the remaining bitcoins go up in value 
The problem is that it's not possible to distinguish lost bitcoins and bitcoins that are just hold on.
Topic: bitcoins amount going down by being lost - page 2. (Read 1552 times)
The problem is that it's not possible to distinguish lost bitcoins and bitcoins that are just hold on.
When someone dies his physical gold is inherited. Even when someone dies unexpectedly eventually someone finds it. Instead with bitcoin, if I understand it well, once a person dies or forgets his password, the bitcoins are lost forever. Not just for that person but for everybody. In other words, if this is true, bitcoin is not an economy based on a fixed amount of bitcoins, but with an ever diminishing amount of them.
Is my understanding correct?
Is this perceived as a problem?
Has anyone tried to address it?
Also, has there been any study on how bitcoins are lost?
Thanks,
Pietro
Is my understanding correct?
Is this perceived as a problem?
Has anyone tried to address it?
Also, has there been any study on how bitcoins are lost?
Thanks,
Pietro
Yes.
No.
Yes.
No, but you can make an assumption about it.
the remaining bitcoins go up in value
I think this loss is acceptable as it further increases the scarcity of bitcoins.
And technically the coins are not lost, they are just not recoverable.
And technically the coins are not lost, they are just not recoverable.
put your btc wallet on testament
While this is a "problem," it's also a good thing. As more are lost, the value of the remaining will rise.
It's like the Ferrari Enzo. It had a limited run. What makes the car special to some is that any time one is damaged due to weather or wrecks, the value of each of the remaining ones goes up significantly.
It's like the Ferrari Enzo. It had a limited run. What makes the car special to some is that any time one is damaged due to weather or wrecks, the value of each of the remaining ones goes up significantly.
How was the amount of lost BTCs estimated?
When someone dies his physical gold is inherited. Even when someone dies unexpectedly eventually someone finds it. Instead with bitcoin, if I understand it well, once a person dies or forgets his password, the bitcoins are lost forever. Not just for that person but for everybody. In other words, if this is true, bitcoin is not an economy based on a fixed amount of bitcoins, but with an ever diminishing amount of them.
Is my understanding correct?
Is this perceived as a problem?
Has anyone tried to address it?
Also, has there been any study on how bitcoins are lost?
Thanks,
Pietro
Is my understanding correct?
Is this perceived as a problem?
Has anyone tried to address it?
Also, has there been any study on how bitcoins are lost?
Thanks,
Pietro
It is not problem because only fractions of bitcoins can be used. I saw a thread here where estimated number of bitcoin lost is already 10%, which equeal to 1.000.000 lost bitcoins
When someone dies his physical gold is inherited. Even when someone dies unexpectedly eventually someone finds it. Instead with bitcoin, if I understand it well, once a person dies or forgets his password, the bitcoins are lost forever. Not just for that person but for everybody. In other words, if this is true, bitcoin is not an economy based on a fixed amount of bitcoins, but with an ever diminishing amount of them.
Is my understanding correct?
Is this perceived as a problem?
Has anyone tried to address it?
Also, has there been any study on how bitcoins are lost?
Thanks,
Pietro
Is my understanding correct?
Is this perceived as a problem?
Has anyone tried to address it?
Also, has there been any study on how bitcoins are lost?
Thanks,
Pietro
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