Pivo
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October 12, 2017, 12:32:25 PM |
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Well you posted this in the "Economics" section, so let's make this about economics.
People have an amount of BTC. The higher the value of their BTC, the more likely they are to keep it in safe locations or spread it between different places. So the chance of them losing their BTC decreases exponentially as the price rises.
If they lose BTC, the supply decreases, therefore making the remaining BTC supply (marginally) more valuable and making people less likely to lose it. So it never reaches a point at which there's not enough left.
So basically, no. It's impossible.
As long as storage and transactions are handled by humans, there is no way to avoid human errors, regardless of the assets value. Sure it is less likely to be lost, the higher the value. But will it ever be totally secured just because it is of a certain high value. I am not convinced. Then it will just get reduced and reduced in the max supply which leads to a much mlre limited supply. I doubt that all 21 million bitcoins will be lost, or even half of it or a million of it. People tend to keep their assets secure especially when its valuable so they may lose a little bit of bitcoin now and then but not that great actually. |
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"Bitcoin: the cutting edge of begging technology." -- Giraffe.BTC
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jaysabi
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★777Coin.com★ Fun BTC Casino!
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October 16, 2017, 03:46:35 PM |
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Well you posted this in the "Economics" section, so let's make this about economics.
People have an amount of BTC. The higher the value of their BTC, the more likely they are to keep it in safe locations or spread it between different places. So the chance of them losing their BTC decreases exponentially as the price rises.
If they lose BTC, the supply decreases, therefore making the remaining BTC supply (marginally) more valuable and making people less likely to lose it. So it never reaches a point at which there's not enough left.
So basically, no. It's impossible.
They lose that bitcoin but it is not gone. It cant just disappear from wallet. The fact that the person cant acces the wallet doesnt mean the bitcoins doesn't exist. Yeah, bitcoin price is partially determined by the total supply but if you lost your bitcoins wallet thats not going to decrease the total supply. It will remain the same. The price grows every day because it is harder and harder to mine it not because bitcoins are lost every day There is no practical difference between a coin "disappearing" and a coin being unable to be accessed to be spent. From the perspective of supply and demand, an inaccessible coin is indistinguishable from a non-existent coin in that neither will factor into supply. If a coin were to disappear, or simply become inaccessible due to lost private keys, it will decrease the supply available, and decreased supply leads to a higher price as stable demand chasing fewer coins necessitates a higher price (theoretically). Supply isn't the number of coins that are mined, it's the number of coins that are accessible. |
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Oilacris
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October 16, 2017, 03:51:58 PM |
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There will be a fixed number if Bitcoins, and people, because of human error, will accidentally lose Bitcoins every now and then.
This must mean that Bitcoin will eventually seize to exist? Or at least shrink to minimal amounts, when it shrinks to a certain level, it will no longer be useful.
Is this correct?
There would really be instances that bitcoin would be possible be forgotten or lost which would really cause to lessen the circulating supply or even the overall supply and its not really possible to use those bitcoin and would be considered to be lost forever in the void or somehow floating into the ecosystem.Once you lose the keys of it then you cant do nothing but move on but i do believe that not all people are dumb enough to lose every single bitcoin that they do have. |
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ASHLIUSZ
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October 16, 2017, 03:55:12 PM |
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Bitcoin disappearing from its usage or from the list of cryptocurrency is never gonna happen in the short or later in the future. Though the asset is completely functional on speculation and the trust, due to its virtual functioning. What it has reached is simply much bigger and providing path for growth of different other assets.
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AmXProX
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October 16, 2017, 04:17:52 PM |
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Well you posted this in the "Economics" section, so let's make this about economics.
People have an amount of BTC. The higher the value of their BTC, the more likely they are to keep it in safe locations or spread it between different places. So the chance of them losing their BTC decreases exponentially as the price rises.
If they lose BTC, the supply decreases, therefore making the remaining BTC supply (marginally) more valuable and making people less likely to lose it. So it never reaches a point at which there's not enough left.
So basically, no. It's impossible.
They lose that bitcoin but it is not gone. It cant just disappear from wallet. The fact that the person cant acces the wallet doesnt mean the bitcoins doesn't exist. Yeah, bitcoin price is partially determined by the total supply but if you lost your bitcoins wallet thats not going to decrease the total supply. It will remain the same. The price grows every day because it is harder and harder to mine it not because bitcoins are lost every day There is no practical difference between a coin "disappearing" and a coin being unable to be accessed to be spent. From the perspective of supply and demand, an inaccessible coin is indistinguishable from a non-existent coin in that neither will factor into supply. If a coin were to disappear, or simply become inaccessible due to lost private keys, it will decrease the supply available, and decreased supply leads to a higher price as stable demand chasing fewer coins necessitates a higher price (theoretically). Supply isn't the number of coins that are mined, it's the number of coins that are accessible. Having this one said, based on OP's point. no it will not lose it's value it will even result to a higher market price since the supply that is circulating will be less and when higher demands occur it will result to higher price per piece of coin. |
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olushakes
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October 16, 2017, 04:42:50 PM |
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There will be a fixed number if Bitcoins, and people, because of human error, will accidentally lose Bitcoins every now and then.
This must mean that Bitcoin will eventually seize to exist? Or at least shrink to minimal amounts, when it shrinks to a certain level, it will no longer be useful.
Is this correct?
