What about the lost BTC? - page 2. | Bitcointalksearch.org

MusaMohamed

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Quote from: Iranus on March 04, 2024, 06:31:56 AM

Bitcoin is open source and managed by the community, so I think that if there is consensus from developers, miners... then printing more bitcoins is possible. I think we can theoretically change the supply of bitcoin but doing so is very difficult and almost impossible. If someone makes a proposal about it, it will definitely cause fierce debate in the community, it is no different from an impossible task. If I remember correctly, we also had a discussion thread about this issue right on our forum.

It is possible but the community don't want it. They know that part of Bitcoin value is contributed by its limited supply, 21 million bitcoins.

They are smart enough to know that if in history, Bitcoin total supply can be voted by Bitcoin nodes, community members to increase its total supply, there will be more events like this to increase Bitcoin total supply many more times. Then, belief in Bitcoin and its fixed total supply will be broken.

This idea is only from people who don't have bitcoin and hesitate to buy bitcoins. They want to have more bitcoins in total supply to have cheaper price to buy. They are for their benefits, not for benefit of the whole community. They also miss a point that if Bitcoin total supply can be increased, they will not get benefit in a long term too.

How is the 21 million Bitcoin cap defined and enforced?
Can Bitcoin's Hard Cap of 21 Million Be Changed?

Iranus

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Quote from: Fivestar4everMVP on March 04, 2024, 12:17:49 AM

Quote from: roller33 on February 12, 2024, 08:07:20 AM

I was reading about some cases of people who had many BTC at a time when it has low or no value at all, and didn't care about it, so they eventually lost their security phrases, or hard wallets and now it is lost probably forever.

I've read that the amount that is considered lost can be up to 5 million BTC. That is about 1/4 of the total amount available.

Knowing that BTC has a limit, and we're getting there soon, isn't it possible to have some compensation for those lost BTC?

Something like adding more BTC in an equivalent amount for those lost BTC, or something similar.

Would it be positive for the currency or could bring some caos?

Even if the bitcoin community wanted this, it's absolutely not possible to do, without a fork, bitcoin code is designed in a way that there is no way to mint more bitcoins, like it is with some shitcoins, what ever amount of bitcoin that is lost is lost forever unfortunately, there is no way to recover them, or compensate those who lost it.

If the supply of bitcoin was to be increased so as to replace the lost bitcoin, this can only happen through a bitcoin fork, and like you know, we've had a lot of forks in the past, all those bitcoin forks have turned shitcoins today, bitcoin it self still stand as the original and only true bitcoin.

Bitcoin is open source and managed by the community, so I think that if there is consensus from developers, miners... then printing more bitcoins is possible. I think we can theoretically change the supply of bitcoin but doing so is very difficult and almost impossible. If someone makes a proposal about it, it will definitely cause fierce debate in the community, it is no different from an impossible task. If I remember correctly, we also had a discussion thread about this issue right on our forum.

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Quote from: roller33 on February 12, 2024, 08:19:05 AM

Quote

Compensation, like, how? Do you mean rewarding those who have lost their bitcoin or adding those back to the supply?

I mean adding it back to the supply to be available for mining again.

Giving it back to the owners would be impossible, or if possible, it would be ridiculous, as each owner should take care of their BTC.

You're losing bitcoins means you've lost your bitcoin wallet. so if you can't recover that wallet, those bitcoins will be completely lost, it's impossible for anyone to recover it. and what miners can't recover by mining it somehow. So the hope of lost bitcoins should be abandoned. Such is the concept of Bitcoin. This is how Bitcoin's algorithm works and no one can break this algorithm

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Quote from: roller33 on February 12, 2024, 08:07:20 AM

Something like adding more BTC in an equivalent amount for those lost BTC, or something similar.

Would it be positive for the currency or could bring some caos?

Of course, that will not happen, the Bitcoins lost due to losing the private key will be lost forever. There is no compensation for that Bitcoin, because from the beginning Bitcoin was created in such a certain quantity and no one, not even Satoshi, can fix it. Because of this, Bitcoin has value, and the actual number of Bitcoins that can circulate on the market will be much lower than 21 million. This is an advantage for those who are holding Bitcoin, because I believe the price of Bitcoin will grow many times more than its current price.

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Quote from: roller33 on February 12, 2024, 08:07:20 AM

I was reading about some cases of people who had many BTC at a time when it has low or no value at all, and didn't care about it, so they eventually lost their security phrases, or hard wallets and now it is lost probably forever.

