Why people sending transitions to Satoshi's first bitcoin wallet - page 2.

o_e_l_e_o

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Quote from: Accardo on December 29, 2021, 07:32:43 AM

Do you think that quantum computer will come into existence in the nearest future

Talking about quantum computers capable of solving the ECDLP and recovering/stealing lost coins. In the near future? Absolutely not. At some point in the future? Almost certainly.

Only coins which have been sent to outputs which cannot be spent, such as OP_RETURN outputs, are provably lost. Coins sent to burn addresses or lost addresses with no known private keys are not provably lost and may be recovered in the future. It will take decades or more, but we cannot say these coins are "frozen forever", as OP did.

Accardo

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Quote from: o_e_l_e_o on December 29, 2021, 05:22:21 AM

Why do people through money in to wells, fountains, or other water features? Why do people send coins to any "burn" address?

Maybe as "thank you" or other tribute to Satoshi. Maybe for luck. Maybe just to they can they say they gifted some satoshis to Satoshi. Maybe as a symbolic sacrifice to pave the way for $100k.

Quote from: shahzadafzal on December 29, 2021, 04:38:50 AM

But for sure we know any coins sent to this address will be frozen forever.

We don't know that. The original 50 BTC coinbase transaction cannot be spent, but as far as we know, Satoshi still owns the private key and any other coins sent to that address could be spent in the future. And even if not, then these coins could well move in the future thanks to advances in quantum computing. They are not provably lost.

Do you think that quantum computer will come into existence in the nearest future looking at the nature of Qubits how it can get destroyed by any kind of heat or even the environment? Considering the number of qubits required for a quantum computer to function or solve problems correctly something close to 100,000 qubits. And IBM is promising to build a QC with just 1000 qubits in 2023, which is not yet certain if it's a means of deriving funds from desperate investors.

From the recent news about how Quantum computers may not get completed anytime soon or at all I think those funds would stay there for as long as the development of quantum computers is complete.

yazher

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Even though we have this multiple reasons that probably sounds right, the real explanation does not really matter because the address has not been used since the beginning and the amount that is sent there does not gonna move the market price either way. But since it came from multiple addresses, their reasons might be one of the past opinions of the users above. nevertheless, it's good to see that after all the success of bitcoin, there are some people who realize and give some value to the first bitcoin address that has been created.

witcher_sense

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Of all the possible reasons why people may send their coins to the first-ever bitcoin address, the following ones I consider the most common: tributes to Satoshi, mistakes, self-advertising. First, despite all speculations and research, people don't know for sure which addresses belong to Satoshi and which are not, but the very first address is surely his, which is why people choose it when paying tribute to Satoshi Nakamoto. Second, it is no surprise that many people keep sending their coins by mistake to that address because it is being mentioned widely in numeral guides, articles, books, etc. People reading some guide for newbies on the Internet will want to test how bitcoin transactions work, and consequently, send bitcoin to the first seen address. Third, some people use the genesis address for advertising or attracting attention by sending a transaction with a text message attached to OP_RETURN output.

Lucius

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@o_e_l_e_o stated all the possible reasons why people make such transactions, and I would agree that it is probably mostly for the reason that people throw money into fountains, out of sheer superstition that something like this brings good luck.

What I would add as a reason is that some may think that Satoshi will one day show up and send them something back, and as far as I can see all these transactions are very symbolic, even below the $1 value. It’s like some kind of lottery for the future, or so it seems at the moment.

virasog

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Quote from: Pahom on December 29, 2021, 05:47:42 AM

Hard to answer this question. Maybe it's kind of donation, but Satoshi will not use it so I really don't know why people do this. Some people also throw money to fountains and seas so as to come back to this place, so maybe they send Bitocin to this dead address for luck or something like that. Moreover there is no reason for people to "burn" there Bitcoins, it is reasonable only for teams of tokens so as to support the price.

This does not come under the definition of donation. Sending your bitcoin to an inactive address means that you are throwing away your money.
Better give that money to some poor or the needy , rather than sending them to this address Sad

tbct_mt2

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Quote from: shahzadafzal on December 29, 2021, 04:38:50 AM

Although we don't know if this wallet created or if it was randomly hardcoded without any private key, since the this 50BTC can't be spent. But for sure we know any coins sent to this address will be frozen forever.

We don't know what is the private key of that address and who is owning it. It might be lost forever or it is still in hands of satoshi or someone else. We don't know it so the assumption that it is lost forever is not true.

Quote

I'm wondering why is this address still receiving transactions from random people like almost every day. Is it not like burning your bitcoins?

Only sender knows it.

What we know is it makes noise. That can be one of possible reasons. Some of other reasons are mentioned by o_e_l_e_o.

Pahom

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Hard to answer this question. Maybe it's kind of donation, but Satoshi will not use it so I really don't know why people do this. Some people also throw money to fountains and seas so as to come back to this place, so maybe they send Bitocin to this dead address for luck or something like that. Moreover there is no reason for people to "burn" there Bitcoins, it is reasonable only for teams of tokens so as to support the price.

jonyroy43

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Quote from: shahzadafzal on December 29, 2021, 04:38:50 AM

This is the first bitcoin wallet 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa created by Satoshi and first block reward of 50 BTC was sent to this address.

Although we don't know if this wallet created or if it was randomly hardcoded without any private key, since the this 50BTC can't be spent. But for sure we know any coins sent to this address will be frozen forever for info.

I'm wondering why is this address still receiving transactions from random people like almost every day. Is it not like burning your bitcoins?

https://i.imgur.com/xgWTgC7.png

The cumulative sum held in bitcoin addresses https://clicksud.mobi/clicksud/ have been dormant for more than nine years is well in excess of $20 billion, according to data from BitInfoCharts.

This is nearly 2 per cent of bitcoin’s entire market cap, while recent analysis from crypto market intelligence firm Glassnode estimated that roughly one third of all bitcoins are owned by long-term holders.

o_e_l_e_o

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Why do people through money in to wells, fountains, or other water features? Why do people send coins to any "burn" address?

Maybe as "thank you" or other tribute to Satoshi. Maybe for luck. Maybe just to they can they say they gifted some satoshis to Satoshi. Maybe as a symbolic sacrifice to pave the way for $100k.

Quote from: shahzadafzal on December 29, 2021, 04:38:50 AM

But for sure we know any coins sent to this address will be frozen forever.

We don't know that. The original 50 BTC coinbase transaction cannot be spent, but as far as we know, Satoshi still owns the private key and any other coins sent to that address could be spent in the future. And even if not, then these coins could well move in the future thanks to advances in quantum computing. They are not provably lost.

shahzadafzal

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This is the first bitcoin wallet 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa created by Satoshi and first block reward of 50 BTC was sent to this address.

Although we don't know if this wallet created or if it was randomly hardcoded without any private key, since the this 50BTC can't be spent. But for sure we know any coins sent to this address will be frozen forever.

I'm wondering why is this address still receiving transactions from random people like almost every day. Is it not like burning your bitcoins?

Topic: Why people sending transitions to Satoshi's first bitcoin wallet - page 2. (Read 314 times)