Lost Bitcoin - page 2. | Bitcointalksearch.org

liuka

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Quote from: apogio on February 22, 2024, 01:01:13 PM

So, after all this conversation, my question is, does it really matter how many coins are lost forever?

A simple thing to consider is that there are 21M coins, for ~8B people. The scarcity of Bitcoin is outstanding.

We must think and calculate in satoshis and not in Bitcoins, because the huge majority of people will own satoshis and not whole bitcoins.

But for all this to happen, we must scale Bitcoin. It's out of topic, but I really need to stress its importance. Bitcoin needs scaling.

Well, I often see on social media where the old wallet is active again to transfer BTC to a new wallet or to an exchange. I think we can't know how big the lost coins are, but I'm sure that every year the lost coins continue to exist because the coin owners die and that might be a fact that happens.

However, I think the old wallets that are active again are the owners of Bitcoin miners in the past and they returned when the price was approaching ATH. However, the more coins lost will certainly benefit bitcoin holders.
Scarcity will definitely occur because more and more people in the world are buying bitcoin as their investment asset.

Supianto

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There is no plan, Satoshi himself told that lost BTC is a donation for everyone because the lower the supply, the higher the price.

Ayers

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Quote from: adaseb on March 02, 2024, 12:12:39 AM

I don’t think there is 4-6 million lost. Many of the coins from 2010 can still be moved. Just today some dormant miner ended up moving 2000BTC from 2010 to a new wallet. They are 13 years old and just moved today. This is proof that these addresses while dormant can still be moved.

Those from 2009 most likely won’t be moved however. Especially since many are satoshis and those other blocks in the early all had the bitcoins already spent.

Yes, we cannot know and cannot control how much bitcoin has been lost. Many wallets have been inactive for many years, which does not mean that the owners have lost them, but more likely that they are still quietly holding out until a more appropriate time.

Additionally, the bitcoin supply is very small compared to the world's population, so even if we had 21 million bitcoins circulating in the market, it wouldn't be enough to meet the demand. So I don't expect as many bitcoins to be lost as many are hoping.

adaseb

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I don’t think there is 4-6 million lost. Many of the coins from 2010 can still be moved. Just today some dormant miner ended up moving 2000BTC from 2010 to a new wallet. They are 13 years old and just moved today. This is proof that these addresses while dormant can still be moved.

Those from 2009 most likely won’t be moved however. Especially since many are satoshis and those other blocks in the early all had the bitcoins already spent.

adpinbr

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Just looking at it in two different views right now there is no review or anything they are intend to make in any bitcoin. if you misplaced your wallet or your private key, your bitcoin are gone if you don’t know if you can get it your it gone for ever.
But come to think of it in the other hand where are all those lost bitcoins I can remember a few years back I had a wallet I can’t even remember the password or the back phrase.

dlightag

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Bitcoin has been created in a particular number which was stated in the coinmarketcap maximum supply 21,000,000 and no additional Bitcoin will be creat to add, and any lost of Bitcoin is automatically lost forever and that is the sweetest part of the business and keep reducing as time goes on, while demand keep increasing in the cryptocurrency industries market.

Z_MBFM

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Quote from: hhatton93 on February 19, 2024, 11:05:15 AM

Yo,

So apparently there's like 4-6 million bitcoin that are lost and gone? Just curious if there was any ideas or plans to update the protocol to replace the lost bitcoins if there was a consensus, if that is even possible.

When a bitcoin is lost there is no other option but to forget it. Because as long as the Bitcoin is in your wallet and as long as you have access to that wallet, you own the Bitcoin. once that bitcoin is gone from your wallet or you lose the key of the wallet you will never get that bitcoin back and if it is not under someone else then the bitcoin is completely lost and no one can use it. And there is no way to bring them back. this is why Satoshi made such a comment

Quote from: satoshi on June 21, 2010, 12:48:26 PM

Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.

batang_bitcoin

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Quote from: DaNNy001 on February 22, 2024, 02:16:14 PM

Quote from: batang_bitcoin on February 21, 2024, 03:53:19 PM

If there will be some changes then it's going to fuck up the whole network and many will lose trust to blockchain itself. And that's why satoshi has made it clear that lost coins are considered donation to the community and you should accept that fact because it is not going to change and the consensus tells us that there won't be any change that will happen although discussions are there and it's being talked about but it doesn't make sense anymore.

