Lost Bitcoins | Bitcointalksearch.org

Okrah

jr. member

Activity: 144

Merit: 1

Quote from: revCrypto on February 22, 2018, 06:22:28 AM

When will we hit a critical point at which there's just too many lost bitcoins due to someone loosing their wallets, dying or corrupted hard drives and etc? At some point this is bound to happen right?
I know that for the time being, low circulating supply means that the coin will increase in value but how low can it get before it starts to give diminishing returns and actually inflict damage to the system? What would happen to crypto in general if all of the coins and altcoins will suffer the same ending?

Maybe the developers have the solution for this lost bitcoins. There is no problem I think if others cannot access their wallet and lost their bitcoin forever. It may not affect all of the investors.

shoreno

full member

Activity: 1750

Merit: 118

Quote from: visionE2 on September 09, 2018, 08:16:23 AM

Quote from: sunflower_11438 on September 09, 2018, 07:37:59 AM

do not worry
bitcoin will be fine even though 99% of coins are lost from circulation
because that will happen slowly and the developers will make adjustments to solving the smallest bitcoin unit
currently the smallest unit is satoshi, maybe one day the smallest is milli satoshi or even pico satoshi (1 / Trillion)

can this information be trusted? if there is the smallest bitcoin unit that is smaller than satoshi, then this means that the price of bitcoin is very expensive, right? but, when it will be implemented?

Lol its impossible . theres no thing called mili or pico satoshi because satoshi is already a measure for the small units of bitcoins . we can just add zero's and we can still call it a satoshi .

Anyway , loosing a bitcoin is normal and always happen all the times whenever we did a wrong move during gambling , trading or investing but we can still try again , so that we can possibly recover our losses .

blackbold

full member

Activity: 384

Merit: 100

Quote from: cynical on February 22, 2018, 06:54:47 AM

It is highly unlikely that every owner of Bitcoins will all loose access to them,
and thats 21,000,000 bitcoins which wont be fully mined for about another 100 years
and it is true that the lower the circulating supply the higher the value, provided people want to buy it.

The critical amount of Bitcoins lost is hard to compute before it gives diminishing returns but its all subjective and hypothetical at this stage really.

In November 2017 this report came out that just under 4,000,000 coins have been lost forever but the rate of loss will slow down.
http://fortune.com/2017/11/25/lost-bitcoins/

yes, of course, i agree with you, it's really impossible that every owner of bitcoin losing their bitcoin, and all of bitcoin supply loses because of the same problem, it's not make sense bro.. Cheesy

visionE2

full member

Activity: 616

Merit: 118

Quote from: sunflower_11438 on September 09, 2018, 07:37:59 AM

do not worry
bitcoin will be fine even though 99% of coins are lost from circulation
because that will happen slowly and the developers will make adjustments to solving the smallest bitcoin unit
currently the smallest unit is satoshi, maybe one day the smallest is milli satoshi or even pico satoshi (1 / Trillion)

can this information be trusted? if there is the smallest bitcoin unit that is smaller than satoshi, then this means that the price of bitcoin is very expensive, right? but, when it will be implemented?

sunflower_11438

newbie

Activity: 40

Merit: 0

do not worry
bitcoin will be fine even though 99% of coins are lost from circulation
because that will happen slowly and the developers will make adjustments to solving the smallest bitcoin unit
currently the smallest unit is satoshi, maybe one day the smallest is milli satoshi or even pico satoshi (1 / Trillion)

ss890

sr. member

Activity: 644

Merit: 263

Quote from: revCrypto on February 22, 2018, 06:22:28 AM

When will we hit a critical point at which there's just too many lost bitcoins due to someone loosing their wallets, dying or corrupted hard drives and etc? At some point this is bound to happen right?
I know that for the time being, low circulating supply means that the coin will increase in value but how low can it get before it starts to give diminishing returns and actually inflict damage to the system? What would happen to crypto in general if all of the coins and altcoins will suffer the same ending?

Firs of all, not every coin will go corrupt over hard drive like that. Most of the holdings are with the Satoshi (thats about 6-10% of the total supply) and thus huge bitcoin will still stay secured with him. Apart from this, most of the big mining farms have huge amount of bitcoins in their possession and surely these big companies have got things far more secured than the general user of the bitcoin. So may be, hypothetically there is very small % of bitcoin which might be getting lost forever from such things, that is hard drive corruption, lost keys and much more.

sicnarfwb

newbie

Activity: 116

Merit: 0

Reason for the lost bitcoin maybe due to hack, scam, forgotten password and email, due to accident and died, someone shared their account privacy due to trusting someone, using PC in the internet cafe for transaction and unaware that theres a keylogger or any programs that will automatically saving your password and username... etc.

Lossing BITCOINBTC depend on how you miss handled your BITCOIN WALLET.

Hell-raiser

sr. member

Activity: 462

Merit: 515

Quote from: vapourminer on September 03, 2018, 12:40:35 PM

Quote from: Buttermellow on September 03, 2018, 11:42:28 AM

Maybe it will be mined for some reasons that there could be some losses on the supply definitely the team could add some more coins on it knowingly that there could be a percentage of the losses of that crypto. There could be a substitution to it as we all know that even in fiat money where the physical money is being lost and damaged it will be replaced by other physical money. The team knows how to calculate for it so we will going to trust them.

how does one tell between coins that are lost vs coins that have simply never been moved by the owner?

if bitcoin ever adds to the 21 million supply (for whatever reason) then it would be an alt, not bitcoin.

