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Topic: How many Bitcoins are lost forever? - page 29. (Read 43044 times)

legendary
Activity: 2590
Merit: 3014
Welt Am Draht
July 16, 2015, 09:08:04 AM
I have a feeling that the unconfirmed transactions those amounts are lost forever?
please correct me someone if i am not correct.

If they never go through that means they never really went anywhere in the first place so they stay in your wallet.
legendary
Activity: 1470
Merit: 1002
July 16, 2015, 09:01:18 AM
I have a feeling that the unconfirmed transactions those amounts are lost forever?
please correct me someone if i am not correct.
legendary
Activity: 2674
Merit: 1083
Legendary Escrow Service - Tip Jar in Profile
July 13, 2015, 06:30:57 PM
there was a story of a guy who had a HDD with a large amount of Bitcoin on it, and he threw it away, and went digging through the dump.  7500 Bitcoin mined on a laptop!! Those were the days, LOL!!

http://www.theguardian.com/technology/2013/nov/27/hard-drive-bitcoin-landfill-site
Yeah I heard that as well, I would've searched my ass off on that dump if that had happened to me. But it never will as I still online wallets for my transactions and bitcoins.

Oo You realize that WAY more bitcoins were lost (to their owners) because they held coins on exchanges, online wallets and such? You really should think that over. Giving your bitcoins to someone other brings always the question up if you get them back. Only when you control the private key and no one other has access to it, then you can say that you are relatively safe.

Sometimes both happen at the same time.
When the exchange accidentally deletes its wallet!
https://news.ycombinator.com/item?id=2828445

*lol* Didnt hear of that yet. Unbelieveable. Cold Wallet? Backups on the same drives? Even i have backups on different places and im not even an exchange. Hefty... the worst thing is, you only know when something like that happens that the one you trusted is not the smartest.
legendary
Activity: 1204
Merit: 1002
Gresham's Lawyer
July 13, 2015, 03:58:42 PM
there was a story of a guy who had a HDD with a large amount of Bitcoin on it, and he threw it away, and went digging through the dump.  7500 Bitcoin mined on a laptop!! Those were the days, LOL!!

http://www.theguardian.com/technology/2013/nov/27/hard-drive-bitcoin-landfill-site
Yeah I heard that as well, I would've searched my ass off on that dump if that had happened to me. But it never will as I still online wallets for my transactions and bitcoins.

Oo You realize that WAY more bitcoins were lost (to their owners) because they held coins on exchanges, online wallets and such? You really should think that over. Giving your bitcoins to someone other brings always the question up if you get them back. Only when you control the private key and no one other has access to it, then you can say that you are relatively safe.

Sometimes both happen at the same time.
When the exchange accidentally deletes its wallet!
https://news.ycombinator.com/item?id=2828445
newbie
Activity: 5
Merit: 0
July 13, 2015, 03:38:39 PM
I don't know dude. haha ! BTC
legendary
Activity: 2674
Merit: 1083
Legendary Escrow Service - Tip Jar in Profile
July 13, 2015, 03:38:03 PM
there was a story of a guy who had a HDD with a large amount of Bitcoin on it, and he threw it away, and went digging through the dump.  7500 Bitcoin mined on a laptop!! Those were the days, LOL!!

http://www.theguardian.com/technology/2013/nov/27/hard-drive-bitcoin-landfill-site
Yeah I heard that as well, I would've searched my ass off on that dump if that had happened to me. But it never will as I still online wallets for my transactions and bitcoins.

Oo You realize that WAY more bitcoins were lost (to their owners) because they held coins on exchanges, online wallets and such? You really should think that over. Giving your bitcoins to someone other brings always the question up if you get them back. Only when you control the private key and no one other has access to it, then you can say that you are relatively safe.
legendary
Activity: 2674
Merit: 1083
Legendary Escrow Service - Tip Jar in Profile
July 13, 2015, 03:35:53 PM
Is that possible to a "lost private" key Bitcoin wallet to get hacked by someone, and send out the Bitcoin?

It's possible.  If the password was generated, for example, on an Android client before they fixed their system Random Number Generator. 

Otherwise, it's technically possible but a bit less likely than Pluto turning out to be made of antimatter.

I believe there are a lot of users observing or creating addresses with brainwallets. Then watching these addresses and emptying them when a poor victim is choosing a too bad brainwallet. Someone made an investigation and it seems that ALOT of addresses are observed that way. Watching for poor victims who upload some coins on "their" address.
legendary
Activity: 924
Merit: 1132
July 13, 2015, 01:17:57 PM
Is that possible to a "lost private" key Bitcoin wallet to get hacked by someone, and send out the Bitcoin?

It's possible.  If the password was generated, for example, on an Android client before they fixed their system Random Number Generator. 

Otherwise, it's technically possible but a bit less likely than Pluto turning out to be made of antimatter.
member
Activity: 112
Merit: 10
July 13, 2015, 05:57:48 AM
Is that possible to a "lost private" key Bitcoin wallet to get hacked by someone, and send out the Bitcoin?

