What happens when bitcoins are lost? - page 2.

Gohs

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Quote from: findftp on September 27, 2016, 06:55:14 AM

... I lost 1 mBTC once and was able to bruteforce it back because it was located on an address which was constructed by an algorithm.
It's comparable with HD wallets which generates all future addresses based on a seed. As long as you know the seed you are able to recover all the coins.

How do you brute force your coins back?

DannyHamilton

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Quote from: findftp on September 27, 2016, 06:55:14 AM

- snip -
I lost 1 mBTC once
- snip -
it was located on an address which was constructed by an algorithm.
- snip -

Well, as long as you know the algorithm (and it isn't too complex), then you never really lost it, did you? You just had to put some effort into retrieving it.

Grin

cr1776

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Quote from: findftp on September 27, 2016, 07:42:04 PM

Quote from: dx5 on September 27, 2016, 07:38:18 PM

This makes me wonder about twenty years from, and all the people with Bitcoin who died. Unless they told someone who they can trust and gave them their password, it will all be gone.

Isn't it fantastic!

Many may be hanging with Hal Finney at Alcor, so the coins may only be gone temporarily.

findftp

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Delusional crypto obsessionist

Quote from: dx5 on September 27, 2016, 07:38:18 PM

This makes me wonder about twenty years from, and all the people with Bitcoin who died. Unless they told someone who they can trust and gave them their password, it will all be gone.

Isn't it fantastic!

dx5

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This makes me wonder about twenty years from, and all the people with Bitcoin who died. Unless they told someone who they can trust and gave them their password, it will all be gone.

unholycactus

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To be more accurate, you lose the rights to spend coins i.e. you lose the private key.
The coins aren't lost. However, nobody will be able to move them.

findftp

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Delusional crypto obsessionist

Quote from: bioly on September 27, 2016, 06:43:31 AM

If you lose your private keys (and the bitcoins on them) it is over, 0 chance to recover.

Although you are right for most cases, I lost 1 mBTC once and was able to bruteforce it back because it was located on an address which was constructed by an algorithm.
It's comparable with HD wallets which generates all future addresses based on a seed. As long as you know the seed you are able to recover all the coins.

bioly

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If you lose your private keys (and the bitcoins on them) it is over, 0 chance to recover.

OmegaStarScream

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If someone lost the private keys then It's impossible to recover them which means no one will have access to those coins . And since Bitcoin price is based on supply-demand "Lost coins only make everyone else’s coins worth slightly more. Think of it as a donation to everyone" Satoshi Nakamoto.

JITENDERPAR3

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Quote from: coynedterm on September 27, 2016, 02:01:33 AM

i am curiously that if some lost his bitcoin wallet than what will happen with btc that are in the lost wallet .

i don't think that after lost your bitcoin wallet there is something or any system that can use your btc . in my opinion your bitcoins remain in blockchain system but neither you can use nor blockchain system .

mekar sari

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Quote from: coynedterm on September 27, 2016, 02:01:33 AM

i am curiously that if some lost his bitcoin wallet than what will happen with btc that are in the lost wallet .

it depends on where you save it, if so you've lost your wallet of course BTC will also disappear as well. Wink

hajimasan

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When a user loses his wallet, it has the effect of
removing money out of circulation. Lost bitcoins still
remain in the block chain just like any other bitcoins.
However, lost bitcoins remain dormant forever because
there is no way for anybody to find the private key/keys
that would allow them to be spent again. Because of the
law of supply and demand, when fewer bitcoins are
available, the ones that are left will be in higher demand
and increase in value to compensate.

coynedterm

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i am curiously that if some lost his bitcoin wallet than what will happen with btc that are in the lost wallet .

Topic: What happens when bitcoins are lost? - page 2. (Read 6376 times)