unspendable coins?
so is this like in the hacker movie where they skim off pennies off every bank transactions and accummlate millions of dollars this way?
Topic: Lost Forever: 26.04 BTC Burned In 2016 - page 2. (Read 2328 times)
It is very normal for bitcoins to be burned or lost in circulation. Even fiat currency like local coins that are always gone in circulation due to many reasons like melting it and used in jewelry by Chinese smugglers. This event are of no threat to the current users of bitcoin, it may possibly signal an intense increase in the value. Whatever the case the market will just adopt to the situation, but in the future if bitcoin reaches 100 million dollars each then bitcoin being burned is a very big problem that needs a solution.
I think they are not actually burned or gone .. they are just lose because of wrong sending bitcoin and forgot their own wallet password.. this is i think the problem that is why those bitcoin are gone that honestly in bitcoin i think we can not say that those are burned coin.. i think it is just a lost coins..It is not about forgetting your wallet password. If you remember your password again, the coins become usable again.
Burn addresses are valid addresses like 1CounterpartyXXXXXXXXXXXXXXXUWLpVr, to which nobody has the private key.
The actual amount of "long lost bitcoins" is for sure way greater than the said amount. It's impossible to throw any kind of estimations as we simply can't know about most of it.
I agree. Doesn't seem logical that he wouldn't have control over those coins anymore. He simply hasn't moved them. It's not like he has an urgent need for even a small portion of the bitcoins
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It could be anyone, but let's take Satoshi as an example as it gets mentioned here. Him not moving his coins doesn't mean that he has no access to his wallets/private keys anymore. It's very simply to just assume so since these coins haven't been moved, but there are good reasons for him and other early adopters not to touch their coins (yet). It's not just a few thousand $$ worth of Bitcoin that we are talking about. That's what I tried to point out.
I agree. Doesn't seem logical that he wouldn't have control over those coins anymore. He simply hasn't moved them. It's not like he has an urgent need for even a small portion of the bitcoins
This is nothing when compared to those coins lost by James Howells in 2009. A few days after the Bitcoin mining kicked off, Howells tried the same with his personal computer, and was able to mine some BTC7,500. But back then, BTC was worth close to nothing. When his computer got damaged, he threw away the hard drive.
https://www.theguardian.com/technology/2013/nov/27/hard-drive-bitcoin-landfill-site
https://www.theguardian.com/technology/2013/nov/27/hard-drive-bitcoin-landfill-site
I am sure there are much more coins lost from the very early days. because bitcoin was like and experiment the first days it was released and before it hit the markets and was traded with actual money it had literary no value and when it was being actually traded with real money the value was still next to nothing.
that is why I say so many other nerds tried it for fun and uninstalled bitcoin and cleaned their computer afterwards.
I somehow like it that bitcoins can be burned.
Because the total number of bitcoins is fixed, every burned bitcoin increases the worth of the rest of the bitcoins.
Maybe not now, but with time this is going to have a notable effect to the availability of bitcoin.
Because the total number of bitcoins is fixed, every burned bitcoin increases the worth of the rest of the bitcoins.
Maybe not now, but with time this is going to have a notable effect to the availability of bitcoin.
Last October a website called BTCBurns.cf identified 397 burn addresses containing 2,657.8686 BTC lost forever. It has gone offline. Since it stopped keeping track 26.04 additional bitcoins have been sent to these addresses.
The total number of unspendable bitcoins is now 2,771.4086.
http://bitcoinwhoswho.com/blog/2016/12/21/btc-burn-addresses/
The total number of unspendable bitcoins is now 2,771.4086.
http://bitcoinwhoswho.com/blog/2016/12/21/btc-burn-addresses/
I just found out about it, how many bitcoins of those users had been burned and how many they have right now if throw away so easy for them, that can't be come from one guy. Make some people jealous to see that waste of money, but as it stated from the beginning
"Lost coins only make everyone else’s coins worth slightly more. Think of it as a donation to everyone
I think that's why we get recently pump to the price, worth slightly more.
The lost coins have nothing to do with a pump or I would say, a steady price rise and so the same thing can be said reversibly.
Such coins could have been used for anything including "donations" to an actual charity instead of being burnt, but they didn't.
Should they still be considered as used in a better way?
he is talking about a different kind of lost coins not coins that are not moved. there are in fact lots of bitcoins lost because of reasons such as forgetting an encryption password to a wallet or a lost wallet because of hardware failure, and generally things like that beyond recover.
there is actually a topic in this board about it where people comment on it with their lost coins. i myself had a brainwallet with 0.01BTCish which i forgot the password to
there is actually a topic in this board about it where people comment on it with their lost coins. i myself had a brainwallet with 0.01BTCish which i forgot the password to
I know exactly what he is talking about. Read this post again.
