Lost Bitcoins - page 8. | Bitcointalksearch.org

shackleford

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Quote from: cynical on February 22, 2018, 07:54:47 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/

Very informative article that you have thrown off. I imagine and could not, so many coins are in a derelict condition. I couldn't even imagine the big money. I calculated the exchange rate today bitcoin and get the amount of 30 trillion dollars. That's a huge amount. !!!!!!!!!!!!!!!!!!!

tinyblue

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I've thought about this many time, and I think the best solution would be to implement some sort of inflation into Bitcoin. Maybe a fork that will introduce say 2,000 new mineable Bitcoin into the blockchain.

PerLasz

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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.

pendekar cinta

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If the majority of coins suffer in the long run certainly the world of cryptocurrency will begin to be threatened its existence However,I try to remain convinced that bitcoin will continue to grow rapidly in the next few years to help someone in making a profit and change lives for the better than ever.

realaccountakira

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Quote from: revCrypto on February 22, 2018, 07:22:28 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?

You are right, low circulating supply definitely means that bitcoin will increase in value. Over time, i speculate this trend will continue and be good for bitcoin because it will increase scarcity more. I don't see how the reduced number of coins can actually "diminish returns" and inflict any sort of damage to our system.

Simplest strategy is to just hold and be rewarded later.

BitHodler

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Quote from: aardvark15 on May 23, 2018, 01:30:46 PM

We don’t know exactly how many are lost because many are lost when the owner dies and no one knows about the Bitcoins.

I'm quite sure that we're pretty close to seeing banks offer vault services for crypto enthusiasts and investors. In this case you contractually make clear that you want this or that to happen with your coins when you are gone.

Times are changing. This market no longer consists of cyber punks, but average people trusting their bank more than anything else. Their fiat and precious metals are stored in banks already, so why not crypto too?

I personally will never allow anyone to have control over my coins, it just doesn't feel right. For the first ever time I can digitally hold what I own myself. I'm proud of this and will continue to be so.

Lenzie

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Quote from: revCrypto on February 22, 2018, 07:22:28 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 sooner or later there will be new rules on 9wning a bitcoin wallet. Like after 10 years of inactivity all the wallets will be unlocked and returned the remaining butcoin that have been forgotten to the pool.

Lorna111

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Quote from: adolf512 on February 23, 2018, 05:35:05 AM

Quote from: revCrypto on February 22, 2018, 07:22:28 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?

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

I am not comfortable to loss my wallet and my coin, have you lost your wallet either by hacker or by damaged hard drive ? given because of some hacker stole your coins in your wallet or your hard drive had damaged, it would not affect the Bitcoin or the crypto currency market , i suggest you do your home work, make a study about this issue then you can always post another question on this wall. Market is volatile, anything can happened during the trading market.

Thirdspace

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Quote from: revCrypto on February 22, 2018, 07:22:28 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?

even if we already mined all 21M BTC and lost 99% of it, that makes only 210,000 BTC left
I'm pretty sure we will not call it critical point and will just see bitcoin price goes up to the roof
the price will be at least 100x or even 1000x of current price Cool

Quote from: revCrypto on February 22, 2018, 07:22:28 AM

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 won't be actual diminishing returns as the difficulty increases the price follows
when the price doesn't reflect it, the miners will choose to stop mining and difficulty decreases
and then the new equilibrium will be formed creating the balance of price, bitcoin supply, miners and network difficulty

Averim

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Quote from: revCrypto on February 22, 2018, 07:22:28 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?

You are not an optimistic person. The only way to lose all the cryptocurrency is someone to use an EMG (electromagnetic weapon) or a strong virus.

nolestiket

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I think this will happen very soon. But if that except bitcoin there are other large crypto-currencies, such as the etherium, EOS. Just those who used bitcoin will be able to switch to them or to some new ones

DaryaDancova

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As far as I know, now the number of lost bitcoins is very small. And if we talk about the future, then the crypto currency market develops, as well as the security measures for crypto currency investments, so the number of lost bitcoins will be less.