We are still a few hundred light years away from that (figuratively speaking), so if we continue mining at the same pace, it is definitely not our concern. On the flip side though, we don't have to wait until the 22nd century when we can break outside 21M coins to witness Bitcoin turning into ~~a pumpkin~~ an altcoin. All we need to do is to change its protocol and start mining a little faster, and voila, Bitcoin is no longer what it used to be. In fact, it has already been done (and probably not just once). The result is Litecoin, a Bitcoin copycat.

Coongcoongler

newbie

Activity: 68

Merit: 0

It may appear to lose bitcoins nowadays bitcoins are more important than loosing a wallet but yes if any other have pasword it may happen but for that reason we have to keep at oursides and not sharing to much.

vapourminer

legendary

Activity: 4354

Merit: 3614

what is this "brake pedal" you speak of?

Quote from: Buttermellow on September 03, 2018, 11:42:28 AM

Maybe it will be mined for some reasons that there could be some losses on the supply definitely the team could add some more coins on it knowingly that there could be a percentage of the losses of that crypto. There could be a substitution to it as we all know that even in fiat money where the physical money is being lost and damaged it will be replaced by other physical money. The team knows how to calculate for it so we will going to trust them.

how does one tell between coins that are lost vs coins that have simply never been moved by the owner?

if bitcoin ever adds to the 21 million supply (for whatever reason) then it would be an alt, not bitcoin.

Buttermellow

member

Activity: 462

Merit: 14

Quote from: revCrypto on February 22, 2018, 06:22:28 AM

When will we hit a critical point at which there's just too many lost bitcoins due to someone loosing their wallets, dying or corrupted hard drives and etc? At some point this is bound to happen right?
I know that for the time being, low circulating supply means that the coin will increase in value but how low can it get before it starts to give diminishing returns and actually inflict damage to the system? What would happen to crypto in general if all of the coins and altcoins will suffer the same ending?

Maybe it will be mined for some reasons that there could be some losses on the supply definitely the team could add some more coins on it knowingly that there could be a percentage of the losses of that crypto. There could be a substitution to it as we all know that even in fiat money where the physical money is being lost and damaged it will be replaced by other physical money. The team knows how to calculate for it so we will going to trust them.

Baksobakar

newbie

Activity: 46

Merit: 0

losing bitcoin is the worst thing that ever happened and is a big loss

lamadu3

full member

Activity: 490

Merit: 100

Quote from: Diablesfunis on August 25, 2018, 04:53:05 AM

There will be definitely a lot of bitcoin that lost because of losing private key and other reason but that's why there's a lot of decimal in bitcoin, you don't have to own 1 bitcoin, and if the value of bitcoin keep rising, then we will use the decimal, maybe in the future you can have enough money to buy a car with 0.001 bitcoin etc, so it's not a problem in my opinion, there will be enough bitcoin for everyone.

Unfortunately, yes, my friend. We have all heard about these stories connected with the lost Bitcoins, and each time I read them I sympathized the losers.

JoeG.Fuller123

newbie

Activity: 28

Merit: 0

Bitcoins and Altcoins are not really lost, they still exist, but are hard to find. I believe that with the development of crypto technology, the future will easily find the lost coins quickly

Diablesfunis

full member

Activity: 448

Merit: 100

There will be definitely a lot of bitcoin that lost because of losing private key and other reason but that's why there's a lot of decimal in bitcoin, you don't have to own 1 bitcoin, and if the value of bitcoin keep rising, then we will use the decimal, maybe in the future you can have enough money to buy a car with 0.001 bitcoin etc, so it's not a problem in my opinion, there will be enough bitcoin for everyone.

DavidGBoydq232

newbie

Activity: 23

Merit: 0

Bitcoin and the cryptocurrency industry are still very young, capable of infinite development. Bitcoin may just be the start of an electronic money era. There will be other "Bitcoins" created, the important thing is the benefits that it gives people

EdwardARiley109

newbie

Activity: 28

Merit: 0

The value of the amount of Bitcoin and Altcoin lost is enormous. At a time when the number of all valuable coins is losing too much, the cryptographic industry is likely to create a common currency for all.

R9s

member

Activity: 406

Merit: 10

Fast, Smart, Trustworthy

The loss of the wallet is the cruelest fact. No one can help you, the loss of the wallet is equal to bankruptcy, and there is no way.

Lukamovo918

newbie

Activity: 32

Merit: 0

A new industry is emerging with "treasure hunters" trying to restore the Bitcoin and Altcoin values lost. In the future, recovery and search technology will certainly grow, so the crypto industry is always sustainable.

genuin

sr. member

Activity: 406

Merit: 251

I suggest you sell bitcoin at this time, because in the next few months I see the price of bitcoin will fall to touch USD 5k. I hope you get good luck with that. There will be many issues coming in the near future

Topic: Lost Bitcoins (Read 1200 times)