I've read that the amount that is considered lost can be up to 5 million BTC. That is about 1/4 of the total amount available.

Knowing that BTC has a limit, and we're getting there soon, isn't it possible to have some compensation for those lost BTC?

Something like adding more BTC in an equivalent amount for those lost BTC, or something similar.

Would it be positive for the currency or could bring some caos?

Even if the bitcoin community wanted this, it's absolutely not possible to do, without a fork, bitcoin code is designed in a way that there is no way to mint more bitcoins, like it is with some shitcoins, what ever amount of bitcoin that is lost is lost forever unfortunately, there is no way to recover them, or compensate those who lost it.

If the supply of bitcoin was to be increased so as to replace the lost bitcoin, this can only happen through a bitcoin fork, and like you know, we've had a lot of forks in the past, all those bitcoin forks have turned shitcoins today, bitcoin it self still stand as the original and only true bitcoin.

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Quote from: The Cryptovator on March 03, 2024, 05:48:24 PM

You can't ask for compensation from your government if you lose a fiat bank note. If your lost bank note is somehow destroyed, the government even can't reissue that bank note. So how do you expect compensation from a decentralised currency? There is no way to reissue. If you lose Bitcoin, then that will be considered a community donation. Because lost Bitcoin reduces circulation from the total circulation supply, It means increasing the demand, though it is very small. I wish no one lost their bitcoin, because it's irreversible anyway.

We really have to be careful in looking after our bitcoins, because losing them means we won't be able to find them again, so by donating to the community the supply of bitcoins will decrease in the field, and that means they will become increasingly scarce, so if demand increases this will increase the price of bitcoins. continues to increase, of course it will be a blessing for other bitcoin investors

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Quote from: The Cryptovator on March 03, 2024, 05:48:24 PM

You can't ask for compensation from your government if you lose a fiat bank note. If your lost bank note is somehow destroyed, the government even can't reissue that bank note. So how do you expect compensation from a decentralised currency? There is no way to reissue. If you lose Bitcoin, then that will be considered a community donation. Because lost Bitcoin reduces circulation from the total circulation supply, It means increasing the demand, though it is very small. I wish no one lost their bitcoin, because it's irreversible anyway.

Compensation from a blockchained-cryptocurrency is very bad idea. It is rolling back a blockchain to any block that contains hacked money related transactions, it will cause of lot of chaos on that blockchain. By rolling back, it makes nothing is solid on the blockchain and dust can not settle down and you can lose your money even days after you received it.

There is such thing with bank transfers, Paypal if you file a report with enough evidence to banks, police, Paypal and that transaction can be charged back. Transactions through stable coins can be affected by stable coin companies but they are not better than Bitcoin blockchain.

Secure your wallet, backup and double check details before you finalize your transaction broadcast. When that transaction has one confirmation, you are done and safe.

PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets

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You can't ask for compensation from your government if you lose a fiat bank note. If your lost bank note is somehow destroyed, the government even can't reissue that bank note. So how do you expect compensation from a decentralised currency? There is no way to reissue. If you lose Bitcoin, then that will be considered a community donation. Because lost Bitcoin reduces circulation from the total circulation supply, It means increasing the demand, though it is very small. I wish no one lost their bitcoin, because it's irreversible anyway.

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Quote from: roller33 on February 12, 2024, 08:07:20 AM

I was reading about some cases of people who had many BTC at a time when it has low or no value at all, and didn't care about it, so they eventually lost their security phrases, or hard wallets and now it is lost probably forever.

I've read that the amount that is considered lost can be up to 5 million BTC. That is about 1/4 of the total amount available.

Knowing that BTC has a limit, and we're getting there soon, isn't it possible to have some compensation for those lost BTC?

Something like adding more BTC in an equivalent amount for those lost BTC, or something similar.

Would it be positive for the currency or could bring some caos?

Compensation for their carelessness or what? Most people who lost their Bitcoin were as a result of their mistakes not that there a natural disaster or something that made them lose those coins different from their own fault. I think records has it that most of those incidence occurred when Bitcoin was not worth anything so they never believed Bitcoin could be anything of value else they would have protected their assets with everything within their powers. If there will be compensation to them, who will pay the compensation and from which treasury? Their Bitcoin is lost and lost forever so that others can learn to be more careful with their assets.

