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Topic: Forever(?) lost coins (Read 14620 times)

legendary
Activity: 1008
Merit: 1059
June 27, 2018, 08:47:36 AM
#46
At the moment they can't be returned. I read a couple of months ago about the company that is developing a product that will allow the lost bitcoins to be returned. If someone finds the name of the company - write here.

Or maybe you go try to find it since you are the one who brought it up? You're the one with the most chances of finding it since you've already found it once. Maybe it's still in your browser history?

I do doubt that such "company" is able to recover lost bitcoins because to be able to gain access to the wallet again, you're going to need the private key of it. If you such company can give you back the private key of your address by simply pinpointing which address have you had before, then I will be extremely terrified. That means that they are able to get the private key of any address so they are pretty much going to be like Gods in the bitcoin world. They are just going to search the top wallets that have the most coins and get the private key of those addresses. Good thing bitcoin was made so noone will have the computing power and storage to be able to do that. So nope, that company is a fraud and what they are claiming is impossible.
newbie
Activity: 154
Merit: 0
June 27, 2018, 03:29:04 AM
#45
Those lost COINS, like lost money, will disappear forever and will not be found by anyone.

By some estimates, nearly four million bitcoin have disappeared forever. So we must keep our wallets.
hero member
Activity: 840
Merit: 520
June 27, 2018, 03:13:43 AM
#44
Hi all,
i'm pretty new to bitcoin but already using it and also experimenting with new ideas/code. Great concept!

Anyway i wonder what happens with lost coins?
Like when some people with many coins lose their wallet file.
Are they lost forever, and worst for the whole system? Since the generation of the coins are limited as i have read, are those lost coins regenerated at some point too?

So when many people lose their files, maybe through a terrible bug.. well go figure.

Can somebody please explain what would happen and if there are already methods to prevent or something(except backing up, but it's not always possible, e.g. a bad government takes your computer..).
Ok, in RL life, when you lose money it's also forever lost(when noone finds it). But since in BC it's a limited generation of new coins it looks different i think, or am i missing something?
Maybe one solution would be that the network will also forget about those coins when the original node/node with that wallet/ID haven't connected for a very very long time(maybe ~40, ~100 years? on the other hand it might be bad for descent to your child who will knew about your "wallet file" very late etc.) and let's the network regenerate those coins.

Well, i'm not really sure how this is working yet, but just thought about this. Maybe someone can explain/think about this who has more knowledge of bitcoin/it's economics. Smiley

Thank you.

I don’t think that bitcoin will ever be lost or will ever be faded away because I strongly believe that bitcoin is very sustainable crypto currency and it will going to last for further many decades. And if we look at the past of bitcoin since year 2008 , bitcoin has made a great success, from the valuation of 10₹ to current valuation of ₹ 400000 , the success simply indicated by these increased valuation and I believe that this will further success more and will surely end up to be currency of the world.
full member
Activity: 518
Merit: 100
June 17, 2018, 07:11:03 PM
#43
Lost coin is forever lost you can't be recover again so you must be responsible in keeping your private keys and your passwords so that no one can stole it from you .
member
Activity: 196
Merit: 10
“Blockchain Powered Clinical Trial Management”
June 17, 2018, 02:08:37 PM
#42
At the moment they can't be returned. I read a couple of months ago about the company that is developing a product that will allow the lost bitcoins to be returned. If someone finds the name of the company - write here.
hero member
Activity: 686
Merit: 500
June 17, 2018, 11:25:52 AM
#41
Coins once lost is lost forever.It would remain just idle for years.There is no other way to recover it except retrieving the private keys.Already coins worth millions of dollars have been lost in this way.
member
Activity: 168
Merit: 12
June 17, 2018, 10:31:37 AM
#40
This is really an interesting thought, I also once asked what happens with a wasted coin (stored in the wallet, and we forget his password). I think the coin will stay there forever, as long as no one can access it then the coin will remain there I think.
sr. member
Activity: 700
Merit: 250
June 17, 2018, 10:26:58 AM
#39
Yes I think once you lost your coins you’ll lose evrything as well. No one has created something that can return back or at least give you a hint on how to get it all back once you lose the file or something. So the best thing you should do to prevent it from happening is to keep it somewhere you know it would be safe to prevent from hackers and just like me I do it old school style so I write everything on a small notebook and keep it somewhere I am the only one who knows where it is.
member
Activity: 420
Merit: 11
BitHostCoin.io
June 17, 2018, 10:21:31 AM
#38
It may be healthy for the whole system if you think. If there are fewer coins, the price goes up, compensating the loss.

