Bitcoin Forum
December 07, 2016, 02:41:37 PM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Dead wallets  (Read 1195 times)
sparomba
Newbie
*
Offline Offline

Activity: 6


View Profile
June 10, 2011, 04:45:02 PM
 #1

I just had to use a virtual prepaid credit card to buy something. it now has 23cent left on it and i'm not intending to charge it back to my bank account(payout fee is $1)...not worth it! so i'm going to count these 23cent as lost. that made think....how does bitcoin deal with dead wallets?
If someone for examples creates a bitcoin account, buys some coins for real money and spends these coins...but not all of them. later john doe decides "fuck that 0.01BTC left in the wallet, re-exchange to real money isn't worth it" and doesn't use bitcoin again. these coins will not only be lost for him/her but also they would be lost for the whole network. the more popular bitcoin gets, the more dead wallets there will be. there 1btc, here 0.00023btc, fuck that 0.0000001btc ...each of them lost forever
this situation can't be compared to real money, where you could simply "print" new money, since amount of bitcoins is limited to 21mio. i know that each bitcoin can be splitted by 10^8 but it still is a fixed number.
this sure doesn't matter at all in the near future...but if bitcoins gets a mayor break through and runs for years, this at some point, somewhen, could matter

so is there a way out of this? is there something implemented to raise the total amount of bitcoins or the splitting limit?
if yes.....well that could be just another problem...who would decide to raise the amount/split limit? the programers? too much power in too few hands
1481121697
Hero Member
*
Offline Offline

Posts: 1481121697

View Profile Personal Message (Offline)

Ignore
1481121697
Reply with quote  #2

1481121697
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
AnonymousBat
Member
**
Offline Offline

Activity: 111


View Profile
June 10, 2011, 04:51:24 PM
 #2

I just had to use a virtual prepaid credit card to buy something. it now has 23cent left on it and i'm not intending to charge it back to my bank account(payout fee is $1)...not worth it! so i'm going to count these 23cent as lost. that made think....how does bitcoin deal with dead wallets?
If someone for examples creates a bitcoin account, buys some coins for real money and spends these coins...but not all of them. later john doe decides "fuck that 0.01BTC left in the wallet, re-exchange to real money isn't worth it" and doesn't use bitcoin again. these coins will not only be lost for him/her but also they would be lost for the whole network. the more popular bitcoin gets, the more dead wallets there will be. there 1btc, here 0.00023btc, fuck that 0.0000001btc ...each of them lost forever
this situation can't be compared to real money, where you could simply "print" new money, since amount of bitcoins is limited to 21mio. i know that each bitcoin can be splitted by 10^8 but it still is a fixed number.
this sure doesn't matter at all in the near future...but if bitcoins gets a mayor break through and runs for years, this at some point, somewhen, could matter

so is there a way out of this? is there something implemented to raise the total amount of bitcoins or the splitting limit?
if yes.....well that could be just another problem...who would decide to raise the amount/split limit? the programers? too much power in too few hands

Technically that purchasing power is transfered over to the rest of the active bitcoins.
NO_SLAVE
Jr. Member
*
Offline Offline

Activity: 56


DEBT IS SLAVERY


View Profile
June 10, 2011, 04:52:13 PM
 #3

I would call this Erosion. yet another entrophic phenomenon that was probably not factored into development.
So I wonder what this erosion rate might be over say 50 years.  Will 20-40% be lost to erosion or misplacement?
This phenomenon will of course make the original and remaining series of BTC more valuable.
dayfall
Sr. Member
****
Offline Offline

Activity: 312



View Profile
June 10, 2011, 05:09:44 PM
 #4

this situation can't be compared to real money, where you could simply "print" new money, since amount of bitcoins is limited to 21mio.

Well, technically, we could just reinstate the 50BTC per block (or some very small amount).  As long as it wasn't done impulsively nor excessively.  The advantages of doing so would likely be minimal, and generally viewed as an attempt to cause inflation.
kwukduck
Legendary
*
Offline Offline

Activity: 1564


View Profile
June 10, 2011, 05:19:46 PM
 #5

We can't just reinstate the 50 BTC per new block, the blocks would be refused by the network.

I don't see the problem of coins getting lost, the others will just be worth more, i think 2,1*10¹⁵ unit's is enough for everybody.

14b8PdeWLqK3yi3PrNHMmCvSmvDEKEBh3E
BotherMeNot
Newbie
*
Offline Offline

Activity: 14


View Profile
June 10, 2011, 07:19:41 PM
 #6

That's like saying what happens to money that is burnt?  The bitcoins will sit in that wallet indefinitely and the public will be burdened to always keep that record for the lifetime of the currency, but the benefit is that all of our coins are worth more.

I feel that bitcoins should have an expiration date imposed on them to encourage usage and discourage hording.
Ramokk
Newbie
*
Offline Offline

Activity: 8


View Profile
June 10, 2011, 09:25:55 PM
 #7

I feel that bitcoins should have an expiration date imposed on them to encourage usage and discourage hording.
You wouldn't like it if your cash had an expiration date.  Smiley
Anyway, that couldn't work, you could just make a new wallet and send the coins there to "renew" them.  No way to tell if they're being passed to a new person/business when they're used in a transaction.
Pages: [1]
  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!