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Author Topic: Question about lost coins?  (Read 792 times)
Chopes
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June 12, 2011, 06:53:59 AM
 #1

Hey,

Just got done backing up my wallet to a USB drive and I had a question. Suppose someone misplaced the file or lost it or whatnot, the coins that were in the account now are gone, right? So how would these coins be eventually recycled into the system if they no longer 'exist' at this point? Again, not looking for support, just a general noob question.

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1481220897
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IamFuzzles
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June 12, 2011, 06:55:09 AM
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Just lost.

https://en.bitcoin.it/wiki/FAQ#But_if_no_more_coins_are_generated,_what_happens_when_Bitcoins_are_lost?_Won_t_that_be_a_problem?
Valalvax
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June 12, 2011, 06:56:52 AM
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So everytime someone loses their wallet everyone becomes a little richer...
jondecker76
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June 12, 2011, 06:57:39 AM
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yep, lost forever..  Supply and demand will absorb the value of the lost BTC into the remaining ones though.

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IamFuzzles
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June 12, 2011, 06:58:58 AM
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So everytime someone loses their wallet everyone becomes a little richer...

But at the same rate, keeping the ratio consistent, meaning nothing. I believe. Not great with economics here.
fcmatt
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June 12, 2011, 07:01:08 AM
 #6

yep, lost forever..  Supply and demand will absorb the value of the lost BTC into the remaining ones though.

it is a major problem though for end users. perhaps a form of wallet insurance can be created. pay a monthly
fee to insure it. i assume that if you reported it lost one can look at some type of public history to determine
just how much was lost and the insurer would cover it?

just brain storming. i bet there is quite a few holes in the idea. fraud for one.
BiggieJohn
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June 12, 2011, 07:03:01 AM
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you can also use a service like mybitcoin.com
but then you have to trust them to not lose it for you.

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fcmatt
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June 12, 2011, 07:06:06 AM
 #8

you can also use a service like mybitcoin.com
but then you have to trust them to not lose it for you.

and if they did lose it can you sue them?
do they have insurance?


funny how bitcoins will require everything we are used to before bitcoin was created.
Valalvax
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June 12, 2011, 07:09:45 AM
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So everytime someone loses their wallet everyone becomes a little richer...

But at the same rate, keeping the ratio consistent, meaning nothing. I believe. Not great with economics here.

I don't think so

You have Bob, Dick, Jane, Sue, and Dave


They each have 20% of the market

Dick gets drunk and drops his wallet into the sewar

Dick has 0% of the market, everyone else now has 25% of the market, now Sue hangs out with Dick and he punches her and steals her wallet, but loses it the same way... what an idiot... everyone now has 33% of the market, except for Dick and Sue...


I mean, obviously we're not working with whole percentages here... but same idea... and yea, the /entire/ market will increase in value, but that doesn't matter if you're selling your coins for cash... I don't think *scratches head*
IamFuzzles
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June 12, 2011, 07:11:38 AM
 #10

So everytime someone loses their wallet everyone becomes a little richer...

But at the same rate, keeping the ratio consistent, meaning nothing. I believe. Not great with economics here.

I don't think so

You have Bob, Dick, Jane, Sue, and Dave


They each have 20% of the market

Dick gets drunk and drops his wallet into the sewar

Dick has 0% of the market, everyone else now has 25% of the market, now Sue hangs out with Dick and he punches her and steals her wallet, but loses it the same way... what an idiot... everyone now has 33% of the market, except for Dick and Sue...


I mean, obviously we're not working with whole percentages here... but same idea... and yea, the /entire/ market will increase in value, but that doesn't matter if you're selling your coins for cash... I don't think *scratches head*

Touche. Yeah, that should have been obvious.
deadon
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June 12, 2011, 07:13:57 AM
 #11

interesting
oztusk
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November 28, 2012, 01:45:47 AM
 #12

finally there will be 3 satoshi left,...
i am going to use it to buy the moon...
i threw away a few satosh..
all of the wallets malfunction or are writ by scatterbrained coders, i guess,.. or what?

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