Lost Bitcoin - page 4. | Bitcointalksearch.org

hosseinimr93

legendary

Activity: 2380

Merit: 5213

It may worth mentioning that there is no proof that 4-6 millions bitcoin have been lost. All you have read are only estimations.

The only coins that have been provably lost are as following.

Coins that have been burned by creating OP_RETURN outputs
Coins that were not claimed by miners when finding a block
Coins that were lost due to coinbase transactions having the same hash.

ItsaWhale

copper member

Activity: 45

Merit: 4

Quote from: hhatton93 on February 19, 2024, 12:05:15 PM

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 people lost bitcoin its bad for them but good for the community as there are less Amount circulating around and the price go upper
E.g if all people want to cashout bitcoin , there will still be Value on them due to high lost amount that cant be sold or cashout for real money
so the Bitcoin Supply is at a current level of 19.63M -4-6 M is around 25% of the amount

I dont think that there will ever be such an update as its impossible to know if one person is Holding those BTC or have lost them !

Lucius

legendary

Activity: 3220

Merit: 5634

Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: hhatton93 on February 19, 2024, 12:05:15 PM

So apparently there's like 4-6 million bitcoin that are lost and gone?
~snip~

Who says that's true? The methodology used by various "analysts" to determine how much BTC was lost was (and probably still is) saying "this BTC hasn't moved in x years and we assume it's lost". Of course, that doesn't make much sense when we know that from time to time there are transactions with coins that haven't moved in more than 10 years.

Hamza2424

legendary

Activity: 952

Merit: 1030

#SWGT CERTIK Audited

Quote from: hhatton93 on February 19, 2024, 12:05:15 PM

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.

Seems like this topic was already discussed a couple of days ago, and it was in the same format as well. Anyway for the answer I would say it's a + point that lost ones are lost forever. It will directly help in price appreciation with the demand and supply principle. Maybe in the future somehow if needed the lost coins can be taken care of but I'm sure the community will refuse any such proposal and I'm with this that there's no need of recovering the coins.

ImThour

copper member

Activity: 1386

Merit: 1481

Bitcoin Bottom was at $15.4k

As OmegaStarScream quoted, if the number of Bitcoin you mentioned are actually lost, they are out of the ecosystem. No longer will be sold on any exchange or be traded with real money.
Making the Circulating Supply of Bitcoin from 19.63M to 14M. If there was a way to burn those, then it will surely create a big supply shock as it's almost 25% of Total Supply.

Upgrade00

legendary

Activity: 2030

Merit: 2173

Professional Community manager

If someone has lost bitcoins they cannot prove beyond reasonable doubt that they own the address the bitcoins are in. The ultimate proof of ownership is the private keys of a wallet, and if you can't access a wallet you don't know the private keys, meaning there is no foolproof way to return lost coins to the last original owner.

Simply adding new coins into circulation to replace supposed lost coins is a terrible idea as it causes a supply shock and removes the confidence people have in Bitcoin to follow the already existing protocol.
Question would be what next would warrant thousands or millions of coins to be brought out if thin air?

hZti

hero member

Activity: 938

Merit: 642

Magic

Lost coins in theory are like a donation to the other bitcoin holders, but since nobody knows what coins are lost I think there is not rally a impact at this moment. The only coins that are really lost are OP_Return coins that were burned.
People for example always claim that around 1 million satoshi coins are lost. However you can never be sure of those coins would at one point move again and suddenly be sold. So I think because of this risk those "lost" coins are not really a push for the price.

Charles-Tim

legendary

Activity: 1512

Merit: 4795

Quote from: hhatton93 on February 19, 2024, 12:05:15 PM

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?

Hyphen(-)

hero member

Activity: 798

Merit: 725

Quote from: hhatton93 on February 19, 2024, 12:05:15 PM

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.

You called them lost coin, then why returning them?

If these Bitcoins should be returned, then it is not a decentralized system again.
Who is returning the coins?

The main problem here is that people that people that lost the coin had already lost it forever, if they are sending Bitcoin back, which wallets are they sending to, is the sending address or the receiving address?

The idea of not returning lost Bitcoins is good and has save a lot.
And mind you, any one that claim to recover lost Bitcoins to you is a scammer.

MusaMohamed

sr. member

Activity: 882

Merit: 290

Quote from: hhatton93 on February 19, 2024, 12:05:15 PM

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.

If there is a consensus to replace lost bitcoins, we will no longer have 21M bitcoins but will possibly be 25M bitcoins and more and more and more.

It will be like central banks print more fiat currencies to create inflation and cause decrease of purchasing power. Do you want to see Bitcoin has decreasing purchasing power?

I believe you won't want it.

What about the lost BTC?. Another topic on this created 7 days ago.

eye-con

full member

Activity: 449

Merit: 102

Binance #Smart World Global Token

Quote from: hhatton93 on February 19, 2024, 12:05:15 PM

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.

There is no protocol as that. Once Bitcoin is lost, it is gone forever. It cannot be recovered or reintroduced into the market's circulating supply. Any efforts to replace lost Bitcoin through a protocol or update is impossible, besides it would compromise the fundamental nature of the currency.

Zaguru12

hero member

Activity: 672

Merit: 855

No there is nothing that will actually be done as of now to get those lost coins. As satoshi said earlier

Quote from: satoshi on June 21, 2010, 01:48:26 PM

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

So basically there is no plan to review anything on that. But come to think of it what does lost coins mean to you and how do you get those numbers because they vary and reason been that not all assumed coins said to be lost are actually lost except maybe locked coins that can never be spend (op-Return outputs)
. If not some of these coins are just coins left off and not yet moved or lost private key which can still be spent when seeing so they don’t count as lost coins

OmegaStarScream

staff

Activity: 3402

Merit: 6065

Quote from: satoshi on June 21, 2010, 01:48:26 PM

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

hhatton93

newbie

Activity: 2

Merit: 0

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.

Topic: Lost Bitcoin - page 4. (Read 694 times)