How many Bitcoins are lost forever? - page 8.

moonya

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Quote from: snowyNNN on January 22, 2017, 08:50:01 AM

Does anyone know what is happened to all the coins lost from hacks? I mean those huge numbers of bitcoin taken from several exchanges.

Lets take the recent Bitfinex hack for example, will those coins be sellable through some kind of mixing service or are they marked thusly that they can´t be sold at an exchange? And if those coins have been sold is there evidence of this?

Hacker activity does not affect the fact how many bitcoin can be lost forever. It had to know the places or purses where they are stored without the hosts, then another matter, but if you bind the Exchange bitfinex, it is easy to implement the key transition from one owner to another and not more than that.

snowyNNN

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Does anyone know what is happened to all the coins lost from hacks? I mean those huge numbers of bitcoin taken from several exchanges.

Lets take the recent Bitfinex hack for example, will those coins be sellable through some kind of mixing service or are they marked thusly that they can´t be sold at an exchange? And if those coins have been sold is there evidence of this?

betlord90

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Quote from: PenguinFire on June 23, 2015, 02:03:18 PM

That is an interesting question but unfortunately there is no way to ever know. I am sure a lot of people got in at the beginning and became bored of it and just left or forgot about their wallets. If only they could be recovered and distrubted to all! Grin

That would be sweet!

I guess it would be better to do signature campaign than to find this lost bitcoin, right? Because like what you have said, there is no way to find those lost bitcoin in the internet, maybe there is, but I am sure that it is one of a kind process to find those bitcoins. It would just consume so much of our time and ended up with nothing. It would be better if we are just going to focus on the things that we are doing to earn bitcoin, to replace the lost bitcoin that we had.

canhchuacaro1

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There is no way of knowing how many coins are lost so i dont think it will affect the price. Total market cap of bitcoin will always be based of the total number mined and that is the number the market look at. Lost coins are just lost and nothing else...
Well as it has been said the more lost Bitcoins there are the better for us. But seriously though the more Bitcoins that go missing unlike fiat it will only drive the price up.
However, the whole premise of Bitcoin is that the probability of that happening is so small that it is virtually zero.

sourris01

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How can you calculate the actual number of bitcoin on the hands if cryptocurrency valyutni considered anonymous and no information about it except for the amount of iron transfer from the stock exchanges, no. This is a very difficult question, but perhaps there's an answer, which may give the experts in this field.

BitHodler

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Quote from: roadbits on January 16, 2017, 06:04:02 AM

Quote from: Owl_Fintech on January 15, 2017, 11:51:36 PM

Quote from: KennyR on January 08, 2017, 08:19:05 AM

Recently came through a post in which its described that he had lost 3000btc. It happened just because he lost the access to the wallet in which he had stored the entire thing without diversifying. Very few might have experienced such a big loss and I haven't lost in such a manner and most of my losses were through gambling.

This is a very large amount of Bitcoin to put into a single address. Several backups should have been made to avoid this. I hope this user has more Bitcoins saved in other places.

Keeping 3k bitcoins in the single wallet is a big risk, and he lost the coin just because of he lost the access to the wallet this reason is serious can believe. But anyway you said it's true, and that was his worst day in his life. I never lost like this and yes if I lost my coins it's in gambling other than this I never lost my coins in any other mistakes. But one time someone hacked my account and stole my coins it's just 0.05 BTC after that I secured my account with giving high security.

It's different for each and every person as to what is being considered to be a safe amount per wallet.

One person spreads 10BTC into 5 different wallets, and another person spreads 10,000BTC into 5 wallets, and another person spreads 5000BTC into 25 wallets.

Based on that we can't really judge someone for having that many coins in just a single wallet. Only thing not wise to do is having everything into just 1 wallet. That's dumb.

roadbits

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Quote from: Owl_Fintech on January 15, 2017, 11:51:36 PM

Quote from: KennyR on January 08, 2017, 08:19:05 AM

Recently came through a post in which its described that he had lost 3000btc. It happened just because he lost the access to the wallet in which he had stored the entire thing without diversifying. Very few might have experienced such a big loss and I haven't lost in such a manner and most of my losses were through gambling.

This is a very large amount of Bitcoin to put into a single address. Several backups should have been made to avoid this. I hope this user has more Bitcoins saved in other places.

Keeping 3k bitcoins in the single wallet is a big risk, and he lost the coin just because of he lost the access to the wallet this reason is serious can believe. But anyway you said it's true, and that was his worst day in his life. I never lost like this and yes if I lost my coins it's in gambling other than this I never lost my coins in any other mistakes. But one time someone hacked my account and stole my coins it's just 0.05 BTC after that I secured my account with giving high security.

lionstrike

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Owl_Fintech

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Quote from: KennyR on January 08, 2017, 08:19:05 AM

Recently came through a post in which its described that he had lost 3000btc. It happened just because he lost the access to the wallet in which he had stored the entire thing without diversifying. Very few might have experienced such a big loss and I haven't lost in such a manner and most of my losses were through gambling.

