Lost bitcoins - page 2. | Bitcointalksearch.org

Abiky

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Quote from: BenCodie on July 25, 2023, 04:52:00 PM

I disagree that there is no such thing as a donation. I am sure in the years of 2008-2012 people who held Bitcoin may have had the idea that by destroying supply in some way, would positively contribute to the economics of Bitcoin due to reducing the supply. These actions would be considered donations to the network. It's very unlikely that this still happens with similar amounts. Maybe similar things happen today, though it just seems less likely due to value difference at that point until now.

Those who irresponsibly held their coins and then lost access to them did not voluntarily donate to the network like the above, rather their own actions and unfortunate circumstances led to an involuntary donation to the network, as their loss becomes beneficial to the economics of Bitcoin (again, less supply).

I agree that bruteforcing is unlikely to ever be successful and if it ever is near, a patch will be implemented prior to it being deployed against Bitcoin....I hope.

There are also "dormant" Bitcoins which are kept in a cold storage wallet for later use. Some people believe these coins are lost because of the inactivity on the Blockchain. There's really no way to tell if Bitcoins are lost or dormant. But you can rest assured that BTC won't be affected just because some people lost their coins. There are plenty of satoshis for everyone to get into the game. The more coins lost, the higher the price of a Bitcoin will be.

I'd focus on buying and accumulating BTC to prepare myself for the future. Who knows if we're closer to $1m per coin than we've ever thought? Just my opinion

Patrol69

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People who are involved with Bitcoin or who hold Bitcoin for a long period of time first settle their wallets more and then hold Bitcoins for a long time so it is very difficult to lose Bitcoins with this much security. But the bitcoins that are lost from the market may be from one person to another, but the amount of bitcoins that were supplied is still in the market, so even if the lost bitcoins are recovered, there is no possibility that the value of bitcoins will decrease. But if some more amount of Bitcoin is added to the market beyond the total supply then the price of Bitcoin may fall down from the current state. If there is some amount of bitcoins in the reserve, then those bitcoins must be released in the market according to a certain medium. If those bitcoins can be released in the market according to a certain medium, then the price of bitcoins will remain normal.

Smartvirus

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Quote from: Mia Chloe on July 09, 2023, 02:20:19 PM

Technically, the bitcoins aren’t lost as its readily visible on the address or addresses instead, what’s lost is the seed phrase or private keys to the wallets hodling them and in some cases, on some exchange that went out of existence. In most cases, these exchanges just make away with your money and you consider it lost.

Should the coins be recovered by any means, that still doesn’t mean it’s all going to be offered for sales in the market. Haven’t understood what values it’s got and what future it could have in time, it wouldn’t be strange to have anyone completely liquidate their portfolio. I think the smart move would be, selling just enough to be stable or rich as you could be while, you hodl the major for a time you don’t know yet.

In the event that such persons or organizations gets to sell, surely the market will sock it all up and be back before you know it.

worle1bm

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Quote from: ?? on ??

Basically we and system don't count these coins as lost. THere is prosigure to loose it forever.

We can't actually count them but we can see how many are in circulation while the actual one's lost are those which cannot be recovered at all that will decrease the 21M supply with that number permanently.So what system you are talking about here? If there is possibility to recover any coins we can't consider them lost so how come we decide these numbers?

ancafe

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Quote from: Mia Chloe on July 09, 2023, 02:20:19 PM

I read some old threads about lost Bitcoins ND this question has been on my mind ever since
If the lost Bitcoins were for instance recovered will the price of Bitcoin drop because in theory it would affect the amount of Bitcoin in circulation which will lower it's price . I saw in those threads that lost Bitcoins are considered a donation to the Bitcoin network. so if my theory is correct then we should be happy those Bitcoins were lost.

The cause of the loss of bitcoins is caused by several things, cases of hacking and loss of storage wallet access. If the trait is lost, but can eventually recover it means it will never disappear. The price of bitcoin is not determined by a single event and there are many things that might influence it. For example, such as demand and supply as a general basis whenever something is traded and there is always a bargaining value that applies in the market.

No one likes it if the bitcoin they have is lost, so therefore everyone must be able to secure the bitcoin they have by storing it in a safe place. There are wallets that can make bitcoins safe to store and all you need to do is learn how to use them.

