What about the Bitcoin lost? | Bitcointalksearch.org

Gabi

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If you want to walk on water, get out of the boat

Quote from: knight22 on June 24, 2012, 11:55:43 AM

I said 25-30 years but it could also be 50 to 100 years. If you haven't spend your bitcoin after 100 years you would never do anyway and a bitcoin that is not spent is a bitcoin useless. Forcing people to spend a bit their bitcoin will only ease merchants to grow up and strengthen up the currency. It will also encourage the spread of the bitcoin worldwide.

No.

Stop trying to find fail solutions to an INEXISTENT problem

Soros Shorts

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In addition to adding more decimal places we can also begin trading in smaller units. This will avoid the hassle of having to deal with everyday prices having too many zeros after the decimal point.

Example, extend the protocol to allow for an additional 6 decimal places of precision. At the same time begin trading in units of microBTC, where 1 microBTC = 0.000001 BTC.

Fiat currencies have done the reverse after experiencing periods of high inflation.

No need to confiscate dormant coins.

FreeMoney

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Strength in numbers

Quote from: knight22 on June 24, 2012, 11:55:43 AM

I said 25-30 years but it could also be 50 to 100 years. If you haven't spend your bitcoin after 100 years you would never do anyway and a bitcoin that is not spent is a bitcoin useless. Forcing people to spend a bit their bitcoin will only ease merchants to grow up and strengthen up the currency. It will also encourage the spread of the bitcoin worldwide.

If you think making coins in long term savings disappear adds value then go make your own chain with that 'feature' to show it.

Realpra

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Quote from: knight22 on June 23, 2012, 12:31:16 AM

Sorry I didn't know that was a topic that was overused. I'm new here. It's only prove that this mater is concerning a lot a people I guess...

The BTC protocol can just be updated to allow more decimals.

I have yet to hear anyone disagree to this easy solution.

Decimals, new cryptographic standard and swarm clients - basically every problem that might ail BTC in some 100 years has been theoretically solved. Rest easy.
(I was concerned myself about these, so I collected all the answers)

John (John K.)

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Away on an extended break

Quote from: Gabi on June 24, 2012, 10:20:52 AM

Quote from: yadndn on June 24, 2012, 10:01:05 AM

the problem is how to confirm the number of bitcoin lost?

You can't

That's why the idea is retarded

This +1.
How would you 'recycle' the gold sunk below the Marina Trench or buried inconspicuously behind my lawn? If you can revoke bitcoins as you see fit, then Bitcoin is no different from fiat.

knight22

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--------------->¿?

I said 25-30 years but it could also be 50 to 100 years. If you haven't spend your bitcoin after 100 years you would never do anyway and a bitcoin that is not spent is a bitcoin useless. Forcing people to spend a bit their bitcoin will only ease merchants to grow up and strengthen up the currency. It will also encourage the spread of the bitcoin worldwide.

Gabi

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If you want to walk on water, get out of the boat

Quote from: yadndn on June 24, 2012, 10:01:05 AM

the problem is how to confirm the number of bitcoin lost?

You can't

That's why the idea is retarded

yadndn

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the problem is how to confirm the number of bitcoin lost?

Gabi

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If you want to walk on water, get out of the boat

Nice then go and make Altcoin-2
Then please move the thread to the Alternative Currencies forum since it's no more Bitcoin

Pieter Wuille

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I disagree with the strongly emotional reactions here. This is not necessarily a bad idea. It could be an interesting experiment.

It just isn't Bitcoin.

Obviously, a "hard fork" change can change anything (more precision, limited coin age, ...), but it requires a exceedingly high degree of consensus to pull off, as (almost) everyone needs to upgrade (not just miners). If the precision becomes a problem one day, a consensus for a change that increases it may be viable.

I don't believe a change such as this would ever be accepted by nearly-everyone, as it changes the philosophy behind the system.

Gabi

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If you want to walk on water, get out of the boat

Quote

Even if it's a bad idea, I don't see why we don't explain why that is so, instead of yelling

Already done thousands of time.

Please use the Search function the next time.

niko

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There is more to Bitcoin than bitcoins.

Wow, people feel very strongly about this. Even if it's a bad idea, I don't see why we don't explain why that is so, instead of yelling. As for me, I agree with what was mentioned above (hidden in the noise) - bitcoins are divisible to 8 decimals, so there is plenty of room to accommodate deflation. Also, the rate of loss is relatively low. Finally, expiring coins would create more problems than it solves.

drakahn

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Quote from: knight22 on June 24, 2012, 01:34:38 AM

Quote from: Gabi on June 23, 2012, 09:04:48 AM

Quote from: knight22 on June 23, 2012, 12:01:11 AM

If we think about a very long term for Bitcoin. Over time, if we accumulate all the bitcoin lost by people who lost their wallet. There will be no more bitcoin in circulation. I think it would be a good idea to force people to spend their bitcoin in, let's say 25-30 years. If not spent, the bitcoins will be spread in the community. This would also prevent super maniac savers who would die with their super saving of bitcoin.

NO

Go elsewhere to try to steal our money.

In case it is not clear: NO

And NO, it is NOT a good idea, it is a retarded idea.

You felt aim by my "super maniac savers" or what? Nothing about stealing any money here.

you want to steal coins off people that are
in jail for N years
in a coma for N years
Otherwise indisposed for N years

knight22

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--------------->¿?

Quote from: Gabi on June 23, 2012, 09:04:48 AM

Quote from: knight22 on June 23, 2012, 12:01:11 AM

If we think about a very long term for Bitcoin. Over time, if we accumulate all the bitcoin lost by people who lost their wallet. There will be no more bitcoin in circulation. I think it would be a good idea to force people to spend their bitcoin in, let's say 25-30 years. If not spent, the bitcoins will be spread in the community. This would also prevent super maniac savers who would die with their super saving of bitcoin.

NO

Go elsewhere to try to steal our money.

In case it is not clear: NO

And NO, it is NOT a good idea, it is a retarded idea.

You felt aim by my "super maniac savers" or what? Nothing about stealing any money here.

ErebusBat

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I am the one who knocks

I was just Rick rolled by bitcoins :/

Lumpy

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jothan

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Feel the coffee, be the coffee.

Yankee (BitInstant)

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Charlie 'Van Bitcoin' Shrem

The amount of coins and the total amount is arbitrary, and should not be held against the value.

Even if the Feds deleted the keys of 20,999,999 Bitcoins, that 1 BTC left can be split between one hundred million people (8 decimal points) and the core dev can increase that.

-Charlie

hazek

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Quote from: finkleshnorts on June 23, 2012, 09:39:54 AM

If you really want money that has an expiration date on it, the code is out there. You can start a new self-destructing currency at any time.

+1

If you want to change the rules, make your own currency and try to get it to catch on. It might surprise you how quickly you'll learn why exactly Bitcoin is already so relatively popular valued at $6.5 a pop atm as it is.

Technomage

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Affordable Physical Bitcoins - Denarium.com

We don't know the rate of lost coins but losing them will decrease the supply of coins, leading to price increases. Increasing price will lead to the average person having less coins than before. As time goes on the absolute number of coins lost just gets smaller and smaller. It can never get ahead of the curve because the value of bitcoins will simply increase and the currency is basically infinitely divisible.

It's important to understand that it's actually possible to run the entire world economy with just 1 single bitcoin, although we would need to add a few more decimals.

Topic: What about the Bitcoin lost? (Read 2653 times)