This is a very large amount of Bitcoin to put into a single address. Several backups should have been made to avoid this. I hope this user has more Bitcoins saved in other places.

noormcs5

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Quote from: Digitalbitcoin on January 08, 2017, 02:15:39 AM

Quote from: tyz on June 23, 2015, 12:59:30 PM

I know it is a tricky question. What do you think, how many Bitcoins are lost forever and are 'out of the network' by lost private keys?

Its very sensitive topic and I think every newbie must have to aware before doing procedure of own bitcoin wallet on own desktop or laptop even in web wallet also. Because if you have btc on particular wallet address but if you forget private keys of your wallet then it make big trouble. As no one can use that bitcoins without private keys.

You are absolutely right. If you lost your private key, it means you have lost your coins too, It is same like you burn the currency notes. and no one want to burn thier notes. So always keep your private key safe somewhere so you can recover in case of system crashes.

Qunenin

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Quote from: KennyR on January 15, 2017, 09:30:12 PM

Quote from: whizter on January 15, 2017, 07:05:31 PM

Quote from: Bitcoinsummoner on January 15, 2017, 01:16:01 PM

Quote from: Mr.grin on January 15, 2017, 01:05:56 PM

if you are a traders, or a gambler, then you will not be able to count all bitcoin amount that has been lost. maybe more than 1 or 2 BTC, or even more. Well, we need to consider is how we generate profits. I was a businessman, maybe I have a lot to lose bitcoin, but I never count them. because, if you just think about it, you probably will not be able to develop.

I business its always happening that you are losing but you will learn how to manage it until you will be satisfied and gaining a good more profit.. with your own managing.. in my own i am not counting but i am thinking first before i spend and what will be a good methods that you can save more not to lose more..

i think here the op means to say that for example i have 5 bitcoins in my online wallet and suppose i lost the key of may wallet so the 5 bitcoins are lost for ever, because no one can remove the bitcoins from that account.

In my view such an act of losing the key is similar to losing the bitcoin within the wallet forever. In a similar manner bitcoin lost in gambling too is an loss forever, because only very few earn the lost amount by the very next or within few events to compensate the loss.

You have given two different explanations. First the Bitcoins lost by losing the KEY or Password in case of online wallet, is the real loss of bitcoins as they are not in anybody custody.
The 2nd point , Bitcoins lost in gambling is not really a lost of bitcoins as it is just transferred from one wallet to another.

KennyR

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Quote from: whizter on January 15, 2017, 07:05:31 PM

Quote from: Bitcoinsummoner on January 15, 2017, 01:16:01 PM

Quote from: Mr.grin on January 15, 2017, 01:05:56 PM

if you are a traders, or a gambler, then you will not be able to count all bitcoin amount that has been lost. maybe more than 1 or 2 BTC, or even more. Well, we need to consider is how we generate profits. I was a businessman, maybe I have a lot to lose bitcoin, but I never count them. because, if you just think about it, you probably will not be able to develop.

I business its always happening that you are losing but you will learn how to manage it until you will be satisfied and gaining a good more profit.. with your own managing.. in my own i am not counting but i am thinking first before i spend and what will be a good methods that you can save more not to lose more..

i think here the op means to say that for example i have 5 bitcoins in my online wallet and suppose i lost the key of may wallet so the 5 bitcoins are lost for ever, because no one can remove the bitcoins from that account.

In my view such an act of losing the key is similar to losing the bitcoin within the wallet forever. In a similar manner bitcoin lost in gambling too is an loss forever, because only very few earn the lost amount by the very next or within few events to compensate the loss.

whizter

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Quote from: Bitcoinsummoner on January 15, 2017, 01:16:01 PM

Quote from: Mr.grin on January 15, 2017, 01:05:56 PM

if you are a traders, or a gambler, then you will not be able to count all bitcoin amount that has been lost. maybe more than 1 or 2 BTC, or even more. Well, we need to consider is how we generate profits. I was a businessman, maybe I have a lot to lose bitcoin, but I never count them. because, if you just think about it, you probably will not be able to develop.

I business its always happening that you are losing but you will learn how to manage it until you will be satisfied and gaining a good more profit.. with your own managing.. in my own i am not counting but i am thinking first before i spend and what will be a good methods that you can save more not to lose more..

i think here the op means to say that for example i have 5 bitcoins in my online wallet and suppose i lost the key of may wallet so the 5 bitcoins are lost for ever, because no one can remove the bitcoins from that account.

Bitcoinsummoner

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Quote from: Mr.grin on January 15, 2017, 01:05:56 PM

if you are a traders, or a gambler, then you will not be able to count all bitcoin amount that has been lost. maybe more than 1 or 2 BTC, or even more. Well, we need to consider is how we generate profits. I was a businessman, maybe I have a lot to lose bitcoin, but I never count them. because, if you just think about it, you probably will not be able to develop.

I business its always happening that you are losing but you will learn how to manage it until you will be satisfied and gaining a good more profit.. with your own managing.. in my own i am not counting but i am thinking first before i spend and what will be a good methods that you can save more not to lose more..

