How to address coins are "lost"?
Whenever you access your wallet, a 10 year timer will begin/reset. If the wallet is not accessed again in 10 years the coins will go back to the mine. Keep in mind, i never mentioned activity (sending or receiving), simply accessing, or logging on.
Topic: Proposal to Address Dormant Bitcoin:Recycling Lost Coins into the Mining Process - page 4. (Read 748 times)
July 14, 2023, 12:02:58 PM
July 14, 2023, 11:19:50 AM
How would you like to test that coins are "lost" or "unclaimed" coins?
Sorry you cannot be sure that address whit balance are lost . A lot of People has BTC , but they do not anything -> they hold.
Who according you should decised we will take this address and take the BTC for myself? it is Theft!
Sorry you cannot be sure that address whit balance are lost . A lot of People has BTC , but they do not anything -> they hold.
Who according you should decised we will take this address and take the BTC for myself? it is Theft!
July 14, 2023, 11:15:40 AM
Bitcoin wallet activity are not logged, and there is no way of telling if a user has accessed his wallet because that is not how Bitcoin functions. Something like this would either require a central authority or for such activities to be included in the blockchain.
In addition, reclaiming or recovering lost Bitcoins presents an entire can of worms. There is no telling of the intentions of the owners, whether they would like to keep and preserve the Bitcoins or if they are truly lost. This process would just be outright stealing the Bitcoins from them, even if they were not moved for long periods of time. The network nor the algorithm shouldn't act as the government, to reclaim assets based on arbitrary criteria.
Redistribution of coins isn't necessary because there isn't any threat to Bitcoin's existence if we can just make the denominations a lot smaller. The scarcity of the network and the pre-determined supply of Bitcoins makes it valuable and predictable. Re-distribution of Bitcoin causes unnecessary stress to the economic system, rather than the fixed inflation rates, the market would experience inflation in certain years and deflation in certain years which makes it unstable. Scarcity is directly correlated to the value as well, if the miners were to expect rewards to rise in the future, they would intentionally manipulate the system such that they would instead mine in the more profitable years.
In addition, reclaiming or recovering lost Bitcoins presents an entire can of worms. There is no telling of the intentions of the owners, whether they would like to keep and preserve the Bitcoins or if they are truly lost. This process would just be outright stealing the Bitcoins from them, even if they were not moved for long periods of time. The network nor the algorithm shouldn't act as the government, to reclaim assets based on arbitrary criteria.
Redistribution of coins isn't necessary because there isn't any threat to Bitcoin's existence if we can just make the denominations a lot smaller. The scarcity of the network and the pre-determined supply of Bitcoins makes it valuable and predictable. Re-distribution of Bitcoin causes unnecessary stress to the economic system, rather than the fixed inflation rates, the market would experience inflation in certain years and deflation in certain years which makes it unstable. Scarcity is directly correlated to the value as well, if the miners were to expect rewards to rise in the future, they would intentionally manipulate the system such that they would instead mine in the more profitable years.
July 14, 2023, 11:08:58 AM
Because certain UTXOs are dormant, that does not mean they are lost. There is also no need to change anything.
Lost coins are not actually lost, its value would be transferred to other people that still have access to their bitcoin, as the bitcoin that are still accessible become more scarce.
Lost coins are not actually lost, its value would be transferred to other people that still have access to their bitcoin, as the bitcoin that are still accessible become more scarce.
July 14, 2023, 11:03:59 AM
This proposal aims to address the issue of dormant Bitcoin, commonly referred to as "lost" or "unclaimed" coins, by suggesting a mechanism to recycle them back into the mining process. By doing so, we strive to prevent Bitcoin from being permanently lost and ensure the long-term integrity and scarcity of the network.
Bitcoin is a decentralized digital currency that relies on private keys for ownership and access to funds. However, numerous Bitcoin wallets remain inactive for extended periods, often due to users losing access to their private keys or abandoning their wallets. This results in a significant amount of Bitcoin becoming inaccessible and presumed lost forever.
To prevent the permanent loss of Bitcoin, we propose the implementation of a mechanism that gradually and systematically sends dormant funds back into the mining process after a predefined period of inactivity. Specifically, if a Bitcoin wallet remains not accessed(by simply logging on, opening the wallet) for a continuous period of ten years, the funds associated with that wallet will be redistributed back to the network through the following steps:
A comprehensive analysis of the blockchain will be conducted to identify wallets that have not shown any activity for ten years. This process will be automated to ensure accuracy and efficiency.
