Post
Topic
Board Development & Technical Discussion
Re: 1111111111111111111114oLvT2
by
o_e_l_e_o
on 14/03/2023, 13:06:12 UTC
If we really want people to be CONVINCED of the coins being burned IMMEDIATELY (not after the coins weren't moved for 20 years) then we need to burn them with a OP_CODE that makes the coins verifiably non-spendable.
Correct. There are also other ways to provably burn coins, by sending them to invalid scripts which cannot be unlocked. The biggest such example of this is this transaction: https://blockchair.com/bitcoin/address/s-272edf45031dd498e7b3ae89e11ff21b. In this transaction, someone failed to use their pubkeyhash and instead locked the coins behind "0". Since there is no RIPEMD160 output which outputs a single "0", since the output is always 20 bytes, these coins are provably unspendable.

Users wont verify them and will end up sending money to a scam.
Not just that - users can't verify them. If I give you an address which "looks" like a burn address, such as 1BurnTheseCoinsNowgk38fLR5y3meHnE, there is absolutely no way for you to verify whether I know the private key to that address or whether I don't. Sure, it looks unlikely, but I have the exact same chance of randomly generating that address (or any other address which "looks" like a burn address) as I do any other possible address.