The study is not pleasing me at all . The graphs indicating that none of the bitcoin was "mined" is a foolish approach and discovery by the writers .
If bitcoin was not being "mined" how are miners becoming so conscious about the ongoing protests on increasing mining fees due to increased work load . That is just a speculation and the evidences are not "appealing" and "valid" to me .
Bitcoin does not get lost anywhere , the circulation goes on in one way or other . Numerous people are holding their bitcoin including me that does not "signify" the fact that bitcoin is getting lost . It is with the people waiting for the best time to get used and circulated. The block chain actually does not give the all the transparency in order to make such analysis.
Topic: [2017-11-25] Exclusive: Nearly 4 Million Bitcoins Lost Forever, New Study Says (Read 5043 times)
November 27, 2017, 01:13:03 PM
November 27, 2017, 09:15:40 AM
It's strange how 2 days ago I was mentioning how much I was really looking forward to new research on Bitcoins lost forever, and it so happens I missed seeing this bit of news. I estimated only 1% but if the stats are solid, and I take Chainanalysis to be one of the best crypto forensics experts, then we're looking at 20% of entire supply that can never be practically recovered back into circulation.
Sounds quite far-fetched at first reading, especially at current circulation, that's a quarter of all mined coins. And to be sure, we're going to see more coins disappear runninh up to the next halving.
Could this have been part of the bull run these few days?
Sounds quite far-fetched at first reading, especially at current circulation, that's a quarter of all mined coins. And to be sure, we're going to see more coins disappear runninh up to the next halving.
Could this have been part of the bull run these few days?
November 27, 2017, 08:15:40 AM
And the dead disks, greedily holding their stash. Appreciating like crazy but never again to be accessed.
Aye, hardware death I can believe. There's a few publicly admitted instances of that on here.
Perhaps there should be an anonymous site where people can confess to losing their coins so we get an idea.
November 27, 2017, 08:03:10 AM
Just think of the dead people.
I just did. Statistically there must be a few, but other than that it would mainly be youngsters who diverted themselves from furious masturbation for long enough to do a bit of mining so the majority are still alive.
I'd love to know what the peak year of coin losses would've been. It's easy to say 2009 but anyone mining back then would've been part of a tiny group and would hopefully have had the mindset to know it was going to go somewhere.
And the dead disks, greedily holding their stash. Appreciating like crazy but never again to be accessed.
November 27, 2017, 07:44:57 AM
Just think of the dead people.
I just did. Statistically there must be a few, but other than that it would mainly be youngsters who diverted themselves from furious masturbation for long enough to do a bit of mining so the majority are still alive.
I'd love to know what the peak year of coin losses would've been. It's easy to say 2009 but anyone mining back then would've been part of a tiny group and would hopefully have had the mindset to know it was going to go somewhere.
November 27, 2017, 06:59:39 AM
20% of all circulation lost is slightly more than I would believe
as it has been mentioned,many of the "out of circulation" coins could very well be dormant
holders,investors and such do not send them every day from wallet to wallet
2.6 million bitcoins out of which it could be 80% or more accessible
also we don't know if Satoshi moves his coins at some point or not
as it has been mentioned,many of the "out of circulation" coins could very well be dormant
holders,investors and such do not send them every day from wallet to wallet
2.6 million bitcoins out of which it could be 80% or more accessible
also we don't know if Satoshi moves his coins at some point or not
November 27, 2017, 04:20:39 AM
0.001BTC was burned here: https://blockchain.info/address/1xPPxProfitProphetSyndicatev6F9Ce and I accidentally sent 0.88BCH to a BTC SegWit address. I'm just doing my part to make everyone richer, guys!😂
If you want to recover your BCH see this Reddit post:https://www.reddit.com/r/Bitcoin/comments/7eixcu/recovering_bch_sent_to_segwit_addresses/
November 27, 2017, 03:37:53 AM
Just think of the dead people.
