Is losing bitcoin in account have a significant impact to the bitcoin economy? - page 2.

Hamphser

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Quote from: Twentyonepaylots on October 31, 2022, 04:32:24 PM

One recent estimate assume that there are 3-4 million of bitcoins are lost forever. Here are some people that lost there bitcoin fortune.

Stefan Thomas is a software developer held an estimated $220 million in a lost Bitcoin wallet he simply forgot the password in his IronKey account, and James Howells, lost his Bitcoin fortune of approximately 8 000 bitcoin when he accidentally threw away an old laptop. I know there are lots of people who also lost their bitcoin somewhere, whether it is small or a big value that we didn't heard in news or publicized.

If someone lose their bitcoins (whether it is small or big amount), does it have a significant impact to the bitcoin economy?

It would be totally be accumulate into those lost coins in the void and speaking about impact? No it wont really be that much and we know that value would really be always pertaining about demand.

We know that lesser supply but having huge demand would eventually be resulting into high value which is something that you would really be saying that it wont be that much a problem.

Its just unfortunate into those people who had lost up their huge stashes.There are indeed people who do really forget their keys or throwing up their HDD's
and its something that part of reality.For those coins cant be recovered would remain on the void.

KennyR

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It is same as the limited version used in marketing. On a product, a specific number launched as limited version will have the same specs but some signature change makes it different from the regular ones. With time these products have high demand. This is how the market of bitcoin is predicted to function. Those coins that are being lost were considered as the holdings kept securely for its uniqueness, which means the available ones get high demand leading to rise in the price.

jackg

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https://bit.ly/387FXHi lightning theory

This is generally why bitcoi.is considered deflationary. It generally means that the supply reduces when coins like these go missing so it would push the value of bitcoin higher..

I think the 3 million figure is a large overestimate though, 1 million were satoshi's coins, 1 million could be lost and the rest are probably recoverable. You don't know something is permenantly lost though either, you can only know something isn't when people decide to spend it so sticking with the 20-21 million bitcoin for how many are circulating is all we can do for now.

(some estimates of lost coins also put it as high as 12 million+ in the past too which I also think is unlikely but we'll ultimately probably never know who's actually right unless a lot of coins move - and then the price will probably crash).

DeathAngel

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Lost bitcoin’s almost certainly positively affect the price in some way.

It’s very sad for the owners of lost coins but they make everybody else’s more valuable. Bitcoin is already a really scarce, deflationary asset by design. Lost coins make it even more valuable.

Only 21,000,000 to ever be mined & as you said, over 3,000,000 already lost. You could say lost coins are a donation to the financial benefit of everybody else.

Twentyonepaylots

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One recent estimate assume that there are 3-4 million of bitcoins are lost forever. Here are some people that lost there bitcoin fortune.

Stefan Thomas is a software developer held an estimated $220 million in a lost Bitcoin wallet he simply forgot the password in his IronKey account, and James Howells, lost his Bitcoin fortune of approximately 8 000 bitcoin when he accidentally threw away an old laptop. I know there are lots of people who also lost their bitcoin somewhere, whether it is small or a big value that we didn't heard in news or publicized.

If someone lose their bitcoins (whether it is small or big amount), does it have a significant impact to the bitcoin economy?

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