21 million not never !!! - page 2. | Bitcointalksearch.org

uki

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Quote from: b!z on March 29, 2015, 02:31:38 AM

This person compiled a list of all "dormant" bitcoin addresses, those that have not been used to send any transactions "since the price of bitcoin was less than $10 apiece; so around January 31, 2013".

http://www.reddit.com/r/Bitcoin/comments/2twrs7/all_42400_dormant_bitcoin_addresses_with_a/

There's an address holding over 79,000 coins here: https://blockchain.info/address/1FeexV6bAHb8ybZjqQMjJrcCrHGW9sb6uF

And one with 28,150 here: https://blockchain.info/address/12tkqA9xSoowkzoERHMWNKsTey55YEBqkv

It makes you wonder what the stories behind the addresses are. Do the creators of these inactive addresses still have the private keys? Or did they lose them through some stroke of bad luck?

If there is no PoS for Bitcoin, why should people at all have an incentive to open their wallets?
These coins are probably safely stored, but definitely not lost.

Amph

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Quote from: GreenStox on April 07, 2015, 02:35:34 AM

What if Satoshi threw away his private keys where he held that many bitcoins, so that even if they get to him they cant steal his bitcoins?

Because if this is true, then the bitcoin price cant really go below 100$ cant it?

if the 30% of bitcoin lost is true then the price, should not go even below 1k, but we are at 200, the price is more related to interest(you can call this adoption) of people in bitcoin than its supply

tspacepilot

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Quote from: GreenStox on April 07, 2015, 02:35:34 AM

What if Satoshi threw away his private keys where he held that many bitcoins, so that even if they get to him they cant steal his bitcoins?

Because if this is true, then the bitcoin price cant really go below 100$ cant it?

Unless people realize that he's not a hodler but a I-lost-my-keys-er. One person can't define a market. If it comes down to only Satoshi holding bitcoins, then the price will certainly be 0 (by definition: no one wants bitcoins but Satoshi, and he has them). So, I think markets can't really be reduced to such a simple example. But I guess it has some value as a thought experiment.

GreenStox

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What if Satoshi threw away his private keys where he held that many bitcoins, so that even if they get to him they cant steal his bitcoins?

Because if this is true, then the bitcoin price cant really go below 100$ cant it?

Wheelys

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I would guess 5-10% is a realistic number, but next to impossible to verify.

bryant.coleman

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Quote from: Amph on April 01, 2015, 02:12:59 AM

30% seems a big number if it is based on the max supply, because it mean that 50% of current total coins in circulation is lost forever, personally i don't think so, it's an amount too big to be true

It is unlikely, but not impossible. In 2009 and 2010, more than 5 million coins were mined. No one realized the real value of Bitcoin back then, and a lot of coins were lost as a result of negligence.

Amph

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30% seems a big number if it is based on the max supply, because it mean that 50% of current total coins in circulation is lost forever, personally i don't think so, it's an amount too big to be true

toytoboy

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Quote from: Megabyte on March 28, 2015, 08:05:36 PM

Read an article once, author claimed up to 30% coins are lost forever.

Why 30% lost forever ? Give out a reason to convince me !

bryant.coleman

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Quote from: Megabyte on March 28, 2015, 08:05:36 PM

Read an article once, author claimed up to 30% coins are lost forever.

That is quite possible. Some of the earliest miners just threw away their coins, or lost them because of negligence. However it is almost impossible to confirm this amount. Here is a thread which will help you with this:

https://bitcointalksearch.org/topic/lets-add-up-the-known-lost-bitcoins-7253

uki

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Quote from: freemind1 on March 29, 2015, 05:46:39 PM

That no transactions are made not mean who are lost or "abandoned". Some people do not open their wallets for years, and do not think they will be open until the last Bitcoin be mined.

exactly, that is the point. All these 'analysis' are forgetting to easily about this fact.

koelen3

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I never mined bitcoins, come to think of it,it really feels strange , have known BTC from quite some time now but still , well i wasn't into bitcoins much before

tspacepilot

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Quote from: saturn643 on March 28, 2015, 07:06:53 PM

how many of currently mined bitcoins are lost forever?

Another thing which often gets brought up in this context is that while currently bitcoins are only divided to 8 decimal places. In principle we can continue to subdivide existing bitcoins if for some reason, so many bitcoins get lost that 1 Satoshi is extremely valuable.

BitBOOM

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I would guess 4-8%

MiningAtlas

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Quote from: saturn643 on March 28, 2015, 07:06:53 PM

how many of currently mined bitcoins are lost forever?

Probably more than we think. makes you wonder though why didnt satoshi create bitcoin for it was mined forever hmmm.

sgk

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Quote from: Megabyte on March 28, 2015, 08:05:36 PM

Read an article once, author claimed up to 30% coins are lost forever.

Those 30% are not lost coins, but 'zombie' coins.

NVIDIA engineer John Ratcliff calculated in June 2014 that “zombie coins”, defined as those which have lay dormant for at least a year and a half, accounted for 30 per cent of all Bitcoins.
Those coins were bought for just a few cents, so the lack of profit-taking despite a return of 4,000 per cent seems to rule out the possibility that they're simply long-term savings.

For more detailed analysis of 'disappeared' Bitcoins (lost coins, zombie coins, satoshi's coins, burnt coins etc.), read the full article here:
http://www.telegraph.co.uk/technology/news/11362827/The-625m-lost-forever-the-phenomenon-of-disappearing-Bitcoins.html

GreenStox

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Quote from: saturn643 on March 28, 2015, 07:06:53 PM

how many of currently mined bitcoins are lost forever?

Well you know if normal currencies are lost, the CB will just print more, thus decreasing the value of lost coins to replace them with fresh circulating ones.

In BTC all supply is fixed, or atleast ithas a hard cap. I would be interesting that after 1 million years only 1 bitcoin would be in circulation, because everyone else would have lost their private keys.

And that 1 Bitcoin would be worth the entire Planet's money/wealth Cheesy

roadbits

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I don't have a problem with some bitcoins being destroyed/lost because it makes mine more valuable in the long run.

Lauda

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Terminated.

Quote from: funtotry on March 29, 2015, 10:32:28 PM

Quote from: saturn643 on March 28, 2015, 07:06:53 PM

how many of currently mined bitcoins are lost forever?

In bitcoin nothing is lost "forever", given enough time its possible for one person to own every single bitcoin private key. The time it would take this with our current computing power is incomprehensible, but in maybe 1000 years we will have a computer being able to do this. In our lifetime the technology will definitely not be created but all bitcoins are not "lost forever".

You're talking nonsense. Stop spreading false information. Even if we find a way to easily crack SHA-256 in 1000 years, do you think that by then we would still be using SHA-256? It would be easily increased by tenfold or replaced by something else entirely.
Good luck trying to get a hold of someones private key. If this event occurs Bitcoin would quickly die, as all trust would be lost and the price would plummet.

As for lost Bitcoins, we can't really say. The same thing happens with every currency. How do you know that the address that you're sending to isn't still owned by someone?
There was a thread in which they've tried to estimate the loss by summing up known losses.

kenbytes

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there is a post on the italian section of the forum in which all the movements of all the wallets since 2009, we have considered that the wallets with no input or out for more than 2 years are to be considered dead https://bitcointalk.org/index.php?topic=353156.120

funtotry

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Quote from: saturn643 on March 28, 2015, 07:06:53 PM

how many of currently mined bitcoins are lost forever?

In bitcoin nothing is lost "forever", given enough time its possible for one person to own every single bitcoin private key. The time it would take this with our current computing power is incomprehensible, but in maybe 1000 years we will have a computer being able to do this. In our lifetime the technology will definitely not be created but all bitcoins are not "lost forever".

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