Bitcoin loss? | Bitcointalksearch.org

Gozie51

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Quote from: MyIdeas on October 08, 2017, 06:52:15 PM

Quote from: yugyug on October 07, 2017, 11:51:18 AM

If the bitcoins were lost and the circulating supply were scarce, then the law of supply and demand follows. The value of bitcoin of bitcoin depends on supply and demand, the lesser the supply (scarce), the higher the price. The bitcoin's rule is that the maximum mined bitcoin with a total of 21 million coin is fixed and in any circumstances that supply can not be change. There have been no actual inventory of bitcoin determining the actual quantity that actively circulated of the whole trading platform worldwide. Its market capitalization only tells the total mined bitcoin but the lost or inactive coin had not been accounted.

Yes price is totally depending on the demand and production as the demand increases and production get started the coin values starts to rise and as there are more vacant coin in here the price will automatically go down and going down is not loss it is chance to add some no into the wallet and after all this bitcoin gives pump to the prices as new people entered and that’s the working.

We have to also comprehend the fact that new users are coming into this system and the possibilities of pumping new coin is so high. So, it will be as if it is a circle and nothing is lost.

farhaan

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I think that you are imagining the thing which could not happen.Some coins may be sent to wrong addresses or private keys may be lost by some people.But it will be of very less percentage and it will not go very high to create a situation of having no bitcoins to use.

Also,its our mistake if we send bitcoins to unsupported addresses.Also,we should keep our private keys safe.

Bitcoin is another form of money and we should treat it carefully as we treat our fiat money.

rasyiqul1505

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Quote from: Kzp on October 01, 2017, 01:15:19 PM

One thing always came on my mind when I entered the world of Bitcoin.
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.

But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?

I am also afraid if coins are getting rare because it will complicate the trade.

mozillaspez

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Quote from: jc89 on October 08, 2017, 12:13:50 PM

Quote from: Kzp on October 01, 2017, 01:15:19 PM

One thing always came on my mind when I entered the world of Bitcoin.
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.

But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?

Sending btc to unsupported or invalid address due to typo is very unlikely because your wallet will detect an error so there will be no transaction created. And nowadays people are very careful not to lose their private keys. If you have thousands of dollars worth of btc in your wallets I don't think you're not gonna make multiple backups for your keys. You're stupid if you didn't.

"People dying with private keys." This statement is quite confusing but I assume you're saying that people who have btc wallets, with btc in it, unfortunately dies and no one even in his family knows his private keys. I think this situation is possible to happen but I don't think it's big of an issue. And that in my opinion it won't be a problem.

No it will never happened reality even not in the dreams because millions of people are investing in bitcoins and they are 110% sure that the will have profit and the prices are not getting down they are always going up so there is no possibility of loss.

reda

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not it ya good for the growth for the future it will give more opertunite. you will get more information and how to work it. Bitcoin will be groth in future and improve your skill and self confidence improve. bitcoin is the digital currency it Price's increase day by day so it not loss.

karmamiu

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Honestly, these kind of events are some of them considered as human errors, while the last case was unexpectedly an accident. That case has been talked all over the forum since then, it is not an easy problem that you just have to neglect or chill it out, it is a serious turn of events, so what happens if something like that might happen? I think you should have at least put some back up files to your corresponding USB, phones or email, put all the hints, passwords, priv keys and everything else and make it secure for your beneficiaries.

novhitadaloma

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This can happen if bitcoin supplies are very rare.

Hotel_Prodeo

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Most of us lose because we sell when panicked, new users often experience panic and always want to know price updates so that they are easily exposed to negative issues so that sell bitcoin at any price.

MyIdeas

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Quote from: yugyug on October 07, 2017, 11:51:18 AM

If the bitcoins were lost and the circulating supply were scarce, then the law of supply and demand follows. The value of bitcoin of bitcoin depends on supply and demand, the lesser the supply (scarce), the higher the price. The bitcoin's rule is that the maximum mined bitcoin with a total of 21 million coin is fixed and in any circumstances that supply can not be change. There have been no actual inventory of bitcoin determining the actual quantity that actively circulated of the whole trading platform worldwide. Its market capitalization only tells the total mined bitcoin but the lost or inactive coin had not been accounted.

Yes price is totally depending on the demand and production as the demand increases and production get started the coin values starts to rise and as there are more vacant coin in here the price will automatically go down and going down is not loss it is chance to add some no into the wallet and after all this bitcoin gives pump to the prices as new people entered and that’s the working.