I think number of unspendable bitcoin is more than this because there are also lots of addresses which contain bitcoins and nobody have access to it, like addresses of wallets whose password were lost, known addresses of satoshi etc. However nice listing...
It could be anyone, but let's take Satoshi as an example as it gets mentioned here. Him not moving his coins doesn't mean that he has no access to his wallets/private keys anymore. It's very simple to just assume so since these coins haven't been moved, but there are good reasons for him and other early adopters not to touch their coins (yet). It's not just a few thousand $$ worth of Bitcoin that we are talking about. That's what I tried to point out.
This is nothing when compared to those coins lost by James Howells in 2009. A few days after the Bitcoin mining kicked off, Howells tried the same with his personal computer, and was able to mine some BTC7,500. But back then, BTC was worth close to nothing. When his computer got damaged, he threw away the hard drive.
https://www.theguardian.com/technology/2013/nov/27/hard-drive-bitcoin-landfill-site
https://www.theguardian.com/technology/2013/nov/27/hard-drive-bitcoin-landfill-site
Last October a website called BTCBurns.cf identified 397 burn addresses containing 2,657.8686 BTC lost forever. It has gone offline. Since it stopped keeping track 26.04 additional bitcoins have been sent to these addresses.
The total number of unspendable bitcoins is now 2,771.4086.
http://bitcoinwhoswho.com/blog/2016/12/21/btc-burn-addresses/
The total number of unspendable bitcoins is now 2,771.4086.
http://bitcoinwhoswho.com/blog/2016/12/21/btc-burn-addresses/
I just found out about it, how many bitcoins of those users had been burned and how many they have right now if throw away so easy for them, that can't be come from one guy. Make some people jealous to see that waste of money, but as it stated from the beginning
"Lost coins only make everyone else’s coins worth slightly more. Think of it as a donation to everyone
I think that's why we get recently pump to the price, worth slightly more.
The total number of unspendable bitcoins is now 2,771.4086.
http://bitcoinwhoswho.com/blog/2016/12/21/btc-burn-addresses/
I think number of unspendable bitcoin is more than this because there are also lots of addresses which contain bitcoins and nobody have access to it, like addresses of wallets whose password were lost, known addresses of satoshi etc. However nice listing...http://bitcoinwhoswho.com/blog/2016/12/21/btc-burn-addresses/
That's true, but there is no way to confirm that they are really lost, or that the people in question really haven't access to their coins anymore. That's why it's better to wait and not include them into compiled "lost coins" lists. I from time to time spend some hours on analyzing very old wallet addresses containing plenty of coins. In some cases you will see that after 5 or 6 years the person behind one of these addresses starts moving his coins. That's why I never take for granted that they lost access to their wallets.
Yes, it is too early to call an in active bitcoin address as lost because the holder of the private key for that address may be waiting for more time for the bitcoin to appreciate and then cash in some day when they are worth a fortune. Or may be they have forgot about it. Who knows! it will stay as a mystery.
I think it is not burned, i think it was lost by users stupidity. But also how come people can send btc to a specified burn address. When in fact that address is already burned, the address is still active but not accessible? I'm a bit confused on what is really burned addresses. BTCBurn website got some concrete evidence that the address is really burned?
They're really burnt, as generating a private key to any of those addresses will take up more time than it is from the beginning of universe, and spend more energy than the solar system (maybe even the galaxy?).I have just read the article again and found there're misleading information. They said the block mined right after halving can't be spent, but output from block 210000 have spent here.
P.S. Why are there 13 BTC as fees in that block
The total number of unspendable bitcoins is now 2,771.4086.
http://bitcoinwhoswho.com/blog/2016/12/21/btc-burn-addresses/
I think number of unspendable bitcoin is more than this because there are also lots of addresses which contain bitcoins and nobody have access to it, like addresses of wallets whose password were lost, known addresses of satoshi etc. However nice listing...http://bitcoinwhoswho.com/blog/2016/12/21/btc-burn-addresses/
That's true, but there is no way to confirm that they are really lost, or that the people in question really haven't access to their coins anymore. That's why it's better to wait and not include them into compiled "lost coins" lists. I from time to time spend some hours on analyzing very old wallet addresses containing plenty of coins. In some cases you will see that after 5 or 6 years the person behind one of these addresses starts moving his coins. That's why I never take for granted that they lost access to their wallets.
that is a good research. if so, then probably the owners of the addresses hold their bitcoin until some period of time. and then they will move the coins, probably they sell it. so in this case, we just need to wait for 5-6 years to know that the coins in the wallet are really lost or not yet.
