Pages:
Author

Topic: Is it possible to find lost bitcoins? - page 7. (Read 6395 times)

legendary
Activity: 3542
Merit: 1352
Cashback 15%
July 28, 2017, 03:33:07 AM
#48
Let's assume that Bitcoin doesn't die in a few hundred years from now on, and our descendants (or even us ourselves if we manage to live that long) could reclaim these coins (coins that didn't move all that time) as public property for the common good

If you're looking that far into the future presumably brute force hacking could have improved so much that the missing bitcoins could be recovered.

In fact, we don't need that

We don't need to wait till advanced brute forcing becomes available (through quantum computing or otherwise). Actually, we don't need to wait any time at all. All we need is consensus what to do with lost coins and consensus in respect which coins to consider as lost. If we have both we can easily retrieve the coins that we think as lost. We would only need to make a few small changes to protocol (i.e. the way Bitcoin transactions are processed). For example, if it becomes known for certain that Satoshi is dead (provided he was alive in the first place at all, of course), and no one is going to claim his coins (his heirs or beneficiaries), we could retrieve and share them among all active Bitcoin holders (or spend them on something useful)

Why would we need to vote something for what's already deemed as irretrievable? Voting to recover coins that are already lost is stupid and just makes available coins be less of what it's worth today. The key idea of a deflationary coin is to make available resources scarce over time to increase its value. Also, we aren't so sure if these coins really are lost or kept very well in cold storages

Well, there are other options

In fact, we don't actually need to get back the coins which are considered as irretrievable and lost for good. We could just raise the cap if we ever need that. If you are going to ask whether we will ever need that, I should just point out an important thing which almost all deflationary coin supporters invariably miss. The point is that scarcity by itself is not enough to make something valuable. That something should be useful at that, or rather, in the first place. So it is actually an inverted U-curve on a scarcity-value chart. If something is as abundant as air, it won't cost anything even if it is as vital as air. On the other hand, or rather end, when something is infinitely scarce it will lose value because it will be quickly made irrelevant. Say, there is no more air, therefore everyone quickly dies, and air loses all value soon thereafter. Whoever (or whatever) manages to survive without it will no more need it altogether, i.e. it will be of no value to them despite its infinite scarcity

As long as there are people who agrees that something has value, no matter how abundant it is, there would always be a price tag for it. I don't know if we're on the same page, but apparently manipulating the 21 million cap would defeat its purpose of limited availability, and I don't think that the hard-coded limit would ever be changed even after our lifetimes.

Also, people tend to find value/price on nearly everything that they see. I wouldn't be surprised if someday, water will be monopolized just like some basic necessities that we have today.
sr. member
Activity: 518
Merit: 250
July 28, 2017, 02:29:40 AM
#47
Millions of bitcoins are considered lost. Who will find them?
No one could find them unless you know the private key they are consider as lost when you forgot the password or private key of yout wallet no one could open it unless the main site just scam your bitcoin but they are not autorize to do that i guess.
full member
Activity: 630
Merit: 102
July 28, 2017, 02:27:08 AM
#46
I guess you will not be able to find the missing Bitcoin, because Bitcoin is a digital not a real form that can be stored anywhere, so once you forget or lose your private key you will not be able to find Bitcoin that you have forever, So be careful with Your private key to open your digital wallet.
full member
Activity: 410
Merit: 100
July 28, 2017, 02:17:55 AM
#45
It's not possible to find the missing bitcoin but I do not know it in my opinion how about you.
legendary
Activity: 3514
Merit: 1280
English ⬄ Russian Translation Services
July 28, 2017, 01:52:15 AM
#44
If the bitcoins were lost for some reason, no one will find them. They completely disappear from circulation. This is the essence of the digital currency. Therefore, it is necessary to reconcile that many bitcoins will disappear forever, if someone has forgotten the password from his mobile wallet or for other reasons has ceased to have access to it.
i also wonder,how excatly bitoin called lost,are they sent to wrong address?or dissapear from wallet? i think if bitcoin sent to wrong address,it not lost,just landed to other people address,but how if that address not yet opened?i mean that address not generated,so is that bitcoin will appear in that address when it generated by someone?

