What is going to happened to the lost bitcoins?? - page 2.

Lauda

legendary

Activity: 2674

Merit: 2965

Terminated.

Quote from: DeathAndTaxes on November 13, 2013, 04:46:20 PM

Quote from: Lauda on November 13, 2013, 03:54:46 PM

Quantum computers will probably never be able to do that.

Never is a long time. Still even without quantum computers if a flaw is eventually discovered that degrades the security of ECDSA, coins may eventually be "recovered" with sufficient amount of computing power.

That's why we have developers. Anything can be prevented/fixed.

DeathAndTaxes

donator

Activity: 1218

Merit: 1079

Gerald Davis

Quote from: Lauda on November 13, 2013, 03:54:46 PM

Quantum computers will probably never be able to do that.

Never is a long time. Still even without quantum computers if a flaw is eventually discovered that degrades the security of ECDSA, coins may eventually be "recovered" with sufficient amount of computing power.

Walter Rothbard

sr. member

Activity: 476

Merit: 250

Bytecoin: 8VofSsbQvTd8YwAcxiCcxrqZ9MnGPjaAQm

Quote from: donbu7 on November 12, 2013, 03:26:36 PM

What is going to happen to the lost bitcoins??

I mean there are many different ways to lose BTC, for instance I started mining and after 4 days I just got 0.00000885 BTC, so I stop mining and I can not get the BTC out because at BitcoinCZ in order to withdraw money you must have at least .01 BTC so I will just leave the very little BTC I got mining and then they will get lost.

And for sure I am not the only one who is in the same situation, and also there are other ways to lose BTC, So the question is what is going to happen with those BTC lost? will they ever be recover? will they be replace? Shocked

This is addressed in the Bitcoin FAQ:
https://en.bitcoin.it/wiki/FAQ#But_if_no_more_coins_are_generated.2C_what_happens_when_Bitcoins_are_lost.3F_Won.27t_that_be_a_problem.3F

Lauda

legendary

Activity: 2674

Merit: 2965

Terminated.

Quote from: cyclops on November 12, 2013, 03:45:03 PM

Neither replaced or recovered, lost forever! Or until a Quantum computer breaks private keys Tongue

Look at it this way: For each coin lost the others increase their value (as the have to absorb the value of the first coin.)

Quantum computers will probably never be able to do that.

xan_The_Dragon

sr. member

Activity: 322

Merit: 250

I AM A DRAGON

why do people insist on redistributing long lost coins, if all the coins inactive for a year were redistributed, it would most likely crash the price due to the huge increase in supply

cyclops

legendary

Activity: 1162

Merit: 1001

Quote from: superduh on November 13, 2013, 02:02:20 PM

Quote from: rpietila on November 13, 2013, 01:48:02 PM

Why, that would just be plain stealing, wouldn't it, Mr. President?

no, if noone touches the coins for 50 years you'd be stealing from a dead person or someone who doesn't care to have them. common sense Wink

Ok then, this man bought them at his 20s, saved them for a retirement then when he is 70 years old you take his coins?

Imagine you have a property you don't use and someone takes it from you, What is this? Comunism!

superduh

hero member

Activity: 602

Merit: 500

Quote from: rpietila on November 13, 2013, 01:48:02 PM

Why, that would just be plain stealing, wouldn't it, Mr. President?

no, if noone touches the coins for 50 years you'd be stealing from a dead person or someone who doesn't care to have them. common sense Wink

rpietila

donator

Activity: 1722

Merit: 1036

Why, that would just be plain stealing, wouldn't it, Mr. President?

superduh

hero member

Activity: 602

Merit: 500

TBH in the next few years they need to write a script

if bitcoin hasn't moved addresses in 50 years then block those coins and redistribute as block reward.

thatd be neat

jeppe

sr. member

Activity: 434

Merit: 251

They are lost forever :/ its sad but there is no way of recovering the lost coins :/

Johnny Bitcoinseed

full member

Activity: 154

Merit: 100

Johnny Bitcoinseed

Ask the US Postal Service where all their lost packages went. Nobody knows, gone with the wind.

theecoinomist

full member

Activity: 200

Merit: 100

Quote from: donbu7 on November 12, 2013, 03:26:36 PM

What is going to happen to the lost bitcoins??

