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Title: What happens to bitcoins that are abandoned on exchanges and pools Post by: bitcoin_n00b on May 05, 2014, 02:38:21 AM Hi everyone,
I'm curious about what happens to coins that are abandoned on exchanges and pools. For example, if I left a fraction of a namecoin behind on btc-e because they never reached the withdraw limit, can anyone tell me what might eventually happen it? Or if I joined a pool to mine bitcoin and moved on without taking the btc with me? Are those coins out of circulation or will the exchange or pool eventually capture them? Thanks! n00b Title: Re: What happens to bitcoins that are abandoned on exchanges and pools Post by: Vod on May 05, 2014, 02:48:22 AM Hi everyone, I'm curious about what happens to coins that are abandoned on exchanges and pools. For example, if I left a fraction of a namecoin behind on btc-e because they never reached the withdraw limit, can anyone tell me what might eventually happen it? Or if I joined a pool to mine bitcoin and moved on without taking the btc with me? Are those coins out of circulation or will the exchange or pool eventually capture them? Thanks! n00b Coins on an exchange or pool don't belong to you - they belong to the website. If you don't request they send you coins you have earned - they will simply keep them. Title: Re: What happens to bitcoins that are abandoned on exchanges and pools Post by: bryant.coleman on May 05, 2014, 04:03:21 AM If you don't request they send you coins you have earned - they will simply keep them. In that case, I have a question. Are they allowed to sell these coins? Or are they legally obliged to keep them secure, in case at some point in the future the original owner asks them to return those coins? Title: Re: What happens to bitcoins that are abandoned on exchanges and pools Post by: Yakamoto on May 05, 2014, 04:21:03 AM If you don't request they send you coins you have earned - they will simply keep them. In that case, I have a question. Are they allowed to sell these coins? Or are they legally obliged to keep them secure, in case at some point in the future the original owner asks them to return those coins? No laws related to bitcoin? Taxes or otherwise? Free reign over what you do with all the coins you get. Title: Re: What happens to bitcoins that are abandoned on exchanges and pools Post by: activebiz on May 05, 2014, 07:53:27 AM They should remain in ur account as long as the exchange is in business
Title: Re: What happens to bitcoins that are abandoned on exchanges and pools Post by: shorena on May 05, 2014, 08:09:25 AM No laws related to bitcoin? Taxes or otherwise? Free reign over what you do with all the coins you get. Just because bitcoin is new does not imply that there are no rules. In germany bitcoin is considered a unit of account and thus there are laws. I imagine other countries have similar laws. Its not like bitcoin is the first kind of currency besides the official currency of a country. There are several other examples. On the other hand the exchange can just declare bankrupcy like Gox. Title: Re: What happens to bitcoins that are abandoned on exchanges and pools Post by: TrailingComet on May 05, 2014, 09:53:04 AM The xchanges and pools pocket these coins
In the end there is always beneficial ownership with somebody Title: Re: What happens to bitcoins that are abandoned on exchanges and pools Post by: Flashman on May 05, 2014, 10:25:59 AM They are out of circulation for now. Some exchanges have a dead account policy, if you don't use it in xx months they charge a fee... which would probably eat a small balance first shot, and then the account would be closed. Some others, it could possibly just sit there for a couple of years until the place is dead or you log back in and claim it somehow. I think it will probably still be there in a year on BTC-e.
One way to claim some of the value may be to buy TRC or FTC and send that out. The withdrawal limits are somewhat based on that particular blockchains tx fees. (Sometimes what they were months ago, because they didn't change it) Title: Re: What happens to bitcoins that are abandoned on exchanges and pools Post by: Divinespark on May 05, 2014, 11:50:21 AM They are lost forever, presumably
Title: Re: What happens to bitcoins that are abandoned on exchanges and pools Post by: bryant.coleman on May 05, 2014, 11:51:34 AM They are out of circulation for now. Some exchanges have a dead account policy, if you don't use it in xx months they charge a fee... which would probably eat a small balance first shot, and then the account would be closed. Some others, it could possibly just sit there for a couple of years until the place is dead or you log back in and claim it somehow. I think it will probably still be there in a year on BTC-e. With bigger exchanges such as Bitstamp and BTC-E they might be OK. But smaller exchanges usually closes down within 6 to 12 months. The coins in them will be gone for ever. Title: Re: What happens to bitcoins that are abandoned on exchanges and pools Post by: PerrythePlatypus on May 05, 2014, 01:30:55 PM They are lost forever, presumably Not lost but rather given to the pool/ exchange owner.Title: Re: What happens to bitcoins that are abandoned on exchanges and pools Post by: marife01 on May 05, 2014, 03:41:30 PM I think those BTC left on abandoned accounts will remain there as long as it was not hacked. Also as long as BTC is still online.
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