Yes, the coins will appear in that address

In fact, they will appear on the blockchain right after the transaction gets confirmed. You can think of all possible addresses (wallets) as already existing in a sense, i.e. when you generate an address you actually generate a private key which allows you to use the bitcoins you are going to send to or receive in that address. But when you send coins to an unused address, this address appears on the blockchain regardless since the blockchain has no idea whether someone has or has not a private key matching it
member
Activity: 96
Merit: 10
July 28, 2017, 01:51:39 AM
#43
No one can.
Because it is a open source system.. no one control it..
If one's lost it losts forever..
hero member
Activity: 672
Merit: 500
July 28, 2017, 01:47:05 AM
#42
If the bitcoins were lost for some reason, no one will find them. They completely disappear from circulation. This is the essence of the digital currency. Therefore, it is necessary to reconcile that many bitcoins will disappear forever, if someone has forgotten the password from his mobile wallet or for other reasons has ceased to have access to it.
i also wonder,how excatly bitoin called lost,are they sent to wrong address?or dissapear from wallet? i think if bitcoin sent to wrong address,it not lost,just landed to other people address,but how if that address not yet opened?i mean that address not generated,so is that bitcoin will appear in that address when it generated by someone?
hero member
Activity: 2716
Merit: 904
July 28, 2017, 01:09:28 AM
#41
It is possible to lost bitcoin if you have provided wrong bitcoin address and I think it impossible to find lost bitcoin in any transactions because you cannot privately message of those wallet owner. In other way of bitcoin lost is if your lost your key in your wallet address and it is so sad and big regrets will happen then.
sr. member
Activity: 840
Merit: 268
July 27, 2017, 11:27:21 PM
#40
Is it really possible for us to lose bitcoin? What are the possibilities we lose bitcoin? Can you please state here? So that I will be careful in accessing my wallet and everything. I will check in this thread lately please answer Sad
sr. member
Activity: 574
Merit: 253
July 27, 2017, 06:51:35 PM
#39
I think it's a very difficult thing even impossible, easier to guess the password of 1000 email addresses correctly in a row without any wrong than getting 1 satoshi.
sr. member
Activity: 1288
Merit: 253
July 27, 2017, 06:50:17 PM
#38
I believe many of the bitcoins that were lost is due to users throwing away their hard drive with bitcoins stored inside during the early stages of bitcoin, as the price of bitcoins are just a few cents in the past, people who owned bitcoins don't treat it as an important assets at that time, so the chances to recover lost bitcoins is very low.

I was one of those people who experienced it, at that time I didn't know about trezor and other hardwallet and I forgot to back up my private key. I still remember it was the rainy season and there was a frequent blackout that caused my cpu to be damaged and irreparable. I'm very disappointed and had stopped online for 3 years, I deeply regret the bitcoin I collect disappeared. There is no other way to restore it.
staff
Activity: 3136
Merit: 570
Join the world-leading crypto sportsbook NOW!
July 27, 2017, 05:27:33 PM
#37
I believe many of the bitcoins that were lost is due to users throwing away their hard drive with bitcoins stored inside during the early stages of bitcoin, as the price of bitcoins are just a few cents in the past, people who owned bitcoins don't treat it as an important assets at that time, so the chances to recover lost bitcoins is very low.
legendary
Activity: 2436
Merit: 1362
July 27, 2017, 04:34:27 PM
#36
I have to say this is a very interesting thread
with lots of theories about values and recovery
but I would imagine that in the case of paper wallets
the are probably irretrievable but possibly in the future
as computing gets more and more powerful it may be possible
to recover lost coins.

Imagine the amount of times particularly in the early days
of BTC when people had them stored and decided to
format or throw away hard-drives etc. thinking that BTC
was just a fad and wasnt going anywhere . . .

My Dad always said "never throw anything away, you'll
never know when you might need it"  Grin
legendary
Activity: 3514
Merit: 1280
English ⬄ Russian Translation Services
July 27, 2017, 03:42:06 PM
#35
Let's assume that Bitcoin doesn't die in a few hundred years from now on, and our descendants (or even us ourselves if we manage to live that long) could reclaim these coins (coins that didn't move all that time) as public property for the common good

If you're looking that far into the future presumably brute force hacking could have improved so much that the missing bitcoins could be recovered.

In fact, we don't need that

We don't need to wait till advanced brute forcing becomes available (through quantum computing or otherwise). Actually, we don't need to wait any time at all. All we need is consensus what to do with lost coins and consensus in respect which coins to consider as lost. If we have both we can easily retrieve the coins that we think as lost. We would only need to make a few small changes to protocol (i.e. the way Bitcoin transactions are processed). For example, if it becomes known for certain that Satoshi is dead (provided he was alive in the first place at all, of course), and no one is going to claim his coins (his heirs or beneficiaries), we could retrieve and share them among all active Bitcoin holders (or spend them on something useful)

Why would we need to vote something for what's already deemed as irretrievable? Voting to recover coins that are already lost is stupid and just makes available coins be less of what it's worth today. The key idea of a deflationary coin is to make available resources scarce over time to increase its value. Also, we aren't so sure if these coins really are lost or kept very well in cold storages

