Post
Topic
Board Development & Technical Discussion
Re: Provably throwing away Bitcoins
by
Peter Todd
on 06/01/2013, 10:28:30 UTC
The same could be achieved by donation to well-recognized organizations: bitcointalk.org, Bitcoin Foundation, Linux Foundation, WWF, WikiPedia, WikiLeaks, etc. It's much better than sending to a random miner (which may just dump the BTC on MtGox or buy CP) or burning it by sending to 1111111111111111111114oLvT2 as you suggested previously.

Doing that means anyone with access to the private keys of those organizations donation addresses can defraud you without consequences. It's even worse because the whole point of this mechanism is automated validation, so even if such theft is detected anyone who fails to update their software's "well-recognized donation address" is at risk.