Is this idea to counter lost bitcoins possible?

[bitfreak!]

Sorry for my delayed response. This is really just too easy... let us continue.

I don't see anything inherently unhealthy about this scenario.

Uh huh... nothing at all unhealthy about it.

Note that you are contradicting yourself a bit here.  Either the 100 BTC associated with that dusty address were not "lost", since they were recoverable in which case they should have been considered part of the currency supply, or they were lost and then were "re-mined" by the person who dusted off the private keys, which is an ability you are saying is "superior".

There are several faulty lines of logic used here. First of all the bitcoins were lost for a long time, but they were found again when the person found the private key in a dusty box. This is not really how bitcoins are lost, they are lost when private keys are destroyed and not recoverable. However, in this case, the private key was written down physically so it was possible to find it again. At this fictional point in the future, it will have been a very long time since the market saw any single account holding such a large amount of bitcoins. As far as the market is concerned, there is essentially only 100 bitcoins in active circulation. Also keep in mind that I am describing bitcoin as it is now, where coins cannot be re-mined, to illustrate why infinite deflation is unhealthy. Reintroducing an amount of coins which appears to be equal to the entire amount left in circulation after hundreds or thousands of years of deflation in the money supply, is going to cause some large upsets. Now in the case where it's possible to re-mine coins, if that person found the key sitting in an old dusty box, and it had remained untouched for over 100 years, the coins would already be gone. In fact if he found those coins 99 years after they were first active, he could use them; but in such a scenario the re-mining process has ensured a stable money supply, meaning his newly acquired 100 bitcoins will have no dramatic effect on the market because there are still nearly all bitcoins in circulation.

Imagine a scenario where gold has been lost into the deepest part of the ocean over time until there is only 100 kilograms of gold left in active use in the world.  Now imagine someone opens an old dusty trunk in the attic and finds 100 kg of gold.  Same thing.

Once again this is not the "same thing". When bitcoins are lost they become inaccessible. Gold at the bottom of the ocean is still accessible to those who have the motive. We drill oil from some insanely deep places. And if we lose a majority of our gold in the ocean, there's going to be an extremely big motive for people to go get it. Furthermore, and more importantly, it's very unlikely that we will ever lose a considerable amount of gold in a place which makes it virtually impossible to recover. Bitcoin is entirely different. It's extremely easy to lose with one wrong move, and any single time that any amount of BTC is lost, it goes into a state where it's virtually impossible to recover. Nearly every time we lose gold it's going to be in a state where it's fairly easy to recover. So there are clearly some huge flaws in this analogy, just like all your other analogies.

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[bitfreak!]

Note that you are contradicting yourself a bit here.

At this point do you really think that the contradictions, appeals to authority, and other assorted logical fallacies are unintentional?

If you actually knew anything about me you would be in hysterics right now. "Appeals to authority"... lol

[DannyHamilton]

Note that you are contradicting yourself a bit here.

At this point do you really think that the contradictions, appeals to authority, and other assorted logical fallacies are unintentional?

Excellent point.  Thanks for the reminder.  I suppose it's jsut about time to activate the billy goat button.

[Rudd-O]

I believe my work here is complete :-)

[bitfreak!]

Note that you are contradicting yourself a bit here.

At this point do you really think that the contradictions, appeals to authority, and other assorted logical fallacies are unintentional?

Excellent point.  Thanks for the reminder.  I suppose it's jsut about time to activate the billy goat button.

Ahah... brilliant response. Your childish last resort only helps to confirm that you have no rational counter-argument.

[Rudd-O]

https://i.imgur.com/nW5KE.png

[bitfreak!]

... classic work of art ...

lol just when I thought your job here was complete. That truly is a masterpiece which exemplifies and reflects the great intellect behind it's delicate and painstaking creation. A nugget of gold more brilliant than any of the other nuggets you have so kindly contributed to this thread so far.

[Rudd-O]

Thank you.  It's always nice to be commended by a thoroughly discredited wannabe thief.  :-)

[kjj]

blah, blah

How the hell did you make it this long without your ignore button flashing red?

[bitfreak!]

blah, blah

How the hell did you make it this long without your ignore button flashing red?

Hmmmm... lets see.

bitfreak.info
Bitcoin SCI: process transactions yourself!
BitShop - digital bitcoin shop script
Deja Vu - Bot Scripting IDE

Indeed, I am clearly set out to destroy bitcoin, perpetuate the status quo, and steal all your coins!

MWAHAHAHAHAHAH!!!!!!!!!!!!!!!!!

[galambo]

pointless, mindless trolling

FREICOIN WILL NOT STEAL YOUR "LOST" BITCOINS

FIRSTLY Freicoin is not released, it will be released on 21-DEC-2012. Please click this link for real information on the coin.

Guys. Please do not believe Rudd-O's troll attempt to youtube RawDog the unreleased Freicoin software.

I cannot any longer ignore Rudd-O's attempts to tie Freicoin to stealing your lost Bitcoins.  He is even posting Reddits on this topic.

Lost coins was not even a design consideration of Freicoin.

[drakahn]

pointless, mindless trolling

FREICOIN WILL NOT STEAL YOUR "LOST" BITCOINS

FIRSTLY Freicoin is not released, it will be released on 21-DEC-2012. Please click this link for real information on the coin.

Guys. Please do not believe Rudd-O's troll attempt to youtube RawDog the unreleased Freicoin software.

I cannot any longer ignore Rudd-O's attempts to tie Freicoin to stealing your lost Bitcoins.  He is even posting Reddits on this topic.

Lost coins was not even a design consideration of Freicoin.

well, not exactly lost coin retrieval, but the slight fee would slowly reintroduce lost coins to circulation, or do i misunderstand how it works?

[scrybe]

pointless, mindless trolling

FREICOIN WILL NOT STEAL YOUR "LOST" BITCOINS

FIRSTLY Freicoin is not released, it will be released on 21-DEC-2012. Please click this link for real information on the coin.

Guys. Please do not believe Rudd-O's troll attempt to youtube RawDog the unreleased Freicoin software.

I cannot any longer ignore Rudd-O's attempts to tie Freicoin to stealing your lost Bitcoins.  He is even posting Reddits on this topic.

Lost coins was not even a design consideration of Freicoin.

well, not exactly lost coin retrieval, but the slight fee would slowly reintroduce lost coins to circulation, or do i misunderstand how it works?

listening!

[galambo]

well, not exactly lost coin retrieval, but the slight fee would slowly reintroduce lost coins to circulation, or do i misunderstand how it works?

With the slight fee half of the lost coins will be reintroduced in 15 years. It will take another 15 years to get to 3/4 reintroduction. Reintroduction behaves asymptotically like the Bitcoin supply curve, how it will never be quite 21 million but its always approaching it.

The lost coins will never be fully reintroduced. We don't see lost coins as a problem and Freicoin was not created to fix this problem. Please see the site for information about what Freicoin is trying to do. http://freico.in/

[Rudd-O]

OK, I gotta intervene.  You got me all wrong.

First, let me say this: Freicoin looks like an interesting experiment.  It appears that Freicoin proponents have a comprehensive economic theory, which appears wrong to me, but I could be wrong myself.

So, test it!

The economic theories behind Freicoin should be put to the test -- Freicoin should be released.  Then, we shall see how it fares among the people that choose to use Freicoin (just like we're seeing people choose Litecoin today).

Once you guys have a sizable base of users, it'll be very easy to test whether the testable part of the theory behind Freicoin stands (including claims like "non-zero basic interest is the cause of the boom-bust cycle").

But the very first thing, the absolute first thing that needs to happen, is this: Freicoin is going to need users, and these users need to voluntarily choose to use Freicoin over other currencies.

Until that happens, there's not even a glimmer of hope that the economic theories behind Freicoin can be tested (with the implications that such a reality carries).  The key behind this observation: testing Freicoin in a scenario where people are threatened with punishment if they choose another digital coin, would instantly invalidate all tests of Freicoin, because the experiment would have been contaminated by said aggression-based intervention.  If you were an experimenter, and you threatened people to make a choice in the experiment, then your observations in the experiment are only applicable when people are subject to threats.

It should be obvious that, if no one chooses to use Freicoin, it's clear that the people who could have chosen of their own free will to use Freicoin, have declared through their actions that Freicoin is not good enough for them, and that they prefer other alternatives (like Litecoin, Solidcoin or Bitcoin).  In this case, whatever the Freicoin theories say is entirely irrelevant, as irrelevant as theories about unicorns.

So, let's see how Freicoin does.  Let's see if people willingly choose "freedom from usury" while paying the associated price. My most sincere wishes for success.

[kjj]

First, let me say this: Freicoin looks like an interesting experiment.  It appears that Freicoin proponents have a comprehensive economic theory, which appears wrong to me, but I could be wrong myself.

I, for one, would LOVE to hear it.

[galambo]

First, let me say this: Freicoin looks like an interesting experiment.  It appears that Freicoin proponents have a comprehensive economic theory, which appears wrong to me, but I could be wrong myself.

I, for one, would LOVE to hear it.

http://freico.in/about/  

[grau]

It seems you are late with freicoin.

The Treasury already has assets on sale with negative interest. Will they also spark an economic miracle?

http://www.ft.com/cms/s/0/8b76525a-486b-11e2-a1c0-00144feab49a.html#axzz2FWwaEWlj

[galambo]

It seems you are late with freicoin.

The Treasury already has assets on sale with negative interest. Will they also spark an economic miracle?

http://www.ft.com/cms/s/0/8b76525a-486b-11e2-a1c0-00144feab49a.html#axzz2FWwaEWlj

You must read zerohedge, or a similar gloom and doom blog? That doesn't really mean what you think it means. I participated in this bond auction, but I was buying 30 year bonds. The interest rate was 2.75%, not negative. God bless America. Thanks.

[DeathAndTaxes]

It seems you are late with freicoin.

The Treasury already has assets on sale with negative interest. Will they also spark an economic miracle?

http://www.ft.com/cms/s/0/8b76525a-486b-11e2-a1c0-00144feab49a.html#axzz2FWwaEWlj

You must read zerohedge, or a similar gloom and doom blog? That doesn't really mean what you think it means. I participated in this bond auction, but I was buying 30 year bonds. The interest rate was 2.75%, not negative. God bless America. Thanks.

It is in real terms.  The average annual inflation over prior 30 years was 3.07%.  2.75% - 3.07% =  -0.32% real return.

You don't think the next 30 is going to be less inflation do you?  I mean at this point the best we can hope for would be "only" ~3% inflation.   If we get a period like from 1973 to 1981 in there well ouch. 

http://www.usinflationcalculator.com/inflation/historical-inflation-rates/