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.
I know some BTC must have been lost but 1 million is a huge figure
Topic: If a person has millions of Bitcoin and he dies one day................. - page 2. (Read 6184 times)
January 19, 2017, 05:04:34 AM
January 19, 2017, 04:07:03 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.
January 19, 2017, 03:37:18 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?
With the simple words , It is a very complicated topic because It happened with me .What is your thought on this?
I made start bitcoin earning in 2011 and left it because there was no much idea to make money but that time about I was using freebitco.in site and spread my refferal in the many bitcoin Facebook groups and forums , when some person joined through my refferal then I got about 0.01btc in 6 months but I had already left my bitcoin job and wallet was unrecoverable because my email was unrecoverable due my misunderstanding but about a months ago I get succeed in recover my wallet . There was everything same like was earliar .
So here if I will not use my bitcoin then it will remain as was without any use .
January 19, 2017, 02:50:41 AM
That would be a tragic that would be happening on his wallet,we can never tell that he invest and trade it,and there's someone he already trusted and already know about his millions,that person will inherit his millions of bitcoins.I don't think that person is not that wise enough just wasted what he is working hard for,he already planned on what to do on his millions of bitcoins.
December 10, 2016, 11:05:01 AM
This makes no sense at all Nakamoto has soo many coins, we dont know how many coins in total he had mined, we see some of the wallets he used in the past, maybe not all his portfolio, but even as developer im ceptical why he hasnt sold his coins at 1000 dollars, and neither now, those means milions that is enought to have an amazing life further. I do believe he is dead or lost the keys to those wallets, thats the only way a person has soo many money stucked at bitcoin for no reason, i doubt he were expecting bitcoin to reach bigger values then 1000 dollars.
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
December 10, 2016, 10:46:32 AM
This makes no sense at all Nakamoto has soo many coins, we dont know how many coins in total he had mined, we see some of the wallets he used in the past, maybe not all his portfolio, but even as developer im ceptical why he hasnt sold his coins at 1000 dollars, and neither now, those means milions that is enought to have an amazing life further. I do believe he is dead or lost the keys to those wallets, thats the only way a person has soo many money stucked at bitcoin for no reason, i doubt he were expecting bitcoin to reach bigger values then 1000 dollars.
December 10, 2016, 10:36:41 AM
It will be good if the bitcoin from the dead person can't be take, it will increase btc price 😄😄
It would definitely affect the BTC price if a person has millions of Bitcoins, but actually I think that such a person doesn't exists. Most of the early adopters sold their coins at $200 or even at a lesser price because they were already profiting big time.
Why not we assume that person has dominated his assets and the new owner is just waiting for main stream adoption of bitcoins.
I don't even expect Satoshi's coins to move at all.
What if satoshi planned this a long long time ago. He predicted that his creation will become a real hit and he's just waiting for it to reach a certain peak before he sells everything he has. The problem here really is when millions of wallets just becomes dormant forever. I mean think about it, what if every wallet that goes dormant has around 1 to 100 satoshi only, multiply this by one million times a year. That would be a lot of coins that will be stuck forever in dormant wallets.
December 09, 2016, 12:09:20 PM
It will be good if the bitcoin from the dead person can't be take, it will increase btc price 😄😄
It would definitely affect the BTC price if a person has millions of Bitcoins, but actually I think that such a person doesn't exists. Most of the early adopters sold their coins at $200 or even at a lesser price because they were already profiting big time.
Why not we assume that person has dominated his assets and the new owner is just waiting for main stream adoption of bitcoins.
I don't even expect Satoshi's coins to move at all.
December 09, 2016, 11:00:06 AM
It will be good if the bitcoin from the dead person can't be take, it will increase btc price 😄😄
It would definitely affect the BTC price if a person has millions of Bitcoins, but actually I think that such a person doesn't exists. Most of the early adopters sold their coins at $200 or even at a lesser price because they were already profiting big time.
