Never recovered bitcoins? Less than 21million?

Jeramom

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Quote from: Bizzaran on September 30, 2014, 06:05:07 AM

I say, that would be the only use of a mining pool to be over the 50 percent mark.... so they could conduct a couple unauthorized transactions to recover those lost bitcoins.... sadly something like that would never go over well.

Hashing power does not give you the ability to spend coins without the private key.

darrenwgray

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Quote from: franky1 on September 27, 2014, 08:06:18 PM

those proposing to redistribute coins that are not spent, are the same people that probably dont have $100 spare and are looking for ways to get free coins..

they have no understanding of economics and would prefer ruining the security of bitcoin for a one time money grab of $100 if any coin was evenly distributed to all bitcoin active users.

i truly hate the greedy people that care more about free hand outs rather than security for the long term.. i truly hope they go back to their fiat lives and steal their grandma's pensions as they should atleast learn the lessons of life ripping off people they do know and care about.. maybe then they will learn to not rip off others, once seeing the pain of wanting free handouts by taking from other people.

That is exactly what I was thinking....

There are probably billions and billions of currency around the world "lost" or "destroyed" and never to be used again; maybe we should just reprint the notes with serial numbers we have not seen in a few years.....

BurtW

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Quote from: Unbelive on September 30, 2014, 06:44:47 AM

Quote from: BurtW on September 30, 2014, 06:26:29 AM

Quote from: Rishblitz on September 29, 2014, 07:57:14 PM

I don't see how bitcoin will exist once 21 mil is mined because the percent on transactions wouldn't be enough for miners.

Transaction fees will go up to compensate.

And technology will go up, so less electricity will be needed to make one transaction.

Generally the power consumption of the Bitcoin network follows (Bitcoin price) x (the number of Bitcoins the miners get from the subsidy + fees)

Basically the miners will burn up as much energy as they can afford to. See:

https://bitcointalksearch.org/topic/m.7841420

Unbelive

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Quote from: BurtW on September 30, 2014, 06:26:29 AM

Quote from: Rishblitz on September 29, 2014, 07:57:14 PM

I don't see how bitcoin will exist once 21 mil is mined because the percent on transactions wouldn't be enough for miners.

Transaction fees will go up to compensate.

And technology will go up, so less electricity will be needed to make one transaction.

BurtW

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Quote from: Rishblitz on September 29, 2014, 07:57:14 PM

I don't see how bitcoin will exist once 21 mil is mined because the percent on transactions wouldn't be enough for miners.

Transaction fees will go up to compensate.

Bizzaran

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I say, that would be the only use of a mining pool to be over the 50 percent mark.... so they could conduct a couple unauthorized transactions to recover those lost bitcoins.... sadly something like that would never go over well.

jbreher

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lose: unfind ... loose: untight

Quote from: ranochigo on September 28, 2014, 08:30:47 AM

Quote from: Febo on September 28, 2014, 08:09:18 AM

Of course they stay on blackchain. And with time when computers will get stronger, they will be companies, that will search for this long lost wallets. Same as are now companies, that search fro sunken ships from oceans. Pulling them out and sell their Gold or other things to pay costs and divide profit. So some coins on today lost wallets are not lost forever.

I think it would be disastrous if it ever happens, it would simply mean that wallet are not secure enough and people confidence in bitcoin would drop. If a vulnerability is found, we can just hardfork and go on a new algorithm and the old wallets would not be cracked.

Don't sweat it. Febo hasn't done the necessary calculations to determine how profitable such an endeavor might be.

Protip: barring some breakthrough in cryptography, our computers will never be powerful nor plentiful enough to make such an endeavor profitable.

vipgelsi

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Lost bitcoins=rarer=higher value at least in theory.

redhawk979

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Quote from: ?? on ??

The more coin lost, the more valuable it will be.
RARITY.

We should get everyone to send 1/3 of the Bitcoins they own to the Bitcoin Eater address to increase the rarity. Then the price will go TO THE MOON!

Rishblitz

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I don't see how bitcoin will exist once 21 mil is mined because the percent on transactions wouldn't be enough for miners.

Q7

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Quote from: BurtW on September 29, 2014, 09:21:05 AM

Age has nothing to do with it because some of them are fairly young, but wealth may have something to do with it. Someone who owns more than 100 BTC will probably think more about how to deal with the transfer of their wealth in the event of death than someone who has less than 1 BTC. Oh, and for tax and other reasons almost nobody I know mentions their BTC in a will, they have just made "provisions".