Superways

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Quote from: Lancusters on October 08, 2017, 06:22:52 AM

Quote from: Thyaga on October 08, 2017, 04:12:01 AM

Bitcoin can disappear if all those who have bitcoin die and not tell their closest relatives about the password of the wallet he has.

I am not afraid. This will only increase the demand and price will rise. It seems to me that this issue is not relevant. Have bitcoins there are more important issues that can lead to the fact that we can not wait the moment when coin is not to be missed for everyone.

There is a mechanism one can retrieve his lost bitcoin through some proper channels and this is really happening a friend of mine has lost his bitcoin but are recovered soon he complained and all of sudden everything become fine on lighter note of death of some investor that is his fault he must have some trust worthy person who can use them after him.

jc89

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Quote from: Kzp on October 01, 2017, 01:15:19 PM

One thing always came on my mind when I entered the world of Bitcoin.
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.

But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?

Sending btc to unsupported or invalid address due to typo is very unlikely because your wallet will detect an error so there will be no transaction created. And nowadays people are very careful not to lose their private keys. If you have thousands of dollars worth of btc in your wallets I don't think you're not gonna make multiple backups for your keys. You're stupid if you didn't.

"People dying with private keys." This statement is quite confusing but I assume you're saying that people who have btc wallets, with btc in it, unfortunately dies and no one even in his family knows his private keys. I think this situation is possible to happen but I don't think it's big of an issue. And that in my opinion it won't be a problem.

Fatunad

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Quote from: Kzp on October 01, 2017, 01:15:19 PM

One thing always came on my mind when I entered the world of Bitcoin.
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.

But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?

It would really be a problem since bitcoin would really be scarce but talking the real thing that people are not dumb enough on carelessly on their privatekeys and losing their precious bitcoins.There are really instances to lose up those coins but i would say it would really be on small ratio so theres nothing to worried off as long as a bitcoin user we should really know how to keep important things knowing bitcoin is still considered as money.

BillyBobZorton

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Quote from: Kzp on October 01, 2017, 01:15:19 PM

One thing always came on my mind when I entered the world of Bitcoin.
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.

But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?

I've never seen this classic argument usually coming from keynesians that say we will go under a deflationary spiral. Well, last time I checked, we have been throught several inflationary spirals, never deflationary. We will find out with BTC since this is the first proper experiment ever of an attempt of a delfationary currency.

I think there's no problem. Less supply = hodlers get richer = if needed we add more digits, but 8 should be enough.

Sled

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Bitcoin- in bullish time

We don't need to worry for those losses like those scenarios that you said. It is just up to the person who is handling bitcoin on how is he going to make it safe to hold or keep in order to have a good journey for his bitcoins. That is why it is important also to inform the users of bitcoin for those possible scenarios so they can prepare for those situations and avoid it as quickly as possible.

Lancusters

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Quote from: Thyaga on October 08, 2017, 04:12:01 AM

Bitcoin can disappear if all those who have bitcoin die and not tell their closest relatives about the password of the wallet he has.

I am not afraid. This will only increase the demand and price will rise. It seems to me that this issue is not relevant. Have bitcoins there are more important issues that can lead to the fact that we can not wait the moment when coin is not to be missed for everyone.

AntSharing

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yeah I once lost 0.3 bch by sending to the wrong address

rockie2000

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Quote from: Kzp on October 01, 2017, 01:15:19 PM

One thing always came on my mind when I entered the world of Bitcoin.
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.

But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?

Indeed you are right that some bitcoin may be loss but those are very small amount compared to the whole 21 million BTC to be generated.
And as someone already mentioned, if some coin is loss, the value of the rest will increase because of scarcity, simply it is

rhyajelle

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it was very discouraging, and angry

eaLiTy

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Quote from: Kzp on October 01, 2017, 01:15:19 PM

Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?

There is no transparency in printing the notes,they can print as long as they want and that is not the case with bitcoin,with the limited amount of coins and considering that more coins are being lost on a daily basis and there is nothing that can be done for that lost coins ,the total availability of coins will be scarce and it indeed will reflect in the price when there is more demand.

Thyaga

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Bitcoin can disappear if all those who have bitcoin die and not tell their closest relatives about the password of the wallet he has.

Topic: Bitcoin loss? (Read 1214 times)