A Bitcoin Question | Bitcointalksearch.org

aysg76

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Quote from: BitcoinBarrel on December 08, 2022, 12:18:26 PM

Yes the price will increase because supply and demand. If you are the only one that has Bitcoins then you can set the price.

Doesn't mean people will pay you though...

You can still set the prices for your coins and create a sell order but it will depend if there's any buyer willing to pay that particular prices for your bitcoin at that time? The bitcoin prices can never be determined by a single person or group of persons as the whole thing depends on economic factors of demand and supply so what if you all holding coins don't have any buyer so it would drastically decrease the prices or if there is huge demand it will give boost to it.

Quote from: o_e_l_e_o on December 10, 2022, 08:36:29 AM

People have been creating forks of bitcoin or "new" bitcoin or bitcoin 2.0 or the next bitcoin killer etc. etc. for years. Every single one of them has, without exception, failed. And in the scenario that most people only own small amounts of a single bitcoin because bitcoin is so popular, that will continue to be the case.

They always try to create similar things but in reality end up creating another shitcoin which has no community support and network security ending up bad.For example some people also think that WBTC is also bitcoin but it's not and based on ERC-20 token standards so there is only and one BTC while other forks will be just it's fake copy.

LDL

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Actually your question can be explained in a little economic terms, suppose you have the cryptocurrency Bitcoin and everyone else had Bitcoin but the private key of their wallet was destroyed or lost. Then it is understood that the supply of bitcoins has decreased i.e. if the supply decreases then the demand will automatically increase. In the parlance of economics, when supply decreases, demand increases and prices rise in the market. That means the price of Bitcoin will skyrocket. Similarly, if the opposite is the case i.e. if the supply increases, the demand will automatically decrease and the price will decrease.

Formula: Bitcoin supply Decrease , Demand Increase, Price Increase

Adbitco

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Apparently the price would be static since no out going and incoming btc, perhaps only you having it. Until you sell then no increase in price. But how did you come to think of this which I know is impossible to happen If only you holding bitcoin then how do people invest since you hold the rest bitcoin in your custody.

o_e_l_e_o

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Quote from: hugeblack on December 08, 2022, 02:45:33 PM

When bitcoins decrease, then the available supply will be less, but the price will not increase unless there is an increase in demand. Therefore, unless the demand increases, even the decrease in supply will not be sufficient.

Well, not necessarily. If demand remains constant but supply decreases, then the price will still increase until the increased price lowers demand and a new equilibrium is reached.

Quote from: aioc on December 09, 2022, 08:01:30 AM

so people will look for a new Bitcoin or create a new one

People have been creating forks of bitcoin or "new" bitcoin or bitcoin 2.0 or the next bitcoin killer etc. etc. for years. Every single one of them has, without exception, failed. And in the scenario that most people only own small amounts of a single bitcoin because bitcoin is so popular, that will continue to be the case.

aioc

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Quote from: alastantiger on December 08, 2022, 11:46:46 AM

Assuming everyone has an equal number of bitcoins in their accounts when the final bitcoin is mined. Does the value of my Bitcoin increase if, one day, everyone else loses their private keys but me?

I can't think of any reason why everyone will lose their private keys and you will end up the only one that has it, by the time the final Bitcoin is mined there will be hundreds of millions of holders and users and if all are equal in number of Bitcoin you could not have more than 1/4 of Bitcoin
so people will look for a new Bitcoin or create a new one, but I guess it's time to wake up from your fantasy that is unthinkable.

mk4

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Quote from: alastantiger on December 08, 2022, 11:46:46 AM

Does the value of my Bitcoin increase if, one day, everyone else loses their private keys but me?

While the supply would be extremely low, I'd assume not. People wouldn't be comfortable knowing that all the remaining coins are held by a single person. A more likely result would be a fork of a certain block height.

nc50lc

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Quote from: alastantiger on December 08, 2022, 11:46:46 AM

-snip- Does the value of my Bitcoin increase if, one day, everyone else loses their private keys but me?

There's the 'law of supply and demand' in economics but it doesn't entirely rely on that.
In your scenario, you can sell the only accessible bitcoin (that you have) with the price that only you can dictate since there'll be no other seller.
So it's up to you if the price will increase or not; but realistically speaking, having near zero liquidity in exchanges can cause it to drop to zero in a matter of minutes to hours.

Plus Bitcoin's price isn't dictated by Bitcoin, I mean not by the developers nor the code; it's the market.
So having all people (the "market") lose their private keys for whatever silly reason, could drop the price to zero.

Queentoshi

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Quote from: alastantiger on December 08, 2022, 11:46:46 AM

Assuming everyone has an equal number of bitcoins in their accounts when the final bitcoin is mined. Does the value of my Bitcoin increase if, one day, everyone else loses their private keys but me?

since everyone already at that time will know about bitcoins already and it's importance, anybody since owning bitcoins at a time when nobody has bitcoins will be the one with an eye in the midst of many blind, and you know what that means exactly, that he will be in charge and any value you choose to tag your bitcoins that you have to at that time will be accepted so far it is not a ridiculous value. The value of your bitcoins will increase I think if everyone else loses their private keys.

