Topic: If a person has millions of Bitcoin and he dies one day................. (Read 6184 times)
February 14, 2017, 03:19:48 PM
I think the money will be lost forever because I think it will be really hard to hack him especially if he has millions of bitcoins et would have secured is password...So I have no solution to take that money.
February 14, 2017, 02:54:59 PM
nothing will happen his all bitcoins will be lost so its better to be ready before you die 
January 20, 2017, 03:08:50 PM
If a person has millions of Bitcoin and he die one day and no body can hack his Bitcoin wallet than what will happen with those Bitcoin? Considering this situation is this possible that Bitcoin will not exists for use in the world any day since limited numbers of Bitcoin can be generated?
What is your thought on this?
What is your thought on this?
This option is impossible to happen and as such have no meaning to be discussed. But if needed to tell something I suppose that bitcoin will exist again (are the remaining coins) and its value will be even more higher than the situation in which the firsts will be in circulation.
January 20, 2017, 03:05:18 PM
It will be very sad that he didn't spend them all how he wanted. Of course it will be awful to know the rest of us that all those BTC are lost, but maybe one day someone can ''take them back''. I prefer his family ''find'' and use them than a hacker.
January 20, 2017, 01:24:37 PM
If this happens, I think nothing should happen to the wallets of these people, consider lost and the total of available coins will decrease. I do not think it's fair since somebody can get this wallet even if it's 10 years later. The idea I saw after some time erasing those coins for me does not make sense.
Yes, I guess, this thing will happen if this is the case or situation and this should happen that the coins will remain on his wallet and be stock on and since it is stock on the demand of bitcoin increases because his coin is not moving.
January 20, 2017, 10:47:18 AM
If a person has millions of Bitcoin and he die one day and no body can hack his Bitcoin wallet than what will happen with those Bitcoin? Considering this situation is this possible that Bitcoin will not exists for use in the world any day since limited numbers of Bitcoin can be generated?
What is your thought on this?
What is your thought on this?
The only person (or group of persons) who potentially has even close to one million bitcoins is Satoshi, so a person having "millions [plural] of Bitcoin" as of now is impossible. Someone could purchase one million bitcoins, but that would disturb the market so much that by the end they might have paid many 10s of billions of US dollars for them, but it is of course possible.
As far as what happens if he were to die, did he have his private keys somewhere others could access it/them? If so, someone else (his heirs) can access them. If not, then they are lost, probably forever*.
* I say 'probably' because we don't know how the private keys were generated. Perhaps the PRNG was bad, he used a brain wallet and someone discovers it or something else.
January 20, 2017, 10:35:48 AM
If this happens, I think nothing should happen to the wallets of these people, consider lost and the total of available coins will decrease. I do not think it's fair since somebody can get this wallet even if it's 10 years later. The idea I saw after some time erasing those coins for me does not make sense.
Yes, I guess, this thing will happen if this is the case or situation and this should happen that the coins will remain on his wallet and be stock on and since it is stock on the demand of bitcoin increases because his coin is not moving.
January 19, 2017, 10:54:14 PM
If a person has millions of Bitcoin and he die one day and no body can hack his Bitcoin wallet than what will happen with those Bitcoin? Considering this situation is this possible that Bitcoin will not exists for use in the world any day since limited numbers of Bitcoin can be generated?
What is your thought on this?
What is your thought on this?
My thought is that you're most likely this guy - https://bitcointalksearch.org/user/hyudien-833860. How close am I?
January 19, 2017, 10:38:36 PM
If a person has millions of Bitcoin and he die one day and no body can hack his Bitcoin wallet than what will happen with those Bitcoin? Considering this situation is this possible that Bitcoin will not exists for use in the world any day since limited numbers of Bitcoin can be generated?
What is your thought on this?
What is your thought on this?
I guess if that happen, we do nothing about it, and of course the person who die it is obviously He loss everything, all the efforts and time he saved for bitcoin will goes to nothing, though no one can take it from his wallet address I mean none of it can hack it. It just like will be bury in the ground.
January 19, 2017, 05:02:59 PM
If a person has millions of Bitcoin and he die one day and no body can hack his Bitcoin wallet than what will happen with those Bitcoin? Considering this situation is this possible that Bitcoin will not exists for use in the world any day since limited numbers of Bitcoin can be generated?
What is your thought on this?
What is your thought on this?
Then of course the bitcoins will be gone forever.
So when every bitcoin holder will die than theoretically bitcoins will be also dead.
But i dont think that someone is holding this big amounts of bitcoins.
January 19, 2017, 04:58:10 PM
The money supply wouldn't be changed. The bitcoin haven't disappeared or been removed from the money supply, they just can't be accessed.
And given that we have zero way of knowing how many bitcoins are "lost" the market can't respond to these scenarios, positively or negatively.
The moral to this entire discussion is - make sure you have backups of your private keys or BTC locations and provide instructions for someone if something should happen to you!
And given that we have zero way of knowing how many bitcoins are "lost" the market can't respond to these scenarios, positively or negatively.
