BItcoin loss is one of the reason why bitcoin is so high. The artificial scarcity is the result of the loss of a whole bunch of satoshis in the depth of the webspace.
If you think about it, such a behaviour is a little scavenge like. It is not much honorable behaviour. But a people including me see that it as ok as bitcoin is just a social experiment. So it is kind of interesting how everything is coming out in the bitcoin world.
Topic: Bitcoin loss? - page 2. (Read 1174 times)
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?
no it will not bring problem when it comes to the economy, many users here are somehow already lost their bitcoins and also it was impossible to lose all those 21 million bitcoin especially they can even be divided for now up to 8 decimal places , bitcoin will not be dissolve just because of the irresponsibility of others. 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?
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?
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?
- there always a room for error but this could only happen if not double check or being always competent to self. there is only a small case that this happens as what i read in this forum.
- private keys are important, people know that so they always make extra a copy of it.
- there may be case bitcoin holder dies and did not share the key but it is still good for the rest. if bitcoin is in low supply its demand increase and the price increase.
- sending to unsupported address
- loosing private keys
Almost everyone have a backup of their wallets, it is not a big problem at all today.- 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?
Yes this could be the problem but not a major one, we can tackle with this easily by giving authority to our family members by mentioning it in our will.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 to unsupported address
- loosing private keys
Almost everyone have a backup of their wallets, it is not a big problem at all today.- 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?
Yes this could be the problem but not a major one, we can tackle with this easily by giving authority to our family members by mentioning it in our will.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 do not think that we will be able to lose access to our coins even if we forget the password for the wallet. Now there are very good hackers who can crack the password and get coins.
Crack the password of a desktop wallet? No one can does that, if a hacker can crack as your said, why does he not crack Bitcoin wallet of the large cryptocurrency exchange as Poloniex, Bittrex? Every update version wallet is updated and fixed all bugs. 
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?
Oh sweet summer child, this topic was belaboured to the death before many times. So to sum it all up - this is not a problem at all.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 be only when we would have 21 millions of Bitcoin and every single one of BTC couldn't be divided into smaller units.
In a situation when 1 BTC is divisible down to 8 decimal places and all calculations are performed in satoshis (1 satoshi = 0.00000001 BTC) we have nothing to worry about.
Bitcoin loss over time is nothing to worry about.
- sending to unsupported address
- loosing private keys
Almost everyone have a backup of their wallets, it is not a big problem at all today.- 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?
Yes this could be the problem but not a major one, we can tackle with this easily by giving authority to our family members by mentioning it in our will.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?
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?
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?
Yes coins are probably lost all the time and once they are lost, they can't be recovered. At some point, there will be more coins lost every day than mined. I came up with several ways coins get lost.
1) Coins get sent to the wrong address by the sender. Most likely this is an address that no one owns so those coins are gone.
2) The owner either forgets the private key or forgets about the coins and no one knows about them so they are lost.
3) Someone dies and they didn't leave instructions for their relatives to get the coins or the relatives just don't try to get them, so they are lost.
4) Someone has some 'dust' left on an address from a faucet that is worthless now but in the future it has value. The coins are forgotten and therefore lost.
I've got some addresses with dust that it will cost more to move that they are worth right now. They may get lost too.
With proper management these mistakes can be avoided. But you are right, we have seen many cases and many stories where large amounts of BTC have been lost for all time.
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?
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?
What you are telling is highly not possible because not all users are immature to not safely keep their wallet so only 50% chances are their and it will only create more demand on the coin as much their will be shortage.
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.
It is nothing to concern yourself with. Decreasing supply just means the value will appreciate. The market will be fine. You will be better off making sure you don't lose your own Bitcoins.
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?
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?
your reasons not acceptable Because all back to bad use of user so bitcoin away from that
if you think bitcoin will lose only stop using it and lock your account
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?
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?
This question is pretty interesting. I have also been thinking about this when i first entered the crypto world. I thought aboit people owning cryptos dying amd not being able to tell someone their keys. Plus seeing a lot of people that have been saying they lost or forgot their wallets on social media sites, google and in this forum. Only to find out that their posts were dated 2013-16. Which made me realize that this isn’t the case for today because people are more careful with their possessions because of its value.
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?
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?
What you have enumerated are the disadvantages of bitcoin and I would just pick the spot where you said "- people dying with private keys, etc."
For this, the solution is just to disclose to someone you trust your keys while you are alive if you feel so. It could be a next of kins as we rightly have in banking setting. So the next of kin which could either be a wife or relatives should be informed by this, there is continuity in the bitcoin you have.
I think losing of bitcoin is not that easy. The circulation will never come to an end as long as all the coins are destroyed or may be banned by governments from all the countries. The coin might lose but the value will increase accordingly in long terms. Remember that supply and demands calculation, when the pretty much amount of bitcoin are lost for example, one million may be then only it will affect the market severely. But the effect won't be sudden as due to less one million the rate in the market will increase equivalently leading to increased prices per coin. But surely the effect will be much smaller I believe.
I do not think that we will be able to lose access to our coins even if we forget the password for the wallet. Now there are very good hackers who can crack the password and get coins.
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?
Will losing those very important things is the end of your happy life if it has a lot money on it. Thats why dont forget to make some back up on it Which is in the safe place do not let your important keys so you will not repent after.cause it cant help. So this post may aware to those who had no back up on their important things such as password, private key or etc to avoid also that problem. And also Unsupported address? i think you can't send a money if the address is unsupported as my experience on my wallet . beacuse it will become red and your wallet will not allow you to procced the process. 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 think people are trading and investing bitcoin on the liquidity basis that is the bitcoin movement continues everday from one account to another and it does not really stays at one person. The rate of loosing bitcoin seems to be very very less and I believe that will never affect the bitcoin. Yeah only someone die with private keys then it could be problem as that kind of bitcoin can't be recalled at all without that private key. But again how many people will die before they share the keys and also how muc bitcoin they might just be carrying with them.
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