Around 4 Million Bitcoins lost forever!! - page 3.

eternalgloom

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Quote from: winyau8888 on November 26, 2017, 08:31:26 PM

I believe some of the coins are missing as junk. However most of them are holding by only a few hardcore holders to wait for the day when BTC hit USD100,000. And what is the value? It is still have to hook up with fiat?

I don't think that very likely actually, if coins haven't moved since 2011 or 2012, it's hard to believe that someone still has control over the wallet in question.
In the early days of Bitcoin, people didn't mind too much if they lost access to a wallet containing hundreds or thousands of Bitcoins.

You wouldn't mind either if you just lost the equivalent of 10 or 20 dollars.

It's just so unlikely that someone would have been able to hold onto all the coins they had if the price suddenly went up 1000% or more.

RodeoX

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The revolution will be monetized!

The problem with this is that there is no way to determine how many have been lost. We could count how many claim to have lost coins. We could count coins that have not moved in years. But no matter what data you are looking it it will not result in much of an answer.

CryptoParadigm

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Quote from: bribed on November 26, 2017, 08:24:01 PM

Quote from: ps on November 26, 2017, 08:11:29 PM

Quote from: ahmad21 on November 26, 2017, 01:57:31 PM

Just came across this article today says that 4 million out of the total supply of 21 million have already been lost due to various reasons. The most popular reason are the HODLers who are holding it for quite long. These people have reduced the supply of bitcoins in market which has upsurged the price of bitcoin so much. Satoshi surely is the biggest HODLer himself.

Here is the article : http://fortune.com/2017/11/25/lost-bitcoins/

Sick to known I never holded more than 20 bitcoins in my life and these millions lost wtf..

Definitely, I just read this story from that other guy that signed up to the forum just to ask if he made the biggest mistake of his life when he declined the offer to buy Bitcoins in 2010. He came to ask if these were the same Bitcoins that are now worth so much. Feelsbadman.

How about 10000 BTC for twp Pizzas? The first BTC transaction known, Yummy Pizzas

jseverson

hero member

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That's insane. I didn't think the problem was that bad. I honestly didn't expect the lost coins to even reach a million, besides Satoshi's presumed lost coins. The owners in the early days must be hitting themselves in the head right about now.

Still though, maybe we should take this news with a grain of salt? Chainanalysis' methodology is apparently confidential, so there's no way to gauge how accurate their data is. I guess it doesn't matter at the end of the day though, and the less supply in circulation, the better off we are.

kuyaJ

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Activity: 406

Merit: 250

Quote from: 2fresh on November 26, 2017, 01:58:54 PM

Quote from: ahmad21 on November 26, 2017, 01:57:31 PM

Just came across this article today says that 4 million out of the total supply of 21 million have already been lost due to various reasons. The most popular reason are the HODLers who are holding it for quite long. These people have reduced the supply of bitcoins in market which has upsurged the price of bitcoin so much. Satoshi surely is the biggest HODLer himself.

Here is the article : http://fortune.com/2017/11/25/lost-bitcoins/

But holding bitcoin doesn't mean they are lost forever or out of circulation?

the 4 million must be quiet only and only the whale can control the price of the bitcoin.

Granxis

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4 million Bitcoin is a huge amount, I think these Bitcoins will not be able to join the network anymore, this is actually a matter with good sides and bad sides, I think the lost Bitcoins should be included in the network after a while, thus ensuring a constant Bitcoin traffic . This period can be quite long, maybe 25 or maybe 50 years.

cashaa

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Quote from: ahmad21 on November 26, 2017, 01:57:31 PM

Just came across this article today says that 4 million out of the total supply of 21 million have already been lost due to various reasons. The most popular reason are the HODLers who are holding it for quite long. These people have reduced the supply of bitcoins in market which has upsurged the price of bitcoin so much. Satoshi surely is the biggest HODLer himself.

Here is the article : http://fortune.com/2017/11/25/lost-bitcoins/

Man, feel bad for the British man who threw away the hard drive with 7.5M of bitcoins in there.

exstasie

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Quote from: ahmad21 on November 26, 2017, 01:57:31 PM

Just came across this article today says that 4 million out of the total supply of 21 million have already been lost due to various reasons. The most popular reason are the HODLers who are holding it for quite long. These people have reduced the supply of bitcoins in market which has upsurged the price of bitcoin so much. Satoshi surely is the biggest HODLer himself.

Here is the article : http://fortune.com/2017/11/25/lost-bitcoins/

That's a silly conclusion. Clearly, people are hoarding bitcoins. "HODL" is the mantra of bitcoin investors, so it should be no surprise that a good deal of coins never move.

I'm sure there are many lost coins, and there could even be millions (Satoshi's coins obviously factor into this). But "4 Million Bitcoins Gone Forever" seems like a clickbait title with no basis in reality. If Satoshi reckoned that one BTC would be worth millions someday, I'm sure others do too. Those people are treating their private keys like their firstborn -- the coins aren't lost. Tongue

13abyknight

sr. member

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Even if the 4 million or more coins haven't been moved for a long time, it cannot be excluded from the circulating supply. This is mainly because even if holders lose their private keys for unknown reasons, we might have technological developments in the future which could brute force or crack the private keys and regain access to those coins which could've been deemed 'out of circulation'.