BenCodie

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Quote from: justdimin on July 27, 2023, 01:22:23 AM

Quote from: BenCodie on July 25, 2023, 04:52:00 PM

We can always remind ourselves and others about the precautions and steps to make sure that holdings are secure to prevent loss, though I'm sure that there will always be mistakes and irresponsibility (both are human nature after all) and therefore Bitcoin will always receive involuntary donations.

I agree with that, I do not think that they donated to make sure that the supply drops and the value would go up. I think they just involuntarily did that by making a mistake.

In the early days, I'm sure many played with the theory of destroying coins in attempt to effect price. Or, believed they were contributing to the ecosystem by destroying coins. Of course it would be a very small percentage of people vs. involuntary/mistakingly...though still some people may have nonetheless.

Quote from: justdimin on July 27, 2023, 01:22:23 AM

I have done that before, there is some money out there somewhere in the world that I used to own. I am fine with it and at peace because it was about 10 dollars back then, and probably somewhere close to 3k today, and will probably be more later on.

Me too. It sucks, but that's just how it goes! You have to also remember that you could have spent or sold those coins at any point from then until today, and when you think of it that way you find more peace in knowing that either way you may not have ran the whole hodl marathon to date.

Quote from: justdimin on July 27, 2023, 01:22:23 AM

However, I had the chance to get more of it when I can and decided not to, so it is going to be a different situation. In the end we are talking about a situation where it is going to be difficult and we need to learn to live with it and can't really make a big difference in the end when the time comes.

Agreed....and deciding not to now at a point where the future is so obvious, is a much different regret to earlier days. Let's hope ourselves and others do better for our future.

justdimin

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Quote from: BenCodie on July 25, 2023, 04:52:00 PM

We can always remind ourselves and others about the precautions and steps to make sure that holdings are secure to prevent loss, though I'm sure that there will always be mistakes and irresponsibility (both are human nature after all) and therefore Bitcoin will always receive involuntary donations.

I agree with that, I do not think that they donated to make sure that the supply drops and the value would go up. I think they just involuntarily did that by making a mistake. I have done that before, there is some money out there somewhere in the world that I used to own. I am fine with it and at peace because it was about 10 dollars back then, and probably somewhere close to 3k today, and will probably be more later on.

However, I had the chance to get more of it when I can and decided not to, so it is going to be a different situation. In the end we are talking about a situation where it is going to be difficult and we need to learn to live with it and can't really make a big difference in the end when the time comes.

hitsnorth

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Quote from: dlightag on July 26, 2023, 04:53:01 AM

Bitcoin has a specific number created which everyone has already know total supply as a Bitcoin users, in other words Bitcoin is Lost is gone for ever, because the private key or password doesn't share to anyone, which is a individual risk holding in a private wallet and that is why is good to go for knowledge before enroll Bitcoin business.

You just posted a Wikipedia page just with your words. Yeah, we all know that. It's kinda sad that it can't be recovered at all. Yeah, Bitcoin requires preparation and security, but it's not just you losing Bitcoin, it's lost forever for everyone.

dlightag

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Bitcoin has a specific number created which everyone has already know total supply as a Bitcoin users, in other words Bitcoin is Lost is gone for ever, because the private key or password doesn't share to anyone, which is a individual risk holding in a private wallet and that is why is good to go for knowledge before enroll Bitcoin business.

BenCodie

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Quote from: milewilda on July 23, 2023, 06:50:00 PM

Quote from: BenCodie on July 23, 2023, 04:17:29 PM

Quote from: Mia Chloe on July 09, 2023, 02:20:19 PM

I read some old threads about lost Bitcoins ND this question has been on my mind ever since
If the lost Bitcoins were for instance recovered will the price of Bitcoin drop because in theory it would affect the amount of Bitcoin in circulation which will lower it's price . I saw in those threads that lost Bitcoins are considered a donation to the Bitcoin network. so if my theory is correct then we should be happy those Bitcoins were lost.

Lost bitcoins are not a voluntary donations to the network. They are involuntary. Irresponsible storage or the neglected necessity to take care of how you store your Bitcoins is one of the reasons that they will never be able to be recovered. I doubt many of those who lost their coins voluntarily destroyed their access to them.