Yes, the price will continue to rise if fewer coins will be left, but it's so sad knowing those lost coins will give owners wealth but can't really recover whatever ways they tried. Anyway, moving forward I just hoping for a greater price as time passes by.
jr. member
Activity: 142
Merit: 2
June 17, 2018, 10:11:27 AM
#37
Hi all,
i'm pretty new to bitcoin but already using it and also experimenting with new ideas/code. Great concept!

Anyway i wonder what happens with lost coins?
Like when some people with many coins lose their wallet file.
Are they lost forever, and worst for the whole system? Since the generation of the coins are limited as i have read, are those lost coins regenerated at some point too?

So when many people lose their files, maybe through a terrible bug.. well go figure.

Can somebody please explain what would happen and if there are already methods to prevent or something(except backing up, but it's not always possible, e.g. a bad government takes your computer..).
Ok, in RL life, when you lose money it's also forever lost(when noone finds it). But since in BC it's a limited generation of new coins it looks different i think, or am i missing something?
Maybe one solution would be that the network will also forget about those coins when the original node/node with that wallet/ID haven't connected for a very very long time(maybe ~40, ~100 years? on the other hand it might be bad for descent to your child who will knew about your "wallet file" very late etc.) and let's the network regenerate those coins.

Well, i'm not really sure how this is working yet, but just thought about this. Maybe someone can explain/think about this who has more knowledge of bitcoin/it's economics. Smiley

Thank you.

Bitcoin is controlled by anonymous people, it means it you make an error you cannot retrieved it anymore. In order to avoid those error or incident, first always double check all the info before you click specially if your going to use your wallet address. Back files is not enough as much as possible make at least 3-5 back up files so that you have a lot of sources when you need it, and the most important is never share your private keys and email to a person that you don't know.
member
Activity: 378
Merit: 25
June 10, 2018, 08:29:59 PM
#36
most of the time, it is human error, once you lost your password or account details, then it is already a lost on your part but not with the system, your lost coins will remain in the system that leads to deflation, those amounts will add up on the current market cap and stays there, no one can get it just like in banks, it will just float in the systems and will only used for dormant funds.
full member
Activity: 574
Merit: 102
Powerful promotion strategy https://bit.ly/3cRVjFi
June 10, 2018, 08:23:33 PM
#35
Yeah it's gone forever dude, cryptocurrencies system is not like a banking system that what ever bad will happen to your bank account you can always prove to them that you are the owner of that bank account by showing them all the proof they want.
In cryptocurrencies system no one will hear you about your proofs.
sr. member
Activity: 393
Merit: 250
June 10, 2018, 08:07:23 PM
#34
If you lose your coins they are lost forever. How that will affect the coin decades to come, who knows. That's why I like the idea of some inflation in the coins. Where new coins are generated and can be mined, per year. Because some people will lose their coin. Just look at Bitcoin.
member
Activity: 350
Merit: 10
June 10, 2018, 08:00:09 PM
#33
No one could retrieve if there is lost coins unless the owner is still alive and know the password or the private keys of his accounts and wallets. If the owner dies and the coins will lost forever and no one will benefit on it.

That's right, lost coins is lost forever unless the owner will retrieve it. But when he lost his account's password or private keys then that should do it, it will be lost totally.
full member
Activity: 257
Merit: 100
June 10, 2018, 07:55:51 PM
#32
No one could retrieve if there is lost coins unless the owner is still alive and know the password or the private keys of his accounts and wallets. If the owner dies and the coins will lost forever and no one will benefit on it.
newbie
Activity: 140
Merit: 0
June 10, 2018, 07:42:24 PM
#31
In simple terms, the coins would only be lost to the owners. The system would assume the coin is in circulation!
full member
Activity: 359
Merit: 100
May 26, 2018, 01:16:47 PM
#30
I heard tons of that like stories, when people figured out the recent price and look for their old wallets, but forgot the passwords etc.
full member
Activity: 518
Merit: 100
May 26, 2018, 01:09:35 PM
#29
That was the thing that you need to protect all of your item even your wallet safely, cause no one will get responsible for it. Once you lost your coins doesn't matter how much is it you wont get it back. That's what makes bitcoin was so risky, so be intelligent to face the challenge.
newbie
Activity: 56
Merit: 0
May 25, 2018, 04:53:55 AM
#28
It's really not so bad for the system--just unfortunate for the user who lost his bitcoins.
The value that those bitcoins held is never really lost.  Rather, it's essentially redistributed out to every other bitcoin still in use (deflation).
Even if we lost 90% of BC and only had 2.1 million, with the eight (i think) decimal places possible, it would still be perfectly practical to use.
newbie
Activity: 154
Merit: 0
May 25, 2018, 04:52:05 AM
#27
It may be healthy for the whole system if you think. If there are fewer coins, the price goes up, compensating the loss.
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