The fella behind this story will be speaking to Jeremy Vine about his Bitcoin nightmare on BBC Radio 2 this afternoon. Should be fun.
The Guardian also featured the story on the front page of their newspaper today. I wonder if he's feeling like he should have kept the story to himself.
Topic: 2013-11-27 Guardian: 7,500 Bitcoins thrown in bin - page 3. (Read 5597 times)
Utter noob question, but am I right in thinking that if I physically write down the incoming transaction addresses from my wallet and keep it somewhere safe, I am creating a genuine safeguard for my coinage in case of digital wipeout/theft of computer/throwing in trash etc?
NB Date sorted
NB Date sorted
holy shit, i wonder if there will be bitfiends running around trash digging for MILLIONS.
damn, i should make my username bitfiend.. too late to change the name though huh?
damn, i should make my username bitfiend.. too late to change the name though huh?
~4.6 million GBP
I'd probably shut down the landfill and hire excavators to get this HD back. How much does the landfill make per day anyway?
I'd probably shut down the landfill and hire excavators to get this HD back. How much does the landfill make per day anyway?
Topic: Estimating the rate of coin loss. (Read 887 times)
diogenes
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Estimating the rate of coin loss.
April 29, 2011, 11:16:51 PM
Reply with quote #1
I have been wondering what the annual rate of bitcoin loss would be assuming that bitcoin was the world's currency.
I'm guessing that the largest contributing factor to the number of coins lost each year will be the loss due to people dying and leaving them behind their computers never to be used again.
So I've internet searched and discovered that in the European Union the crude date rate is 10 per 1000 (ie: 1% of the population die each year), the USA is 8.2 per 1000 (0.82%), China is 7.1 per 1000 (0.71%), Japan is 9.0 per 1000 (0.90%), India is 8.2 per 1000 (0.82%) and Russia is 16 per 1000 (1.6%)- my calculations give about 8.4 per 1000 (0.84%) as the date rate of the combined population of the world's largest economies.
The question that arises is after 50 yrs will half the bitcoins be lost? and after 100?
diogenes
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Estimating the rate of coin loss.
April 29, 2011, 11:16:51 PM
Reply with quote #1
I have been wondering what the annual rate of bitcoin loss would be assuming that bitcoin was the world's currency.
I'm guessing that the largest contributing factor to the number of coins lost each year will be the loss due to people dying and leaving them behind their computers never to be used again.
So I've internet searched and discovered that in the European Union the crude date rate is 10 per 1000 (ie: 1% of the population die each year), the USA is 8.2 per 1000 (0.82%), China is 7.1 per 1000 (0.71%), Japan is 9.0 per 1000 (0.90%), India is 8.2 per 1000 (0.82%) and Russia is 16 per 1000 (1.6%)- my calculations give about 8.4 per 1000 (0.84%) as the date rate of the combined population of the world's largest economies.
The question that arises is after 50 yrs will half the bitcoins be lost? and after 100?
But really what is the backup plan for BTC, sure there is more than just 7500 btc lost or missing and The total quantity of bitcoins is capped at 21 million, with about 12 million currently in circulation.!! what will be the final real number?
$'s can reprint damaged bills or even new print.
$'s can reprint damaged bills or even new print.
Please edit title to include date format as outlined in sticky at top of thread. Helps when we search archive. Thanks
https://bitcointalksearch.org/topic/post-format-yyyy-mm-dd-site-headline-246823
https://bitcointalksearch.org/topic/post-format-yyyy-mm-dd-site-headline-246823
any finder reward fee?
time to go dumpster diving
Out of all the bitcoins out there...i wonder how much has been thrown away, or lost in wallets. Hundreds of thousands?
Definetley hundred of thousands worth of bitcoins. The stories I've hear about stolen laptops, forgotten passwords, formatted computers, hundreds of thousands definitely.
By the time all 21 Million BTC are mined, I can imagine a few million might be lost.
I guess there is no way for them to be recovered anyway?
That's kind of sad. He didn't have a backup - and wow, a week of mining in 2009 got him 7500 bitcoins? Damn.
See, if I was him, I would have temporarily gone insane.
See, if I was him, I would have temporarily gone insane.
We should keep track of these kind of stories.
time to go dumpster diving
Out of all the bitcoins out there...i wonder how much has been thrown away, or lost in wallets. Hundreds of thousands?
Definetley hundred of thousands worth of bitcoins. The stories I've hear about stolen laptops, forgotten passwords, formatted computers, hundreds of thousands definitely.
time to go dumpster diving
Out of all the bitcoins out there...i wonder how much has been thrown away, or lost in wallets. Hundreds of thousands?
I've lost around 700$ between Bitcoin and Litecoin at this point, both when they were around 4$. I'm tempted to think people are either in my category, tossing out a bit early on, or they tossed out alot, really early on. God help them.
time to go dumpster diving
Out of all the bitcoins out there...i wonder how much has been thrown away, or lost in wallets. Hundreds of thousands?
time to go dumpster diving
ouch girlfriends that cost guys millions 
outch but: thanks for making all others richer 
seriously: how can you store all your coins on ONE hd ? stupid.
seriously: how can you store all your coins on ONE hd ? stupid.
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