Ninjastic
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Board Bitcoin Discussion
Re: What are the chances BTC is replaced by something better soon?
by
bitpop
on 03/02/2014, 08:20:16 UTC
Quote from: Sonny on February 03, 2014, 08:06:31 AM
Quote from: bitpop on February 03, 2014, 07:51:24 AM
Quote from: Sonny on February 03, 2014, 07:49:51 AM
Quote from: Akka on February 02, 2014, 11:10:08 PM
Quote from: Dr Bloggood on February 02, 2014, 11:03:56 PM
Quote from: thethingis on February 02, 2014, 07:51:26 PM
It's absolutely inevitable that Bitcoin will be replaced.

Proof:
https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr


What is that counterparty address for?

You get whatever coin that is, for proofing you have destroyed some BTC at that address.

It's a good thing. This makes our BTC more valuable.  Grin

I can't really understand the idea of proof of burn..

They basically lose their private key on purpose and the new coin detects this and gives them that coin. Instead of mining, you "buy".

So, it sounds like the new coin is "backed" by those bitcoin, but those bitcoin is not controlled by anyone and will very likely be lost forever...



No they ARE lost forever, irreversibly