Probably ought to write out some instructions for a close family member to be able to carry on nicely after the lambo crash or whatever.
Probably ought to write out some instructions for a close family member to be able to carry on nicely after the lambo crash or whatever.
November 26, 2017, 11:16:24 PM
Hmm, a little bit skeptic about the truthiness of this article. If those 4 million bitcoins "Lost Forever" - this means during 2040, only left 17 million bitcoins still in circulation (it also didn't count, whether there's another some sort of "lost" in this 17 million bitcoins)
November 26, 2017, 08:29:19 PM
I can well believe it's a shit ton of coins, but short of going around everyone's house and asking nicely whether they have private keys or not this is 100% guesswork for most of them.
We still occasionally see 2009 and 2010 coins moving. I'm sure there are plenty in their estimations that are perfectly accessible.
We still occasionally see 2009 and 2010 coins moving. I'm sure there are plenty in their estimations that are perfectly accessible.
November 26, 2017, 12:49:00 PM
I have some bitcoins that haven't moved since 2011. They are not lost now, but I could lose the private key tomorrow. You can't determine whether or not I have lost the private key by looking at the block chain.
November 25, 2017, 05:11:07 PM
I have been hodling my coins firmly throughout the years, which according to them will likely result in my coins to eventually contribute to the number of "lost" coins, which is quite a pathetic way of thinking.
My coins are out of circulation, and that's really it. If I want to cash out my fork coins, and for that reason move my Bitcoins to a completely new wallet, it according to them will mean that I miraculously gained back access.
In reality, my coins are still out of circulation despite them having moved in recent times. Some people have too much time on their hands it seems. Isn't there really another subject to cover instead of this?
My coins are out of circulation, and that's really it. If I want to cash out my fork coins, and for that reason move my Bitcoins to a completely new wallet, it according to them will mean that I miraculously gained back access.
In reality, my coins are still out of circulation despite them having moved in recent times. Some people have too much time on their hands it seems. Isn't there really another subject to cover instead of this?
That was my first thought after reading their estimations. I have some coins that were out of circulation since 2014 and all I even haven't withdrew the forked coins from those addresses. They're estimating between 30 and 50% of coins like mine are lost. What if it's only 10%? I mean you can never know! Not many people will share with you that they've lost their passphrases or deleted their only wallet.dat.
November 25, 2017, 04:26:38 PM
I have been hodling my coins firmly throughout the years, which according to them will likely result in my coins to eventually contribute to the number of "lost" coins, which is quite a pathetic way of thinking.
My coins are out of circulation, and that's really it. If I want to cash out my fork coins, and for that reason move my Bitcoins to a completely new wallet, it according to them will mean that I miraculously gained back access.
In reality, my coins are still out of circulation despite them having moved in recent times. Some people have too much time on their hands it seems. Isn't there really another subject to cover instead of this?
My coins are out of circulation, and that's really it. If I want to cash out my fork coins, and for that reason move my Bitcoins to a completely new wallet, it according to them will mean that I miraculously gained back access.
In reality, my coins are still out of circulation despite them having moved in recent times. Some people have too much time on their hands it seems. Isn't there really another subject to cover instead of this?
November 25, 2017, 04:05:44 PM
This article holds no value. Despite the fact that one can just freely speculate about how many coins are lost, it's impossible to come to a number of the coins that are actually lost. Satoshi's stash might be lost for ever, but it may also be him (or they) not willing to touch any of these coins in the foreseeable future. Also, coins that aren't moving, or haven't moved in quite a while, aren't lost -- it shouldn't be that difficult to understand. This article is set up like they just wanted to get something online, but without actually thinking things through properly.
November 25, 2017, 03:43:15 PM
Here’s the data in another format, which shows how “Out of circulation” bitcoins—those mined 2-7 years ago and belonging to long-time investors known as “hodlers”—and those from the early days of bitcoin in 2009 and 2010 account for the vast majority of the lost coins:
I would take this study with a pinch of salt. The holders coins, which account for a significant chunk, may be just that - held in cold storage. They may re-enter circulation at any point in time. It is not just the price which determines when a 'held' bitcoin will be sold, it is also the individual's circumstances. Assuming that 50% of such coins are lost is an extreme assumption.
