Bitcoin eventually disappear... - page 19.

aencarnaci

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Quote from: Agraoleom on October 03, 2017, 04:20:59 AM

Quote from: sofi@ on October 03, 2017, 02:22:48 AM

Yes there is a chance that we lose all bitcoin due to different aspect such as human error like forgetting password or losing their on-line wallets but this can be prevented with proper knowledge on how you protect your bitcoin and having your security codes kept in your private records.

So, what you are saying is, if we all just tell ourselves to be less sloppy, human errors will no longer exist?

I am pretty sure, human errors are here to stay, as it is inherent in human nature.

Human errors are there always as a part of the nature. But in my view, one should not be that much less considerate about his or her possessions .silly mistakes such as forgetting the passkeys or mismatched keys are all the result of casualness. We must stay very active and not get hold of the online wallets in beginning as it requires a bit practice to handle them.

Lieldoryn

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Quote from: E-shipper on October 06, 2017, 04:45:55 AM

I think that this may affect the reduction of bitcoin, but still most people too value their coins and try to keep their passwords to access the wallet in a safe place.

People tend to create their own difficulties. To have a personal secret code and the constant fear for his safety is a bad idea. I store bitcoin on a generally accepted electronic wallets parts. I am sure that this storage method is more secure than storing offline.

Gozie51

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Quote from: Agraoleom on October 02, 2017, 06:27:13 PM

Quote from: Iranus on October 02, 2017, 04:43:24 PM

Well you posted this in the "Economics" section, so let's make this about economics.

People have an amount of BTC. The higher the value of their BTC, the more likely they are to keep it in safe locations or spread it between different places. So the chance of them losing their BTC decreases exponentially as the price rises.

If they lose BTC, the supply decreases, therefore making the remaining BTC supply (marginally) more valuable and making people less likely to lose it. So it never reaches a point at which there's not enough left.

So basically, no. It's impossible.

As long as storage and transactions are handled by humans, there is no way to avoid human errors, regardless of the assets value. Sure it is less likely to be lost, the higher the value. But will it ever be totally secured just because it is of a certain high value.

I am not convinced.

Bitcoin that is lost because of code misplacement does not disappear from blockchain rather it simply means the individual would not be able to use it again . Therefore, the individual's lose and not that the margin of bitcoin available decreases.

Furthermore, as for not being convinced about "totally secured ". Bitcoin itself is totally secured when you take your time to do the right things to secure it. This brings us to the misplacement of code or disclosure to untrusted third party. So we have to be careful.

Bitcoincole

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Quote from: Whosdaddy on October 09, 2017, 03:40:45 PM

Quote from: ?? on ??

Very interesting point of view!

The key question is how many % of the total available bitcoins get lost every year and are the 8 decimal digits able to balance the losses?

One day the use of the word satoshi will probably become more common, we wiil see.

also that will eventually be the point at the long run. Initially when the whole journey started, no one ever thought about satoshi since even 1 bitcoin was not even worth much, but as it keeps going, even now, people are beginning to buy the few decimals before the whole bitcoin and apparently we will have a time when 1 bitcoin will be a no go aspect for most people and stick to the little satoshis they can get.

For me this question is a good sample for everybody that it is possible to happened that they will loss bitcoin in a second because of a human error as a factor it could be in a situation of being hurry transaction of copy and paste and forgetting private keys in a wallet and many others.

Whosdaddy

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Quote from: ?? on ??

Very interesting point of view!

The key question is how many % of the total available bitcoins get lost every year and are the 8 decimal digits able to balance the losses?

One day the use of the word satoshi will probably become more common, we wiil see.

also that will eventually be the point at the long run. Initially when the whole journey started, no one ever thought about satoshi since even 1 bitcoin was not even worth much, but as it keeps going, even now, people are beginning to buy the few decimals before the whole bitcoin and apparently we will have a time when 1 bitcoin will be a no go aspect for most people and stick to the little satoshis they can get.

E-shipper

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I think that this may affect the reduction of bitcoin, but still most people too value their coins and try to keep their passwords to access the wallet in a safe place.

nodelover

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Bitcoin support worldwide is strong. Currently bitcoin is equivalent to 4393.68 USD at the time of this reply. So it will stick for a while.

