It's year 2050 and Bitcoin is the world currency... - page 3.

gadman2

legendary

Activity: 977

Merit: 1000

Quote from: nextgencoin on March 05, 2015, 03:51:26 AM

No it wouldn't it would require Bitcoin users to lose 1% of of all Bitcoin annually for 100 years or even .1% of coins in 1000 years. I'm not saying it's gonna happen anytime soon, I'm saying EVENTUALY there is a time all coins would be lost. I said nothing about being concerned about it, I'm just stating a fact.

Eventually the sun is going to run out of hydrogen and engulf the majority solar system. This will happen first. So what do we do about this?

nextgencoin

legendary

Activity: 1106

Merit: 1000

Quote from: runpaint on March 04, 2015, 02:34:10 PM

Quote from: nextgencoin on March 04, 2015, 01:30:12 PM

Quote from: runpaint on March 04, 2015, 01:27:55 PM

Quote from: nextgencoin on March 04, 2015, 01:14:32 PM

Statistically at some point all the bitcoins/bits will be lost. Shocked

So there will be a time in history that not one bit will be lost? Sure it will take many many years but it will happen at some point.

So you're saying there will be a time in history when not one person will backup their private keys?

You're looking at some bitcoins being lost over time, which you think will eventually add up to all bitcoins. But that would require 100% of all Bitcoin users to lose 100% of their coins.

No it wouldn't it would require Bitcoin users to lose 1% of of all Bitcoin annually for 100 years or even .1% of coins in 1000 years. I'm not saying it's gonna happen anytime soon, I'm saying EVENTUALY there is a time all coins would be lost. I said nothing about being concerned about it, I'm just stating a fact.

Kprawn

legendary

Activity: 1904

Merit: 1073

Well, if we "replace" bitcoins from thin air, we would be no better than fiat. I would rather want to see a Satoshi being valued at $1 than seeing Bitcoins being replaced. Wink

Bitcoins are modelled after "gold" ..... If it's lost, it's gone forever and it should not be replaced.

The Satoshi coins is a example of that ..... it's out there, but it's out of circulation..... When they are re-introduced, it would flood the market and the price will crash. {This will grant MANY people the opportunity to buy cheap coins}

Any introduction of manipulation, would defeat the original goal of the Bitcoin protocol.

kitarohotono

newbie

Activity: 56

Merit: 0

Quote from: Jakesy on March 04, 2015, 12:35:46 PM

For hypothetical purposes, let's say there are 20million Bitcoins in circulation (it's less than that I know).

A company that has possession of 5 million coins has terrible private key management. Their building burns down, along with it, all of their private keys and backups (again, they were stupid).

I know this scenario is a stretch - but what happens in the future if all of a sudden a serious percentage of Bitcoins are unspendable (and all at once)?

Will we as a society decide to "replace" these coins and put more back into circulation? Or ride the deflation wave? Everybody's coins become more valuable? Even if everybody depends on the value?

That's one of those reasons why bitcoin can't become a world currency Sad

Herbert2020

legendary

Activity: 1946

Merit: 1137

Quote from: Jakesy on March 04, 2015, 12:35:46 PM

For hypothetical purposes, let's say there are 20million Bitcoins in circulation (it's less than that I know).

A company that has possession of 5 million coins has terrible private key management. Their building burns down, along with it, all of their private keys and backups (again, they were stupid).

I know this scenario is a stretch - but what happens in the future if all of a sudden a serious percentage of Bitcoins are unspendable (and all at once)?

Will we as a society decide to "replace" these coins and put more back into circulation? Or ride the deflation wave? Everybody's coins become more valuable? Even if everybody depends on the value?

well i think as the price changes with supply and demand if someday a large sum of bitcoin gets lost, the supply of bitcoin will be reduced so with the demand still the same, the price will go up.
in that case price of 1 satishi will increase so there is not only 20mil btc but you have to consider the decimal point too.

MegaHustlr

hero member

Activity: 601

Merit: 500

Vote 4fryn :)

That will surely result in price increase

M28MmickT

sr. member

Activity: 433

Merit: 250

BTG CEO

Quote from: BillyBobZorton on March 04, 2015, 07:14:41 PM

Quote from: ?? on ??

Just like the idea of gold if it is lost it is lost, the rest is that much rarer.

This, people holding bitcoin would become even richer, thats all.

Richer i hear that a lot on this forum rich this rich that lol You are kind of right it could potentially help the holders gain more paper money for there bitcoins but would not go as far as richer unless you have many coin and it rises a fairly nice amount.

I love god the thing is we cannot lose it unless the nibiru x inhabitants come to pay us a visit (shocked face)

MAsterV

sr. member

Activity: 392

Merit: 250

★777Coin.com★ Fun BTC Casino!

I think it would be amazing Grin

Just think suddenly people get interest in bitcoins, more and more joins...

BAM ... international currency... Public Leger...

It's be the best day ever,.... + should have enough bitcoins to say yay let's go..

cryptworld

hero member

Activity: 714

Merit: 503

which is logical is that every coin would increase its value so that the market value of bitcoin is the same

BillyBobZorton

legendary

Activity: 1204

Merit: 1028

Quote from: ?? on ??

Just like the idea of gold if it is lost it is lost, the rest is that much rarer.

This, people holding bitcoin would become even richer, thats all.

Btcvilla

sr. member

Activity: 1078

Merit: 270

Quote from: Hazir on March 04, 2015, 06:55:36 PM

Quote from: Btcvilla on March 04, 2015, 06:43:02 PM

Bitcoin would just increase in value, the only people at lost are the ones who owned those Bitcoins.

I am not so sure about that anymore. I used to think that way to, that bitcoin will be only more expensive with time. But event of january 2015 when bitcoin dropped more than half of its initial value made me think that it may not be the case. There is always a risk. After all bitcoin is a FIAT.

