Topic: What about those bitcoins that are LOST? (Read 3886 times)
it's not an actual problem the divisibility of Bitcoins is how the lost coins problem is handled and the increasing demand.
They will never come back and they will rip.
If the developers try to get back them then it will be violation of the user's privacy and bitcoin will not remain secured.
If the developers try to get back them then it will be violation of the user's privacy and bitcoin will not remain secured.
A good question OP i have thought about this before.
Interesting answers so far but 2 questions of my own
1) Who would sign off on the coins actually being lost and would we ever trust any 1 person to do this?
2) I know there is a blockchain.info address that you can send coins to that can never be recovered, do these coins get replaced? Can anyone supply that address for me please?
Interesting answers so far but 2 questions of my own
1) Who would sign off on the coins actually being lost and would we ever trust any 1 person to do this?
2) I know there is a blockchain.info address that you can send coins to that can never be recovered, do these coins get replaced? Can anyone supply that address for me please?
I presented a way to "spot" lost coins: they would be out of use since years and years.
Bitcoins has not been around since years and years but last year 5,5 million bitcoin was untouched for more than 2 years.
Relax, those are mine...
I'll move them when I'm good and ready
Could that lead into situation in a distant future where there is too few bitcoins to supply and maintain desirable number of transactions? Let's say that even the smallest amount of bitcoin will be more expensive than the smallest amount of any currency. That could be a problem.
If that was the case everyone participating in the network could agree that dividing a bitcoin into 8 decimal places isn't enough and up that amount to 16 or some other number, that wouldn't be a very controversial change to the protocol. 
Could that lead into situation in a distant future where there is too few bitcoins to supply and maintain desirable number of transactions? Let's say that even the smallest amount of bitcoin will be more expensive than the smallest amount of any currency. That could be a problem.
i believe that its nearly impossible, people wont loose that much money, also i think that its possible to let people mine more bitcoins than the current limit though its just my guess 
Could that lead into situation in a distant future where there is too few bitcoins to supply and maintain desirable number of transactions? Let's say that even the smallest amount of bitcoin will be more expensive than the smallest amount of any currency. That could be a problem.
Holy shit have you told anyone about this yet?
Could that lead into situation in a distant future where there is too few bitcoins to supply and maintain desirable number of transactions? Let's say that even the smallest amount of bitcoin will be more expensive than the smallest amount of any currency. That could be a problem.
how can a bitcoin address have many private keys :O
every bitcoin address has just one private key!!!
No. There are 2256 private keysevery bitcoin address has just one private key!!!
And 2160 addresses (hashes of compressed and uncompressed public keys)
So, there are ~296 private keys for each address
This is correct. Anyone surprised by this should read about the Pigeonhole Principle.
I don't think so, and that's exactly why I opened the thread.
If the whole world will ideally begin to use Bitcoins, there won't be enough for everyday use.
1 satoshi will end up worth 100$ or so, and you can't really go shopping with that smallest coin.
I repeat: it's NOT an actual problem, but it MAY become in the future, even more when we consider that with time, Bitcoins are lost inevitably in different ways.
So the count is not even on 21 millions, but less.
If the whole world will ideally begin to use Bitcoins, there won't be enough for everyday use.
1 satoshi will end up worth 100$ or so, and you can't really go shopping with that smallest coin.
I repeat: it's NOT an actual problem, but it MAY become in the future, even more when we consider that with time, Bitcoins are lost inevitably in different ways.
So the count is not even on 21 millions, but less.
We can always use an alternate currency for small transactions and use Bitcoins to Store wealth in that case
But i don't think a satoshi will ever touch $100.. lol :p
And I mean really, really lost.
A lot of people can't remember their passwords after 4 minutes since they set it up.
But apart this, there's several ways bitcoins can get lost, like in example if you have a wallet on a USB key and this breaks and you have no cold backup.
This will inevitably bring, in the future, to less than those 21 million cap.
And they WILL keep going down.
Is there a plan to reintegrate them?
Is that to say it's better to use a online wallet? A lot of people can't remember their passwords after 4 minutes since they set it up.
But apart this, there's several ways bitcoins can get lost, like in example if you have a wallet on a USB key and this breaks and you have no cold backup.
This will inevitably bring, in the future, to less than those 21 million cap.
And they WILL keep going down.
Is there a plan to reintegrate them?
I personally don't trust much online wallets: seen too much crap happened in the past.
And I mean really, really lost.
A lot of people can't remember their passwords after 4 minutes since they set it up.
But apart this, there's several ways bitcoins can get lost, like in example if you have a wallet on a USB key and this breaks and you have no cold backup.
This will inevitably bring, in the future, to less than those 21 million cap.
And they WILL keep going down.
Is there a plan to reintegrate them?