There will never be a case where all lost Bitcoins suddenly become available to their owners, so there is no need to theorize how much the price would drop if that were to happen. Though yes, the price would drop as instantly a lot of Bitcoin would enter supply rapidly.

Should we be happy? Not really. It's better that Bitcoins are circulating and continued to circulate since that period of time. It creates more ecosystem activity, it creates more use-case and it makes the network more active. Is it economically beneficial right now that these coins are unlikely to ever be circulated again? Sure.

There's no such thing about donation because those coins are totally lost in void and there's no way on getting those coins back unless if those privatekeys would be able to retreive or would be seen again then for sure
those coins would really be get on, considering on how long it had been idle then its impossible for its owners not to sell out on the time that they would really be getting a hold of it. Cheesy

Lots had been even trying to bruteforce a particular wallet but still failed up and this do proves out on how secure Bitcoin is.

I disagree that there is no such thing as a donation. I am sure in the years of 2008-2012 people who held Bitcoin may have had the idea that by destroying supply in some way, would positively contribute to the economics of Bitcoin due to reducing the supply. These actions would be considered donations to the network. It's very unlikely that this still happens with similar amounts. Maybe similar things happen today, though it just seems less likely due to value difference at that point until now.

Those who irresponsibly held their coins and then lost access to them did not voluntarily donate to the network like the above, rather their own actions and unfortunate circumstances led to an involuntary donation to the network, as their loss becomes beneficial to the economics of Bitcoin (again, less supply).

I agree that bruteforcing is unlikely to ever be successful and if it ever is near, a patch will be implemented prior to it being deployed against Bitcoin....I hope.

Quote from: milewilda on July 23, 2023, 06:50:00 PM

This is why if you do own Bitcoin then it would really be just that a common sense
on storing up those keys on a secure place but never ever tend to forget those keys because once those things are lost then say goodbye into your wallet and coins inside it.

We can always remind ourselves and others about the precautions and steps to make sure that holdings are secure to prevent loss, though I'm sure that there will always be mistakes and irresponsibility (both are human nature after all) and therefore Bitcoin will always receive involuntary donations.

AmoreJaz

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Quote from: KiaKia on July 24, 2023, 10:41:47 AM

Quote from: Mia Chloe on July 09, 2023, 02:20:19 PM

I read some old threads about lost Bitcoins ND this question has been on my mind ever since
If the lost Bitcoins were for instance recovered will the price of Bitcoin drop because in theory it would affect the amount of Bitcoin in circulation which will lower it's price . I saw in those threads that lost Bitcoins are considered a donation to the Bitcoin network. so if my theory is correct then we should be happy those Bitcoins were lost.

Happy that someone lost his or her life savings? No I am not, because I am also a Bitcoin holder, I won't like it if I manage to lost my Bitcoin, also there is no way we can know the numbers of lost Bitcoins, and not all sleeping wallet addresses are lost.

Even if no single Bitcoin are lost till date are you saying that the value ain't never going to be the same? Those who lost their Bitcoin for real might have sold them in the past years already, any old holders that have Bitcoin right now understood the game, and they are prepared to always be here for a longer period.

there are various reasons why they are considered lost. owners forgot the keys, or simply forgot they had bitcoins. or some owners were already dead and didn't give it to their loved ones and so on. whatever the reason is, it won't affect anymore in the current market. i don't think recovering the lost btc will have an impact in the current market. we already reach this price level for years, so it is like establishing the foundation of this market considering all the other factors including these lost BTCs

Abiky

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Quote from: Casdinyard on July 23, 2023, 06:53:18 PM

Lots of stuff that affects the price of bitcoin, the ones at circulation are just a factor of it. If it were to be discovered and returned into circulation, depending on if it were to be sold outrightly, or if it were to be sold to be traded yields two different outcomes. The former causing the price to go down cause it depreciates the value of bitcoin by dumping some of it especially if it's a substantial amount, but the latter wouldn't do much cause at the end of the day, nothing of value is lost.

I would argue that the recovery of lost bitcoins would even be great for bitcoin cause at the end of the day, that's more bitcoin that would be in circulation with more people being able to buy and use it, so whether they sell it or not, the price change will be temporary, but the benefits will stay with us until bitcoin's gone.