Why not we assume that person has dominated his assets and the new owner is just waiting for main stream adoption of bitcoins.
December 09, 2016, 10:53:13 AM
Then we will consider it is a hidden bitcoin, it will affect the price and the circulation of bitcoin because bitcoin amount is decreasing, so it will make the price become higher and decreasing amount is a disadvantage situation for another user
December 09, 2016, 10:35:43 AM
I think it is better to keep the pass keys on a USB in your safe and passwords written on paper in case that doesnt work.
The family members should be made aware of the keys and how to use them. If not then all that btc is to waste.
The family members should be made aware of the keys and how to use them. If not then all that btc is to waste.
The USB drive is a average method to store data, but you have to make sure that you store it correctly. When not using the flash drive, be
sure to cover it with a cap to prevent the accumulation of dusts and contaminants on the contacts. Rust is a major issue and the rust will
accumulate on the contacts first. I like a laminated paper wallet more.
December 09, 2016, 10:29:08 AM
It will be good if the bitcoin from the dead person can't be take, it will increase btc price 😄😄
It would definitely affect the BTC price if a person has millions of Bitcoins, but actually I think that such a person doesn't exists. Most of the early adopters sold their coins at $200 or even at a lesser price because they were already profiting big time.
December 09, 2016, 10:13:34 AM
It will be good if the bitcoin from the dead person can't be take, it will increase btc price 😄😄
I dont think it could really affect on bitcoins price as of these days but when the time that all coins have been mined already then demand will rise and supply have been stopped already which means it would certainly rise up its price. Lossing such huge amounts of bitcoin is really frustrating specially when you are the person who died and didnt even tell someone regarding on your coin possesion. December 09, 2016, 10:08:13 AM
It will be good if the bitcoin from the dead person can't be take, it will increase btc price 😄😄
December 09, 2016, 08:39:33 AM
Well, I can assure you, if there is no policy, then millions will be stored in bitcoin wallet forever. but, I think it will not last long, because it would have a lot of people who want to try taking the bitcoin from his wallet, even when he was alive. Well, we'll never know what will happen
Well in this case it is really difficult to say because the bitcoin is kept in his wallet for life and he is the soul owner of that wallet he alone has the password to wallet what think is that wallet or those bitcoin in that are lost for life maybe miner can be able to min it because people needs it.
December 09, 2016, 07:03:33 AM
Just imagine a jail cell that has a million prisoners inside it and then the key has been lost. The jail cell can never be opened unless they break it. So, a wallet whose owner is dead would need to be hacked before you can use the funds again. Otherwise, these millions of bitcoins would forever be trapped in that wallet. I think thousands of bitcoin wallets are already in this situation, we just don't know it. Some wallets have untouched funds for years but we can't just assume that the owner is already dead. Maybe he's just holding the money for a really long time.
There's still a possibility that after looking on his files, his relatives find a .txt file that has his private keys. Or maybe some note left behind just in case he dies one day that would reveal everything on how to recover his bitcoins online.
There's still a possibility that after looking on his files, his relatives find a .txt file that has his private keys. Or maybe some note left behind just in case he dies one day that would reveal everything on how to recover his bitcoins online.
At some point in the future someone will make a jailers master key that unlocks all the cells. It's called quantum computing.
Yeah, but whenever that happens we will never know.
And also, when quantum computing comes then bitcoin is likely to fork into a version that is quantum computing resistant, likely with a different algorithm instead of SHA-256. But we'll see...
Yes, but will it be before some wise assed computer geek at NASA or the NSA or some other alphabet agency uses his new discovery to find a million lost Satoshi coins? As you say, we'll see...
December 09, 2016, 02:51:51 AM
I'd be stupid for a person holding a millions of coins without any sort of backup or telling his family.
Heck, he'd probably buried the coins inside a bank safe and when the bank receive the news about his death the bank will contact his family.
