Topic: Lost Bitcoin a donation to everyone - page 2. (Read 617 times)

Then, this helps the price of Bitcoin to keep high as the total supply has been cut while the demand is continuously moving high. As we can't assure that nobody lost their Bitcoin, their wallet keys, the possibility of getting into scarcity is very close to it. I think we don't need to have a moment to arrive and so we need to be careful of our keys. Or else, more Bitcoins become a donation and which we can't enjoy.

Those that lost their bitcoin asset is a result of their carelessness. If they are been told before opening a bitcoin wallet to write down their private keys and store them up before opening a wallet, they end up neglecting the instruction, would they blame anyone for their misfortune tomorrow? I don't feel pity for those that lost their assets because if they do value bitcoin with their whole heart, they would have learned how to store up and keep their private keys safe.

This is why i really wait everytime for Your reply , worth a read and made me think of how this related to the title of OP and perfectly Fit
about the Donation term used.

and that says a lot in my quoted post from loyce in which perfectly delivered by Satoshi 11 years before this thread was created .

The lost bitcoin will simply reduce the supply of the total coins that will ever be mined of 21 million and 90% has been mined till now.There are many other like him who have lost their keys holding million dollars worth of bitcoin in them but this simply increase the price with high demand and low supply the simple rule of economics.You can think of it as donation or anything but that surely shrink the supply overall.We will see how many can safely store it till last.

I don't think losing Bitcoin counts as a donation to Bitcoin holders. Instead I think this is due to carelessness so that their Bitcoin code is known to someone else and that person stole it. Therefore we must remain vigilant and be careful to keep the code secret to keep it safe. Do not easily trust others, even those closest to you. Humans can sometimes turn into animals because of urgent circumstances, especially in economic or financial matters.

Why not give it to everyone? ...

As discussed by Andreas Antonopaolous in his video, there is a hypothetical scenario where lost bitcoins can be accessed but in the distant future; when SHA256 breaks apart due to rapid technological advancements.

Antonopoulos stated:

“The cryptographic keys and algorithms used in Bitcoin do not last forever [anyway]. At some point, the elliptic curve digital signature algorithm (ECDSA) and SHA-256 will be obsolete. Maybe in ten or twenty years; certainly less than fifty years. They will no longer be strong enough to protect coins that haven’t been switched over to… a stronger cryptographic algorithm.”

Moreover, Antonopoulos added that the Bitcoin code needs to be recycled from time-to-time into better cryptographic algorithms; people with enough computing power should/could break keys and retrieve the lost coins. He also added that recovered BTC could act as ‘bounty’ for dedicating their resources.

“Essentially, it creates a bounty for testing the system, and rewards people who [exercise their skills].”

https://www.youtube.com/watch?v=IYtAevJIy5E
Minute [4:20 - 7:50]

Well, in a kind of way you are right, money that are lost in cryptocurrency can’t be recovered, as long as the owners don’t have access to it again or they don’t have their private keys, there will be no way for it to be recovered.

So, it’s best that we see it as a donation to the Bitcoin blockchain or market, because those money are now like an investment that the users have decided to invest and leave it there, and is now part of the market and just stays there in form of a fund that is there to support the Bitcoin market. So, you have really made a point. But I know that those who have lost their bitcoins would be happy if they are to get access back into it, and they wouldn’t waste anytime at all in selling it, that I know for sure.

First, you should know that bitcoin has a fixed supply and there is no way this supply can be increased. Now if we take the lost bitcoin out of the total supply, this will make bitcoin supply less practically. That lost bitcoins are of no use because no one can spend them or use them.

no one will be responsible if you lose crypto such as bitcoin or others, because all of our own negligence and also cannot ask for a return personally too..
.who are responsible for ourselves, why do we have to make mistakes it all depends on us how to deal with our negligence.

It will never be a donation as you need a recipient in order to call it a donation, the lost bitcoin are lost in circulation, which means the supply will decrease and our chances of getting more profitable in the future are higher. You should know the law of supply and demand, it pretty much applicable to crypto, especially with bitcoin.

When @keyscore44 say "fell into the sea", i doubt he wanted to say that amount of Bitcoin is very big. It's more likely he wants to emphasize that you can't simply brute-force private key of the address which contain "lost" Bitcoin. It's not easy to find small item on sea where the item could be everywhere (bottom of the sea, inside animal, hidden among sea trash, etc.).