November 25, 2017, 03:18:32 PM
0.001BTC was burned here: https://blockchain.info/address/1xPPxProfitProphetSyndicatev6F9Ce and I accidentally sent 0.88BCH to a BTC SegWit address. I'm just doing my part to make everyone richer, guys!😂
November 25, 2017, 01:47:45 PM
Some of these coins which are thought to be forgotten and lost because there hasn't been any activity for a long time... Couldn't they belong to extreme hodlers who have been holding on to their coins all this time? I know it might be a stretch, but the thought of all those millions of coins being lost forever is really tragic and I don't really want to believe in it
November 25, 2017, 01:12:57 PM
About four million bitcoins, to which access is lost at this time, is impressive. But why is it believed that they are lost forever? If they simply remained encrypted in the block chainin block-chain. The time will come for new technologies and people will be able to restore access to them again. Recently, information has appeared that with the help of quantum computers in a few years it will be possible to decipher the current digital codes of private keys to purses, which in general poses a threat to the existence of crypto currency. Hence it will be possible to select codes for those bitkoynam, which are considered lost. Especially it will be worthwhile to do this if the cost bitkoyna very much even in comparison with the current cost.
I really doubt about these quantum computers being able to find private keys. I think this was just fake news and FUD against bitcoin. Very powerful super-computers already exist and quantum computers will not be so much better. If this was possible, generating private keys out of BTC address, than people would already try to do it with super-computers. You simply don't have enough information. BTC address and private key are not connected by some algorithm, they are independent. You can't calculate the speed of a car, if you only know it's colour. 
November 25, 2017, 11:44:49 AM
About four million bitcoins, to which access is lost at this time, is impressive. But why is it believed that they are lost forever? If they simply remained encrypted in the block chainin block-chain. The time will come for new technologies and people will be able to restore access to them again. Recently, information has appeared that with the help of quantum computers in a few years it will be possible to decipher the current digital codes of private keys to purses, which in general poses a threat to the existence of crypto currency. Hence it will be possible to select codes for those bitkoynam, which are considered lost. Especially it will be worthwhile to do this if the cost bitkoyna very much even in comparison with the current cost.
November 25, 2017, 11:13:00 AM
...
Chainalysis’s overall methodology is confidential, but a spokesperson shared certain details about how the company assesses which bitcoins are lost. An important clue comes when there is a “fork” in the blockchain, such as the one this summer which led to the creation of a bitcoin clone known as Bitcoin Cash. Such events can lead to the owners of wallets that have been inactive for years to conduct a transaction, providing an opportunity for statistical analysis.
...
Chainalysis’s overall methodology is confidential, but a spokesperson shared certain details about how the company assesses which bitcoins are lost. An important clue comes when there is a “fork” in the blockchain, such as the one this summer which led to the creation of a bitcoin clone known as Bitcoin Cash. Such events can lead to the owners of wallets that have been inactive for years to conduct a transaction, providing an opportunity for statistical analysis.
...
Very interesting study, thank you for sharing it with us.
However, I´m wondering about the accuracy of their methodology. A huge part of the BTC wallets that they classify as "inactive"
may simply be paper wallets or hardware wallets of long-term BTC holders. Many of these intend to keep their holdings for several
decades and aren´t even remotely interested in claiming any additional value from possible BTC forks. Therefore
I´d argue that a non-negligible percentage of the wallets that are inactive to Chainalysis are actually still active
cold wallets of long-term investors.
Nevertheless, I think their overall estimate is quite likely to be true. This obviously has interesting ramifications
for the Bitcoin economy, because this makes the remaining (and still accessible) Bitcoins more valuable.
Jump to: