Lost Bitcoin - page 3. | Bitcointalksearch.org

PX-Z

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Quote from: hhatton93 on February 19, 2024, 05:02:35 PM

I was watching a video on YouTube: ....

In any case thanks for all the responses guys.

Raise your standards, don't just read or watch from a single source, read at least 2-3 sources when it comes to information and specific question. You can also ask questions on community forums like here and reddit too, just be aware of scammers, just don't communicate via pm especially when there's no need to.

MegameSama

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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.

no, bitcoins that are lost intentionally or not will be lost forever in circulation, there is no consensus whatsoever that can return them, besides, if they are returned, who receives them? unless miraculously he finds his pk again and opens the wallet. I can't imagine what it would be like if the 4-6 million lost bitcoins returned to circulation, there is no exchange that can accommodate that much bitcoin. I don't think that's good for the sustainability of bitcoin, so it would be good if there were 4-6 million bitcoins being burned independently lol

Jawhead999

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Bitcoin is no longer completely decentralized if the lost coins is replaced with the new coins because that makes the address lose it's coins, anything that related to revert, changing, replacing, banning or restricting, will be controversial because not everyone can accept that.

What if there's a person send their coins to burn address on purpose? even though it sounds stupid, but everyone has a choice by doing anything they want.

Lucius

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Quote from: hhatton93 on February 19, 2024, 05:02:35 PM

I was watching a video on YouTube:
In any case thanks for all the responses guys.

YT can be a source of good entertainment and useful information, but also the vast majority of information regarding cryptocurrencies (especially Bitcoin) is wrong and confusing. I'm not saying that there is no good content, but by the time you find something good, they fill your head with all kinds of nonsense that is hard to get out of your head.

Quote from: hhatton93 on February 19, 2024, 05:02:35 PM

I guess? but considering all the big dick companies and gov'ts are accumulating and hoarding most of the btc, maybe having more btc available could allow more average folks to jump into the market? Plus after all, bitcoin was meant to be 21 million, not 21 million, but X amount is missing! sadge.

Can you clarify what exactly you mean when you talk about 21 million BTC? It is true that the max supply is 21 million, and that there are currently around 19.6 million BTC in circulation, and that the last BTC will be mined around the year 2140.

As for governments and large companies, I think that they are still late when it comes to Bitcoin, because sometime by the middle or end of 2017, Bitcoin was not really in their focus as an investment. In other words, ordinary people had more than enough time to accumulate as much as they wanted at fairly low prices - while "they" today have to pay $50k+ for 1 BTC.

Oasisman

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Quote from: hhatton93 on February 19, 2024, 05:02:35 PM

Quote from: goldkingcoiner on February 19, 2024, 12:55:13 PM

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.

All the lost Bitcoin only mean a lower maximum supply. That causes the vaue of Bitcoin to go up. Less supply and more demand is just what we need. In fact, this will continue happening and Bitcoin value will continue rising. There is absolutely nothing wrong with this. Think of it this way: If a Bitcoiner loses his coins because they died or lost access to their wallet, all hodlers receive a kind of inheritence, automatically.

Is that not a great thing?

We should not change anything about this.

I guess? but considering all the big dick companies and gov'ts are accumulating and hoarding most of the btc, maybe having more btc available could allow more average folks to jump into the market? Plus after all, bitcoin was meant to be 21 million, not 21 million, but X amount is missing! sadge.

Again, you don't need to worry about those lost supplies which is not really around 4-6 million. There were a lot of assumptions about how many total bitcoin have lost in the circulation, but i think 4-6 million is too much of an estimate. We've seen several bitcoins that hasn't moved for several years and then it suddenly moved at one point, so those assumptions includes bitcoin that hasn't move for almost 7-10 years considered as lost bitcoin.
Now, 21 million supplies minus those have lost in the circulation may sound just not going to be enough for all people to own a fraction. But, as bitcoin gained value constantly, 1 bitcoin maybe owned and shared for more than 1,000 people eventually.

Hallroom

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Bitcoin is different from all other coins because it is lost and its price is very high. It has gained more popularity among all and this Bitcoin will gain more popularity in future.
Because it is a widely known and discussed coin all over the world which is preferred by all investors.

Fundamentals Of

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That seems a high number. It's possible that many of these coins are just dormant. But we know that every once in a while there are old coins that suddenly wake up.

But these dormant coins are actually neither lost nor gone. They're still in the blockchain. What's lost is our access to them.

It is designed this way. Why should we change it? You lost your private keys, you lost access to your coins. That's it. And that's why you need to take utmost care of your private keys.

hatshepsut93

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

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.

No there aren't because lost coins are not a problem whatsoever. There's plenty of units of account to fill the need for them. Losing millions of coins changes nothing since one coin is actually 100 million "coins".

Plus returning a large amount of coins into circulation would just dump the price for all holders, and holders are the ones who decide the rules, so why would they agree to such change?

sheenshane

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Quote from: hhatton93 on February 19, 2024, 05:02:35 PM

I guess? but considering all the big dick companies and gov'ts are accumulating and hoarding most of the btc, maybe having more btc available could allow more average folks to jump into the market? Plus after all, bitcoin was meant to be 21 million, not 21 million, but X amount is missing! sadge.

That's the unique protocol of Bitcoin, it can be changed.
As of now, it's 19,632,318 total circulating supply in the Coin market cap, so there's no fixed total amount of Bitcoin.
If the Bitcoin protocol changed, then that consensus doesn't belong to Bitcoin anymore.

Less total circulating supply of Bitcoin becomes higher the price which an already said on early reply, think about as donation for those who've lost their Bitcoin and unrecoverable.

hhatton93

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Quote from: Charles-Tim on February 19, 2024, 11:45:10 AM

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.

So that thieves (who are not the actual owners of the coins) should be claiming lost coins?

They should prove with their private keys that they are the owners.

You can not know the exact number of bitcoin that are lost because you can not say all coins that are not moved to another address are lost. Or which methodology did you use to arrive at 4 to 6 million BTC to have been lost?

I was watching a video on YouTube: https://www.youtube.com/watch?v=0_X3OwmKvkQ

In any case thanks for all the responses guys.

Quote from: goldkingcoiner on February 19, 2024, 12:55:13 PM

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.

All the lost Bitcoin only mean a lower maximum supply. That causes the vaue of Bitcoin to go up. Less supply and more demand is just what we need. In fact, this will continue happening and Bitcoin value will continue rising. There is absolutely nothing wrong with this. Think of it this way: If a Bitcoiner loses his coins because they died or lost access to their wallet, all hodlers receive a kind of inheritence, automatically.

Is that not a great thing?

We should not change anything about this.

I guess? but considering all the big dick companies and gov'ts are accumulating and hoarding most of the btc, maybe having more btc available could allow more average folks to jump into the market? Plus after all, bitcoin was meant to be 21 million, not 21 million, but X amount is missing! sadge.

Quote from: Faisal2202 on February 19, 2024, 04:12:59 PM

OP I think you or the person who has lost the funds should be more careful, although this claim of yours needs a little proof so please show that also to confirm whether you are saying true or not, and how did you lose the funds I mean did someone stole the keys, or you forget the keys and don't have any access to your funds now?

And is it was 4 to 5 million dollars worth of BTC! as your statement indicates as they are 4 to 5 million BTC which got lost not the 4 to 5 million dollars worth of BTC. I just searched on Google and it says that now a total of 3.7 million BTC have been lost out of 19.6 million circulating supply (Article is 2+ months old--> Source

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.

That's why I love Satoshi hehe, He has swag.

I didn't lose anything, just wondering.

GeorgeJohn

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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.

What you should ask yourself us that in what protocol or conditions people who misplaced their bitcoin misplaced it, if you loss your bitcoin it depends on the kind of something you may engage yourself that warrant you to loss your bitcoin, their is some certain things that we have to know towards bitcoin and it's misplacement, if you don't invest your bitcoin into a ponzi scheme I don't think you can loss your coin, secondly if you don't make your seed phrase to be known to public you can't loss your bitcoin, if you make use of a custodial wallet to save your bitcoin you would not loss your coins. So it depends the aspect you use for bitcoin investment.

_BlackStar

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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.

Very unsure about the numbers - but sure, there are a lot of users who have to be willing to lose their bitcoin and in most cases it is the user's own fault.

The quote from Satoshi can be interpreted as meaning that every Bitcoin user is obliged to keep his private key well and safely. Losing your private key means you will lose your bitcoin - there is no guarantee of replacement, meaning you are fully responsible for the security of your wallet and bitcoin. If you can no longer access your wallet because you lost your private key - then you should forget about it forever and go back to the point satoshi said.

