and the fact that from now till the end of eternity, nevermore will a 50 virgin coin block be minted.

The problem is that any buyer would need to trust that the seller wouldn't spend the funds after the sale.

Sending the coins to a new address will still have numismatic value but it is not the same as what existed previously.

But yes, there have been buyers who have paid a premium:

Quote from: ?? on ??

The auction is now closed, the block is sold. The premium paid will remain undisclosed.

SAC

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Quote from: siggy on December 22, 2012, 01:22:10 AM

I've pondered this question on an off for a good year now... My thinking is that at the moment, a 50 or 25 virgin block is worth about 50.1 / 25 coins .. in 20 years however, the Numismic value of a virgin block (technically the private key for said block) will be off the charts ...This is simply because of the rarity and the fact that from now till the end of eternity, nevermore will a 50 virgin coin block be minted.

Just take a look here: http://cointrackers.com/blog/13/most-valuable-pennies/ ... there a lowly pennies out there worth $100,000

Soo.. anyone out there with virgin 50 coin keys they wanna sell?

Sigg

Oh baby that makes a virgin block worth what $5m, yeah right so begins the latest scam lets see where the shills come from like you proclaiming how this is yet again the best thing since sliced bread. A virgin coin is worth the same as any other damn coin out there it is all bits on a computer.

siggy

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I've pondered this question on an off for a good year now... My thinking is that at the moment, a 50 or 25 virgin block is worth about 50.1 / 25 coins .. in 20 years however, the Numismic value of a virgin block (technically the private key for said block) will be off the charts ...This is simply because of the rarity and the fact that from now till the end of eternity, nevermore will a 50 virgin coin block be minted.

Just take a look here: http://cointrackers.com/blog/13/most-valuable-pennies/ ... there a lowly pennies out there worth $100,000

Soo.. anyone out there with virgin 50 coin keys they wanna sell?

Sigg

Garr255

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What's a GPU?

I'm also interested in whether there would be a market for such a thing.

Giga, while I wouldn't call it laundering, it certainly would be used for that.

Yankee (BitInstant)

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Charlie 'Van Bitcoin' Shrem

I'd get 1 for the novelty of it

Lethn

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I get the feeling if I took this seriously I'd be trolled LOL Cheesy

Stephen Gornick

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Quote from: Largo on December 21, 2012, 09:40:46 PM

Can you mine bitcoins to an address where you only got the public key?

Eligius and P2Pool do this now.

Phinnaeus Gage

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Bitcoin: An Idea Worth Spending

Quote from: jamesg on December 21, 2012, 10:11:09 PM

Quote from: Largo on December 21, 2012, 09:40:46 PM

Can you mine bitcoins to an address where you only got the public key?

Indeed you can.

With very little creative marketing, I envision this endeavor viable.

~Bruno K~

jamesg

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Quote from: Largo on December 21, 2012, 09:40:46 PM

Can you mine bitcoins to an address where you only got the public key?

Indeed you can.

FreeMoney

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Strength in numbers

It seems kind of cool to me, but I wouldn't pay much of anything, and probably only be interested in like one block if I even wanted to bother.

I could see the tiny fraction of people caring become a lot more people than there are fresh blocks eventually so the premium could go up, so there is some speculative value. However, while you can buy a virgin block you can't safely sell it once you buy it. You pay people to mine to your key, but then once you've got it if you give the key to someone they have to trust you forever or else move it and destroy it's virginity. So... I'm thinking overall it's mostly a no go.

Topic: Virgin Coins - page 6. (Read 15395 times)