Is that to say it's better to use a online wallet? A lot of people can't remember their passwords after 4 minutes since they set it up.
But apart this, there's several ways bitcoins can get lost, like in example if you have a wallet on a USB key and this breaks and you have no cold backup.
This will inevitably bring, in the future, to less than those 21 million cap.
And they WILL keep going down.
Is there a plan to reintegrate them?
I don't think so, and that's exactly why I opened the thread.
If the whole world will ideally begin to use Bitcoins, there won't be enough for everyday use.
1 satoshi will end up worth 100$ or so, and you can't really go shopping with that smallest coin.
I repeat: it's NOT an actual problem, but it MAY become in the future, even more when we consider that with time, Bitcoins are lost inevitably in different ways.
So the count is not even on 21 millions, but less.
If the whole world will ideally begin to use Bitcoins, there won't be enough for everyday use.
1 satoshi will end up worth 100$ or so, and you can't really go shopping with that smallest coin.
I repeat: it's NOT an actual problem, but it MAY become in the future, even more when we consider that with time, Bitcoins are lost inevitably in different ways.
So the count is not even on 21 millions, but less.
We can always use an alternate currency for small transactions and use Bitcoins to Store wealth in that case
But i don't think a satoshi will ever touch $100.. lol :p
how can a bitcoin address have many private keys :O
every bitcoin address has just one private key!!!
No. There are 2256 private keysevery bitcoin address has just one private key!!!
And 2160 addresses (hashes of compressed and uncompressed public keys)
So, there are ~296 private keys for each address
Is there a plan to reintegrate them?
No reason to do it.But majority can change consensus rules any time.
Yes, lost coins are lost coins. Nothing you can do about it. Bitcoin is divisible to 8 places so there is plenty for everyone. Why we wouldn't be talking in satoshis term one day, not in Bitcoin terms. 1 satoshi can be worth $1 and everybody would be happy.
Because of this above, I don't think there will be consensus rules about changing the final supply. I wouldn't like that the total supply changes.
Now what will future bring us, that nobody knows!
i don't know if this is what he meant or even this was in his mind when he posted the top comment but there is an address that only eats bitcoins and in fact destroys them:
https://blockchain.info/address/1BitcoinEaterAddressDontSendf59kuE
this address is without private keys so if you send to that address the coins will be lost forever!
Not true at all. That address is almost certain, like any address, to have quadrillions upon quadrillions of private keys that can spend from it.https://blockchain.info/address/1BitcoinEaterAddressDontSendf59kuE
this address is without private keys so if you send to that address the coins will be lost forever!
Your problem is to find just one. Go!
how can a bitcoin address have many private keys :O
every bitcoin address has just one private key!!!
Exactly the address i was thinking about, thank you Herbert2020
Now when you say this address has no private keys what do you mean.
Was this address created without private keys? (If even possible)
Or were the private keys just destroyed to this address, if so who did and or approved this?
Now when you say this address has no private keys what do you mean.
Was this address created without private keys? (If even possible)
Or were the private keys just destroyed to this address, if so who did and or approved this?
creating an address with that many custom characters (BitcoinEaterAddressDontSend) is impossible.
you either didn't even read what i wrote higher or don't have any understanding of how bitcoin addresses and private keys are related and how you an create a custom address.
here are some good references to read:
https://en.bitcoin.it/wiki/Private_key
https://en.bitcoin.it/wiki/Vanitygen
Is there a plan to reintegrate them?
No reason to do it.But majority can change consensus rules any time.
Yes, lost coins are lost coins. Nothing you can do about it. Bitcoin is divisible to 8 places so there is plenty for everyone. Why we wouldn't be talking in satoshis term one day, not in Bitcoin terms. 1 satoshi can be worth $1 and everybody would be happy.
I don't think so, and that's exactly why I opened the thread.
If the whole world will ideally begin to use Bitcoins, there won't be enough for everyday use.
1 satoshi will end up worth 100$ or so, and you can't really go shopping with that smallest coin.
I repeat: it's NOT an actual problem, but it MAY become in the future, even more when we consider that with time, Bitcoins are lost inevitably in different ways.
So the count is not even on 21 millions, but less.
My friend, let's just hope that we will encounter a problem like this in the future, that's all I can say!
Ye let's hope this and then just add 3 zero at the end, game done!
Is there a plan to reintegrate them?
No reason to do it.But majority can change consensus rules any time.
Yes, lost coins are lost coins. Nothing you can do about it. Bitcoin is divisible to 8 places so there is plenty for everyone. Why we wouldn't be talking in satoshis term one day, not in Bitcoin terms. 1 satoshi can be worth $1 and everybody would be happy.
I don't think so, and that's exactly why I opened the thread.
If the whole world will ideally begin to use Bitcoins, there won't be enough for everyday use.