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When we invest in bitcoin not only that we will profit by investing in bitcoin of course we can lose money by investing in bitcoin risky but we have to be patient and know enough about investing in bitcoin knowing that if we can invest in bitcoin then surely we will be proper success. But before investing in Bitcoin, if we are afraid that we will face loss if we invest in Bitcoin, then we can never invest in Bitcoin with this attitude. We can lose money as we can gain in Bitcoin. So we also worry about losses. We have to invest by doing that if we invest patiently we will surely get some good from Bitcoin. Of course, we have to have a long term plan in Bitcoin investment. Investments cannot be too hasty. If we have a long term plan, it is definitely very positive in Bitcoin investment.

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Quote from: roller33 on February 12, 2024, 08:07:20 AM

I was reading about some cases of people who had many BTC at a time when it has low or no value at all, and didn't care about it, so they eventually lost their security phrases, or hard wallets and now it is lost probably forever.

I've read that the amount that is considered lost can be up to 5 million BTC. That is about 1/4 of the total amount available.

Knowing that BTC has a limit, and we're getting there soon, isn't it possible to have some compensation for those lost BTC?

Something like adding more BTC in an equivalent amount for those lost BTC, or something similar.

Would it be positive for the currency or could bring some caos?

Who would really be the ones be giving out that compensation?
Adding up more BTC in equivalent on what we do have lost? It cant be just possible. Supply is totally fixed and there's no way that there would really be some add up.
Why would really be that bothered on adding up on which people could eventually be able to buy up in fractions? It isnt really that necessary for someone to have that whole coin
for them to be considered to be a holder or someone do have that kind of title or whatever that they do have in mind.

We do have those tons of lost coins in void and there's no way on getting back. If you are someone included into those who have lost their precious coins
then there's no way that you could really be able to take it back. Just simply move on and go for further worthy actions that you would really be
needing to make so that you would really be able to at least making some profits into other method.

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Quote from: roller33 on February 12, 2024, 08:07:20 AM

I was reading about some cases of people who had many BTC at a time when it has low or no value at all, and didn't care about it, so they eventually lost their security phrases, or hard wallets and now it is lost probably forever.

I've read that the amount that is considered lost can be up to 5 million BTC. That is about 1/4 of the total amount available.

Knowing that BTC has a limit, and we're getting there soon, isn't it possible to have some compensation for those lost BTC?

Something like adding more BTC in an equivalent amount for those lost BTC, or something similar.

Would it be positive for the currency or could bring some caos?

we don't need to be afraid of people who lost their Bitcoin because I know quite well now whatever thing you do you must loss something else, understand that losing your Bitcoin is something that can happen to anyone and it happens when you have not be secured your seed phrase very well, so I believe that we have to learn how to secure our seed phrase because its something that has to do with security and when you fail to protect your seed phrase you will lose your bitcoin, that is why they said we should be conscious of our seed phrase so that we will not lose our coins or complain for sudden disappearance of coins in our wallet

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Quote from: NewRanger on March 02, 2024, 05:26:33 AM

In this case, what you said is absolutely correct, apart from that, the phenomenon of Bitcoin disappearing also greatly contributes to the increase in the value of Bitcoin as a whole. those that have been lost due to negligent users will be out of circulation forever, this is because there is no additional supply, only 21 million and that creates an automatic decrease in the number of circulation. The more demand, the faster the price rises and this is very common to know. this is why investors come and buy as much BTC as possible and BTC has great potential and increases over time.

Therefore, we must really maintain access to the wallet that we have, we must maintain it well and don't let the wallet that we use to store Bitcoin disappear and we can no longer have access to the wallet. This is really a very fatal mistake because we won't be able to. Having access to this wallet again, those who are very confident about the price of Bitcoin will certainly continue to collect Bitcoin for the future and their needs.

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why do you think about bitcoins that are already lost? i mean it wasn't yours in the first place, why would you want the developer to compensate 5 million bitcoins as a replacement for those lost bitcoins, that's just unreasonable. moreover, bitcoin was designed from the start to only have a supply of 21 million and that will not increase at any time in the future. because just imagine the impact that would be caused if bitcoin developers added 5 million new coins, that means the supply on the market would increase and possibly reduce the price of bitcoin. so the limited bitcoin supply as it is now is the right thing and no longer needs to be disturbed.

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Quote from: AHOYBRAUSE on March 02, 2024, 09:25:23 AM

I personally have btc that are lost forever because 2 phones died (in 2014 and 2015) with some btc in a wallet.