Worst case scenario his bitcoin will be gone just like this guy
https://www.theguardian.com/technology/2013/nov/27/hard-drive-bitcoin-landfill-site
Making supply of coins lower than before and hopefully increasing the price as the demand of bitcoin keep rising.
Heck, he'd probably buried the coins inside a bank safe and when the bank receive the news about his death the bank will contact his family.
Worst case scenario his bitcoin will be gone just like this guy
https://www.theguardian.com/technology/2013/nov/27/hard-drive-bitcoin-landfill-site
Making supply of coins lower than before and hopefully increasing the price as the demand of bitcoin keep rising.
December 09, 2016, 02:26:34 AM
Just imagine a jail cell that has a million prisoners inside it and then the key has been lost. The jail cell can never be opened unless they break it. So, a wallet whose owner is dead would need to be hacked before you can use the funds again. Otherwise, these millions of bitcoins would forever be trapped in that wallet. I think thousands of bitcoin wallets are already in this situation, we just don't know it. Some wallets have untouched funds for years but we can't just assume that the owner is already dead. Maybe he's just holding the money for a really long time.
There's still a possibility that after looking on his files, his relatives find a .txt file that has his private keys. Or maybe some note left behind just in case he dies one day that would reveal everything on how to recover his bitcoins online.
There's still a possibility that after looking on his files, his relatives find a .txt file that has his private keys. Or maybe some note left behind just in case he dies one day that would reveal everything on how to recover his bitcoins online.
At some point in the future someone will make a jailers master key that unlocks all the cells. It's called quantum computing.
Yeah, but whenever that happens we will never know.
And also, when quantum computing comes then bitcoin is likely to fork into a version that is quantum computing resistant, likely with a different algorithm instead of SHA-256. But we'll see...
December 09, 2016, 02:03:24 AM
Just imagine a jail cell that has a million prisoners inside it and then the key has been lost. The jail cell can never be opened unless they break it. So, a wallet whose owner is dead would need to be hacked before you can use the funds again. Otherwise, these millions of bitcoins would forever be trapped in that wallet. I think thousands of bitcoin wallets are already in this situation, we just don't know it. Some wallets have untouched funds for years but we can't just assume that the owner is already dead. Maybe he's just holding the money for a really long time.
There's still a possibility that after looking on his files, his relatives find a .txt file that has his private keys. Or maybe some note left behind just in case he dies one day that would reveal everything on how to recover his bitcoins online.
There's still a possibility that after looking on his files, his relatives find a .txt file that has his private keys. Or maybe some note left behind just in case he dies one day that would reveal everything on how to recover his bitcoins online.
At some point in the future someone will make a jailers master key that unlocks all the cells. It's called quantum computing.
December 09, 2016, 02:01:16 AM
Just imagine a jail cell that has a million prisoners inside it and then the key has been lost. The jail cell can never be opened unless they break it. So, a wallet whose owner is dead would need to be hacked before you can use the funds again. Otherwise, these millions of bitcoins would forever be trapped in that wallet. I think thousands of bitcoin wallets are already in this situation, we just don't know it. Some wallets have untouched funds for years but we can't just assume that the owner is already dead. Maybe he's just holding the money for a really long time.
There's still a possibility that after looking on his files, his relatives find a .txt file that has his private keys. Or maybe some note left behind just in case he dies one day that would reveal everything on how to recover his bitcoins online.
There's still a possibility that after looking on his files, his relatives find a .txt file that has his private keys. Or maybe some note left behind just in case he dies one day that would reveal everything on how to recover his bitcoins online.
Indeed. There is usually a more efficient way to find his private key than to actually have to brute force his private key because there are a lot of the times personal influences on one's passwords, and passwords may match from site to site.
However, if you don't even know who that person is behind the scenes, like somebody like satoshi, when they die, it is almost impossible to recover the coins unless you can brute force his private keys. Or maybe you don't even know what addresses he controls, which makes it even harder.
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