Stalker22

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I see most people here have answered similarly, that the price of bitcoin would go up due to reduced supply. But I agree with what Wapfika said: If something so catastrophic happens, Bitcoin would be worthless to everyone—including miners—so it might fork or people might start using another cryptocurrency entirely. Your coins would become worthless.

cryptoaddictchie

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Quote from: alastantiger on December 08, 2022, 11:46:46 AM

Assuming everyone has an equal number of bitcoins in their accounts when the final bitcoin is mined. Does the value of my Bitcoin increase if, one day, everyone else loses their private keys but me?

For a typical scenario yes. The price would go to the moon considering you are the only one that holds the remaining bitcoin. But in that particular story, its quite impossible to happen right, yes there are some who loss their private keys but not to the point like half of them have negligence on that kind of important thing.

hugeblack

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Quote from: alastantiger on December 08, 2022, 11:46:46 AM

Assuming everyone has an equal number of bitcoins in their accounts when the final bitcoin is mined. Does the value of my Bitcoin increase if, one day, everyone else loses their private keys but me?

For the increase in value, there are two sides, which are supply and demand. When bitcoins decrease, then the available supply will be less, but the price will not increase unless there is an increase in demand. Therefore, unless the demand increases, even the decrease in supply will not be sufficient.

at least most of us will not arrive to confirm this answer. I do not know, but who among us will live until that year?

jackg

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https://bit.ly/387FXHi lightning theory

If there's a lower circulating supply then price will go up to reflect that as long as there's enough interest in it still.

The opposite would likely also be true though too, like we've seen, if circulating supply is expected to be low and someone moves a lot of funds, the market might immediately panic as a result and cause the price to fall a bit - but this isn't guaranteed to continue and might not, especially as the markets have gained a lot more liquidity since a lot of the last drops.

Xxmodded

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Price bitcoin increase up or down depend with supply and demand, if some one loss their private key I think will positive side Bitcoin increase up, have many cases with several person loss their access after forget where place for saving private key. I heard with some one have looking at trash place to get back his private key because save many bitcoin but failed with their to find it.

Not only with private key loss access make several people loss their bitcoin, but also when saving Bitcoin at exchange market possibility with them losing Bitcoin, MtGox exchange as bigger example with many people loss their Bitcoin trough price still drop and not refund yet until Bitcoin reach higher price.

Aanuoluwatofunmi

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Quote from: alastantiger on December 08, 2022, 11:46:46 AM

Assuming everyone has an equal number of bitcoins in their accounts when the final bitcoin is mined. Does the value of my Bitcoin increase if, one day, everyone else loses their private keys but me?

That's why you have the keys to your own bitcoin to yourself and others bitcoin has nothing to add or reduce from yours since everyone is independent of each other, but also you need to understand that bitcoin is volatile in the sense that if you hold and during this period it surges then your coins will also increases and it it dip as well there will be drop in your bitcoin, the target is base on the market supply and remands but everyone is independent with his bitcoin.

BitcoinBarrel

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Yes the price will increase because supply and demand. If you are the only one that has Bitcoins then you can set the price.

Doesn't mean people will pay you though...

Wapfika

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Quote from: alastantiger on December 08, 2022, 11:46:46 AM

Assuming everyone has an equal number of bitcoins in their accounts when the final bitcoin is mined. Does the value of my Bitcoin increase if, one day, everyone else loses their private keys but me?

This is hilarious. If this happened that literally everyone lose there private key then the price will turn into zero since you are the only one holds. I’m assuming that exchange is also lose there private key and only your Bitcoin is on active circulation. Probably Bitcoin will fork to the coin so that everyone who lose there Bitcoin will regain it on new Bitcoin Fork since this the only way to save all the previous records on the blockchain when it encounters damage.

But if you are assuming all the holders Bitcoin already loss not exchange then the price will be skyrocket for sure.

o_e_l_e_o

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Doesn't really matter what coins are where or if everyone has an equal number. If coins become removed from the supply (i.e. lost), then all other coins become a little bit rarer and therefore a little bit more valuable. In the words of Satoshi:

Quote from: satoshi on June 21, 2010, 01:48:26 PM

Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.

Note, however, that a lost private key does not necessarily mean the coins are permanently irretrievable. Only coins which are provably unspendable, such as those sent to OP_RETURN outputs, can be said to be truly lost.

alastantiger

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Assuming everyone has an equal number of bitcoins in their accounts when the final bitcoin is mined. Does the value of my Bitcoin increase if, one day, everyone else loses their private keys but me?

Topic: A Bitcoin Question (Read 212 times)