1 satoshi will end up worth 100$ or so, and you can't really go shopping with that smallest coin.
I repeat: it's NOT an actual problem, but it MAY become in the future, even more when we consider that with time, Bitcoins are lost inevitably in different ways.
So the count is not even on 21 millions, but less.
My friend, let's just hope that we will encounter a problem like this in the future, that's all I can say!
And I mean really, really lost.
A lot of people can't remember their passwords after 4 minutes since they set it up.
But apart this, there's several ways bitcoins can get lost, like in example if you have a wallet on a USB key and this breaks and you have no cold backup.
This will inevitably bring, in the future, to less than those 21 million cap.
And they WILL keep going down.
Is there a plan to reintegrate them?
A lot of people can't remember their passwords after 4 minutes since they set it up.
But apart this, there's several ways bitcoins can get lost, like in example if you have a wallet on a USB key and this breaks and you have no cold backup.
This will inevitably bring, in the future, to less than those 21 million cap.
And they WILL keep going down.
Is there a plan to reintegrate them?
you need not worry about the future when the 21 million cap is reached because it is far far away.
also the price of bitcoin will determine whether the amount of available bitcoin is enough or not, besides there is not just 21 mil BTC there is much more because you have to consider every digit after the point too. i mean 1 satoshi (1e-8BTC) is usable and have value.
additionally 1 satoshi can be broken down into smaller units if needs be, with a simple change in the code.
I agree with this: it's not an actual problem. It may become a problem in the future.
But if what you say is true, that also Satoshis can be divided, then there is no problem at all, I guess.
But I've never read anything about this, are you sure this can be done?
yes i am sure about this.
you can read the bitcoin wiki page for more information on bitcoin divisibility .
in short, bitcoin is has infinite divisibility, which means even if because of massive loss of bitcoin private keys (wallets or whatever) only one bitcoin is left it can be divided into enough parts so that everyone can use it without anything happening to bitcoin
actually your question is answered in much details on bitcoin wiki you can read it there!
https://en.bitcoin.it/wiki/FAQ#Won.27t_loss_of_wallets_and_the_finite_amount_of_Bitcoins_create_excessive_deflation.2C_destroying_Bitcoin.3F
the keyword to search is
Code:
bitcoin infinitely divisible
It's interesting... having the chance to add granularity by one zero or two will surely come in handy in the future.
Is there a plan to reintegrate them?
No reason to do it.But majority can change consensus rules any time.
Yes, lost coins are lost coins. Nothing you can do about it. Bitcoin is divisible to 8 places so there is plenty for everyone. Why we wouldn't be talking in satoshis term one day, not in Bitcoin terms. 1 satoshi can be worth $1 and everybody would be happy.
I don't think so, and that's exactly why I opened the thread.
If the whole world will ideally begin to use Bitcoins, there won't be enough for everyday use.
1 satoshi will end up worth 100$ or so, and you can't really go shopping with that smallest coin.
I repeat: it's NOT an actual problem, but it MAY become in the future, even more when we consider that with time, Bitcoins are lost inevitably in different ways.
So the count is not even on 21 millions, but less.
And I mean really, really lost.
A lot of people can't remember their passwords after 4 minutes since they set it up.
But apart this, there's several ways bitcoins can get lost, like in example if you have a wallet on a USB key and this breaks and you have no cold backup.
This will inevitably bring, in the future, to less than those 21 million cap.
And they WILL keep going down.
Is there a plan to reintegrate them?
A lot of people can't remember their passwords after 4 minutes since they set it up.
But apart this, there's several ways bitcoins can get lost, like in example if you have a wallet on a USB key and this breaks and you have no cold backup.
This will inevitably bring, in the future, to less than those 21 million cap.
And they WILL keep going down.
Is there a plan to reintegrate them?
I myself am responsible for atleast 5-10BTC out floating in wallets that are basically unrecoverable, some was just deleting the wallet or throwing out the old computer with BTC wallet that still had some on it (at the time a couple BTC was basically worthless and i didnt see any reason to keep it) another way i lost lil over 2BTC was when i bought some from ATM and had them sent to my phone wallet (which was not backed up) then the phone got left on side of highway while changing a tire since i used my phone for flashlight (those were actually worth keeping) but ya if just me 1 user of BTC has contributed that amount im sure the combined amounts of "lost" BTC will be high and are unrecoverable...
Sure the coins could be marked but they could move.
What about if in the future somebody will make a service that will couple up a ledger with the Bitcoin ledger, and in the first ledger an IDENTITY is stored: name, sirname, born date, etc, and ONE Bitcoin address, that certifies that THAT PERSON is owner of THAT BITCOIN ADDRESS?
This WILL probably built up on the infrastructure by somebody, I am sure
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