Quote

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

Faisal2202

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OP I think you or the person who has lost the funds should be more careful, although this claim of yours needs a little proof so please show that also to confirm whether you are saying true or not, and how did you lose the funds I mean did someone stole the keys, or you forget the keys and don't have any access to your funds now?

And is it was 4 to 5 million dollars worth of BTC! as your statement indicates as they are 4 to 5 million BTC which got lost not the 4 to 5 million dollars worth of BTC. I just searched on Google and it says that now a total of 3.7 million BTC have been lost out of 19.6 million circulating supply (Article is 2+ months old--> Source

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.

That's why I love Satoshi hehe, He has swag.

KingsDen

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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.

The exact quote I was going to reference.
Bitcoin is built on scarcity model, the more it is lost, the more scarce it becomes and the more valuable.

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.

How will you determine that a particular bitcoin in a particular address is lost. Maybe the owner is hodling.

bobbybkk

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Lost coins ??

There are plenty of people holding likely millions of Bitcoins with no intention to sell : HODL or so......

so if a person is doing this or if he lost his private keys, in both cases the Bitcoins are for an extended period out of circulation.......

So in my view no point worrying about "Lost Bitcoin"

Cookdata

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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.

Do you really know and understand Bitcoin that much because this question looks like elementary kind for question anyone can ask about Bitcoin because it's look dummy.

Firstly, you need to know that Bitcoin protocol related to addictional coin minting is not happening anytime in the next 100 years, the supply is fixed and as far as.the community is concern, the 21 million will remained until the total 21 million is no longer available as subsidy for miner, we have 1.4 million Bitcoin remain to be mined which is going to happen until 29 more halving us done.

Nobody is sending bitcoin to anyone that lost there Bitcoin and I don't know where you got that stats from but even if they are going to do that(zero your mind, it's not happening), how do you think they going to do that? Send bitcoin to already wallet address they can't accept or what? Or they will come forward to identify them, that's another dumb thing to do, your idea is a baby idea, doesn't make sense.

thecodebear

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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.

1. It's not 4-6 million, more like 2-3 million probably. Also impossible to know exactly how many have been "lost".

2. No, they still exist, people have just lost their keys. No reason to replace them. "Replacing" them would mean changing the 21 million supply limit, which is one of the fundamental features of Bitcoin. Furthermore it would require a hard fork to change the protocol. There are only 21 million bitcoin that will ever exist. EVER, period. Extra Bitcoin are not made when someone loses their keys.

3. That's not how Bitcoin works. Heck, that's not how any currency works. If you lose a $5 bill do you tell the central bank to print an extra $5? No.

Also there was just a thread a couple weeks on here where someone proposed the same thing and people endlessly pointed out why its a terrible idea and would never happen anyway.

hosseinimr93

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Quote from: apogio on February 19, 2024, 01:04:07 PM

Quote from: hosseinimr93 on February 19, 2024, 12:42:01 PM

Coins that were lost due to coinbase transactions having the same hash.

Has this ever happened? Is there an example of such a case?

Yes, there have been two cases.

The coinbase transaction in block number 91722 has the same hash as coinbase transaction in block number 91880 and the coinbase transaction in block number 91812 has the same hash as coinbase transaction in block number 91842.
The bug made coins generated in blocks number 91722 and 91812 unspendable and was fixed with implementing BIP30 and BIP34.

apogio

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Just like everyone, technically coins sent to addresses of which nobody knows the private key that created them, doesn't mean they are gone forever. There is always a chance (close to 0), that someone may find the necessary key to unlock the coins on these addresses.

Quote from: hosseinimr93 on February 19, 2024, 12:42:01 PM

Coins that were lost due to coinbase transactions having the same hash.

Has this ever happened? Is there an example of such a case?

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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.

All the lost Bitcoin only mean a lower maximum supply. That causes the vaue of Bitcoin to go up. Less supply and more demand is just what we need. In fact, this will continue happening and Bitcoin value will continue rising. There is absolutely nothing wrong with this. Think of it this way: If a Bitcoiner loses his coins because they died or lost access to their wallet, all hodlers receive a kind of inheritence, automatically.

Is that not a great thing?

We should not change anything about this.

Topic: Lost Bitcoin - page 3. (Read 811 times)