Reez

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Bitcoin will never disappear because of it's immutable qualities and that is what makes it sound money so it is vastly superior to paper money and gold that way.

Yaunfitda

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Quote from: marcuslong on October 04, 2017, 07:50:59 PM

Quote from: Agraoleom on October 02, 2017, 02:46:36 PM

There will be a fixed number if Bitcoins, and people, because of human error, will accidentally lose Bitcoins every now and then.

This must mean that Bitcoin will eventually seize to exist? Or at least shrink to minimal amounts, when it shrinks to a certain level, it will no longer be useful.

Is this correct?

I think bitcoin will never be disappear since bitcoin is the biggest bank in the world which isn't using real cash this currency will be more successful and it will be implemented to other company and into our economy the best thing about bitcoin is it is not yet mined all it will increase more if it shrinks i think bitcoin still remain bitcoin and become more useful into another things.

I think the last bitcoin could be mined in the next 100 years. So that's a century. We may have been long gone by then and still bitcoin exist. But the question is what's gonna happened if all bitcoin are mined? If trading still exists when the last supply will mined then bitcoin will continue to flourish. As long as people are trading bitcoin, I don't think it will just disappear. Maybe there were still bagholders that won't sell their coins and will keep it after centuries even if its not useful anymore.

marcuslong

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Quote from: Agraoleom on October 02, 2017, 02:46:36 PM

There will be a fixed number if Bitcoins, and people, because of human error, will accidentally lose Bitcoins every now and then.

This must mean that Bitcoin will eventually seize to exist? Or at least shrink to minimal amounts, when it shrinks to a certain level, it will no longer be useful.

Is this correct?

I think bitcoin will never be disappear since bitcoin is the biggest bank in the world which isn't using real cash this currency will be more successful and it will be implemented to other company and into our economy the best thing about bitcoin is it is not yet mined all it will increase more if it shrinks i think bitcoin still remain bitcoin and become more useful into another things.

Razick

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Quote from: Agraoleom on October 03, 2017, 04:10:44 AM

Quote from: karmamiu on October 03, 2017, 02:14:06 AM

Quote from: Fortify on October 03, 2017, 01:33:53 AM

It could happen, as there really is a low circulation of whole bitcoins in the world compared to the amount of people. Over time a lot of them will be lost and have been lost already, I'm not sure many people will like to use tiny decimal amounts in the long run. You could also argue that bitcoin is the first iteration of a working digital currency and it seems inevitable that an improved implementation will take the market share.

This has been also discussed several times in this forum, about retrieving those lost wallets, getting back those lost bitcoin, but i think it wont really affect the price of bitcoin as much as the supply.

How can a diminishing supply, while still in demand, NOT have an effect on price?

Quote from: karmamiu on October 03, 2017, 02:14:06 AM

I agree that as time passes by, more and more users have been adopting bitcoin, the problem is that it would really be a struggle to get, because of the increasing population of users and just limited supply of bitcoin in the world, and to add that up until now it is really hard to mine.

It will cause the price to go up.

Supply and demand. Bitcoin is deflationary by nature. Essentially everyone in the world has been raised in an inflationary system. This system is based on fiat and fractional reserve banking. It will take centuries for a new one to sink in. Even when crypto becomes popular, there will be traces of fiat until most or all old generations are wiped out to the point crypto actually could become 100% saturated and fiat disappears entirely.

Agraoleom

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Quote from: FrueGreads on October 04, 2017, 06:51:41 AM

Yes human errors happen, but they tend to decrease as the "value of the act" increases. Take a look to air control in airports. The % of human error there is incredibly small. If it wasn't many people would die.

Many people do die in plane crashes due to human error, it happens quite a lot...

Quote from: FrueGreads on October 04, 2017, 06:51:41 AM

Same thing goes for surgeries in life or death situations. It can happen, but the % for a forced error is very small.

But still, it happens...

Quote from: FrueGreads on October 04, 2017, 06:51:41 AM

Same thing will be with bitcoins, the value is so high, that people will treat it with extremely caution, and the % of lost bitcoins for unforced errors will be minimal, so what you are saying can't really happen in a lifetime.