It was possible to repair the phones or restore access to their memory, right?

Several bitcoin (parts) were lost on one wallet, several on another. As a result, it turns out that an impressive amount was lost from the total turnover of bitcoins. And the number of people who want to own BTC is only growing.

Quote from: AHOYBRAUSE on March 02, 2024, 09:25:23 AM

I didn't bother because it was just some $ back then, which would be some thousand now.

You'll remember this in 10 years and bother because those couple of $ bucks will be worth tens or even hundreds of thousands.

Quote from: AHOYBRAUSE on March 02, 2024, 09:25:23 AM

At that time I also didn't really have clue about all the stuff with seed phrases and so on.

It is with seed phrases and the problem of safety of this that need to begin interaction with cryptocurrencies.

Quote from: AHOYBRAUSE on March 02, 2024, 09:25:23 AM

These btc will never be recovered because the wallet is lost in nowhere.

What is now lost forever may no longer be impossible in the future (recovery).

Also, how do you know that thesoftware developer of that wallet didn’t leave a loophole for himself?

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Quote from: _act_ on February 12, 2024, 08:11:28 AM

No, lost bitcoin are gone forever. If you want to recover any lost bitcoin, try all possible way to recover back the private key or the seed phrase.

Quote from: roller33 on February 12, 2024, 08:07:20 AM

Something like adding more BTC in an equivalent amount for those lost BTC, or something similar.

Just like what centralized ripple (XRP) developers wants to do. It is not making any sense. Private key or seed phrase are used to prove the ownership of an address and that is also needed to spend the coins, which is enough.

Some or lost forever.
I personally have btc that are lost forever because 2 phones died (in 2014 and 2015) with some btc in a wallet. I didn't bother because it was just some $ back then, which would be some thousand now.
At that time I also didn't really have clue about all the stuff with seed phrases and so on. I was a btc virgin so to speak.

These btc will never be recovered because the wallet is lost in nowhere.

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Quote from: $weetne$$ on February 17, 2024, 03:02:18 PM

Our private key is the most important thing about our non constodial Bitcoin wallets, before you send bitcoin to your receiving address you should make sure we have saved our private key or seed phrase in a safe location that isn't connected to the internet and offline so that hackers can't hack the server used in storing our private key and gaining access to our Bitcoin wallet. When Bitcoin are lost, they're lost forever unless we know the owner of the address that we sent out the Bitcoin to or there's a message included when mining or sending the Bitcoin. The lost Bitcoin are lost forever and taken out of the circulating supply of bitcoin therefore Bitcoin price keep adding value everytime because there is less amount of Bitcoin whenever Bitcoin are being lost due to sending them to a wrong address or address of users that are no longer active because of death or other reasons.

In this case, what you said is absolutely correct, apart from that, the phenomenon of Bitcoin disappearing also greatly contributes to the increase in the value of Bitcoin as a whole. those that have been lost due to negligent users will be out of circulation forever, this is because there is no additional supply, only 21 million and that creates an automatic decrease in the number of circulation. The more demand, the faster the price rises and this is very common to know. this is why investors come and buy as much BTC as possible and BTC has great potential and increases over time.

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Quote from: DubemIfedigbo001 on February 14, 2024, 10:06:11 AM

Quote from: _act_ on February 12, 2024, 08:11:28 AM

Quote from: roller33 on February 12, 2024, 08:07:20 AM

Something like adding more BTC in an equivalent amount for those lost BTC, or something similar.

Just like what centralized ripple (XRP) developers wants to do. It is not making any sense. Private key or seed phrase are used to prove the ownership of an address and that is also needed to spend the coins, which is enough.

That's absolutely nonsense, what if the owners of those coins finds a way of retrieving it in the future, then there will be more supply than the standard figure. That suggests non-authenticity of the coin. Those lost coins should remain that way, so that bitcoin will continue to be limited in supply and as simple economics tells us. "Decrease in supply will in turn cause an increase in demand"
This leads to the value of the commodity increasing and I think this is an added advantage for bitcoin.

Yeah I just see that these top companies are trying everything to spoil the original plan to somehow benefit themselves, if those lost coins were to be added back in anyway these companies would either buy up half of it to increase their holdings and that would too off the balance of the supply and demand especially now that we are in the bull run.

And what if those lost seed phrase were recovered on any way then we would have a real issue with the total bitcoin in circulation.

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