But if 5 BILLION are destoryed i'm pretty sure the price would go, supply and demand 101.

ChuckBuck

hero member

Activity: 1372

Merit: 783

better everyday ♥

Quote from: Hazir on March 04, 2015, 06:55:36 PM

Quote from: Btcvilla on March 04, 2015, 06:43:02 PM

Bitcoin would just increase in value, the only people at lost are the ones who owned those Bitcoins.

I am not so sure about that anymore. I used to think that way to, that bitcoin will be only more expensive with time. But event of january 2015 when bitcoin dropped more than half of its initial value made me think that it may not be the case. There is always a risk. After all bitcoin is a FIAT.

I get what you're trying to say, Hazir, but please refrain from using Bitcoin in the same context as Fiat currency.

Fiat by definition is:

Quote

Any money declared by a government to be legal tender.
State-issued money which is neither convertible by law to any other thing, nor fixed in value in terms of any objective standard.
Intrinsically valueless money used as money because of government decree.

Bitcoin goes against all these institutions by definition, so it can and will never be Fiat based money. No one government can control or "print" Bitcoin like the US dollar or Euro, so just trying to help you understand.

But I get what you were going for, deflationary economy yada yada...

Hazir

legendary

Activity: 1596

Merit: 1005

★Nitrogensports.eu★

Quote from: Btcvilla on March 04, 2015, 06:43:02 PM

Bitcoin would just increase in value, the only people at lost are the ones who owned those Bitcoins.

I am not so sure about that anymore. I used to think that way to, that bitcoin will be only more expensive with time. But event of january 2015 when bitcoin dropped more than half of its initial value made me think that it may not be the case. There is always a risk. After all bitcoin is a FIAT.

Btcvilla

sr. member

Activity: 1078

Merit: 270

Quote from: gadman2 on March 04, 2015, 06:45:31 PM

You know this gets me thinking.

Ok so the original scenario is interesting enough, but here's another twist: Imagine that happens and the company says they lost their bitcoin. So the prices skyrockets and then the coins magically show up and are dumped into the market. Ut oh, the company lied and just ran off with some epic profits.

I would think a repeat of 2008 would happen if they dumped 5 billion coins...

gadman2

legendary

Activity: 977

Merit: 1000

You know this gets me thinking.

Ok so the original scenario is interesting enough, but here's another twist: Imagine that happens and the company says they lost their bitcoin. So the prices skyrockets and then the coins magically show up and are dumped into the market. Ut oh, the company lied and just ran off with some epic profits.

Btcvilla

sr. member

Activity: 1078

Merit: 270

Bitcoin would just increase in value, the only people at lost are the ones who owned those Bitcoins.

ebliever

legendary

Activity: 1708

Merit: 1035

Quote from: Eastfist on March 04, 2015, 05:52:04 PM

With Bitcoin, there is no such thing as other's Bitcoin values increasing or decreasing (if some Bitcoins don't move or keys are lost) UNLESS more fiat money enters the ecosystem. The monetary value of Bitcoin is proportional to the fiat that entered or backs its economy.

I think I understand what you are trying to say, but it's misleading to tie the value of bitcoin solely to fiat currency. Suppose tomorrow euros, dollars, yen, renminbi and so on all went into hyperinflationary spirals and quickly went to zero value and out of circulation. People flocked to bitcoin and it becomes used to pay salaries and the whole range of financial services. In this case bitcoin would have value, and it would no longer be tied to fiat in any way. The more people transact directly for goods and services with bitcoin, the less its value is tied to fiat.

pedrog

legendary

Activity: 2786

Merit: 1031

Quote from: ChuckBuck on March 04, 2015, 05:33:43 PM

Quote from: pedrog on March 04, 2015, 05:28:41 PM

A company with so much coins must be insured, people get the fiat value for their lost coins and everybody else bitcoins become more valuable...

That is a very good point, pedrog! There already is insurance for Bitcoin in 2015.

BitGo just launched with their insurance model. I'm sure in 2050, there will be a plethora of options to insure that much coin in the future.

Yes, quite a few companies already insured, Elliptic Vault, Coinbase, Xapo, BitGo, pretty sure in 2050 it will be ubiquitous.

Eastfist

full member

Activity: 210

Merit: 100

I think this is possibly an area of the Bitcoin machine that can be looked into: private key recovery/regeneration. Granted, it's going to require some heavy duty computer power, the fabled "quantum" PC, but math is math is math. Bitcoins can't be "lost" because they never existed physically in the first place. Therefore, even if the private keys are lost, the Bitcoins associated with those keys still exist and still contribute to the value of it all.

Bitcoin relies on the logic and truth of math. Start counting from 0 to 21 million. You can't just remove 0 through 10 and start counting from 11 and expect the whole thing to work. You would have to change the rules of math and everyone would have to start counting from 11. Then the whole system breaks.

With Bitcoin, there is no such thing as other's Bitcoin values increasing or decreasing (if some Bitcoins don't move or keys are lost) UNLESS more fiat money enters the ecosystem. The monetary value of Bitcoin is proportional to the fiat that entered or backs its economy.

ebliever

legendary

Activity: 1708

Merit: 1035

Quote from: maku on March 04, 2015, 05:38:32 PM

I am not so sure that insurance plan is so great. Soon we will have copy of our own corrupt financial system only in virtual world. And I thought that bitcoin was meant as remedy for bloated financial market on our real world...

But no one can force you to insure your bitcoins. It's a free market thing. If people find a given service of value they can use it. If you don't like it you can pass.

Topic: It's year 2050 and Bitcoin is the world currency... - page 3. (Read 5099 times)