I think it is not burned, i think it was lost by users stupidity. But also how come people can send btc to a specified burn address. When in fact that address is already burned, the address is still active but not accessible? I'm a bit confused on what is really burned addresses. BTCBurn website got some concrete evidence that the address is really burned?
Last October a website called BTCBurns.cf identified 397 burn addresses containing 2,657.8686 BTC lost forever. It has gone offline. Since it stopped keeping track 26.04 additional bitcoins have been sent to these addresses.
The total number of unspendable bitcoins is now 2,771.4086.
http://bitcoinwhoswho.com/blog/2016/12/21/btc-burn-addresses/
Its like talking about all crimes in USA beign counted as 550 while counting only in one state of 52 states of USA. In reality there is 45000 crimes total.The total number of unspendable bitcoins is now 2,771.4086.
http://bitcoinwhoswho.com/blog/2016/12/21/btc-burn-addresses/
Same here, they counted below 3000 btc burned, in reality it could be over 1 000 000 BTC burned forever.
So not worth counting this way.
The total number of unspendable bitcoins is now 2,771.4086.
http://bitcoinwhoswho.com/blog/2016/12/21/btc-burn-addresses/
I think number of unspendable bitcoin is more than this because there are also lots of addresses which contain bitcoins and nobody have access to it, like addresses of wallets whose password were lost, known addresses of satoshi etc. However nice listing...http://bitcoinwhoswho.com/blog/2016/12/21/btc-burn-addresses/
That's true, but there is no way to confirm that they are really lost, or that the people in question really haven't access to their coins anymore. That's why it's better to wait and not include them into compiled "lost coins" lists. I from time to time spend some hours on analyzing very old wallet addresses containing plenty of coins. In some cases you will see that after 5 or 6 years the person behind one of these addresses starts moving his coins. That's why I never take for granted that they lost access to their wallets.
he is talking about a different kind of lost coins not coins that are not moved. there are in fact lots of bitcoins lost because of reasons such as forgetting an encryption password to a wallet or a lost wallet because of hardware failure, and generally things like that beyond recover.
there is actually a topic in this board about it where people comment on it with their lost coins. i myself had a brainwallet with 0.01BTCish which i forgot the password to
It is very normal for bitcoins to be burned or lost in circulation. Even fiat currency like local coins that are always gone in circulation due to many reasons like melting it and used in jewelry by Chinese smugglers. This event are of no threat to the current users of bitcoin, it may possibly signal an intense increase in the value. Whatever the case the market will just adopt to the situation, but in the future if bitcoin reaches 100 million dollars each then bitcoin being burned is a very big problem that needs a solution.
I think they are not actually burned or gone .. they are just lose because of wrong sending bitcoin and forgot their own wallet password.. this is i think the problem that is why those bitcoin are gone that honestly in bitcoin i think we can not say that those are burned coin.. i think it is just a lost coins.. 
Last October a website called BTCBurns.cf identified 397 burn addresses containing 2,657.8686 BTC lost forever. It has gone offline. Since it stopped keeping track 26.04 additional bitcoins have been sent to these addresses.
The total number of unspendable bitcoins is now 2,771.4086.
http://bitcoinwhoswho.com/blog/2016/12/21/btc-burn-addresses/
The total number of unspendable bitcoins is now 2,771.4086.
http://bitcoinwhoswho.com/blog/2016/12/21/btc-burn-addresses/
What is a burn adress?I`ve never heard about this.
How is it possible people to continue to send bitcoins to those adresses?
Last October a website called BTCBurns.cf identified 397 burn addresses containing 2,657.8686 BTC lost forever. It has gone offline. Since it stopped keeping track 26.04 additional bitcoins have been sent to these addresses.
The total number of unspendable bitcoins is now 2,771.4086.
http://bitcoinwhoswho.com/blog/2016/12/21/btc-burn-addresses/
The total number of unspendable bitcoins is now 2,771.4086.
http://bitcoinwhoswho.com/blog/2016/12/21/btc-burn-addresses/
That represent a very large number of bitcoins that I don't have in my possession. I don't know about burned address, but if someone buys bitcoins and store them in a cold storage and never touch for a couple of years.
Will the address be flagged a burned address?
In fact 2100 of them are burnt for Counterparty... However some of them (like bitcoins sent to address with lowest hash160 value) maybe just used for fun. These would be donations to everyone as if there is less BTC in existence, the price will go up as there's less supply...
It is very normal for bitcoins to be burned or lost in circulation. Even fiat currency like local coins that are always gone in circulation due to many reasons like melting it and used in jewelry by Chinese smugglers. This event are of no threat to the current users of bitcoin, it may possibly signal an intense increase in the value. Whatever the case the market will just adopt to the situation, but in the future if bitcoin reaches 100 million dollars each then bitcoin being burned is a very big problem that needs a solution.
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