I'd tell you Mr. Craig Wright tried to recover lost coins on his Bitcoin SV blockchain, only to face opposition from the community (as far as I'm aware). Don't expect BTC developers to do the same, especially when it's in their best interests to keep Bitcoin a deflationary cryptocurrency. As Satoshi stated before, “Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.” If lost coins are recovered, doesn't that make BTC similar to banks? I'm fine with Bitcoin just the way it is.

People should assume responsibility by protecting their Bitcoins from being lost in the long run. If they're lost, they're gone for good. Think of it as cash (paper money). Only that it's not controlled by a government or central bank, and it's deflationary by design. Who knows how much BTC will be worth in the future as coins are removed from the circulating supply? Just my thoughts Grin

KiaKia

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Quote from: Mia Chloe on July 09, 2023, 02:20:19 PM

I read some old threads about lost Bitcoins ND this question has been on my mind ever since
If the lost Bitcoins were for instance recovered will the price of Bitcoin drop because in theory it would affect the amount of Bitcoin in circulation which will lower it's price . I saw in those threads that lost Bitcoins are considered a donation to the Bitcoin network. so if my theory is correct then we should be happy those Bitcoins were lost.

Happy that someone lost his or her life savings? No I am not, because I am also a Bitcoin holder, I won't like it if I manage to lost my Bitcoin, also there is no way we can know the numbers of lost Bitcoins, and not all sleeping wallet addresses are lost.

Even if no single Bitcoin are lost till date are you saying that the value ain't never going to be the same? Those who lost their Bitcoin for real might have sold them in the past years already, any old holders that have Bitcoin right now understood the game, and they are prepared to always be here for a longer period.

Z-tight

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Quote from: Casdinyard on July 23, 2023, 06:53:18 PM

I would argue that the recovery of lost bitcoins would even be great for bitcoin cause at the end of the day, that's more bitcoin that would be in circulation with more people being able to buy and use it, so whether they sell it or not, the price change will be temporary, but the benefits will stay with us until bitcoin's gone.

How would it be great for BTC when it is impossible to be certain that BTC in a dormant address is lost, this idea would defeat and possibly destroy the network because it will lead to stealing people's coins because they decided not to sell or move it. If BTC are lost, then let them remain lost, but there should be no way to recover BTC's that have not moved for a very long time.

Casdinyard

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Lots of stuff that affects the price of bitcoin, the ones at circulation are just a factor of it. If it were to be discovered and returned into circulation, depending on if it were to be sold outrightly, or if it were to be sold to be traded yields two different outcomes. The former causing the price to go down cause it depreciates the value of bitcoin by dumping some of it especially if it's a substantial amount, but the latter wouldn't do much cause at the end of the day, nothing of value is lost.

I would argue that the recovery of lost bitcoins would even be great for bitcoin cause at the end of the day, that's more bitcoin that would be in circulation with more people being able to buy and use it, so whether they sell it or not, the price change will be temporary, but the benefits will stay with us until bitcoin's gone.

milewilda

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Quote from: BenCodie on July 23, 2023, 04:17:29 PM

Quote from: Mia Chloe on July 09, 2023, 02:20:19 PM

I read some old threads about lost Bitcoins ND this question has been on my mind ever since
If the lost Bitcoins were for instance recovered will the price of Bitcoin drop because in theory it would affect the amount of Bitcoin in circulation which will lower it's price . I saw in those threads that lost Bitcoins are considered a donation to the Bitcoin network. so if my theory is correct then we should be happy those Bitcoins were lost.

Lost bitcoins are not a voluntary donations to the network. They are involuntary. Irresponsible storage or the neglected necessity to take care of how you store your Bitcoins is one of the reasons that they will never be able to be recovered. I doubt many of those who lost their coins voluntarily destroyed their access to them.

There will never be a case where all lost Bitcoins suddenly become available to their owners, so there is no need to theorize how much the price would drop if that were to happen. Though yes, the price would drop as instantly a lot of Bitcoin would enter supply rapidly.

Should we be happy? Not really. It's better that Bitcoins are circulating and continued to circulate since that period of time. It creates more ecosystem activity, it creates more use-case and it makes the network more active. Is it economically beneficial right now that these coins are unlikely to ever be circulated again? Sure.