This process will involve adding the dormant coins to the mining reward pool, where they will be available for miners to compete for during their usual mining operations.
To ensure fairness and prevent concentration, the redistribution of dormant coins will be algorithmically divided among miners based on their proportional mining power, similar to the current mining reward distribution.
The entire process, from identifying dormant wallets to the redistribution mechanism, will be transparent and publicly auditable. Detailed reports and statistics will be made available to ensure transparency and build trust within the Bitcoin community.
Preservation of Scarcity: By recycling dormant coins back into the mining process, we ensure that the total supply of Bitcoin remains finite, maintaining the intended scarcity and economic principles of the network.
Encouraging Active Ownership: This proposal incentivizes Bitcoin holders to actively manage and secure their wallets to avoid the risk of losing their funds. It promotes responsible ownership and strengthens overall network security.
Enhanced Network Stability: The recycling of dormant coins helps distribute previously lost value among active miners, potentially reducing the concentration of mining power and contributing to a more stable and decentralized network.
Minimizing Economic Loss: By recovering dormant funds, this proposal minimizes the economic loss associated with permanently lost Bitcoin, ensuring a more efficient allocation of the currency's value.
This proposal aims to address the issue of dormant Bitcoin by implementing a mechanism to recycle lost coins back into the mining process after a specified period of wallets not being accessed. By doing so, we can prevent permanent losses, enhance network stability, and ensure the long-term integrity of the Bitcoin network. This proposal welcomes community input, further analysis, and consensus-building to refine and implement the suggested mechanisms successfully...just dont be a dick about it like in other posts i have seen. This space can be very very toxic.
Bitcoin is a decentralized digital currency that relies on private keys for ownership and access to funds. However, numerous Bitcoin wallets remain inactive for extended periods, often due to users losing access to their private keys or abandoning their wallets. This results in a significant amount of Bitcoin becoming inaccessible and presumed lost forever.
To prevent the permanent loss of Bitcoin, we propose the implementation of a mechanism that gradually and systematically sends dormant funds back into the mining process after a predefined period of inactivity. Specifically, if a Bitcoin wallet remains not accessed(by simply logging on, opening the wallet) for a continuous period of ten years, the funds associated with that wallet will be redistributed back to the network through the following steps:
A comprehensive analysis of the blockchain will be conducted to identify wallets that have not shown any activity for ten years. This process will be automated to ensure accuracy and efficiency.
This process will involve adding the dormant coins to the mining reward pool, where they will be available for miners to compete for during their usual mining operations.
To ensure fairness and prevent concentration, the redistribution of dormant coins will be algorithmically divided among miners based on their proportional mining power, similar to the current mining reward distribution.
The entire process, from identifying dormant wallets to the redistribution mechanism, will be transparent and publicly auditable. Detailed reports and statistics will be made available to ensure transparency and build trust within the Bitcoin community.
Preservation of Scarcity: By recycling dormant coins back into the mining process, we ensure that the total supply of Bitcoin remains finite, maintaining the intended scarcity and economic principles of the network.
Encouraging Active Ownership: This proposal incentivizes Bitcoin holders to actively manage and secure their wallets to avoid the risk of losing their funds. It promotes responsible ownership and strengthens overall network security.
Enhanced Network Stability: The recycling of dormant coins helps distribute previously lost value among active miners, potentially reducing the concentration of mining power and contributing to a more stable and decentralized network.
Minimizing Economic Loss: By recovering dormant funds, this proposal minimizes the economic loss associated with permanently lost Bitcoin, ensuring a more efficient allocation of the currency's value.
This proposal aims to address the issue of dormant Bitcoin by implementing a mechanism to recycle lost coins back into the mining process after a specified period of wallets not being accessed. By doing so, we can prevent permanent losses, enhance network stability, and ensure the long-term integrity of the Bitcoin network. This proposal welcomes community input, further analysis, and consensus-building to refine and implement the suggested mechanisms successfully...just dont be a dick about it like in other posts i have seen. This space can be very very toxic.
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