[ANSWERED]Coin question | Bitcointalksearch.org

knarzo

full member

Activity: 126

Merit: 100

Quote from: chowdan on December 09, 2013, 11:49:04 AM

Quote from: deepceleron on December 08, 2013, 04:47:32 AM

There is no concept of "lost coins" per se, there are only coins not spent recently. You can't tell ultimately if someone is saving for their retirement or cannot spend the money.

In a macroeconomic scale, if money is removed from the economy, then that means the remaining currency must hold the value needed. For now, with Bitcoin, about $2M worth of Bitcoin is being printed every day, and I doubt it's being lost at that rate.

https://en.bitcoin.it/wiki/Myths#Lost_coins_can.27t_be_replaced_and_this_is_bad

Perfectly explains it.....So people loosing coins increase value of all other coins.....that...is genius and amazing at the same time but yet scary for ones who store their wallets in USB's offline as its able to be lost quite easily.

Encrypt your privatekey with PGP, print it, store it in different places and be happy

chowdan

full member

Activity: 134

Merit: 100

Quote from: deepceleron on December 08, 2013, 04:47:32 AM

There is no concept of "lost coins" per se, there are only coins not spent recently. You can't tell ultimately if someone is saving for their retirement or cannot spend the money.

In a macroeconomic scale, if money is removed from the economy, then that means the remaining currency must hold the value needed. For now, with Bitcoin, about $2M worth of Bitcoin is being printed every day, and I doubt it's being lost at that rate.

https://en.bitcoin.it/wiki/Myths#Lost_coins_can.27t_be_replaced_and_this_is_bad

Perfectly explains it.....So people loosing coins increase value of all other coins.....that...is genius and amazing at the same time but yet scary for ones who store their wallets in USB's offline as its able to be lost quite easily.

ajax3592

full member

Activity: 210

Merit: 100

Crypto News & Tutorials - Coinramble.com

If they lost their wallet with 1Mil coin, those coins are gone forever and cannot be brought back.

bitpop

legendary

Activity: 2912

Merit: 1060

There is no detection. They are not regenerated.

deepceleron

legendary

Activity: 1512

Merit: 1032

There is no concept of "lost coins" per se, there are only coins not spent recently. You can't tell ultimately if someone is saving for their retirement or cannot spend the money.

In a macroeconomic scale, if money is removed from the economy, then that means the remaining currency must hold the value needed. For now, with Bitcoin, about $2M worth of Bitcoin is being printed every day, and I doubt it's being lost at that rate.

https://en.bitcoin.it/wiki/Myths#Lost_coins_can.27t_be_replaced_and_this_is_bad

chowdan

full member

Activity: 134

Merit: 100

Hey all.

So had a quick question how the currency differentiates lost coins vrs coins stored on a wallet offline.

Say someone had 20 mill coins in a wallet and another person has 1 mill coins in their wallet. The fellow with 1 million coins deletes his wallet; does that mean the currency now will only have 20 mill coins left? Or does it start to generate another 1 mill coins to put back into circulation?

If it generates the 1 mill coins, how does it handle offline wallets? Say i stored 1 mill in my wallet for 10 years on a usb drive...how does it differentiate between the two?

Topic: [ANSWERED]Coin question (Read 722 times)