one question tickling my mind - page 7.

dothebeats

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Quote from: Amph on March 05, 2015, 06:51:34 AM

they don't lose their intrinsic value, just the value given by people in the world

so 50k bitcoin from 2011 are still 50k bitcoin today, if you were so good at holding them all Grin

If I was the one who have that amount of bitcoin, I would definitely host a party for all the early adopters lol. Grin

Amph

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they don't lose their intrinsic value, just the value given by people in the world

so 50k bitcoin from 2011 are still 50k bitcoin today, if you were so good at holding them all Grin

dothebeats

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Quote from: Netpyder on March 05, 2015, 06:36:51 AM

Quote from: dothebeats on March 05, 2015, 06:33:22 AM

Quote from: Netpyder on March 05, 2015, 06:21:54 AM

i have one question..

in 2011 bitcoins per 50,000 to 500,000 we spent for nothing, just pranking and stuff...

if one person kept 50,000 bitcoins in his account from 2011 up till now,

would the bitcoins still be valid for transactions?

Yup. All bitcoins that are recorded in the block chain ledger are valid and may be spent. There are many cases of lost wallets and some btc are still lying around in there sitting and may not be recovered unless someone develops a way to recover them (brute-forcing, improbable at the time-being).

well thank you for your answer.

but the owners need to be contacted by any means possible. not to ask them but to inject them again in the bitcoin economy..
one day when no bitcoins will be mined anymore we will need every single bitcoins to get everything back to a cycle economy..

ive seen some blockchains with over 100,000 bitcoins.

and some with 50,000 bitcoins and then the balance is 0 because they used it when bitcoins were worth nothing yet.

There are no ways to contact the users because a wallet address is not bound to any personal documents etc. Even if you traced them in reality, there is a high possibility that they'd lost their private keys because as you said it, back then bitcoins were valueless.

Netpyder

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Quote from: dothebeats on March 05, 2015, 06:33:22 AM

Quote from: Netpyder on March 05, 2015, 06:21:54 AM

i have one question..

in 2011 bitcoins per 50,000 to 500,000 we spent for nothing, just pranking and stuff...

if one person kept 50,000 bitcoins in his account from 2011 up till now,

would the bitcoins still be valid for transactions?

Yup. All bitcoins that are recorded in the block chain ledger are valid and may be spent. There are many cases of lost wallets and some btc are still lying around in there sitting and may not be recovered unless someone develops a way to recover them (brute-forcing, improbable at the time-being).

well thank you for your answer.

but the owners need to be contacted by any means possible. not to ask them but to inject them again in the bitcoin economy..
one day when no bitcoins will be mined anymore we will need every single bitcoins to get everything back to a cycle economy..

ive seen some blockchains with over 100,000 bitcoins.

and some with 50,000 bitcoins and then the balance is 0 because they used it when bitcoins were worth nothing yet.

dothebeats

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Quote from: Netpyder on March 05, 2015, 06:21:54 AM

i have one question..

in 2011 bitcoins per 50,000 to 500,000 we spent for nothing, just pranking and stuff...

if one person kept 50,000 bitcoins in his account from 2011 up till now,

would the bitcoins still be valid for transactions?

Yup. All bitcoins that are recorded in the block chain ledger are valid and may be spent. There are many cases of lost wallets and some btc are still lying around in there sitting and may not be recovered unless someone develops a way to recover them (brute-forcing, improbable at the time-being).

OnkelPaul

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Yes. Bitcoins don't lose validity as long as you keep the private keys safe.
But it is quite possible that some of the huge bitcoin stashes from early mining are inaccessible due to lost wallets - people did not be particularly careful with their wallets when bitcoins were worth basically nothing.

Onkel Paul

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i have one question..

in 2011 bitcoins per 50,000 to 500,000 we spent for nothing, just pranking and stuff...

if one person kept 50,000 bitcoins in his account from 2011 up till now,

would the bitcoins still be valid for transactions?

Topic: one question tickling my mind - page 7. (Read 3693 times)