This factor that you can actually lose your coins and money for good without a way of getting it back is the same thing that will keep everyone to that is supposedly having Bitcoin a little more extra careful because if Incase you should lose the keys to your wallet, it's a bye bye and even Satoshi himself can't do shit about it and the sense that it's actually a plus for others makes it extra special too so if there anything I will be praying for, I think more folks should actually lose their coins so I can get that extra bonus 😁😁.

I won't wish for that. It's said that it's estimated that there's a million of lost Bitcoins forever and that's more than enough already. That's a big contribution for this limited supply asset that we've got. Which means that from the entire supply limit of it has around 5% that has lost forever while there's still the supplies that haven't been mined yet and it's only going to stop after more than a century.

DaNNy001

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Quote from: batang_bitcoin on February 21, 2024, 03:53:19 PM

If there will be some changes then it's going to fuck up the whole network and many will lose trust to blockchain itself. And that's why satoshi has made it clear that lost coins are considered donation to the community and you should accept that fact because it is not going to change and the consensus tells us that there won't be any change that will happen although discussions are there and it's being talked about but it doesn't make sense anymore.

This factor that you can actually lose your coins and money for good without a way of getting it back is the same thing that will keep everyone to that is supposedly having Bitcoin a little more extra careful because if Incase you should lose the keys to your wallet, it's a bye bye and even Satoshi himself can't do shit about it and the sense that it's actually a plus for others makes it extra special too so if there anything I will be praying for, I think more folks should actually lose their coins so I can get that extra bonus 😁😁.

apogio

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So, after all this conversation, my question is, does it really matter how many coins are lost forever?

A simple thing to consider is that there are 21M coins, for ~8B people. The scarcity of Bitcoin is outstanding.

We must think and calculate in satoshis and not in Bitcoins, because the huge majority of people will own satoshis and not whole bitcoins.

But for all this to happen, we must scale Bitcoin. It's out of topic, but I really need to stress its importance. Bitcoin needs scaling.

Z-tight

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Quote from: hhatton93 on February 19, 2024, 11:05:15 AM

So apparently there's like 4-6 million bitcoin that are lost and gone? Just curious if there was any ideas or plans to update the protocol to replace the lost bitcoins if there was a consensus, if that is even possible.

That number is speculative, you cannot really know for sure how many BTC's are lost and lost forever. Take note that there are coins that have been in a particular address for a very long time and have not moved, but some people think the coins are lost, whereas the owner still has the keys to the funds and just does not want to move it or spend it yet.

There would be no update on the protocol that would implement what you have suggested, lost coins would remain lost, and if you don't want to lose your coins, work on your opsec and security.

JiiBs

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Quote from: OmegaStarScream on February 19, 2024, 11:07:22 AM

Quote from: satoshi on June 21, 2010, 12:48:26 PM

Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.

Oh wow! Satoshi already had speculated on this. That says just how far into the time the pioneer was and for a fact, it’s one way to create scarcity, increasing the demand on what we have in circulation to make it worth even more.
It wouldn’t be a best idea to have new coins added to the network and even should there be any derivation, it would be a fork and not Bitcoin.

batang_bitcoin

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If there will be some changes then it's going to fuck up the whole network and many will lose trust to blockchain itself. And that's why satoshi has made it clear that lost coins are considered donation to the community and you should accept that fact because it is not going to change and the consensus tells us that there won't be any change that will happen although discussions are there and it's being talked about but it doesn't make sense anymore.

Ale88

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Quote from: hhatton93 on February 19, 2024, 11:05:15 AM

So apparently there's like 4-6 million bitcoin that are lost and gone? Just curious if there was any ideas or plans to update the protocol to replace the lost bitcoins if there was a consensus, if that is even possible.