I guess there are several people trying to hack some of those "lost" adresses. The problem is the vast number of combinations you must go trough to find the key. Better to wait a few hundred years before you start.
hero member
Activity: 1582
Merit: 502
July 13, 2015, 05:41:11 AM
Is that possible to a "lost private" key Bitcoin wallet to get hacked by someone, and send out the Bitcoin?

A private key cannot get hacked.
The password to a Bitcoin wallet is a different story and that mainly depends on how strong the password is.
So for wallets is a yes and no situation.
legendary
Activity: 3248
Merit: 1070
July 13, 2015, 03:44:25 AM
Is that possible to a "lost private" key Bitcoin wallet to get hacked by someone, and send out the Bitcoin?

usually those lost private keys are gone forever because they were stored in HD that are now damaged beyond repair

but if you are talking about those othe private keys that are protected by password and the pass is simply forgotten, than i guess they could be brute forced in the future with a quantum computer
legendary
Activity: 1022
Merit: 1003
𝓗𝓞𝓓𝓛
July 13, 2015, 01:07:46 AM
Is that possible to a "lost private" key Bitcoin wallet to get hacked by someone, and send out the Bitcoin?
hero member
Activity: 709
Merit: 503
July 12, 2015, 08:28:18 PM
The buyer immediately transfers the coins to his own private key so that the seller can't spend them, but as far as block chain analysis can tell, it's still not linked to anything else the buyer has.
Oh, so, only this transfer is on block chain.  Still the buyer is vulnerable until this transfer is confirmed.  Moreover, I still fail to see the advantage over just creating a new address for the Bitcoins and transferring them into it.
legendary
Activity: 924
Merit: 1132
July 11, 2015, 06:10:32 PM
If I were doing an alt, I would allow anyone who mined a block to collect the coins from the oldest addresses, up to 0.0001%, rounding up, of the UTXO in blocks older than 5 years. 

This should never and will never be part of Bitcoin because it violates Bitcoin's fundamental protocol and the basic prospectus under which Bitcoin users acquired their coins.

But it would be a good rule if it had been that way from the outset, because it would reduce the uncertainty over how many coins are lost and thereby improve the accuracy of economic modeling and forecasting and the efficiency of markets.  Under that model, in the long run no coins would be lost.

legendary
Activity: 924
Merit: 1132
July 11, 2015, 05:55:23 PM
It's unlikely that he sold his coins since they haven't been moved on the blockchain. The only way he could have sold them while still remaining undetected would be if he sold the private keys to these addresses instead.
Goodness; why in the world would someone buy private keys???  The original owner could still have them and move the funds before the buyer.  The only way I would agree to buy private keys would be if the original owner sat there while I moved the funds.

Because they are not traceable through the block chain.  Every bitcoin you spend gets linked through the block chain to where you got it, and usually to other coins you had in your wallet at the time and where you got them.  It's pretty easy to analyze how you use bitcoin and see your past transactions, if you start with a single address of known ownership.

But if you buy a private key from someone, the coins do not move on the block chain.  If they are freshly mined coins, they have no history to link to anything whatsoever.  So they can be spent, carefully, without being linked to any of your previous or future purchases or spends on the block chain.

The buyer immediately transfers the coins to his own private key so that the seller can't spend them, but as far as block chain analysis can tell, it's still not linked to anything else the buyer has.
hero member
Activity: 812
Merit: 500
July 11, 2015, 05:16:56 PM
I think no one have idea about this how much coins lost forever because few days back I check few addresses which are not in use and have hundreds of bitcoins and some peoples still sending 
sr. member
Activity: 392
Merit: 250
July 11, 2015, 05:15:15 PM
there was a story of a guy who had a HDD with a large amount of Bitcoin on it, and he threw it away, and went digging through the dump.  7500 Bitcoin mined on a laptop!! Those were the days, LOL!!

http://www.theguardian.com/technology/2013/nov/27/hard-drive-bitcoin-landfill-site
Yeah I heard that as well, I would've searched my ass off on that dump if that had happened to me. But it never will as I still online wallets for my transactions and bitcoins.
sr. member
Activity: 284
Merit: 250
July 11, 2015, 05:08:25 PM
there was a story of a guy who had a HDD with a large amount of Bitcoin on it, and he threw it away, and went digging through the dump.  7500 Bitcoin mined on a laptop!! Those were the days, LOL!!

http://www.theguardian.com/technology/2013/nov/27/hard-drive-bitcoin-landfill-site
hero member
Activity: 499
Merit: 500
July 11, 2015, 04:14:20 PM
Impossible to know, on the other hand other coins also become more valuable if the coins are dormant forever and can't be spent by anyone.
full member
Activity: 201
Merit: 100
July 08, 2015, 05:07:59 PM
I have coins that haven't moved for over a year and a half. They look pretty undead from here.

Let's say you did have 10,000 coins mined in 2010/11. You'd be pretty hard pressed to spend them all. You're probably enough of a believer to not want to sell all of them. Chances are they're staying put until you can spend them on something you want or need.

I think I could find plenty of things to spend all those 10,000 coins on if I had them. If only I had heard of cryptocurrency in 2012 instead of 2013. Admittedly, it would be better to hold them for many years to come..
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