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Title: 21MIL Model Fails with hard drive crashes Post by: clint25n on June 22, 2011, 07:07:36 AM A maximum volume of currency and predictable inflation are great ideas and solve some current problems... however, what happens when large amounts of the bitcoins are permanently lost due to drive failure, lost passwords, theft of laptops, fire damage/flood, death, etc...
If millions of people are using this cryptocurrency by the year 2020, then more and more of these cases are bound to occur. Will they ever inject more bitcoins into the magical bitcoin forest? Or how will they tackle this problem since there is no real way of accounting for all the current bitcoins in existence. Title: Re: 21MIL Model Fails with hard drive crashes Post by: elggawf on June 22, 2011, 07:09:14 AM This question is addressed on the Wiki.
Title: Re: 21MIL Model Fails with hard drive crashes Post by: Jaime Frontero on June 22, 2011, 07:12:07 AM http://en.wikipedia.org/wiki/RAID
Title: Re: 21MIL Model Fails with hard drive crashes Post by: triforcelink on June 22, 2011, 07:13:16 AM all the value of the lost coins gets transferred into the existing coins. it might just be that if bitcoins become rare enough, they will become a digital collector's item and a new digital currency system will have long taken over.
Title: Re: 21MIL Model Fails with hard drive crashes Post by: clint25n on June 22, 2011, 07:18:14 AM I see. I wonder how people will adapt to accepting .002 as something valuable when we are currently used to paying 1.00 or 100.00 for something.
I agree with the idea of breaking the coin down, but will the common folk accept .000025 for a t-shirt one day. Title: Re: 21MIL Model Fails with hard drive crashes Post by: Jaime Frontero on June 22, 2011, 07:20:34 AM I see. I wonder how people will adapt to accepting .002 as something valuable when we are currently used to paying 1.00 or 100.00 for something. I agree with the idea of breaking the coin down, but will the common folk accept .000025 for a t-shirt one day. why not? they accept it in the other direction, don't they? a quart of milk used to cost 0.25 USD, now it costs 1.75 USD. same thing, no? Title: Re: 21MIL Model Fails with hard drive crashes Post by: hugolp on June 22, 2011, 07:23:36 AM I see. I wonder how people will adapt to accepting .002 as something valuable when we are currently used to paying 1.00 or 100.00 for something. I agree with the idea of breaking the coin down, but will the common folk accept .000025 for a t-shirt one day. They wont accept 0.000025BTC for a t-shirt, they will accept 25 uBTC (microBTC). Sounds much cooler, doesnt it? ;) Title: Re: 21MIL Model Fails with hard drive crashes Post by: ricksta on June 22, 2011, 07:27:49 AM when all 21 mill is mined, or nearly mined, what gives miners incentives to mine? if no miners are around, then who is validating the transactions?
Title: Re: 21MIL Model Fails with hard drive crashes Post by: Jaime Frontero on June 22, 2011, 07:30:34 AM when all 21 mill is mined, or nearly mined, what gives miners incentives to mine? if no miners are around, then who is validating the transactions? look into transaction fees... Title: Re: 21MIL Model Fails with hard drive crashes Post by: IlbiStarz on June 22, 2011, 07:37:03 AM TRANSACTION FEES.
By then transaction fees will be more than 1, even 5 BTC. (Right?) Title: Re: 21MIL Model Fails with hard drive crashes Post by: Samantha2011 on June 22, 2011, 07:46:23 AM I see. I wonder how people will adapt to accepting .002 as something valuable when we are currently used to paying 1.00 or 100.00 for something. I agree with the idea of breaking the coin down, but will the common folk accept .000025 for a t-shirt one day. You need only change the interface to read in a smaller unit. Title: Re: 21MIL Model Fails with hard drive crashes Post by: Tasty Champa on June 22, 2011, 07:54:15 AM technically, we are the common folk to the future folk.
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