Mr.grin

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if you are a traders, or a gambler, then you will not be able to count all bitcoin amount that has been lost. maybe more than 1 or 2 BTC, or even more. Well, we need to consider is how we generate profits. I was a businessman, maybe I have a lot to lose bitcoin, but I never count them. because, if you just think about it, you probably will not be able to develop.

Carmen_Sandiego

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Quote from: BillyBobZorton on January 08, 2017, 01:10:59 PM

Quote from: KennyR on January 08, 2017, 08:19:05 AM

Recently came through a post in which its described that he had lost 3000btc. It happened just because he lost the access to the wallet in which he had stored the entire thing without diversifying. Very few might have experienced such a big loss and I haven't lost in such a manner and most of my losses were through gambling.

I think I remember reading somewhere on reddit.com/r/bitcoin that someone did the actual counting, and they came up with at least 3 million bitcoins already lost forever... if the statistics are anywhere close to reality, then in a couple of years the total supply will be about 15 million bitcoins if coins get lost at the same rate, or potentially faster rate as some people use it and keep screwing up.

This is a large number, considering the fact that, at present time, there is something around sixteen million Bitcoins in circulation.
Probably a large amount was lost early because many people did not know the real value of Bitcoin... but, as Bitcoin becomes more valued, people will be more careful to avoid losses.

RealBitcoin

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Quote from: MMA on January 14, 2017, 05:52:07 PM

Quote from: maister77777 on January 08, 2017, 06:56:36 AM

Quote from: RealBitcoin on January 08, 2017, 02:26:43 AM

Just look at the number of inactive bitcoins that havent moved in at least 2-3 years. Those coins should be >90% inactive.

They may not be lost, but its highly unlikely that they will be moved ever again. Now somebody make a script and parse through the blockchain for such transactions.

It would be interesting to know how many inactive addresses there are there.

I think that this is not possible to count the number of the lost key. The very blockchain technology implies a lack of control, but here this is the case.

yes i think it impossible to find our that now many bitcoin has been lost for ever. i there are millions of wallets and now one can know which accouts are active and which wallets are blocked your password lost account.s

Dude , you don't know the definition of inactive.

Inactive doesn't necessarly mean that the coins are lost forever, it just means that the coins are inactive for a long time, which is almost equivalent as if it were lost forever, from it's behavior.

Like if Johnny has 100 BTC, but hes is 20, and he just saves it for his retirement at 65, but at 64 he dies, and his son Bobby will inherit the private key hidden under his mattress. Bobby inherits it at 30, but he also doesn't spends it until 65, but he also dies at 64, and his son will inherit it, and so on. It goes on for 3-4-5 generations. The private key is still known by somebody, it's just that they don't use it.

Now how is the example pointed out above, not synonymous with the private key being lost forever? If the coins are not moving, who cares if the private key is known or not.

If an address doesn't have an outgoing transaction for 100 years. Yeah maybe the private key is buried under a stone in the desert, but if the coins are not moving then who cares?

So by measuring the inactive addresses over an X period of time, we can actually approximate this, regarless of the status of the private key (which is impossible to prove anyway, because it's private).

MMA

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Quote from: maister77777 on January 08, 2017, 06:56:36 AM

Quote from: RealBitcoin on January 08, 2017, 02:26:43 AM

Just look at the number of inactive bitcoins that havent moved in at least 2-3 years. Those coins should be >90% inactive.

They may not be lost, but its highly unlikely that they will be moved ever again. Now somebody make a script and parse through the blockchain for such transactions.

It would be interesting to know how many inactive addresses there are there.

I think that this is not possible to count the number of the lost key. The very blockchain technology implies a lack of control, but here this is the case.

yes i think it impossible to find our that now many bitcoin has been lost for ever. i there are millions of wallets and now one can know which accouts are active and which wallets are blocked your password lost account.s

dunfida

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Quote from: ged00u on January 14, 2017, 11:19:27 AM

I don't know if this case can be considered lost forever, but I just accidentally passed by a topic on this forum saying that a man who have put his belief in bitcoin since the early days of it, maybe 2009, and he had somehow put his 1000 BTC in a hard drive. Over time, he seemed to forget about it and so he had been formatting his drive 5,6 times and now when he knew that only a bitcoin can worth nearly a thousand dollars, he tried to recover his drive for 1000 BTC, but things don't seem to be good. I hope he would be able to recover it Cry

I have read that thread too on which hes asking for help for recovering his wallet but in my own view its impossible for him to find those bitcoins again since he don't have the private keys or wallet.dat file stored on the hard drive and also he formatted it 5-6x which is really bad and cant be recovered for sure and considered to be included on bitcoins that are lost forever.

ged00u

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I don't know if this case can be considered lost forever, but I just accidentally passed by a topic on this forum saying that a man who have put his belief in bitcoin since the early days of it, maybe 2009, and he had somehow put his 1000 BTC in a hard drive. Over time, he seemed to forget about it and so he had been formatting his drive 5,6 times and now when he knew that only a bitcoin can worth nearly a thousand dollars, he tried to recover his drive for 1000 BTC, but things don't seem to be good. I hope he would be able to recover it Cry

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