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Author Topic: 21MIL Model Fails with hard drive crashes  (Read 1422 times)
clint25n
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June 22, 2011, 07:07:36 AM
 #1

A maximum volume of currency and predictable inflation are great ideas and solve some current problems... however, what happens when large amounts of the bitcoins are permanently lost due to drive failure, lost passwords, theft of laptops, fire damage/flood, death, etc...

If millions of people are using this cryptocurrency by the year 2020, then more and more of these cases are bound to occur. Will they ever inject more bitcoins into the magical bitcoin forest? Or how will they tackle this problem since there is no real way of accounting for all the current bitcoins in existence.
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elggawf
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June 22, 2011, 07:09:14 AM
 #2

This question is addressed on the Wiki.

^_^
Jaime Frontero
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June 22, 2011, 07:12:07 AM
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http://en.wikipedia.org/wiki/RAID
triforcelink
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June 22, 2011, 07:13:16 AM
 #4

all the value of the lost coins gets transferred into the existing coins. it might just be that if bitcoins become rare enough, they will become a digital collector's item and a new digital currency system will have long taken over.

clint25n
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June 22, 2011, 07:18:14 AM
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I see. I wonder how people will adapt to accepting .002 as something valuable when we are currently used to paying 1.00 or 100.00 for something.
I agree with the idea of breaking the coin down, but will the common folk accept .000025 for a t-shirt one day.
Jaime Frontero
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June 22, 2011, 07:20:34 AM
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I see. I wonder how people will adapt to accepting .002 as something valuable when we are currently used to paying 1.00 or 100.00 for something.
I agree with the idea of breaking the coin down, but will the common folk accept .000025 for a t-shirt one day.

why not?

they accept it in the other direction, don't they?  a quart of milk used to cost 0.25 USD, now it costs 1.75 USD.

same thing, no?
hugolp
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June 22, 2011, 07:23:36 AM
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I see. I wonder how people will adapt to accepting .002 as something valuable when we are currently used to paying 1.00 or 100.00 for something.
I agree with the idea of breaking the coin down, but will the common folk accept .000025 for a t-shirt one day.

They wont accept 0.000025BTC for a t-shirt, they will accept 25 uBTC (microBTC). Sounds much cooler, doesnt it? Wink
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June 22, 2011, 07:27:49 AM
 #8

when all 21 mill is mined, or nearly mined, what gives miners incentives to mine? if no miners are around, then who is validating the transactions?

Jaime Frontero
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June 22, 2011, 07:30:34 AM
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when all 21 mill is mined, or nearly mined, what gives miners incentives to mine? if no miners are around, then who is validating the transactions?

look into transaction fees...
IlbiStarz
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June 22, 2011, 07:37:03 AM
 #10

TRANSACTION FEES.

By then transaction fees will be more than 1, even 5 BTC. (Right?)

It's better to be pissed off, than to be pissed on.
BTC : 1UgM1rqL9mFtH4PHF8TgvAaceymaKmhmP         LTC : LgCGw2WrRphr94RYS1qXHj2PUuYrTap4vk
FC : 6jc9PEmqxpMSxydfepHtshE4f2jMom1dAJ
Samantha2011
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June 22, 2011, 07:46:23 AM
 #11

I see. I wonder how people will adapt to accepting .002 as something valuable when we are currently used to paying 1.00 or 100.00 for something.
I agree with the idea of breaking the coin down, but will the common folk accept .000025 for a t-shirt one day.

You need only change the interface to read in a smaller unit.

Obligatory begging address:

1F6aMYyqy95itC88okx85FXwPvuQref8ZF
Tasty Champa
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June 22, 2011, 07:54:15 AM
 #12

technically, we are the common folk to the future folk.
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