I mean there are many different ways to lose BTC, for instance I started mining and after 4 days I just got 0.00000885 BTC, so I stop mining and I can not get the BTC out because at BitcoinCZ in order to withdraw money you must have at least .01 BTC so I will just leave the very little BTC I got mining and then they will get lost.

And for sure I am not the only one who is in the same situation, and also there are other ways to lose BTC, So the question is what is going to happen with those BTC lost? will they ever be recover? will they be replace? Shocked

in this scenario I would assume BitcoinCZ eventually gets the coins..

Barek

full member

Activity: 168

Merit: 100

Quote from: rpietila on November 13, 2013, 07:49:42 AM

After 900 years, there will be 11 satoshi left.

Along the way more digits can be added, making those satoshis infinitely divisible. Today's 64 bit is somewhat arbitrary.

We'll let future generations sort that out.

rpietila

donator

Activity: 1722

Merit: 1036

Quote from: Barek on November 13, 2013, 06:56:20 AM

Quote from: BitchicksHusband on November 13, 2013, 05:56:01 AM

But isn't that the day that ALL bitcoins are lost?

If 0.01% Bitcoins are lost everyday, how long does it take for all of them to be lost?

After 900 years, there will be 11 satoshi left.

bythesea

full member

Activity: 172

Merit: 101

Probably nothing Sad

Barek

full member

Activity: 168

Merit: 100

Quote from: BitchicksHusband on November 13, 2013, 05:56:01 AM

But isn't that the day that ALL bitcoins are lost?

If 0.01% Bitcoins are lost everyday, how long does it take for all of them to be lost?

BitchicksHusband

sr. member

Activity: 378

Merit: 255

Quote from: cyclops on November 12, 2013, 03:45:03 PM

Neither replaced or recovered, lost forever! Or until a Quantum computer breaks private keys Tongue

Look at it this way: For each coin lost the others increase their value (as the have to absorb the value of the first coin.)

But isn't that the day that ALL bitcoins are lost?

kik1977

hero member

Activity: 593

Merit: 505

Wherever I may roam

Quote from: JessicaSe on November 13, 2013, 03:33:33 AM

Quote from: donbu7 on November 12, 2013, 03:26:36 PM

What is going to happen to the lost bitcoins??

I mean there are many different ways to lose BTC, for instance I started mining and after 4 days I just got 0.00000885 BTC, so I stop mining and I can not get the BTC out because at BitcoinCZ in order to withdraw money you must have at least .01 BTC so I will just leave the very little BTC I got mining and then they will get lost.

And for sure I am not the only one who is in the same situation, and also there are other ways to lose BTC, So the question is what is going to happen with those BTC lost? will they ever be recover? will they be replace? Shocked

Its not gone forever but its in BitcoinCZ forever until you do something to it

+1 They will probably deactivate your account at some point, look at their terms of reference to know when. At that point they will take your satoshis! Not lost in this case, that's for sure!

JessicaSe

legendary

Activity: 840

Merit: 1000

Quote from: donbu7 on November 12, 2013, 03:26:36 PM

What is going to happen to the lost bitcoins??

I mean there are many different ways to lose BTC, for instance I started mining and after 4 days I just got 0.00000885 BTC, so I stop mining and I can not get the BTC out because at BitcoinCZ in order to withdraw money you must have at least .01 BTC so I will just leave the very little BTC I got mining and then they will get lost.

And for sure I am not the only one who is in the same situation, and also there are other ways to lose BTC, So the question is what is going to happen with those BTC lost? will they ever be recover? will they be replace? Shocked

Its not gone forever but its in BitcoinCZ forever until you do something to it

irpirate

newbie

Activity: 56

Merit: 0

Quote from: MaxBTC1 on November 12, 2013, 03:27:45 PM

There's a graveyard somewhere deep and hidden along with all my lost socks and tootbrushes

How do you even lose a toothbrush Huh

As for the the lost bitcoins, they'll remain lost.

Topic: What is going to happened to the lost bitcoins?? - page 2. (Read 4364 times)