Bitcoin loss? - page 4. | Bitcointalksearch.org

TagaMungkahi

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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?

This is considered a Human error and this would be an epic and rare situation though. Like many people bought their bitcoins way back from the early stages of bitcoin and forgot their addresses or private keys and never had a chance to recover it. But just like what i've said this is really a rare thing to happen, i think it is not possible to affect the active coins from the forgotten ones and maybe Bitcoin developers can do something about this concern and might come up with a better solution.

jamids

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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?

Maybe before when the value of bitcoin is not that significant then people wouldn't care that much if their coin will be lost but the situation now where only the people who have much money can directly buy one bitcoin then we would be careful in our coins because it is quite valuable. Doing the necessary things like backing up your keys would prevent you from losing your coins so the possibility of affecting the bitcoin world because of the coins that are lost is less likely because many people will take care of it being afraid of losing their hard earned money.

Jovovich

full member

Activity: 316

Merit: 110

Quote from: pinkflower on October 01, 2017, 10:19:39 PM

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

Won't that bring a problem the the economics, no coins left to trade situations?

But one BTC property that is often overlooked is that its also divisible by 8 decimal places. So how can you say that there is going to be no coin left to trade? There will be quadrillions or more left.

Dont worry about the supply, BTC1 is worth 100 million satoshis.

Well the problem is how to regulate and control all those bitcoin that have already scattered around the web. I cant sense the no coin left to trade situation because as we all know how much is in store for btc.

pinkflower

sr. member

Activity: 868

Merit: 259

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

Won't that bring a problem the the economics, no coins left to trade situations?

But one BTC property that is often overlooked is that its also divisible by 8 decimal places. So how can you say that there is going to be no coin left to trade? There will be quadrillions or more left.

Dont worry about the supply, BTC1 is worth 100 million satoshis.

batang_bitcoin

hero member

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

But bitcoin are totally different, they can be lost
- sending to unsupported address

It's the sender's responsibility to know on what the address he is sending. And this is rarely happening since most of the bitcoin users know that every transaction should be handled with care.

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

- loosing private keys

You can't lose private keys unless you save it on a file and put it on your flash drive and lock it to your drawer or you can simply write it on a piece of paper and clip it on a folder on your table office.

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

- people dying with private keys, etc.

I don't understand this.

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.

It's given as bitcoin has supply limit.

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

Won't that bring a problem the the economics, no coins left to trade situations?

You should understand on how this thing works, it doesn't mean when bitcoin is not mineable anymore and it's supply limit was reached. The circulation of coins in the market is there and I doubt it there will be no left for trading.

Yakamoto

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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 be an issue if there was enough Bitcoin being lost, but for most cases Bitcoin isn't being lost at insane rates and most people are able to keep their wallets in line due to spreading awareness about backups, the use of online wallets (which shifts responsibility from users, who may be prone to issues, to a company which -has- to maintain their stores otherwise they start to lose a lot of money quickly), and the experience of the community growing as a whole. More people know to keep their stuff backed up, but it could potentially damage the amount of Bitcoin over a long enough time frame. So far it isn't an issue.

Milo_Kidd

full member

Activity: 168

Merit: 100

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?

We will prevent that by back up our accounts and make sure that we manage to know them well. Because the most reason why accounts were lost is because of forgotting them example you forgot the password and etc. But in terms of coin lost that due to unexplainable reason, I can't assure what going on. Maybe you have been hacked, its possible. As a member here I am careful with my move because I know bitcoin is hard to earn.

Kzp

newbie

Activity: 5

Merit: 0

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?

Topic: Bitcoin loss? - page 4. (Read 1214 times)