It would simply mean that he has lost these coins and the effective existing bitcoin supply would shrink by the amount of bitcoin that the person has lost as well. However there is also a possibility that someone recovers the address later, probably family or a hacker. Then, the actualy monetary base of existing bitcoins would increase dramatically again.
This is already done intentionally through the "burning" of coins, in some altcoin ICOs.
This is already done intentionally through the "burning" of coins, in some altcoin ICOs.
The moral to this entire discussion is - make sure you have backups of your private keys or BTC locations and provide instructions for someone if something should happen to you!
January 19, 2017, 03:17:47 PM
He will or can prepare willfor his Bitcoin . Like written private keys.
Well, if Bitcoin once lost, not possible to regain.
And also you are talking about millions of Bitcoin! as far as i remember i guess 1 million Bitcoin is around 5-6% of total supply i guess. If that happens it will affect us a lot i guess.
Well, if Bitcoin once lost, not possible to regain.
And also you are talking about millions of Bitcoin! as far as i remember i guess 1 million Bitcoin is around 5-6% of total supply i guess. If that happens it will affect us a lot i guess.
January 19, 2017, 02:19:56 PM
If such thing happens, nothing can be done. It goes wasted, similar to a person who threw his hardware wallet into the garbage in which he had saved more than 7500 bitcoins. And in a short term when he searched for it, its been destroyed. Better is to understand its potential and make it understand to the future generation. So somehow it gets used.
so if he share his wallet key then he can get his millions of bitcoin, and can distribute it in his family, but if no one has the key of his wallet thin there is any other way of recovering his wallet and all bitcoin will be wasted. 
January 19, 2017, 10:59:03 AM
It will be a pity if such thing happens, to distroy such huge fortune and there is still very high possibilty that the price will increase, but there is nothing we can do to restore it without having access to the wallet.
The coins won't be destroyed just because the person died and no one can gain access to the wallet, it'll just be unspendable together with the other unspendable addresses like 1BitcoinEater. 
January 19, 2017, 10:39:40 AM
Life is all about the journey bro. He might want Bitcoin to succeed more than he wants fame or money.
“A leader is best
When people barely know he exists
Of a good leader, who talks little,
When his work is done, his aim fulfilled,
They will say, “We did this ourselves.” ― Lao Tzu
Thanks for that brilliant quote. It is totally adequate to what Satoshi did! He created something great and then leave it to people. “A leader is best
When people barely know he exists
Of a good leader, who talks little,
When his work is done, his aim fulfilled,
They will say, “We did this ourselves.” ― Lao Tzu
I am convinced that his move was calculated and it is an experiment to see if we are ready to handle the concept of decentralized money.
Also there is no need to worry about lost bitcoins, they are just make our coins worth slightly more.
January 19, 2017, 10:16:54 AM
It is a hypothetical situation by the way.
And blockchain has the record of all accounts
If they get any information like the one above, they will first cross check then if there is no family member who is claiming that then they would probably charity that money or use it for someone's benefit.
And blockchain has the record of all accounts
If they get any information like the one above, they will first cross check then if there is no family member who is claiming that then they would probably charity that money or use it for someone's benefit.
January 19, 2017, 09:58:54 AM
If this happens, I think nothing should happen to the wallets of these people, consider lost and the total of available coins will decrease. I do not think it's fair since somebody can get this wallet even if it's 10 years later. The idea I saw after some time erasing those coins for me does not make sense.
January 19, 2017, 09:32:44 AM
Thats what the bible says, what shall a man profit if he gain the whole world and lost his own soul. It means we cannot bring material wealth after death. Our life on earth is temporary so do the best of it.
January 19, 2017, 09:16:49 AM
If a person has millions of Bitcoin and he die one day and no body can hack his Bitcoin wallet than what will happen with those Bitcoin? Considering this situation is this possible that Bitcoin will not exists for use in the world any day since limited numbers of Bitcoin can be generated?
What is your thought on this?
Person having millions of Bitcoin isn't a one with bullshit mind. He will surely prepare "will" for his Bitcoin too. Something like written private keys or web wallets' password on paper and put it in his locker. lol! What is your thought on this?
Well, if Bitcoin once lost, not possible to regain. The required amount goes directly to scrap!
One more thing, you are talking about millions of Bitcoin! 1 million Bitcoin is 4.76% of total supply. Surely such thing gonna change Bitcoin community forever.
January 19, 2017, 09:02:42 AM
If such thing happens, nothing can be done. It goes wasted, similar to a person who threw his hardware wallet into the garbage in which he had saved more than 7500 bitcoins. And in a short term when he searched for it, its been destroyed. Better is to understand its potential and make it understand to the future generation. So somehow it gets used.
so many milliniors died on daily basis, their properties are distributed in his inheritance, so if his wife or children or parents know about his wallet key then they will distribute his bitcoins according to the law other wise they will lose all his bitcoins if he do not know about his wallet key. Jump to: