Bitcoin Forum
December 17, 2017, 08:41:15 PM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: « 1 [2]  All
  Print  
Author Topic: Can new bitcoins be created  (Read 1276 times)
DeathAndTaxes
Donator
Legendary
*
Offline Offline

Activity: 1218


Gerald Davis


View Profile
January 23, 2013, 11:04:07 PM
 #21

No, he's not right.

The chances of finding 'lost' Bitcoins is the same as finding 'wanted' bitcoins. As most bitcoins are 'wanted' you'll most likely just be stealing other peoples bitcoins. But wait a second? The chance of finding gold on the ocean floor is small but as we all know not absolutly impossible. The chances of 'finding' other peoples bitcoins are so many magnitudes more tiny that really it would be more truthful to just say its going to be impossible even if we had a computer for each molecule in the universe.

And dont get me started on 'lost' bit coins. Maybe I wrote down the private key in clay tablet that I absolutly expected would be dug up in 8000 years time!! You would never know!

You misunderstand.  If SHA-256, RIPEMD-160, and ECDSA are never (as in not today, not next century, not 489230824390248390 years from now) compromised then your right lost vs not lost would be the exact same (essentially 0%) chance.

However the more plausible scenario is that RIPEMD-160, SHA-256, or ECDSA will eventually be compromised and while it will be difficult to brute force (think mining but for existing coins) it will be possible.  Long before that theoretical attack becomes useful a NEW bitcoin address type based on NEW stronger algorithms can be created.  Over the course of years (potentially decades) coins would be moved to these new addresses.  Given the increasing risk of losing ones coins it is very likely the only coins remaining in "version 1" addresses would be the ones which can't be moved because the private keys have been lost.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1513543275
Hero Member
*
Offline Offline

Posts: 1513543275

View Profile Personal Message (Offline)

Ignore
1513543275
Reply with quote  #2

1513543275
Report to moderator
1513543275
Hero Member
*
Offline Offline

Posts: 1513543275

View Profile Personal Message (Offline)

Ignore
1513543275
Reply with quote  #2

1513543275
Report to moderator
1513543275
Hero Member
*
Offline Offline

Posts: 1513543275

View Profile Personal Message (Offline)

Ignore
1513543275
Reply with quote  #2

1513543275
Report to moderator
mintymark
Sr. Member
****
Offline Offline

Activity: 279


View Profile
January 23, 2013, 11:19:32 PM
 #22

I see what you mean.

[[ All Tips gratefully received!!  ]]
15ta5d1N8mKkgC47SRWmnZABEFyP55RrqD
jcash23
Newbie
*
Offline Offline

Activity: 7


View Profile
January 24, 2013, 02:34:54 PM
 #23

It's an interesting question, but 50 years? ?  Roll Eyes
Gabi
Legendary
*
Offline Offline

Activity: 1092


If you want to walk on water, get out of the boat


View Profile
January 24, 2013, 03:12:06 PM
 #24

50 years what?
jetsettosocal
Newbie
*
Offline Offline

Activity: 3


View Profile
January 24, 2013, 06:28:03 PM
 #25

From what I gather they'll just keep diluting bitcoins until owning one bitcoin actually amounts to something of a small fortune.
odolvlobo
Legendary
*
Offline Offline

Activity: 1974



View Profile
January 25, 2013, 07:18:05 AM
 #26

From what I gather they'll just keep diluting bitcoins until owning one bitcoin actually amounts to something of a small fortune.

"diluting" is not the right word and there is no "they". If the demand for bitcoins continues to increase faster than the supply, the value will continue to rise -- and vice versa. Everyone expects that the demand will continue rising, but there is no guarantee.

Buy bitcoins with cash from somebody near you: LocalBitcoins
Join an anti-signature campaign: DannyHamilton's ignore list
Pages: « 1 [2]  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!