Lost Bitcoins | Bitcointalksearch.org

Crypto_Happy_Sad

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Quote from: trjm79 on November 30, 2017, 02:50:38 PM

he loss of a digital currency can be very painful for its owner, it at the same time adds a little value to the rest of the bitons because of the reduction in supply. In addition, today's users are likely to process their bitcoins with greater accuracy, so that the probability of losses in the future is lower. However, this process is irreversible, and therefore the number of lost bitcoins will only grow

Absolutely Sad

trjm79

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he loss of a digital currency can be very painful for its owner, it at the same time adds a little value to the rest of the bitons because of the reduction in supply. In addition, today's users are likely to process their bitcoins with greater accuracy, so that the probability of losses in the future is lower. However, this process is irreversible, and therefore the number of lost bitcoins will only grow

Mr.Dick

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Quote from: Frizz23 on February 13, 2012, 06:24:18 AM

What happens to all those Bitcoins that are parked in offline / paper wallets - and get lost (-> spouse throws away paper with strange symbols on it, hard drive crash, etc.) ?

Does that mean Bitcoins get more and more precious over time?

Yeah, they'll be gone like every bitcoin is gone in whitchs case the private key was lost e.g. damaged hard disc.

Lasvista

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Quote from: Frizz23 on February 13, 2012, 06:24:18 AM

What happens to all those Bitcoins that are parked in offline / paper wallets - and get lost (-> spouse throws away paper with strange symbols on it, hard drive crash, etc.) ?

Does that mean Bitcoins get more and more precious over time?

That can not happen, the communication will be offline for you to earn bitcoin. And then if ever it happens that the process of working with you is slower. It's online because everything you can do. You have a good idea and you know who you are. Unlike offline you are working but you really do not know whether they really are or scammers. Bitcoin will slow down and slow down if ever this happens. It will gradually fall.

HDAMMO

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The more bitcoins that are lost, the more rare it becomes i think

Gotumoot

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Quote from: Frizz23 on February 13, 2012, 06:24:18 AM

What happens to all those Bitcoins that are parked in offline / paper wallets - and get lost (-> spouse throws away paper with strange symbols on it, hard drive crash, etc.) ?

Does that mean Bitcoins get more and more precious over time?

They have nothing to do if they are confined to a home that seems to be hiding out of social life as well as online can not be done. At what time do we have modernity? everyone uses internet connection to communicate with their fellow Speaking of "Communicate"? Talking to other people. In our day now it's the trend that even a person can talk to you. Similarly, new service providers are offering new jobs. You just have to go online and then you will earn. Like Bitcoin you can work online to communicate with others with the help of the internet. I repeat that you can not get it money if you're just in the house.

Boseda

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Quote from: Frizz23 on February 13, 2012, 06:24:18 AM

What happens to all those Bitcoins that are parked in offline / paper wallets - and get lost (-> spouse throws away paper with strange symbols on it, hard drive crash, etc.) ?

Does that mean Bitcoins get more and more precious over time?

Lost Bitcoins can not be retrieved. They will be forever lost. This, according to basic economical theories, will lead Bitcoin to increase its value over time (a.k.a. deflation).

As a side note, I'd say if your spouse throw away a paper wallet, you didn't find the right girl for sure... Grin

oegarod

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This has been a long back thread. Look at the day, it seems to be more than five years. If the user had bought some bitcoins now he could have been a millionaire. When it comes to losing of bitcoin, most of the time it happens in the form of stealing. Very few forgets the private key and losses bitcoin.

Matrix3

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Surely a part of the money is lost permanently, but it will not affect the value of the money remaining on the market. Owners must take into account where it is stored and to ensure that no loss occurs.

Crypto_Happy_Sad

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Quote from: eleuthria on February 14, 2012, 02:28:47 PM

Lost coins are one of the reasons I feel like the block rewards should have tapered off gradually, and settled down to an eventual minimum amount (Even if it was just 1 coin).

The more bitcoins in circulation, the lower the percentage of inflation the block reward represents. However, the larger the number of coins in circulation, the more likely it is for instances of lost coins to appear. Eventually, those two numbers would balance out and you'd have an approximate number of coins continuously in circulation.

Absolutely,in my case when I meant lost coins they were stolen,so they are still existing but in other cases when lost coins they might have lost the wallet key or so / or an anti-virus wipe etc.,So bottom line the second category of lost coins add meaning .And thankyou for the sensible response.

btcprospecter

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Yeah they are gone forever if that happens. And over time the 21 million bitcoin will be reduced and help increase the value of bitcoin.