There's no such thing about donation because those coins are totally lost in void and there's no way on getting those coins back unless if those privatekeys would be able to retreive or would be seen again then for sure
those coins would really be get on, considering on how long it had been idle then its impossible for its owners not to sell out on the time that they would really be getting a hold of it. Cheesy

Lots had been even trying to bruteforce a particular wallet but still failed up and this do proves out on how secure Bitcoin is. This is why if you do own Bitcoin then it would really be just that a common sense
on storing up those keys on a secure place but never ever tend to forget those keys because once those things are lost then say goodbye into your wallet and coins inside it.

erep

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We have to distinguish between lost bitcoins or suddenly active wallets because the owner holds bitcoins for too long, even though there are large amounts of bitcoin transactions to other addresses but that does not mean they can affect market prices, every day there are always large numbers of bitcoin transactions to other addresses that are detected by the bot system being developed.

Even though deposit transactions from addresses have recently been active but not large amounts, it is possible that wallet owners only use 10-20% to be sold in stages due to the financial need to develop their company, but their assets are focused on holding long term because of the potential for bitcoin prices to increase higher in the future.

BenCodie

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Quote from: Mia Chloe on July 09, 2023, 02:20:19 PM

I read some old threads about lost Bitcoins ND this question has been on my mind ever since
If the lost Bitcoins were for instance recovered will the price of Bitcoin drop because in theory it would affect the amount of Bitcoin in circulation which will lower it's price . I saw in those threads that lost Bitcoins are considered a donation to the Bitcoin network. so if my theory is correct then we should be happy those Bitcoins were lost.

Lost bitcoins are not a voluntary donations to the network. They are involuntary. Irresponsible storage or the neglected necessity to take care of how you store your Bitcoins is one of the reasons that they will never be able to be recovered. I doubt many of those who lost their coins voluntarily destroyed their access to them.

There will never be a case where all lost Bitcoins suddenly become available to their owners, so there is no need to theorize how much the price would drop if that were to happen. Though yes, the price would drop as instantly a lot of Bitcoin would enter supply rapidly.

Should we be happy? Not really. It's better that Bitcoins are circulating and continued to circulate since that period of time. It creates more ecosystem activity, it creates more use-case and it makes the network more active. Is it economically beneficial right now that these coins are unlikely to ever be circulated again? Sure.

Doan9269

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Quote from: Mia Chloe on July 09, 2023, 02:20:19 PM

If the lost Bitcoins were for instance recovered will the price of Bitcoin drop because in theory it would affect the amount of Bitcoin in circulation which will lower it's price

You should know this, that bitcoin transactions are one way forward actions that cannot be reversed, it's either the transaction gets confirmed and you lost your bitcoin through sending it to wrong address, if you sent to a wrong address, the coins are gone forever, if your transactions is unconfirmed, give it time to get confirmed because mempool might be busy atimes, now this is where people get it wrong, if you loose access to your private keys that allows you to have control over your bitcoin for yours doesn't mean your coins are lost, they will always be on that wallet till you have access to those keys or they remain there, that is not treated as lost coins.

OcTradism

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Quote from: TheUltraElite on July 22, 2023, 04:48:28 AM

Very few of these are actually recovered. The majority are lost forever and we should not give much importance to that. While they are not recovered we have to consider them as sold at zero price and hence they make the total pool of available bitcoin lower and hence raise the price. But I agree that Bitcoin itself is rare and not much liquid even today and hence it's price is high. We should focus on increasing the amount of Bitcoin that we own and leave out the rest.

What is lost is lost forever and it is almost impossible to find what you lost like private keys, passwords or seed phrase. Chance to recover a lost wallet, password, seed phrase is not big so very few assumed lost bitcoin will be recover.

Some old bitcoins woke up are not actually lost bitcoins. They are only dormant bitcoins and the owners still have access to those coins and they just did not move their coins in previous years.

For lost bitcoins I don't mind when they were lost and around what prices of Bitcoin on the market. It belongs to history and only the owners know real stories of their losses so with us, it does not make sense to guess their stories.

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Also keeping the coins safe is an important thing as well. Don't lose your one coins thats the main thing.

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