Lost coins are actually good for the bitcoin in general. Satoshi once said that lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.
So this is not a problem, there is no need for 'recreate' initiatives, because it would not be wise imo.
Topic: What about those bitcoins that are LOST? - page 5. (Read 3820 times)
Lost Bitcoins is a good thing actually. They make your unlost bitcoins more valuable. (As long as the lost ones aren't yours of course)
I don't think so: nobody knows anybody has lost his coins, there's no way to know it, apart the case I exposed in the previous post, or by admission of the user himself, which can be fraudulent.
AT THE MOMENT the value of your coins is UNAFFECTED by lost coins.
In the future, when we'll hit the wall, THEN this may affect it, as less and less coins will be in circulation.
i presume that the impact would be very low on the market, do not expect an huge rise in demand only because 30% of coins are lost, people simply will buy less one whole btc and more satoshi or bits
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?
Lost Bitcoins is a good thing actually. They make your unlost bitcoins more valuable. (As long as the lost ones aren't yours of course)
I don't think so: nobody knows anybody has lost his coins, there's no way to know it, apart the case I exposed in the previous post, or by admission of the user himself, which can be fraudulent.
AT THE MOMENT the value of your coins is UNAFFECTED by lost coins.
In the future, when we'll hit the wall, THEN this may affect it, as less and less coins will be in circulation.
OK I'll try to be more clear.
Case: 10 years from now, developers uncover that 5% of BTC are unused, since 10 years.
Those wallets are much probably lost. Users don't use those coins for the simple reason they have lost their keys.
Hypothesis: reintegrate those coins by mining them back.
Another case: coins WILL keep being lost as time goes, this happens with fiat money, and WILL happen with Bitcoin.
For a long time now there won't be any problem of course, but IF Bitcoin will become a hugely widespread currency, as we all hope, then this WILL be a problem.
Case: 10 years from now, developers uncover that 5% of BTC are unused, since 10 years.
Those wallets are much probably lost. Users don't use those coins for the simple reason they have lost their keys.
Hypothesis: reintegrate those coins by mining them back.
Another case: coins WILL keep being lost as time goes, this happens with fiat money, and WILL happen with Bitcoin.
For a long time now there won't be any problem of course, but IF Bitcoin will become a hugely widespread currency, as we all hope, then this WILL be a problem.
Lost Bitcoins is a good thing actually. They make your unlost bitcoins more valuable. (As long as the lost ones aren't yours of course)
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.
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?
There is no way to prove that a coin is lost, unless it was send to a burn address.. Most coins that are lost therefore, are not really lost, only forgotten. Reclaiming those would be like creating double coins.
if there was a way to regenerate lost coins ,people would also want a way to regenerate stolen coins and it would leave a huge hole in the system
of who decides when and if a coin is truely lost forever ........
some coins may appear lost and are in someones inheritance who is still a baby etc
satoshis coins may well be unretrievable ,but whos to say he wont come back and retrieve them ? the core principals of bitcoin
were a finite money supply without any manipulation possible ,i would like it to stay that way
of who decides when and if a coin is truely lost forever ........
some coins may appear lost and are in someones inheritance who is still a baby etc
satoshis coins may well be unretrievable ,but whos to say he wont come back and retrieve them ? the core principals of bitcoin
were a finite money supply without any manipulation possible ,i would like it to stay that way
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?
Lost coins reduce supply of bitcoins. Supply goes down, price goes up. You can divide Bitcoin however you want, so unless I'm missing something, it shouldn't be a problem.
Is there a plan to reintegrate them?
No reason to do it.But majority can change consensus rules any time.
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?
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