Losing private key with tens of thousands of BTC - page 3.

Charlie Prime

sr. member

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Merit: 250

Quote from: JessyMatt on May 19, 2014, 12:21:50 PM

Wow, there have to be a way to recover them.

I wish there were, but successive installs of Ubuntu on this hard drive have destroyed any remnant of them.

I know I burned them to CD one time. I keep hoping I find that CD in a dusty box of junk somewhere, but I never do. I suspect I threw the CD away during a bout of spring cleaning years ago.

I will whine and cry about this even more in the coming years when 1 BTC = $1,000,000 USD.

hensi

member

Activity: 70

Merit: 10

TheSlimShady

People have already lost their private keys containing thousands of BTC, but it wont effect the market in any ways, 10000 is just too small.

lnternet

sr. member

Activity: 299

Merit: 253

If the person that lost the 40k BTC will buy 40k new ones to replenish, the price will go up instead of staying stable.
If the person that lost the 40k BTC would have sold them, but now can't, the price will stay stable instead of going down.

If the person doesn't do anything, whether they have 40k BTC or not, the loss of the coins will not affect the price.

odolvlobo

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Activity: 4466

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Quote from: nkocevar on May 19, 2014, 11:07:40 AM

Say someone lost their private key containing 10000+ BTC... How long would it take for that to affect the market price of bitcoins since there will be less of a supply of bitcoin and more demand?

In the short term, there is no difference between bitcoins sitting dormant at an address and bitcoins that are lost.

Over the long term, the value of the remaining bitcoins will tend to rise according to the number of bitcoins lost. 10,000 BTC is about 0.5% of the total supply, so the price would go up by that amount.

JessyMatt

full member

Activity: 191

Merit: 100

Quote from: Charlie Prime on May 19, 2014, 12:06:20 PM

This does not help my mourning of the 6 bitcoins I threw away several years ago because they weren't worth my time to back-up when I reformatted my hard drive. Grin

Wow, there have to be a way to recover them.

Charlie Prime

sr. member

Activity: 406

Merit: 250

This does not help my mourning of the 6 bitcoins I threw away several years ago because they weren't worth my time to back-up when I reformatted my hard drive. Grin

bryant.coleman

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The total combined trading volume for the three biggest BTC exchanges amount to almost BTC60,000 per day. Add in the smaller exchanges (+ localbitcoins) and the daily trade volume crosses BTC200,000. 10K BTC will be something like a needle in the haystack. Grin

drawingthesun

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Quote from: nkocevar on May 19, 2014, 11:07:40 AM

Say someone lost their private key containing 10000+ BTC... How long would it take for that to affect the market price of bitcoins since there will be less of a supply of bitcoin and more demand?

Because such a small amount of the bitcoin supply is on all the exchanges combined there would be no effect on the market.

I think less than 1% of the supply of Bitcoin is on every exchange in the world.

You could loss 100,000 and it wouldn't even get priced in.

nkocevar

sr. member

Activity: 294

Merit: 250

Say someone lost their private key containing 10000+ BTC... How long would it take for that to affect the market price of bitcoins since there will be less of a supply of bitcoin and more demand?

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