Well, there are other options

In fact, we don't actually need to get back the coins which are considered as irretrievable and lost for good. We could just raise the cap if we ever need that. If you are going to ask whether we will ever need that, I should just point out an important thing which almost all deflationary coin supporters invariably miss. The point is that scarcity by itself is not enough to make something valuable. That something should be useful at that, or rather, in the first place. So it is actually an inverted U-curve on a scarcity-value chart. If something is as abundant as air, it won't cost anything even if it is as vital as air. On the other hand, or rather end, when something is infinitely scarce it will lose value because it will be quickly made irrelevant. Say, there is no more air, therefore everyone quickly dies, and air loses all value soon thereafter. Whoever (or whatever) manages to survive without it will no more need it altogether, i.e. it will be of no value to them despite its infinite scarcity
legendary
Activity: 3542
Merit: 1352
Cashback 15%
July 27, 2017, 11:44:33 AM
#34
Let's assume that Bitcoin doesn't die in a few hundred years from now on, and our descendants (or even us ourselves if we manage to live that long) could reclaim these coins (coins that didn't move all that time) as public property for the common good

If you're looking that far into the future presumably brute force hacking could have improved so much that the missing bitcoins could be recovered.

In fact, we don't need that

We don't need to wait till advanced brute forcing becomes available (through quantum computing or otherwise). Actually, we don't need to wait any time at all. All we need is consensus what to do with lost coins and consensus in respect which coins to consider as lost. If we have both we can easily retrieve the coins that we think as lost. We would only need to make a few small changes to protocol (i.e. the way Bitcoin transactions are processed). For example, if it becomes known for certain that Satoshi is dead (provided he was alive in the first place at all, of course), and no one is going to claim his coins (his heirs or beneficiaries), we could retrieve and share them among all active Bitcoin holders (or spend them on something useful)

Why would we need to vote something for what's already deemed as irretrievable? Voting to recover coins that are already lost is stupid and just makes available coins be less of what it's worth today. The key idea of a deflationary coin is to make available resources scarce over time to increase its value. Also, we aren't so sure if these coins really are lost or kept very well in cold storages.
hero member
Activity: 1078
Merit: 514
July 27, 2017, 11:42:06 AM
#33
Nobody.

Because they are not hidden in sand on some island or in some garbage bin.
They are hidden by math.

https://bitcointalksearch.org/topic/what-are-the-chances-of-an-address-collision-and-what-happens-when-it-does-104461
https://bitcoin.stackexchange.com/questions/22/is-it-possible-to-brute-force-bitcoin-address-creation-in-order-to-steal-money

Haven't double checked the numbers but those might be close, basically you will need 2^45 years.
As what we all know it is really impossible you can only open a lost bitcoins if you know the password or the private key of the wallet if you forgot the private key of your wallet and you have bitcoins there it is consider as lost and no one could open it maybe if the site hack your bitcoins.
Right. I think we all need in something that will allow to take in use forgotten or lost bitcoins. I am not a programmer, just a girl, so, I have no idea how to realize this idea and does it possible at all?
full member
Activity: 210
Merit: 100
July 27, 2017, 11:41:09 AM
#32
Millions of bitcoins are considered lost. Who will find them?

No, it is impossible, we can not find the lost bitcoin again. When using bitcoin, we need to store the hardware wallet or private key so that we can retrieve it at any time. However, no one can find the correct private key to retrieve it.
hero member
Activity: 896
Merit: 500
July 27, 2017, 11:35:14 AM
#31
Millions of bitcoins are considered lost. Who will find them?

In fact, it has not been stolen, it just got forgotten, when bitcoin started working, some people used a lot of bitcoin, however, then the bitcoin value was too low, and they abandoned it. They gradually forgot it, many wanted to search it but they could not get it back. Unfortunately.
sr. member
Activity: 826
Merit: 250
July 27, 2017, 11:27:16 AM
#30
Millions of bitcoins are considered lost. Who will find them?
Brute forcing private keys is hopeless. What might be possible is recovering bitcoin from wallets whose passwords have been lost if the wallet file is retained, if the passwords are not too difficult to crack. And there might be bitcoins considered "lost" because the original owner has died, and whomever inherited their equipment has not noticed/found/deciphered their bitcoin wallet setup (or paper wallet tucked away somewhere). There are varying degrees of "lostness" to bitcoins that are considered lost.
Lost means many possibility, forgot password, long inactive account(usually forgot wallet), or owner acct has died.
that's why private keys creates to makes it privates, its different from password. when u lost it. Schvey said "This is what the security of Bitcoin is actually based on. If you’ve lost your private key, the system is so secure that you may not be able to recover it."
So it is impossible with regular resource to find them.
sr. member
Activity: 1002
Merit: 254
Tontogether | Save Smart & Win Big
July 27, 2017, 08:52:21 AM
#29
Most of the wallets that I've used lately, seem to be pushing their security beyond that. I know that we briefly played with burstcoin, we threw about 150 common passwords and phrases in it and looked at the contents of the wallet. it was just for fun and we did not find anything, but the method I believe you're talking about for finding lost Bitcoin
Pages:
Jump to: