Quote from: philipma1957 on Today at 12:04:43 AM

Quote from: AlcoHoDL on January 04, 2023, 10:41:41 PM

Quote from: philipma1957 on January 04, 2023, 01:54:40 PM

Quote from: JayJuanGee on January 04, 2023, 05:17:36 AM

Quote from: Negotiation on January 04, 2023, 01:17:23 AM

Community celebrates Bitcoin Genesis Day by sending BTC to the genesis block
The wallet address now contains around 68.56 BTC, which is worth around $1.1 million at the time of writing.

News link: https://cointelegraph.com/news/community-celebrates-bitcoin-genesis-day-by-sending-btc-to-the-genesis-block

Hopefully adding Bitcoin with somethink new...

Well from my understanding sending BTC to the Genesis block is like burning your BTC - accordingly, by design, coins in the genesis block can never be spent.

The bitcoin genesis block is the ONLY block that had been created in such a "never can be spent" way.

Yeah until the developers decide to take the coins out and use them to reward miners in say 2056

If this ever happens, it will be the end of Bitcoin.

Why ? I would argue bitcoin is heading towards a major fail due to rapid 4 year ½ 's vs 8 year ones. Anything to stretch cycles benefits BTC.

doing nothing makes doge look better in 2056 or 2076 than BTC.

I will be 99 to 119 in that timeframe it does not matter too much to me. But the 4 year cycle time will cause abandonment issues in under 53 years ie 2076. and ltc/doge looks like the natural replacement.

BTW

BTC now has LN which has nothing to do with BTC but developers added it.
BTC also 2x its block size and will possibly go 16x its current size down the road.

I'm not against improvements to the Bitcoin protocol, changes to the code, additions of features, changes of block size as and when needed, security improvements, etc. All this is welcome and even essential to maintaining the viability of the protocol. It is already happening and will continue to happen in the future, and that's a good thing. But taking ownership of coins without having the private keys (effectively bypassing the very algorithm that secures our coins in the blockchain) is VERY dangerous business and (IMHO) should NEVER happen.

If what you have suggested (taking ownership of coins by hard-coded bypassing of the private keys and rewarding miners) ever happens, then what's going to stop Craig S. Wright from taking the Core developers to court (again and again, until he wins), demanding they transfer ownership of Satoshi's coins (or any other coins) to him because of "reasons". Sooner or later, a tech-illiterate judge will cave in and legally award CSW ownership of a boatload of coins, and thus force Core devs to change the code to transfer ownership to him. If the Core devs have already done this for rewarding the miners, this is a dangerous precedent that the judicial system can use every time TPTB want to confiscate any coins they decide should not belong to the private key holders. IOW, there may be a time when our hard-earned coins end up being "coded out" of our wallets without our consent, without needing our private keys, and for whatever reason. This should NEVER be allowed to happen.

If Michael Saylor loses his private keys, his 100,000+ BTC will be gone. And they should be gone. There should be absolutely no way to bypass the algorithm and regain ownership of any coins without the private keys that secure said coins. If this is ever allowed to occur, it will mark the end of Bitcoin as an immutable, trustless, unconfiscatable store of value.