Lost Bitcoins - page 7. | Bitcointalksearch.org

muddy waters

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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?

I'm not sure that lost bitcoins will ever affect the situation on the market.
There is absolutely no way to get access to them in case of lost keys and hard drives, so the possibility of these lost coins to be ever traded is 99.999999999... %.
I just hope that in 100 years a solution will be found to "zero" them out in order not to confuse all other users of bitcoin.

Yakamoto

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Quote from: The_Dark_Knight on June 22, 2018, 10:59:01 PM

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?

There is no critical point, satoshi himself said that each coin lost should be thought of as a small contribution to the value of the rest of the coins, there are now 17.1 millions bitcoins mined supposing 2 million of those coins are lost this means the rest of the coins become automatically 11.7% more valuable and since bitcoin is divisible there should not be a problem using bitcoin as a currency.

I've never understood why people find this to be an issue anyways, most of the time it would be expected for an appreciating asset to have some of the copies of it disappearing and becoming unusable. Just because some of it gets lost over time due to the natural progression and entropy of things isn't necessarily an issue, just something that's a fact of life. I'd rather have the coins becoming a bit more valuable as they become more scarce rather than trying to preserve every single one of them.

shulio

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There will be nothing done about the lost Bitcoins. Nothing should be done. If the core devs developed some feature about lost bitcoins, the price will go deep at that time.

Angi

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Under my observation all that happen are natural only a lot of that are depending on new investors if we encourage new big investors not new panic investors I think bitcoin value will back to its stable price or it will goes up even it have an issue if hacking.

Ranly123

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Quote from: The_Dark_Knight on June 22, 2018, 10:59:01 PM

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?

There is no critical point, satoshi himself said that each coin lost should be thought of as a small contribution to the value of the rest of the coins, there are now 17.1 millions bitcoins mined supposing 2 million of those coins are lost this means the rest of the coins become automatically 11.7% more valuable and since bitcoin is divisible there should not be a problem using bitcoin as a currency.

Indeed, I don't see any problem regarding lost bitcoins. It will only help the price of the coin to gradually rise because it will make it more valuable. Lower supply will only mean higher price and higher demand.

turagsoy123456

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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?

I think the bitcoin can not be lost due to hard drive system malfunction or damages. Because it can be retrieved we can recover that system to function again. But if we lost our wallet account and we can not memorizes our private key well that's the big problem. But the bitcoin still remain in your wallet and it would not be lost. That's why we have to need a back-up copy for our personal private file.

googs84

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I think that will call for the lot of demand and low supply of each of them. This will affect in positive way in perspective of the investors as the prices will start up surging as the demand rises but supply gets locked up due to such events during the long time. I think there is no way to stop such things from happening as we never know who's holding what and at what stage they are with their lives. Just imagine if same thing happens with Satoshi and somehow his BTC gets locked then what? Then we will be short of 6 million BTC in blink of an eye. Wink

nasar

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It's very good that you think the future, but the situation that you imagined yourself is still far from reality. At the moment, we can observe that the crypto-currencies are gaining more popularity, and development

Crypdon

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Scarcity will simply mean we use satoshis as a value instead of counting in bitcoin. It won't diminish completely as we are decades away from mining the last bitcoin so i wouldn't too much just yet

zakariajaki

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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?

your view for the future is very true, yes it could happen and I am very thankful indeed the incident should be thought so as to find a good solution that the system or hack damage but for damage to systems such as backing up data offline and online must have been done by the dev through address wallet, thank you may be useful and successful for all of us

gowobonyok

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when the bitcoin owner is dead, or the hard drive is damaged, it is not an error. and I think it's not an absolute thing that can make bitcoin lost in the market. because if bitcoin is lost for free, there must be more recover.

The_Dark_Knight

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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?

There is no critical point, satoshi himself said that each coin lost should be thought of as a small contribution to the value of the rest of the coins, there are now 17.1 millions bitcoins mined supposing 2 million of those coins are lost this means the rest of the coins become automatically 11.7% more valuable and since bitcoin is divisible there should not be a problem using bitcoin as a currency.

Wong owah

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bitcoin will never disappear, maybe bitcoin prices are waiting for next month to restore bitcoin prices to recover, now all we have to do is be patient, and if bitcoin price goes up we have to trade really.

uptown04

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yes 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.

BitcoinMarketer39

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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?

If cryptocurrency volume will be going to decrease even more due to some reckless actions like forgetting your password then the price will keep on increasing, always remember that a low amount of supply will lead to the price of coins to increase even more in the market.

19spawnfeed

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Quote from: richkellj on June 22, 2018, 06:19:48 AM

Quote from: aardvark15 on May 23, 2018, 12:30:46 PM

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?

At some point soon I believe there will be more lost Bitcoins than those that aren’t lost. We don’t know exactly how many are lost because many are lost when the owner dies and no one knows about the Bitcoins. There are also many people that leave dust on a wallet because it costs more to transfer those coins in fees than the coin’s value.

It does not matter if you faced with loss because this is not your fault but your fault from the beginning. You should enter with the proper knowledge and not without knowledge because you will be able to handle and face with market situations for the survival of your investment and to lead it to a high market successfully. Now learn about the market and start again with proper knowledge so that you may be able to handle it and make some money.

If bitcoin going to lost for various reasons, it will remains encrypted in the block chainin block chain. However, it will never disappear and remains there until it is decrypted to access it. Despite the complexity of the keys used, these are all mathematical codes that can be hacked by other technologies in the future. One possible example of this is quantum computers that are able to do this. Taking into account the fact that bitcoin will become increasingly difficult to extract and that its number is limited, it will grow in price, which will facilitate the use of various new technologies to gain access to lost bitcoins. Apparently, it will be something like the mining of lost bitcoins.

richkellj

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Quote from: aardvark15 on May 23, 2018, 12:30:46 PM

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?

At some point soon I believe there will be more lost Bitcoins than those that aren’t lost. We don’t know exactly how many are lost because many are lost when the owner dies and no one knows about the Bitcoins. There are also many people that leave dust on a wallet because it costs more to transfer those coins in fees than the coin’s value.

It does not matter if you faced with loss because this is not your fault but your fault from the beginning. You should enter with the proper knowledge and not without knowledge because you will be able to handle and face with market situations for the survival of your investment and to lead it to a high market successfully. Now learn about the market and start again with proper knowledge so that you may be able to handle it and make some money.

Johnyz

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Quote from: PerLasz on June 21, 2018, 01:29:02 AM

Once the person who owns bitcoin and no one knows about his private key, we can say that all has gone. Because once we did not recover our password we couldn't retrieve our earnings for it is on the secure storage. Better to take care in organized way your wallet.

This is the risk of losing your private keys or if you don’t have any backed up about your wallet because there is no way to recover your loss, so you have to be careful on protecting your details. So many cases like this, learn from that costly mistakes.

cherrymobile

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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?

That is very sad cause you lost bitcoin and also it is a great mind that you can do on your savings. Cause bitcoin can be your own money to support your financial income too it can save you in the future so start saving it. Cause I think yes! the future of cryptocurrency is really amazing in now so I thinkbe careful next time

ulakudrakova

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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?

Huge amounts of bitcoins and other currencies do not belong to anyone, because of mistakes and stupid people. Very sorry 4 000 000 bitcoins just lying in the system and is not beneficial. Why there is no algorithm, which implies an inactive the purses to distribute to the miners or other actors in the chain.

Topic: Lost Bitcoins - page 7. (Read 1209 times)