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> They should be easy to create (bitcoins are) BUT ALSO easy to destroy if demand declines; You can provably destroy bitcoins by sending them to an address wit
by altoz 13y ago
> They should be easy to create (bitcoins are) BUT ALSO easy to destroy if demand declines;
You can provably destroy bitcoins by sending them to an address with no private key (this is provable). Believe it or not, this is actually useful for stuff like http://www.proofofexistence.com/ http://www.proofofexistence.com/
Hence the premise of this article, even if you take the underlying economic theory at face-value, is flawed.
- tzs 13y agoHow do you prove that an address has no private key?
- altoz 13y agoThe actual number of public addresses that correspond to the generated group from the elliptical curve function is not 2^256, but slightly lower, since the cardinality of the group needs to be a prime number. Hence, if it's in that small gap, it would provably have no private key.