Sithara007

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Leading Crypto Sports Betting & Casino Platform

Can't really say that they are lost for ever. Not even Satoshi's coins. What if Satoshi is alive and he is just waiting for prices of $100,000 per coin? Also, if coins haven't moved for 6-7 years, that doesn't mean that they are lost. It can also mean that these coins are in cold storage.

howard.ashoul

full member

Activity: 140

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Quote from: Karpeles on November 26, 2017, 02:03:26 PM

It is hard to tell, maybe they are from true hardcore hodlers or are just gathering virtual dust in old computers, waiting to be discovered by someone.
Also many bitcoins will never go to market because many early investors have more bitcoins than they could justify to IRS, so they will never spend everything they have. The out of market bitcoins surely are more than 4 millions

And the article is wrong, the last bitcoin will be mined by 2140, not 2040

That's quiet stupid.

Why couldn't I cash out my BTC? Just because it's worth too much and I made huge gains? Roll Eyes

Is Bill Gates making $80,000 per year. Because he wouldn't be able to justify to IRS higher salary?

Fox-111

jr. member

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Thos being held long term does mean there are less being traded, which means the whole "supply Vs demand" argument rings true with current price surge.
If these held coins came on the market, price would almost certainly react accordingly. However its very unlikely they are all coning out for use and trade any time soon, nor at once.

pooya87

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Quote from: ahmad21 on November 26, 2017, 01:57:31 PM

Just came across this article today says that 4 million out of the total supply of 21 million have already been lost due to various reasons.

it is purely speculation, there are actually a topic in this board with a better speculation about this.

Quote

The most popular reason are the HODLers who are holding it for quite long.

that is not called "lost forever" as your title suggests. that is always accessible and ready to be used with just one click. if so these holders choose.

Quote

These people have reduced the supply of bitcoins in market which has upsurged the price of bitcoin so much.

just holding does not increase the price. the increasing demand is increasing the price. more people buy, more money comes in, price goes higher.

if it was just because of holding, all the altcoins would have been worth millions of dollars because they have too many bag holders.

Duzenn

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A few years ago, it was easy to get a lot of bitcoins, and then many people forgot about it, lost their private keys and lost a great fortune.

bloodyvio

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Quote from: 2fresh on November 26, 2017, 01:58:54 PM

Quote from: ahmad21 on November 26, 2017, 01:57:31 PM

Just came across this article today says that 4 million out of the total supply of 21 million have already been lost due to various reasons. The most popular reason are the HODLers who are holding it for quite long. These people have reduced the supply of bitcoins in market which has upsurged the price of bitcoin so much. Satoshi surely is the biggest HODLer himself.

Here is the article : http://fortune.com/2017/11/25/lost-bitcoins/

But holding bitcoin doesn't mean they are lost forever or out of circulation?

Yes, I think so.
Holding does not mean getting out of circulation.
it is only temporary and at times can re-enter the circulation of transactions.

Xabad

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Quote from: ahmad21 on November 26, 2017, 01:57:31 PM

Just came across this article today says that 4 million out of the total supply of 21 million have already been lost due to various reasons. The most popular reason are the HODLers who are holding it for quite long. These people have reduced the supply of bitcoins in market which has upsurged the price of bitcoin so much. Satoshi surely is the biggest HODLer himself.

Here is the article : http://fortune.com/2017/11/25/lost-bitcoins/

Then if they are just hodling it is not lost forever. It is just not included on today's circulation but will be in the future. There are really some lost bitcoins mostly lost because of owners unable to open their wallet and owner who died without them passing the password to their relatives.

mk4

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Quote from: HippiePyro on November 26, 2017, 08:43:13 PM

Could you write a program to look at how many address have had no activity in X amount of time. Or only had 1 deposit no withdrawals, That would give you a rough idea of how many are lost without counting holders, who tend to stockpile.

If a wallet has only 1 deposit and no other transactions it doesn't mean the bitcoins are lost either. I personally have wallets with only deposit transaction. Also, the article says "likely to be lost", they're really just sort of frozen bitcoin, but not necessarily lost. The article title is just pure clickbait.

We're not really sure if they're lost or not, as there really is no way to know.

HippiePyro

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Could you write a program to look at how many address have had no activity in X amount of time. Or only had 1 deposit no withdrawals, That would give you a rough idea of how many are lost without counting holders, who tend to stockpile.

winyau8888

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I am a baby to cryptocurrency~

I believe some of the coins are missing as junk. However most of them are holding by only a few hardcore holders to wait for the day when BTC hit USD100,000. And what is the value? It is still have to hook up with fiat?

bribed

full member

Activity: 238

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Quote from: ps on November 26, 2017, 08:11:29 PM

Quote from: ahmad21 on November 26, 2017, 01:57:31 PM

Just came across this article today says that 4 million out of the total supply of 21 million have already been lost due to various reasons. The most popular reason are the HODLers who are holding it for quite long. These people have reduced the supply of bitcoins in market which has upsurged the price of bitcoin so much. Satoshi surely is the biggest HODLer himself.

Here is the article : http://fortune.com/2017/11/25/lost-bitcoins/

Sick to known I never holded more than 20 bitcoins in my life and these millions lost wtf..

Definitely, I just read this story from that other guy that signed up to the forum just to ask if he made the biggest mistake of his life when he declined the offer to buy Bitcoins in 2010. He came to ask if these were the same Bitcoins that are now worth so much. Feelsbadman.

Topic: Around 4 Million Bitcoins lost forever!! - page 3. (Read 1818 times)