Bitcoin eventually disappear... - page 21.

Agraoleom

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Quote from: freebutcaged on October 02, 2017, 07:54:02 PM

Wrong mate, Bitcoin is not really shrinking, every now and then people are forking the same blockchain creating a total double spent hard fork to have their

Own altcoin,

I am talking about Bitcoins, not altcoins...

Quote from: freebutcaged on October 02, 2017, 07:54:02 PM

price of the coins

Correlates with the total numbers of them,

Let's not forget, the demand...

Quote from: freebutcaged on October 02, 2017, 07:54:02 PM

one could claim to have lost access to his coins but after a few years you see the same coins being transferred

And sold, that's why the market will always account for all of the coins.

Really, how do someone get to spend a coin in a lost wallet without knowing the private key to that particular coin in order to sign a transaction, or recovery phrase?

Not possible as I understands it...

player514

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Quote from: Agraoleom on October 02, 2017, 01:46:36 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 you might be confused with the miner fee and losing Bitcoin. When you send a transaction, yes, you do have to pay a bit extra money, but that money goes into someone else's ledger. Think of bitcoin in terms of blockchain ledgers. It will help your understanding of how the money flows.

Basically, when you send your money out, your ledger decreases and whoever you sent to / whichever overall addresses get coins from your transactions have their ledger balance increased.

freebutcaged

hero member

Activity: 588

Merit: 541

Wrong mate, Bitcoin is not really shrinking, every now and then people are forking the same blockchain creating a total double spent hard fork to have their

Own altcoin, do I have to count them for you one by one or do you know about them already? Bitcoin is not issued by printing like fiat is, price of the coins

Correlates with the total numbers of them, one could claim to have lost access to his coins but after a few years you see the same coins being transferred

And sold, that's why the market will always account for all of the coins.

Agraoleom

newbie

Activity: 34

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Quote from: Razick on October 02, 2017, 06:59:13 PM

Quote from: Agraoleom on October 02, 2017, 01:46:36 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.

"When supply drops and demand stays the same", this is my point. I think the demand can actually become larger, but it could theoretically reach a point where the amount of Bitcoins are too small that it is no longer attractive.

But I think it would also have to do with what function Bitcoin will play in the end. If its main function will be similar to gold, I guess it could still be an attractive asset no matter how small and expensive amount there will be.

nightmanisrightman

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Quote from: Agraoleom on October 02, 2017, 01:46:36 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?

Partly I believe yes. Sure people will lose bitcoin and the # of bitcoin will in theory only have the ability to go down once all coins are mined. But that does not mean it will get to a point where bitcoin itself is useless. Also

I dont think anybody tracks bitcoin loss or there isnt an accurate way to track this so we may never know the true circulating supply down to the tee. As long as the internet exists, bitcoin will exist in this world.

Razick

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Quote from: Agraoleom on October 02, 2017, 01:46:36 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.

BitcoinMuscle

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Quote from: Agraoleom on October 02, 2017, 01:46:36 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?

Yeah, there is a fixed number of bitcoins but it is harder and harder to mine it. So it will take another 5-10years untill all the bitcoin will be mined.
Even is bitcoins are lost everyday the total supply is to big to be lost all of it. If 4 bitcoins are lost every day it would take 10.000years for all bitcoins to be lost.
Also, the price will be a lot higher when all the bitcoins will be mined so people will be more careful for their wallets.

error08

hero member

Activity: 1036

Merit: 514

Quote from: Agraoleom on October 02, 2017, 01:46:36 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?

You should use 'search function' or google search engine before ask such question, it's obviously and people knows about it, already discussed many times in this forum. Even there are few people who have burned their bitcoin by sent it to burn address deliberately, because the value of the rest will be worth slightly more. We don't know how much bitcoin that has been lost since it can't be accessed anymore due to many reasons.

MakeMoneyBtc

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Quote from: Iranus on October 02, 2017, 03:43:24 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.

They lose that bitcoin but it is not gone. It cant just disappear from wallet. The fact that the person cant acces the wallet doesnt mean the bitcoins doesn't exist. Yeah, bitcoin price is partially determined by the total supply but if you lost your bitcoins wallet thats not going to decrease the total supply. It will remain the same. The price grows every day because it is harder and harder to mine it not because bitcoins are lost every day

Agraoleom

newbie

Activity: 34

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Quote from: Iranus on October 02, 2017, 03:43:24 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.

Iranus

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Leading Crypto Sports Betting & Casino Platform

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.

Agraoleom

newbie

Activity: 34

Merit: 0

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?

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