Fatemablabla

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Such a great loss for the people who has losted their own coins as now the price is very high

nareshrohra

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Yes, in my understanding it makes the remaining bitcoin owners slightly richer. Bitcoin supply is limited and if coins are lost the supply becomes even more lesser and precious. But, too much scarcity is not good either

greeklogos

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Quote from: D.H. on February 13, 2012, 06:28:10 AM

Short answer: Yes.

They are simply gone.

One day all those lost and forgotten coins will become own of those wallets and exchangers where a person held it, well in a lot of cases it is going to be really like that.

Crypto_Happy_Sad

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Such a pain for the people lost and such a fun for the gainers/hackers/scammers insane !!

btc_artist

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Bitcoin!

Quote from: eleuthria on February 14, 2012, 02:28:47 PM

Lost coins are one of the reasons I feel like the block rewards should have tapered off gradually, and settled down to an eventual minimum amount (Even if it was just 1 coin).

The more bitcoins in circulation, the lower the percentage of inflation the block reward represents. However, the larger the number of coins in circulation, the more likely it is for instances of lost coins to appear. Eventually, those two numbers would balance out and you'd have an approximate number of coins continuously in circulation.

1++

eleuthria

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Lost coins are one of the reasons I feel like the block rewards should have tapered off gradually, and settled down to an eventual minimum amount (Even if it was just 1 coin).

The more bitcoins in circulation, the lower the percentage of inflation the block reward represents. However, the larger the number of coins in circulation, the more likely it is for instances of lost coins to appear. Eventually, those two numbers would balance out and you'd have an approximate number of coins continuously in circulation.

cbeast

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Let's talk governance, lipstick, and pigs.

Quote from: DeathAndTaxes on February 14, 2012, 12:35:42 PM

Quote from: Frizz23 on February 14, 2012, 03:59:42 AM

Would this be a valid attack? Imagine Goldman Sachs & friends buy a large amount of all the available Bitcoins, park them - and throw away all information where they are parked.

The money it would cost would be peanuts for them (a fraction of their bailout money Wink

... and "Problem Bitcoin" would be solved before it's getting to big.

In related news Microsoft announced a new plan to undermine Apple by buying 20 million ipods and destroying them. Apple's stock up 200%, Microsoft down 90%.

P.S: The entire Bitcoin network could run on a single Bitcoin.

I missed the part about destroying the bitcoin. In that case, yeah one Bitcoin or even satoshi would suffice.

DeathAndTaxes

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Gerald Davis

Quote from: Frizz23 on February 14, 2012, 03:59:42 AM

Would this be a valid attack? Imagine Goldman Sachs & friends buy a large amount of all the available Bitcoins, park them - and throw away all information where they are parked.

The money it would cost would be peanuts for them (a fraction of their bailout money Wink

... and "Problem Bitcoin" would be solved before it's getting to big.

In related news Microsoft announced a new plan to undermine Apple by buying 20 million ipods and destroying them. Apple's stock up 200%, Microsoft down 90%.

P.S: The entire Bitcoin network could run on a single Bitcoin.

cbeast

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Let's talk governance, lipstick, and pigs.

Quote from: giszmo on February 14, 2012, 10:44:29 AM

Quote from: Frizz23 on February 14, 2012, 03:59:42 AM

Would this be a valid attack? Imagine Goldman Sachs & friends buy a large amount of all the available Bitcoins, park them - and throw away all information where they are parked.

The money it would cost would be peanuts for them (a fraction of their bailout money Wink

... and "Problem Bitcoin" would be solved before it's getting to big.

Sorry Frizz23 but it is ridiculous to assume that a commodity could be threatened by buying it. Will the gold market be destroyed if I buy all the gold in existence? Or the €? If I do that and destroy the commodity, I caused an explosion of its value. If I do that and dump all of my property afterwards, I raised attention and will get more people into the game than by not doing anything.

Even if you buy all but one Satoshi, the bitcoin would work for the world as it would now. We would only need to introduce more digits.

(Even one of the speakers at the Bitcoin Europe briefly sketched this "horror scenario" and I was only shaking my head. This is no threat, this would be the final break through.)

If someone owned *that* much Bitcoin it's because we all went full retard. We would probably just start Bitcoin 2 lol. I mean, there are limits outside of pure theory.

Topic: Lost Bitcoins (Read 2666 times)