I really hope nobody will ever come up with the idea, or proposal, to recover those bitcoins because it would mean going against Satoshi's vision, as Omega already pointed out simply quoting Satoshi's message. If we start doing changes like this who knows what else could happen to bitcoin's protocol, that's the reason I hope everything stays the same.

The Cryptovator

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If you lose a bank note, does your government print it for you, or does it change the whole currency? It won't be possible anyway, so Bitcoin is something similar. Lost means it has gone; there is no way to recover it. Even if you hard fork, lost bitcoin will be the same as lost. Because the address holding Bitcoin will get the same amount. So there is no way to recover lost bitcoin. Don't expect someone to lose Bitcoin, but it does reduce the circulating supply, and that's the reason Satoshi said lost Bitcoin should be considered a donation for the community.

Ojima-ojo

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Quote from: hhatton93 on February 19, 2024, 11:05:15 AM

Yo,

So apparently there's like 4-6 million bitcoin that are lost and gone? Just curious if there was any ideas or plans to update the protocol to replace the lost bitcoins if there was a consensus, if that is even possible.

Any Bitcoin that is lost, is lost forever and counted it as a gift the the rest of the Bitcoin holders, unlike the other way around where there is a possibility to recover with the help of a centralized protocol but in this case, any Bitcoin that is transferred to an inaccessible wallet will become a burn Bitcoin since there be no way for its usability.

Just like Satoshi mentioned in the quote above, so let's stop looking for the possibility of having them again, all of us have lost some fraction of Bitcoin and to that extent, we consider them as donations.

AnonBitCoiner

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Actually there is no mechanism through which the lost number of bitcoin can replace and such lost portion of bitcoin cannot be ever a part of bitcoin again. Some of the individuals have lost their key information due to which they have lost their bitcoin and there are also some individuals who have not share their private keys with their families and after their death nobody is able to recover those bitcoin.

If there was a mechanism to recover lost bitcoin then I think the number of bitcoin will remains constant and there will be no change in its number but you will have heard that the number of bitcoin is decreased currently as compared to the number of bitcoin in the past.

Easteregg69

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Quote from: oktana on February 20, 2024, 05:42:50 PM

OP the only thing that can be done about those lost Bitcoin is them being found (if possible). Nothing more.

Quote from: OmegaStarScream on February 19, 2024, 11:07:22 AM

Quote from: satoshi on June 21, 2010, 12:48:26 PM

Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.

Reading the main topic that led to this response from Satoshi, I see the OP talking about the coins of users who were trying bitcoin out but never use it again. That’s crazy to think of. Imagine how many Bitcoin they may have lost just to test Bitcoin. Now 1 Bitcoin is worth $51,000! Who would have known?!

Could have been used for trading.

BTW. "Eloncoin". I have "Elon". Matic. MATIC+ELON LP.

I get it for free now. Same goes for BTC. Contracted. So you better find a new cow that wants to be milked. Cheers.

oktana

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OP the only thing that can be done about those lost Bitcoin is them being found (if possible). Nothing more.

Quote from: OmegaStarScream on February 19, 2024, 11:07:22 AM

Quote from: satoshi on June 21, 2010, 12:48:26 PM

Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.

Reading the main topic that led to this response from Satoshi, I see the OP talking about the coins of users who were trying bitcoin out but never use it again. That’s crazy to think of. Imagine how many Bitcoin they may have lost just to test Bitcoin. Now 1 Bitcoin is worth $51,000! Who would have known?!

Mrbluntzy

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OP, just forget about every lost Bitcoin. There is no way Satoshi would want to reverse the Bitcoin blockchain protocol to replace the lost Bitcoin. If that is done, it will cause the price of Bitcoin to drop because what makes price of Bitcoin to increase is its nature of scarcity. Although the circulating supply of Bitcoin is still plentiful but yet it can not satisfy the deman of everyone. Satoshi himself made a statement about lost Bitcoin and his statement suggests that he doesn't have any intention to call back any lost Bitcoin.

Topic: Lost Bitcoin - page 2. (Read 811 times)