BitcoinCommodor

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Quote from: wuvdoll on May 23, 2018, 12:41:39 AM

Quote from: Quidat on May 09, 2018, 02:52:35 PM

Quote from: cynical on February 22, 2018, 07:54:47 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/

I dont know on whats their basis when it comes to the total of bitcoins that is lost or just floating into the voin. 4M bitcoins is too much but well its possible. Imagine that we do only have 21M coins minus with that 4M and counting upto these days. There would really be a supressed supply which means if demand would still continue to rise up with less supply then expect we would really see high prices but minding these things wont really be relevant because we didnt even mined the last piece of bitcoin.It wont really happen in our lifetime then why we should care?

It is very possible. A lot of people in the past who probably mined bitcoin earlier with their system and had some bitcoin in return or those who bought some back then, over time could have just given up and just throw the access to their wallet somewhere they just cannot remember anymore and as long as those are lost and they have no access to the wallet or most especially the private key anymore, then they are gone forever and there is no way they can be retrieved, so we are only going to be left with those ones in circulation right now.

Market and source of investment is a process of many factors that involve directly or indirectly. All factors are of same importance as one factor can lead you towards hell if you are not taking care of that. By means of market and investment tools we should take care of our decisions and the wallet we use for keeping our coins safe but you wallet will safe if you do not reveal password.

BartS

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Quote from: revCrypto on February 22, 2018, 07:22:28 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 nothing to be done and in my opinion nothing should be done, if many bitcoins are lost that just means that the rest of the coins become more valuable, it is as simple as that and in fact that was what Satoshi himself proposed, besides those coins are not really lost forever, given enough time it is possible for a different person to generate the same private key of those lost coins, that is very unlikely, the possibilities of that happening are astronomical but it could happen and so those coins will go back to the circulating supply.

aardvark15

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Quote from: revCrypto on February 22, 2018, 07:22:28 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.

bocyaj

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Quote from: cah ndablek on May 23, 2018, 12:42:41 PM

If altcoin really decreased it would make traders panicked to immediately sell it so such conditions are very difficult to avoid and traders will be disappointed when the loss.

In the case altcoin will be different with respect to bitcoin.When the price of bitcoin is reduced, in a short time period. But it altcoin, it's not that much easy to occur.Few months back, litecoin price reaches 300$.After that ,till now I can't able to see that value. For such reason, people get panic.

cah ndablek

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If altcoin really decreased it would make traders panicked to immediately sell it so such conditions are very difficult to avoid and traders will be disappointed when the loss.

wuvdoll

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Quote from: Quidat on May 09, 2018, 02:52:35 PM

Quote from: cynical on February 22, 2018, 07:54:47 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/

I dont know on whats their basis when it comes to the total of bitcoins that is lost or just floating into the voin. 4M bitcoins is too much but well its possible. Imagine that we do only have 21M coins minus with that 4M and counting upto these days. There would really be a supressed supply which means if demand would still continue to rise up with less supply then expect we would really see high prices but minding these things wont really be relevant because we didnt even mined the last piece of bitcoin.It wont really happen in our lifetime then why we should care?

It is very possible. A lot of people in the past who probably mined bitcoin earlier with their system and had some bitcoin in return or those who bought some back then, over time could have just given up and just throw the access to their wallet somewhere they just cannot remember anymore and as long as those are lost and they have no access to the wallet or most especially the private key anymore, then they are gone forever and there is no way they can be retrieved, so we are only going to be left with those ones in circulation right now.

almersyn

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Quote from: revCrypto on February 22, 2018, 07:22:28 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?

this is bad news if things happen. The protection to save the bitcoin wallet needs to be upgraded because otherwise we will lose our bitcoin wallet

gambitcoin53

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Quote from: revCrypto on February 22, 2018, 07:22:28 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?

One, it is imperative to think that loosing bitcoin at the same time is impossible, it is unlikely to happen, it will not affect the overall status of bitcoin, if the supply of bitcoin is diminishing, it maybe due to less mining and maybe some big whales are hodling it. Im sure they are setting their limits by doing so, for bitcoin not to exceed to the lowest. We all know what will happen if the supply is low, the price will go high. And when it happen, the price is so high that no one can buy it. So it must be balanced by silling from time to time.

Topic: Lost Bitcoins - page 8. (Read 1183 times)