Topic: Forever(?) lost coins - page 3. (Read 14632 times)
Agreed, the danger isn't necessarily from those trying to exploit the system (though the coin phishing and such is a valid concern), but rather from those seeking simply to destroy it. What do you do when a powerful adversary puts a few supercomputers to block generation and they intend to screw around with the block chain? They might not care about stealing value; they'd rather just destroy it.
Someone who had a lot of coins probably wouldn't want to do things that might make people flee the system. That doesn't rule out mindlessly malicious attacks though.
Thank you both.
Already thought so and sounds logical.
One thing i was afraid of, is especially because of this, it would be possible by a bad gov or other bad third parties to still influence the system.
Either by (bad) gov:
- seizing/sueing all IP's which are nodes(easily detectable because of TCP and default port right now)
or other bad guys when they might have a lot of BC so they have an advantage/higher value of their coins:
- writing a worm which infects and deletes wallet files (generally i see a new sort of phishing here, either stealing wallets or automated transfers by worms, but that's another thought/story to keep care of soon
).
or other similar ways.
So that was my only thought behind all this.
Already thought so and sounds logical.
One thing i was afraid of, is especially because of this, it would be possible by a bad gov or other bad third parties to still influence the system.
Either by (bad) gov:
- seizing/sueing all IP's which are nodes(easily detectable because of TCP and default port right now)
or other bad guys when they might have a lot of BC so they have an advantage/higher value of their coins:
- writing a worm which infects and deletes wallet files (generally i see a new sort of phishing here, either stealing wallets or automated transfers by worms, but that's another thought/story to keep care of soon
).or other similar ways.
So that was my only thought behind all this.
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.
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.
Once lost = forever lost.
we call it "natural deflation".
the lost coins wont be recovered or regeneratet at any time.
we call it "natural deflation".
the lost coins wont be recovered or regeneratet at any time.
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.
Thank you.
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.
Thank you.
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