I didn't say necessary in a lifetime, but the math is actually quite simple, there is a fixed amount, and from that fixed amount, bitcoins WILL be lost. Eventually, they must seize to exist.

Kisanaq

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Believe me, nothing lasts in this world, everything will disappear including bitcoin, I'm sure there will be hackers who mess up bitcoin or someday there is better coin than bitcoin so everyone leaves bitcoin and finally bitcoin disappear.

Junko

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In theory yes, Bitcoin could disappear over time from people accidentally losing their private keys, storage devices and even dying without passing their bitcoins/wallets private keys, exchange account passwords, etc. But in practicality, all bitcoin wouldn't completely disappear, at least not in our lifetime. There are enough people who are careful with their holdings and will do what is necessary to keep them safe for themselves and for those who will inherit their bitcoins when they pass away.

bjumb

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Quote from: Razick on October 02, 2017, 07:59:13 PM

Quote from: Agraoleom on October 02, 2017, 02:46:36 PM

There will be a fixed number if Bitcoins, and people, because of human error, will accidentally lose Bitcoins every now and then.

This must mean that Bitcoin will eventually seize to exist? Or at least shrink to minimal amounts, when it shrinks to a certain level, it will no longer be useful.

Is this correct?

Bitcoin is deflationary by nature. This is counter-intuitive to how most of us have been raised on an inflationary economic model (fiat becomes worth less and less over time due to inflation).

What you say is correct, but don't forget the less Bitcoin available means the supply is lower. When supply drops and demand stays the same, it means the price increases. Which means the price of Bitcoin never stops rising over the long term.

It's not deflationary. Well at least not by design. Deflation means less coins would be in circulation every year. It's designed just to stop producing new coins at 21 million, but not to burn them after reaching this number. But it's true lost keys to addresses will cause some bitcoins to be inaccessible. They would still exist in the total supply count, but because noone will be able to access them, the effect will be the same as if supply decreased and would make upward pressure on bitcoin price.

For those who think we might run out of bitcoins because to many people loose their keys, it can't happen. It has 8 decimal places for a reason. Even if there was only 1 BTC left it could still be divided equally between 100,000,000 people. And it's price would be the same as total marketcap.

NS-Soul

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arcs-chain.com

Quote from: Agraoleom on October 02, 2017, 02:46:36 PM

There will be a fixed number if Bitcoins, and people, because of human error, will accidentally lose Bitcoins every now and then.

This must mean that Bitcoin will eventually seize to exist? Or at least shrink to minimal amounts, when it shrinks to a certain level, it will no longer be useful.

Is this correct?

Yes exactly bitcoin amounts decreases because of human error but it is isn't a big deal as long as the pcs of bitcoins can be spread into many portions. We don't know only in the coming future but i don't think its not a big problem.

Nahl

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because they're bought bitcoin with money then people control their bitcoin and people will manage the situations to keep bitcoin or their asset to not being worthless but maybe someday if there is a new coin which be the replacement of bitcoin people will starting to trade them or collect them so they will starting to sold their bitcoin gradually untill bitcoin is not valuable anymore because lack of interest and eventually bitcoin will disappear so this time i do agree with OP

adam1230

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I was thinking about similar things.
For example think about a drug seller. He has huge amount of bitcoin and he died. Well all of these bitcoins will be in a dead wallet.

extrimals

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Bitcoin can disappear only if it ceases to be of interest to people. Every day, new crypto-currencies are created which have a chance to destroy it and take first place.

FrueGreads

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Well there are some cases of lost bitcoin, most of them happened in the past when the value was lower, and people didn't really paid to much attention to them. I don't say it will not happen again, but it will be insignificant. Yes human errors happen, but they tend to decrease as the "value of the act" increases. Take a look to air control in airports. The % of human error there is incredibly small. If it wasn't many people would die. Same thing goes for surgeries in life or death situations. It can happen, but the % for a forced error is very small. Same thing will be with bitcoins, the value is so high, that people will treat it with extremely caution, and the % of lost bitcoins for unforced errors will be minimal, so what you are saying can't really happen in a lifetime.

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