If we were to lose a vast majority of the BTC and the price were to go up to the levels you are talking about then the protocol can be modified to simply add more decimal places. Currently the protocol operates on (up to) 2,100,000,000,000,000 satoshis. In the unlikely scenario that all but one BTC are lost we would only be left with 100,000,000 satoshis. Add a few more decimal places like this: 100,000,000.000000000 and wala! you now have 100,000,000,000,000,000 "Q7s"

Which fiat are you referring to? Grin

To summarize it, Loss is inevitable...

sifter

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Quote from: bigasic on September 27, 2014, 10:20:19 PM

Oh, im sure a lot of coins are lost forever, especially those that mined at the very beginning and didn't keep track of bitcoin. I would bet that up to 10 percent of all bitcoins are perma lost... Thats actually good for the the rest of us. Sucks for the guys that lost them, but the fewer the coins, the better off we are..

A situation like this would be one where a developer was paid in 7000 bitcoins and forgot about and during the $1000 hype he realised he then threw out 7000 bitcoins.
What a loss.

BurtW

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Age has nothing to do with it because some of them are fairly young, but wealth may have something to do with it. Someone who owns more than 100 BTC will probably think more about how to deal with the transfer of their wealth in the event of death than someone who has less than 1 BTC. Oh, and for tax and other reasons almost nobody I know mentions their BTC in a will, they have just made "provisions".

If we were to lose a vast majority of the BTC and the price were to go up to the levels you are talking about then the protocol can be modified to simply add more decimal places. Currently the protocol operates on (up to) 2,100,000,000,000,000 satoshis. In the unlikely scenario that all but one BTC are lost we would only be left with 100,000,000 satoshis. Add a few more decimal places like this: 100,000,000.000000000 and wala! you now have 100,000,000,000,000,000 "Q7s"

Q7

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Quote from: BurtW on September 28, 2014, 09:27:59 AM

Quote from: Q7 on September 28, 2014, 08:37:41 AM

Quote from: findftp on September 28, 2014, 08:25:17 AM

Quote from: 1Referee on September 27, 2014, 04:21:49 PM

I think the total Bitcoins that never going to be used due to lost wallet files, lost passwords, etc will be around 1,000,000BTC MAX

Wrong, it is natures law that number eventually will be 21,000,000.
It only takes time and you and I are going to be dead for sure when that happens.

Yes it's just a matter of time. How long we will never know. Imagine this generation of bitcoin adopters, if half of those people never tell anybody or pass along their private key before they die...

Eventually number of available bitcoin in circulation will be too low causing price to increase insanely just for a few fraction of sats. This will turn off mass adoption.

You are wrong. Everyone I personally know that has a large amount of BTC has made provisions to transfer them to their heirs. Bitcoin can operate just fine if we lose all but one BTC.

Bitcoin can operate just fine if we lose all but one BTC

can you enlighten how that is possible? Roll Eyes

i pay tom 0.00000001 btc which is worth 40 bucks (assuming predicted price at year 2050) for the sandwich which is only 12 bucks and try to give a change? Huh

And have ever heard of sudden death? I assume all the so called guys u personally know will construct a will at 40 years of age?

johnyj

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Beyond Imagination

I think maximum 10% of all coins are in circulation, most of them are saved for long term, that is why banks prefer to use a 10% reserve ratio, this is the general behavior of majority of human

cccarnation

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One Token to Move Anything Anywhere

I'd say less then that. 60-70-80pct unaccessible would not surprise me.

NotAtOld

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Yes they are stuck in the blockchain as no one have the private key to spend the funds. There is no real way to know how much bitcoin has been lost.

logger

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I read about a guy who lost a hard drive with 7500 BTC on it. I don't think anyone ever lost 100,000 or even 30,000.

Robin_Good

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Gone Baby Gone.

juju

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Quote from: Campsis on September 27, 2014, 03:37:32 PM

Hi guys,

As you may already be aware that there are people who simply lose bitcoins, and there is quite a lof of them!

For example: This guy lost his hard drive with 100k btc on it, another guy lost paper wallet with 30k btc on it and so on...

Now the question that i'm asking myself? Do they stay stuck in blockchain? Because if yes, than i see only about 8million bitcoins in circulation by the time they are mined..

Someone has a thread that tries to track the known lost bitcoins: https://bitcointalksearch.org/topic/lets-add-up-the-known-lost-bitcoins-7253

I know their are other ones also I have seen overtime

Topic: Never recovered bitcoins? Less than 21million? (Read 3003 times)