From the Bitcoin Wiki: 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.3FBut if no more coins are generated, what happens when Bitcoins are lost? Won't that be a problem?
Because of the law of supply and demand, when fewer bitcoins are available the ones that are left will be in higher demand, and therefore will have a higher value. So, as Bitcoins are lost, the remaining bitcoins will eventually increase in value to compensate. As the value of a bitcoin increases, the number of bitcoins required to purchase an item decreases. This is a deflationary economic model. As the average transaction size reduces, transactions will probably be denominated in sub-units of a bitcoin such as millibitcoins ("Millies") or microbitcoins ("Mikes").
The Bitcoin protocol uses a base unit of one hundred-millionth of a Bitcoin ("a Satoshi"), but unused bits are available in the protocol fields that could be used to denote even smaller subdivisions. That should answer your question. How do they decide and confirm that bitcoins have been lost? It can't be that if they lay dormant for too long, so how can it be confirmed? Would the mining re-start or increase to previous levels in this case? I had assumed, apparently incorrectly, that the rest of the coins would increase in value to compensate. It's almost impossible to tell if Bitcoins are lost, unless we never see those addresses transact on the Blockchain ever again. If these Bitcoins are mined from say 2009 or so and never interact or transact on the ledger again after decades, then it's probably safe to say it's gone forever. Reminds me of the time that poor guy lost 7500 BTC worth $7.5 Million a few years ago by dumping his PC hard drive in the trash: http://readwrite.com/2014/01/13/what-happens-to-lost-bitcoins |
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Bitcoin would just increase in value, the only people at lost are the ones who owned those Bitcoins.
I am not so sure about that anymore. I used to think that way to, that bitcoin will be only more expensive with time. But event of january 2015 when bitcoin dropped more than half of its initial value made me think that it may not be the case. There is always a risk. After all bitcoin is a FIAT. I get what you're trying to say, Hazir, but please refrain from using Bitcoin in the same context as Fiat currency. Fiat by definition is: Any money declared by a government to be legal tender.
State-issued money which is neither convertible by law to any other thing, nor fixed in value in terms of any objective standard.
Intrinsically valueless money used as money because of government decree. Bitcoin goes against all these institutions by definition, so it can and will never be Fiat based money. No one government can control or "print" Bitcoin like the US dollar or Euro, so just trying to help you understand. But I get what you were going for, deflationary economy yada yada... No my friend, you got this FIAT definition wrong in my opinion. I would say: yes, everything you said is right and it is a fact that bitcoin was not declared by any high power, or government or agency and that is true! But bitcoin is stil FIAT. Why? Because by itself it is worth 0. Yes! Bitcoin is useless, it is just some line of code in cyberspace and that means it is FIAT. Non fiat currency means that something is real and have value, like gold, diamonds, other precious metals. They can't be manufactured, and they are limited. Bitcoin is no different than any other paper money it is worth something only when people decide to purchase it. So do not be sicken by my theory that bitcoin is really not so different from normal FIAT currency. Bitcoin isn't FIAT period. It cannot be printed at will by the Fed or the Eurozone. You have read up more on what FIAT means, because FIAT is backed by Guns, Law, and higher central authority. Bitcoin isn't backed by any of that. It's backed by mathematics and deflationary economics. It is a cryptocurrency after all. |
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A sex addict strikes again...
Who me? I'm just a regular Patrick Bateman working a 9 to 5 everyday...   |
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Off course this is good news, it helped rally Bitcoin's price several points the last few days.
That said, it's not Bitcoin's "Golden Moment". It's a fund but it won't be trading on any major exchanges anytime soon. I think it's on the OTC Markets or Pink Sheets for now.
Bitcoin's true golden moment will probably be the COIN ETF, as you will definitely get Wall Street Old money throw their hundreds of millions of play money at it seeing what happens....
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Starbucks doesn't directly take Bitcoin payments, but you can get it as easily as you pull out your mobile phone: http://www.gyft.com/bitcoin/Pre-fund your Gyft account with Bitcoin for a Starbucks gift card, and voila Starbucks takes Bitcoin now. |
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Shouldn't live that way. Regret and depression is terrible thing to have to go through. Nothing, and I mean nothing should make you feel that way for a prolonged period. Not terrible life decision, not missing the boat on Bitcoin, we're all human, gotta live and learn and motor through...  |
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Bitcoin would just increase in value, the only people at lost are the ones who owned those Bitcoins.
I am not so sure about that anymore. I used to think that way to, that bitcoin will be only more expensive with time. But event of january 2015 when bitcoin dropped more than half of its initial value made me think that it may not be the case. There is always a risk. After all bitcoin is a FIAT. I get what you're trying to say, Hazir, but please refrain from using Bitcoin in the same context as Fiat currency. Fiat by definition is: Any money declared by a government to be legal tender.
State-issued money which is neither convertible by law to any other thing, nor fixed in value in terms of any objective standard.
Intrinsically valueless money used as money because of government decree. Bitcoin goes against all these institutions by definition, so it can and will never be Fiat based money. No one government can control or "print" Bitcoin like the US dollar or Euro, so just trying to help you understand. But I get what you were going for, deflationary economy yada yada... |
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(And soul?)
Apple is one of those Ginger children(no offense to Gingers, I love you guys) who devour your soul and make you buy every overpriced simplified product they create. I'm not looking for an argument with you Apple fanboyshahahaha, way to offend Apple users AND gingers in the same sentence  Loved the small text, really. Reminded me of iTunes user agreement. Ahh the trifecta! Apple user, ginger, and hipster all wrapped into one ball of regret...  |
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Just bought something from Dell today! My first "big" btc purchase, hurray!  Bravo okthen bravo! Make sure you replenish what you spend. BUY, HODL, SPEND, REPLENISH BUY, HODL, SPEND, REPLENISH Keep chanting this in your sleep until it's ingrained... |
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When i speak to chuck i am sending him to this thread because i just do not feel you lot are dealing with the guy in the right way and i am not a bully nor do i want to offend anyone so i leave chuck to finish you off OP just you wait till i hear from him...
Thanks for the heads up Kali!  |
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I think the OP is right - in the sense that people prefer Comfortable and Convenient.
Crypto currency is more than just a "new way to do something on the internet", like Facebook and Amazon. It's a paradigm in itself, as new to the world as the internet was in 1997.
The exitement around Bitcoin is valid. Valid as Napster.
If bitcoin goes whole-world (meaning: the day your grandparents have wallets) it will be "i-Tuned".
Regulation will come. Just make your money before the suits ruin it.
The suits can't ruin it. There's not one point of failure, it's not run by governments or private organizations, it's truly truly decentralized. It's also transparent, since it's open source, so anyone can look at the code. And if you'd like, improve upon or modify the code, if they submit the change proprosal and get a consensus with the maintainers of the code. Government, banks, fed, wall street...none of these guys can "ruin" Bitcoin. Proof is Russia and China banning it 65832 times...and yet we're still here unphased. |
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I think for most of the major exchanges like Coinbase, Bitstamp, Bitfinex, Kraken, etc you have to be verified somehow either by your bank or other documents, before you can actively trade.
If you want to trade with minimal verification probably BTC-E or Cryptsy will do.
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A company with so much coins must be insured, people get the fiat value for their lost coins and everybody else bitcoins become more valuable...
That is a very good point, pedrog! There already is insurance for Bitcoin in 2015.  BitGo just launched with their insurance model. I'm sure in 2050, there will be a plethora of options to insure that much coin in the future. |
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Here's your evidence:
BTC =\= Dollar Price
BTC = BTC
When 1BTC = 1BTC and you can use that 1BTC anywhere in the world, the price won't matter.
Don't look at Bitcoin as a get rich scheme. Go to a casino for that.
did you just reccomend him to go to a casino if he wants to get rich?  not the wisest thing : > Hey, he's a grown man, he can go do what he wants with his money. The quickest way to riches if you want to gamble with money is put it all on Black, and if you win, hopefully you don't spend it. He came into Crypto thinking he would get rich and be a millionaire in a couple of months, but sooner or later you have to ground yourself in reality. Bitcoin isn't going to go up to $1million. It would take a CONSIDERABLE global financial shift, and that ain't happening anytime soon. Right now it's a sorta a Tech grass roots movement, and we're like the hippies chanting with the billboards trying to get everyone on board. Slowly, step by step, we're getting there, but it's not an overnight process. |
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Here's your evidence:
BTC =\= Dollar Price
BTC = BTC
When 1BTC = 1BTC and you can use that 1BTC anywhere in the world, the price won't matter.
Don't look at Bitcoin as a get rich scheme. Go to a casino for that.
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Okay Beartrolls, now's your time to shine. You can come out of hiding and tell us how much you love Bitcoin!  |
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I care more and more and more and more....each and everyday that it's still above $0. It means the experiment lives one, and we get to see a full Release from this Beta stage we're still in. Reminds me of the early to mid 90s when you couldn't get rid of of those free trial AOL or Compuserve or Prodigy CD's for trying the Internet, until one day...everyone was using some sort of service:  That's where we are right now...just trying to get people involved to at least "Try" it out. |
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Glad to see my boy, OgNasty, make the top 5. Well deserved, and bravo to Marcotheminer for keeping and maintaining the most updated list of trusted escrows! OgNasty, if you're feeling Nasty! Or just need a great escrow provider: https://bitcointalk.org/index.php?topic=303281.0 |
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