What happens when bitcoins are lost?

i am curiously that if some lost his bitcoin wallet than what will happen with btc that are in the lost wallet .

When a user loses his wallet, it has the effect of
removing money out of circulation. Lost bitcoins still
remain in the block chain just like any other bitcoins.
However, lost bitcoins remain dormant forever because
there is no way for anybody to find the private key/keys
that would allow them to be spent again. Because of the
law of supply and demand, when fewer bitcoins are
available, the ones that are left will be in higher demand
and increase in value to compensate.

Quote from: coynedterm on September 27, 2016, 06:01:33 AM

i am curiously that if some lost his bitcoin wallet than what will happen with btc that are in the lost wallet .

it depends on where you save it, if so you've lost your wallet of course BTC will also disappear as well. Wink

Quote from: coynedterm on September 27, 2016, 06:01:33 AM

i am curiously that if some lost his bitcoin wallet than what will happen with btc that are in the lost wallet .

i don't think that after lost your bitcoin wallet there is something or any system that can use your btc . in my opinion your bitcoins remain in blockchain system but neither you can use nor blockchain system .

If someone lost the private keys then It's impossible to recover them which means no one will have access to those coins . And since Bitcoin price is based on supply-demand "Lost coins only make everyone else’s coins worth slightly more. Think of it as a donation to everyone" Satoshi Nakamoto.

If you lose your private keys (and the bitcoins on them) it is over, 0 chance to recover.

Quote from: bioly on September 27, 2016, 10:43:31 AM

If you lose your private keys (and the bitcoins on them) it is over, 0 chance to recover.

Although you are right for most cases, I lost 1 mBTC once and was able to bruteforce it back because it was located on an address which was constructed by an algorithm.
It's comparable with HD wallets which generates all future addresses based on a seed. As long as you know the seed you are able to recover all the coins.

To be more accurate, you lose the rights to spend coins i.e. you lose the private key.
The coins aren't lost. However, nobody will be able to move them.

This makes me wonder about twenty years from, and all the people with Bitcoin who died. Unless they told someone who they can trust and gave them their password, it will all be gone.

Quote from: dx5 on September 27, 2016, 11:38:18 PM

This makes me wonder about twenty years from, and all the people with Bitcoin who died. Unless they told someone who they can trust and gave them their password, it will all be gone.

Isn't it fantastic!

Quote from: findftp on September 27, 2016, 11:42:04 PM

Quote from: dx5 on September 27, 2016, 11:38:18 PM

This makes me wonder about twenty years from, and all the people with Bitcoin who died. Unless they told someone who they can trust and gave them their password, it will all be gone.

Isn't it fantastic!

Many may be hanging with Hal Finney at Alcor, so the coins may only be gone temporarily.

Quote from: findftp on September 27, 2016, 10:55:14 AM

- snip -
I lost 1 mBTC once
- snip -
it was located on an address which was constructed by an algorithm.
- snip -

Well, as long as you know the algorithm (and it isn't too complex), then you never really lost it, did you? You just had to put some effort into retrieving it.

Grin

Quote from: findftp on September 27, 2016, 10:55:14 AM

... I lost 1 mBTC once and was able to bruteforce it back because it was located on an address which was constructed by an algorithm.
It's comparable with HD wallets which generates all future addresses based on a seed. As long as you know the seed you are able to recover all the coins.

How do you brute force your coins back?

Quote from: Gohs on October 04, 2016, 02:46:50 PM

Quote from: findftp on September 27, 2016, 10:55:14 AM

How do you brute force your coins back?

It's impossible to brute force private keys of course but If you got the wallet.dat and you have an idea about your password then It could be possible to crack using some tools. See here https://bitcointalk.org/index.php?topic=85495.msg942171#msg942171 and here https://github.com/glv2/bruteforce-wallet

Quote from: Gohs on October 04, 2016, 02:46:50 PM

Quote from: findftp on September 27, 2016, 10:55:14 AM

How do you brute force your coins back?

Since https://github.com/gurnec/btcrecover and https://github.com/magnumripper/JohnTheRipper could not do what I wanted I learned some python and made a script myself.
I still knew which algorithm I used to construct the private key so I just had to check al 70 million possibilities Wink

My script was slow in the beginning, a whopping 7 keys/second/core! But I managed to speed it up to 2000 keys/second/core using stuff from https://github.com/weex/addrgen.
With this speed I was able to retrieve my mBTC within a day. Hooray.
After that I let it run to see if others were as stupid as me.
There was. One. A used address with some similar construction to create the private key. There had only be 7 mBTC stored on that key, but another scriptkiddy probably took the money before me so that I didn't have to think what to do with it because it was an empty address again.

No way it was financially profitable to let the script run but I learnt a lot during the process.

Its gone for the owner but will remain in the wallet. The same feeling with a unbreakable safe and you lost the key.

When bitcoins are lost many people would get bankrupt.
Some people would gets lose btc if this will happen in the future.
Some would also gets depressed because of lost where to
have an extra income.

Also once I had the same question and I found answer which isn't good.
It’s extremely improbable, and impossible to recover lost coins. This is what the security of Bitcoin is actually based on. If you’ve lost your private key, the system is so secure that you may not be able to recover it.

Imagine that you have paper money and lost it or burned, what will happen? nothing, so the situation is same about bitcoin.

what kind of lost ou are talking, Bitcoins will not be lost. In the area of all Bitcoins Blockchain. Thinking that would otherwise be lost under a single owner has its own Bitcoins mannipualtion do with a special switch. If the private key password for the wallet is no longer the owner of the owner is sad

Quote from: coynedterm on September 27, 2016, 06:01:33 AM

i am curiously that if some lost his bitcoin wallet than what will happen with btc that are in the lost wallet .

If they are lost as in you lose the private key to the wallet then the bitcoin will stay at that address forever, no one else can ever use them or get access to them.