Sadly, after so much time on the forum, you didn’t understand some basic things. Satoshi explained it in the simplest way, he is even quoted in this thread. In short, the total amount of Bitcoin that can exist is 21 million (more precisely a little less than that), so every lost Bitcoin reduces that number and makes Bitcoin more scarce. Imagine what the situation would be like today if Bitcoin was capped at 12 million or that number is 40 million?


Of course, they can manipulate the crypto market, just like any other market if you have a lot of money and knowledge on how to do it. Everyone wants Bitcoin to be more adaptable, to be available to everyone and everywhere - but not to be available to people who want to make money on it. I can only tell you that you can continue to live in illusion, or accept reality.

Lost bitcoins aren't really counted as a donation to other bitcoin holders because once a coin is lost due to human error, it cannot be benefited by anyone anymore. Unless, you have mistakenly sent the bitcoin to an active user, then just consider it as a donation and an experience you should learn upon. Lost bitcoins and other coins are trapped in the blockchain which cannot be retrieved, therefore no one will be able to utilize it. Meanwhile, those coins that are held in an account and then the owner suddenly forgets the seedphrase or password can no longer be accessed too. There is a very slim chance of getting your account back once you've forgotten the important information that are needed for you to open your account. There are some people who offer such retrieval services but most of them are probably scams.

The lost coins and impossible to recover accounts with coins just contribute to the basic supply and demand law. The moment either or both aforementioned situation happen, the supply will be little and the demand will be big, resulting to higher price value of the coin. I think this is more on contributing to the community and position status rather than being a donation.

Losing a coin or forgetting the significant details are very much saddening. I encountered many scenarios about it and I know it is indeed heart-wrenching to the owner. It's really needed for us to be careful and mindful whenever we make any transaction to avoid these kinds of losses. We are responsible for our own funds, hence we should do everything that we can to protect it.

donation for what? How can holders get benefits from it? They were lost forever so if you think it can save the price of bitcoin from the fluctuation because of that reasons, stop it as it's very obvious that its still useless because big investors still have the power to manipulate the market even though there are some lost bitcoin in the space, they're affected as well indeed so its nothing in my personal opinion.

You can think of it like that. They've contributed that much since there's no way to retrieve those lost bitcoins forever so the value that they add to the economy is high.
And that's a guarantee that bitcoin won't be going to zero since the value of those lost bitcoins will stay in the market. So if there are still people that are telling you that, just smile at them if they don't know that there are lost bitcoins forever.

Well, it's not like a lost diamond in the ocean. The amount of Bitcoins is limited to 21M. This is not a large number considering that theoretically it would be adopted as a popular form of payment in the world. When someone loses Bitcoin or a few or several thousand Bitcoins, it reduces its supply even more. This makes that in some micro scale (theoretically) increase its value, so it is a kind of a donation for everyone else who owns Bitcoins.

The smaller circulating supply is, the bigger price will be as when something is limited, it has additional value due to this fact. So actually, when someone loses his access to a wallet or just loses Bitcoin someway, they decreases Bitcoin offer and, as a result, the price of Bitcoin will be higher in case that demand remain at the same level.

Many people have lost their Bitcoins for various reasons. There are several ways to secure your Bitcoins, such as keeping the security code from being spread and really having to keep it a secret even with those closest to you. Bitcoin is a valuable asset that is hard to come by, so it would be a shame to lose it especially because you were deceived. But I don't think of this as a donation for everyone.

If the owner of lost coins planned to never sell them and use them as a currency, then the loss wasn't really a donation, because those coins wouldn't have been dumped on the market anyway. Also, the market doesn't know if a coin is lost or not, no one can know that, aside from the owner. So the market can't react to, let's say some news that say "1,000 BTC was lost today".

Lost means its list for you. Not for others, because this is still in the Bitcoin blockchain. When a coin is stuck in a chain due to sending the wrong address or lost private keys mean circulation supply has been reducing which will lead to potential price up. So here LoyceV presented Satoshi quote which is true ever. It's like a donation to all holders since they get the benefits of reduced circulation.

However, I don't like this donation for me and others as well. It would be a pain forever.