Lost Bitcoins and how they affect market in a longterm? - page 2.

BrewMaster

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Quote from: rdluffy on June 03, 2019, 09:24:39 AM

Quote from: Adriano2010 on June 03, 2019, 09:17:30 AM

They are not lost, the problem is that they can't be accessed, and on that way we can have maybe some higher value for bitcoins who are on exchanges and this is it, some of this bitcoin was bought on exchanges and after maybe they lost the keys or hardware where the wallet was.

This is exactly what I said "I understand all lost BTC are in blockchain, they are not "lost", but people probably forgot them or lost the private keys to access"

people define "lost coins" in different ways, some of which are even weird in my opinion like what DdmrDdmr quoted above about "coins that are not moved"!!!

the only coins that are truly lost are those that are provably unspendable. these coins include
* coins sent to burn addresses like 1BitcoinEaterAddressDontSend459kuE
* coins sent to unspendable output scripts such as OP_RETURN
* newly generated coins that are not claimed by the miners (ie. a block reward that is not claimed in coinbase or claimed smaller than it should be).
(there may be more but i can't think of them right now).

anything else is speculation including coins that people lose private key to.

amrulshare

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isn't it better to reduce the supply of bitcoin, so that if consumer demand for bitcoin rises then the price will experience an extraordinary increase and moreover the total supply is only limited to 21 million.

DdmrDdmr

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This stat shows what some source has estimated BTC distribution in terms of liquidity, which gives us an insight to the question mentioned by the OP:

source: Bitcoin Investors and Speculators Hold Their Positions over the Summer. The article date back to September 2018, but should still remain rather much valid.

The relevant part is the estimate of the stat is that Lost and Unmined add up to 36% of all BTCs. If the above categorization is anywhere near being true (the above referenced article depicts their methodology of chain-analysis clustering if anyone wants to go in further), then we should have:

That is, over 4 million “lost” (or really unmoved for a long time) BTC – 20,47% of the potential max. of 21 million BTC (yet to be reached). That acts as a virtual "burn of BTC", which should have contributed to it’s price, on the expectancy of less available supply (lest some should rise from the dead and kick us in the ass by means of a large dump of lost BTCs at some point).

Fredomago

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Quote from: rdluffy on June 03, 2019, 09:24:39 AM

Quote from: Adriano2010 on June 03, 2019, 09:17:30 AM

They are not lost, the problem is that they can't be accessed, and on that way we can have maybe some higher value for bitcoins who are on exchanges and this is it, some of this bitcoin was bought on exchanges and after maybe they lost the keys or hardware where the wallet was.

This is exactly what I said "I understand all lost BTC are in blockchain, they are not "lost", but people probably forgot them or lost the private keys to access"

It will stay that way, or if ever those people who will be able to remember or to crack them up will enjoy the benefits, seeing how far bitcoin
went in terms of value, we can't tell what possibilities but it can happen, the dev don't have any access with those loss coins as private keys are
hold by the owner/s itself.

rdluffy

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Quote from: Adriano2010 on June 03, 2019, 09:17:30 AM

They are not lost, the problem is that they can't be accessed, and on that way we can have maybe some higher value for bitcoins who are on exchanges and this is it, some of this bitcoin was bought on exchanges and after maybe they lost the keys or hardware where the wallet was.

This is exactly what I said "I understand all lost BTC are in blockchain, they are not "lost", but people probably forgot them or lost the private keys to access"

Adriano2010

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They are not lost, the problem is that they can't be accessed, and on that way we can have maybe some higher value for bitcoins who are on exchanges and this is it, some of this bitcoin was bought on exchanges and after maybe they lost the keys or hardware where the wallet was.

BrewMaster

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it depends on how much you think is lost and whether that amount can actually affect anything. so far we are not seeing any effects (like downsides) of any losses that has so far occurred with lost coins and burnt coins so there is not much to discuss.
the only case when we can start worrying about something like this is only when a very large amount of coins are lost . very large in this context means something like 15 million bitcoins not a couple of thousands!

dothebeats

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They effectively reduce the total availble supply of bitcoins in the world thus making each remaining bitcoin in theory. As what we perceive, rarity is almost always tied with value, so less available bitcoins = higher value per bitcoin remaining. We might not see the effects of such yet in the market knowing that we still have 4 or so million bitcoins left to mine and will take the next 120 yrs to mine them. Also, bitcoin is still heavily effected by speculation, and perhaps will continue to do so until such time that its value goes through the roof that people would just keep it rather than risk losing it in trades.

rdluffy

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I'm trying to figure what's the effect of all lost coins in a longterm

I understand all lost BTC are in blockchain, they are not "lost", but people probably forgot them or lost the private keys to access
People only says it's good because of the scarcity, our "active" BTC will value more

But all energy and efforts to generate these BTC are for nothing to?
Is there any word of the devs about this?
Do you think someday devs will discuss about?

Topic: Lost Bitcoins and how they affect market in a longterm? - page 2. (Read 352 times)