Topic: Lost Bitcoins - page 2. (Read 311 times)

This is why bitcoin is completely decentralised in every manner unlike those centralised shitcoins in which you are not provided with the freedom and the main authority lies with the owner.

Bitcoin is free from these central chain of authority and all the developers and miners are working voluntarily and don't have the control over network which means they can't make any changes to the network and the whole process carried out in a decentralised manner from one end to other not involving third party and we don't need any changes in the system.

Bitcoin developers have no control over anything whatsoever, least of which the network and people's transactions or keys! In fact bitcoin was created so that we no longer need any third parties and centralized authorities to control our money, in other words to get rid of the system you just explained here.

You can't compare Bitcoin to a centralized system just like that.

Firstly, existing UTXOs aren't "credits", those are locked through scripts that can only be unlocked using the owner's private key.
Secondly, the developers don't have access to the users' private keys or full control of the blockchain, they can't just decide to spend or move a coin if they want to.
And lastly, The coins which are in the 'blocks' which form the 'blockchain' isn't stored in a single server that can be manipulated by a single entity.
The blockchain is stored in every 'full node', those are the users of the reference client 'Bitcoin Core' or other alternative implementations of Bitcoin that follow the network's protocol.

So anyone (even the developers) can make that "insurance company" but they can't just issue the coins to the claimers,
they still need the private key or change the network's protocol which requires the agreement of the whole Bitcoin network (the users).

Can you elaborate this implementation?

I am convinced that I have discovered a way for people who sent bitcoins to nonexistent addresses to have those bitcoins returned to them. Back in 1999 I acquired an old Volvo from a family member. The family member had lost the signed title to the vehicle and was unable to locate the person who they purchased the vehicle from. I learned that I could get a title for the vehicle in my name by purchasing a surety bond. I wrote a paper declaring that I was the possesser and rightful owner which I signed and had notorized at a currency exchange. I took that to the insurance company and paid them $500.00. They provided me with documentation that said they would be liable for any future claims made by another person who could prove to be the rightful owner of the vehicle. In any event the car from then on was legally mine as the state of Illinois verified by issuing me a title to the vehicle. I am convinced that the same can be done in the case of lost bitcoins. Chain analysis can search for the address (the person claiming lost bitcoins has to provide the address) and the errant transfer. An insurer (an insurance company may have to be created for this purpose) can, for a fee, insure the claimant in the event that someone else claims to be the rightful owner of those bitcoins. Once all this is done the bitcoin developers can credit the possesser of the public address with a new private address issued in a hash that says they possess the amount of bitcoins that was lost. This can work and should be implemented asap. $Rasul11@cashapp