There are claims that quantum computers can recover the "lost" bitcoins. It's not available yet but they will probably become ready before 95% bitcoiners die with their private keys.
If quantum computers can do that then we're in big trouble.
Topic: This is why I believe bitcoin will crush in the distant future - page 3. (Read 723 times)
If quantum computers can do that then we're in big trouble.
I don’t know what drives you to make such an assumption, awareness about Bitcoin will increase, and therefore many people will learn how to inherit these currencies if they die.
But let's assume the worst scenario, which is that people lose their currencies, do not forget that we not only have 21 million Bitcoins but:
100,000,000 Satoshi =1 bitcoin so you have about 2,099,999,997,690,000 satoshis
The vast majority of these coins are under the management of platforms or whales, and therefore they have enough capacity to protect their funds and transfer them safely in the event of their death.
Also, mining will continue for several years, and thus more currencies will be produced. This problem will not appear until after hundreds of years, "then most of us will not be alive."
Satoshi Nakamoto - "Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone."
Do not forget that lost currencies cannot be verified as missing.
But let's assume the worst scenario, which is that people lose their currencies, do not forget that we not only have 21 million Bitcoins but:
100,000,000 Satoshi =1 bitcoin so you have about 2,099,999,997,690,000 satoshis
The vast majority of these coins are under the management of platforms or whales, and therefore they have enough capacity to protect their funds and transfer them safely in the event of their death.
Also, mining will continue for several years, and thus more currencies will be produced. This problem will not appear until after hundreds of years, "then most of us will not be alive."
Satoshi Nakamoto - "Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone."
Do not forget that lost currencies cannot be verified as missing.
There is no difference. But bitcoins are 21M and if bitcoins are getting lost overtime then there will be less in the future (like 100 years later)
And that makes it a donation to everyone, as Satoshi himself said. Less BTC = scarcer BTC = higher price if the demand and interest will still be there.Gold is lost too, just imagine how much gold has been lost in the past 2000 years that is sitting right now underground.
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A today's website security would be nothing right now if quantum computers would be commercial starting from tomorrow. Just imagine having 50 quantum computers and trying to penetrate websites with high-grade security. A lot of damage could be done.Before they become commercial, we'll adapt to them.
So in the distant future that lots of bitcoiners will be dead and they won't have given their private keys to others, many bitcoins will be lost. So the available bitcoins will be lower and lower overtime.
https://en.bitcoin.it/wiki/Weaknesses#Probably_not_a_problem
Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.
And I mentioned, overtime. Not tomorrow or next year. Distant Future
The sun will burn out in 5-8 billion years, you should start preparing for it.
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If I die and had all my cash placed somewhere very safe, there's a chance nobody'll ever find it again or even know that I had it. So what's the difference between that and someone who dies without letting anyone know about their privkeys/passwords, marking their BTC as lost?
There is no difference. But bitcoins are 21M and if bitcoins are getting lost overtime then there will be less in the future (like 100 years later)
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True. But if people can use quantum computers, we're going to have BIGGER problems than problems concerning bitcoin.
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If I die and had all my cash placed somewhere very safe, there's a chance nobody'll ever find it again or even know that I had it. So what's the difference between that and someone who dies without letting anyone know about their privkeys/passwords, marking their BTC as lost?
If that's what scares you, just imagine what technology they could use against it considering the intel has tech like decades before we do.
If quantum computers can do that then we're in big trouble.
I'm quite sure there's a plan for that scenario. Before quantum computers become commercially available, Bitcoin will be strong enough to counter their power.If that's what scares you, just imagine what technology they could use against it considering the intel has tech like decades before we do.
I didn't said it's the greatest possibility. But some bitcoins from few owners will get lost in the future. And I mentioned, overtime. Not tomorrow or next year.
Distant Future
If we're going to think of this being a problem, then probably in the far distant future. It's one of those things that is just too far in the future that I don't really think we should be keeping mind of it today. It's like being worried over the death of the sun. Farfetched I know, but you get what I mean.Distant Future
And let's not forget that some smart dude might think of a clever way of having a bitcoin inheritance without sacrificing self-custody.
If quantum computers can do that then we're in big trouble.
True. But if people can use quantum computers, we're going to have BIGGER problems than problems concerning bitcoin. There are claims that quantum computers can recover the "lost" bitcoins. It's not available yet but they will probably become ready before 95% bitcoiners die with their private keys.
If quantum computers can do that then we're in big trouble.
There are claims that quantum computers can recover the "lost" bitcoins. It's not available yet but they will probably become ready before 95% bitcoiners die with their private keys.
Let's not forget that bitcoin is highly divisible, and can be more divisible through layer 2 solutions. Lost bitcoin only helps the scarcity part of bitcoin. Unless 95% of the population suddenly dies without being able to hand over the bitcoin to their families, it will be quite farfetched to think that this will be a problem any time in our lifetimes.
I didn't said it's the greatest possibility. But some bitcoins from few owners will get lost in the future. And I mentioned, overtime. Not tomorrow or next year.
Distant Future
Let's not forget that bitcoin is highly divisible, and can be more divisible through layer 2 solutions. Lost bitcoin only helps the scarcity part of bitcoin. Unless 95% of the population suddenly dies without being able to hand over the bitcoin to their families, it will be quite farfetched to think that this will be a problem any time in our lifetimes.
Bitcoiners keep their coins in a private key. This has a disadvantage. Let's assume that someone with 1000BTC dies. If he hadn't given the wallet to someone then his bitcoins are lost. So in the distant future that lots of bitcoiners will be dead and they won't have given their private keys to others, many bitcoins will be lost. So the available bitcoins will be lower and lower overtime.
Bitcoin is not like a bank meaning that cannot be used as inheritance. So will it live only on our era? Will it be lost in the future?
Bitcoin is not like a bank meaning that cannot be used as inheritance. So will it live only on our era? Will it be lost in the future?
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