Topic: So theoretically speaking, could all bitcoins eventually disappear because ... (Read 158 times)
December 29, 2017, 06:19:13 PM
Well so could so many other things, but again we're living in a world of technicalities. Most likely it's not going to happen, but as more and coins are lost, that definitely helps encourage price increases. Not a bad thing.
December 29, 2017, 06:17:23 PM
when no one use bitcoin, so the price will down, and thats it bitcoin will disappear,, but i think impossible.. no one want loose their investment
December 29, 2017, 06:06:21 PM
they are getting lost every day and since people are dying most of coins they hold are being lost too. I'm talking about long period. 
The bitcoin on itself is not going to disappear when people die but what is going to happen is that its going to get [LOST] for eternity and nothing could be done about retrieving it .Yes, Bitcoins can get lost for eternity. And to the OP's point, if all bitcoins were lost due to misplaced private keys then Bitcoin would effectively disappear.
But what's this talk about "most of coins they hold are being lost too"? This isn't true at all...you're just spreading the fear, uncertainty, and doubt! Sure, some people will die without leaving instructions on how to retrieve their bitcoins but this is only true for those that hold bitcoin on mobile, hardware, or cold/paper wallet. Bitcoins held on an exchange remain in control of the exchange, so someone's balance at Coinbase won't be lost forever when they die, eventually Coinbase will claim those coins as their own!
Indeed, most people are clever enough to leaving instructions about how to access their wallet, going through all process of verification (2fa or password). Especially for people who are elderly or parents, whoever they are, as long as they have family.
In some cases, bitcoin will be lost forever if someone suddenly dies such as in cars accident, before he ever tells his family about bitcoin.
So, just tell someone that you trust about your wallet just in case something happens.
December 29, 2017, 06:03:22 PM
Theoretically speaking, yes, and that is if people are stupid enough not to entrust their money in their future offsprings due to greed and lack of trust on their own blood. The purpose of backing up your private keys is to recover them in the future if something happens to your wallet e.g. compromised or the machine is broken and the key becomes unrecoverable. Only those who don't take precautionary measures on their important items loses their valuables, so no, not every bitcoin will be lost in the void.
December 29, 2017, 06:00:37 PM
Yes, something could happen in the future. I do not know whether I lost or disappeared, Bitcoin is still imperfectly man-made. However, we need to be optimistic that Bitcoin is not lost.
December 29, 2017, 05:54:30 PM
they are getting lost every day and since people are dying most of coins they hold are being lost too. I'm talking about long period.
Its true that considerable amount of bitcoins have been lost in the past either due to loss of password or due to the sudden death of bitcoin holders who had not given private keys to their family members and this may continue in future too.But loss of all the 21 million bitcoins is highly impossible and it is just imagined by the OP to take place. December 29, 2017, 05:52:54 PM
I am one of those people with bitcoins and litecoins which I cannot use because I do not have the private key and I cannot find the old wallet.dat files. I have the addresses with passwords for the wallet and thats it, so they are stuck with me just watching them lol.
December 29, 2017, 05:46:38 PM
Hey this can happen. I can understand OPs fear. There is only one way to get rid of this fear. Write the password and seed words and store it in the bank locker so that after the locker owner's death it can be accessed by his wife , children or near and dear ones or the person whom locker owner choose as nominee.
December 29, 2017, 05:23:10 PM
I guess the miners could do something alongside other people in the community (exchanges, wallets,etc) in order to get people their wallets back. I could see some exchanges being less stringent in order to get people their coins back without any input from the miners.
Though in theory you are right and something like this COULD happen -- it never will but it could happen.
Though in theory you are right and something like this COULD happen -- it never will but it could happen.
Oh yeah, and how do you decide which bitcoins are lost and which held in cold storage or other?
And where not talking about exchnges where talking about lost coins, most of them on desktop wallets.
You can never do this without private keys. Even miners cannot help you if you lost private keys just like what happen if people dies without giving someone else their bitcoin or keys.l
In theory you could.
Miners will just have to agree and to fork the chain.
This thing is already happening with BitcoinUnited. They are taking control over the unclaimed coins.
But if someone tries to do that with the actual chain it is going to be the end of bitcoin as all trust will evaporate.
December 29, 2017, 05:22:40 PM
but you are forgetting that more crypto currencies are created each day. And each of these are vomiting new coins daily.
Soon there will be more coins created each day then there are blades of grass cut.
I'll let you work out which has more value.
Soon there will be more coins created each day then there are blades of grass cut.
I'll let you work out which has more value.
December 29, 2017, 05:15:33 PM
they are getting lost every day and since people are dying most of coins they hold are being lost too. I'm talking about long period.
The bitcoin on itself is not going to disappear when people die but what is going to happen is that its going to get [LOST] for eternity and nothing could be done about retrieving it .Yes, Bitcoins can get lost for eternity. And to the OP's point, if all bitcoins were lost due to misplaced private keys then Bitcoin would effectively disappear.
But what's this talk about "most of coins they hold are being lost too"? This isn't true at all...you're just spreading the fear, uncertainty, and doubt! Sure, some people will die without leaving instructions on how to retrieve their bitcoins but this is only true for those that hold bitcoin on mobile, hardware, or cold/paper wallet. Bitcoins held on an exchange remain in control of the exchange, so someone's balance at Coinbase won't be lost forever when they die, eventually Coinbase will claim those coins as their own!
December 29, 2017, 05:15:03 PM
Unfortunately, it will be lost forever just like the bitcoins of early adoptors who lost their hard disk or private keys. But it will lessen the circulating supply and will push the price up. So, still a win. And I do not think it will completely go to zero.
You can never do this without private keys. Even miners cannot help you if you lost private keys just like what happen if people dies without giving someone else their bitcoin or keys.l
I guess the miners could do something alongside other people in the community (exchanges, wallets,etc) in order to get people their wallets back. I could see some exchanges being less stringent in order to get people their coins back without any input from the miners.
Though in theory you are right and something like this COULD happen -- it never will but it could happen.
Though in theory you are right and something like this COULD happen -- it never will but it could happen.
You can never do this without private keys. Even miners cannot help you if you lost private keys just like what happen if people dies without giving someone else their bitcoin or keys.l
December 29, 2017, 05:04:52 PM
I guess the miners could do something alongside other people in the community (exchanges, wallets,etc) in order to get people their wallets back. I could see some exchanges being less stringent in order to get people their coins back without any input from the miners.
Though in theory you are right and something like this COULD happen -- it never will but it could happen.
Though in theory you are right and something like this COULD happen -- it never will but it could happen.
December 29, 2017, 04:58:45 PM
they are getting lost every day and since people are dying most of coins they hold are being lost too. I'm talking about long period.
The bitcoin on itself is not going to disappear when people die but what is going to happen is that its going to get for eternity and nothing could be done about retrieving it . December 29, 2017, 04:23:14 PM
they are getting lost every day and since people are dying most of coins they hold are being lost too. I'm talking about long period.
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