I doubt shrinking to certain amount because even looking at the figures, it seems so impossible for every bitcoin, there are 100million satoshis which mean there are 21million* 100million satoshis. How that wants to shrink to the point where bitcoin will cease to exist is what I would appreciate op to describe for my understanding. |
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BarbusseH
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Activity: 193
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February 27, 2018, 05:34:06 AM |
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The higher the price Bitcoin the more careful people will store it. Loss due to this decrease.
In addition, you can enter fractional parts bitcoin, the same Satoshi (1 BTC = 100 000 000 Satoshi) or even less.
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Marivic13
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February 27, 2018, 05:42:46 AM |
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Never happen that becuase we all know bitcoin has so may troubles come, but all of that is successfull defend its reputation, we need support bitcoin. Becuase in this we have a chance to be a billionaire. Just work hard.
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carlisle1
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February 27, 2018, 05:48:46 AM |
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There will be a fixed number if Bitcoins, and people, because of human error, will accidentally lose Bitcoins every now and then.
This must mean that Bitcoin will eventually seize to exist? Or at least shrink to minimal amounts, when it shrinks to a certain level, it will no longer be useful.
Is this correct?
better that you will gone first before bitcoin,youre idea is too far from reality yeah theres carelessness when some bitcoin holders forgot their password,some have dies without giving password to others,some have just gone withhe wind,but this are isolated cases.dont be generalized because the volume of bitcoin is enough to stand for long years.enough that you will gine fist before btc does |
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Afnan_faizah
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February 27, 2018, 06:11:01 AM |
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There will be a fixed number if Bitcoins, and people, because of human error, will accidentally lose Bitcoins every now and then.
This must mean that Bitcoin will eventually seize to exist? Or at least shrink to minimal amounts, when it shrinks to a certain level, it will no longer be useful.
Is this correct?
Many people are loss their private so the number of bitcoin that can be use is decreasing. It makes the comparison between supply and demand is become larger. This world is so old, I am sure that bitcoin still can be used before doomsday come. I hope more bitcoin users are more aware about how to secure their private key data of their wallet. |
Sepertinya sudah waktunya, kalau menurut saya lebih baik lump sum sekarang. 30/01/2024.
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shoujiuhaituo7
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Activity: 210
Merit: 3
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February 27, 2018, 06:12:00 AM |
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The absolute quantity of money is not as important as it is expected. It doesn't matter if the bitcoins are lost to one, and you can have more than N Numbers behind the decimal point. So I don't think bitcoin will go away.
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romecheo
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February 27, 2018, 09:35:56 AM |
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The increasing value of Bitcoin, signify it's importance and what ever is valuable it was more likely to keep. People are very specific to their assets and mind it very well, because this unique characteristic of human, in my own perception, disappearing of Bitcoin was very far from happening.
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yanesna3
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February 28, 2018, 12:17:12 PM |
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Bitcoin developers will continue to innovate with all the possibilities that will happen in the future. Such as segwit or splitfork. It's one of developers' innovations on the latest bitcoin conditions. So, potential bitcoin be disappear is impossible to happen.
I also strongly believe that the events will be like that: Bitcoin will have some innovations. It will be used for many years even after the last BTC coin is mined. |
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tole123
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February 28, 2018, 01:07:11 PM |
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that's not true, bitcoin will still be useful but the price goes down, for bitcoin seekers does not matter, but has to work hard to collect the many bitcoins to make more profit
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Emin90
Member
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Activity: 210
Merit: 11
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February 28, 2018, 01:20:04 PM |
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So far not all bitcoin released so far it is too early to speak about that. My personal opinion that it does not disappear because of the world financial system will become part of thenot only he but still some coins which will be relevant at the time, not just money bitcoin is a new technology transfer transactions.Much still ahead just waiting.
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hisuka
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February 28, 2018, 01:41:46 PM |
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that's not true, bitcoin will still be useful but the price goes down, for bitcoin seekers does not matter, but has to work hard to collect the many bitcoins to make more profit
Absolutely you are right, bitcoin will not eventually disappeared. Price goes down and up it will actually worth it to increase in terms of price. With the demands now I can say it is not, however I believe bitcoin will continue to exists. |
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shuvo999
Newbie
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Activity: 112
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February 28, 2018, 01:42:50 PM |
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Bitcoin developers will continue to innovate with all the possibilities that will happen in the future. Such as segwit or splitfork. It's one of developers' innovations on the latest bitcoin conditions. So, potential bitcoin be disappear is impossible to happen.
I also strongly believe that the events will be like that: Bitcoin will have some innovations. It will be used for many years even after the last BTC coin is mined. Bitcoin is ruling world of crypto coins for last many years and we know that no one has ever been able to surpass bitcoin. So this is true that bitcoin is going to stay in the world economy forever and there are maximum chances for its legalization by all states of the world. Perishing away is the property of altcoins. |
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portotoi
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Activity: 280
Merit: 101
Blockchain with a Purpose
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February 28, 2018, 01:59:59 PM |
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There will be a fixed number if Bitcoins, and people, because of human error, will accidentally lose Bitcoins every now and then.
This must mean that Bitcoin will eventually seize to exist? Or at least shrink to minimal amounts, when it shrinks to a certain level, it will no longer be useful.
Is this correct?
I don't agree with that. It is true that bitcoin value is very volatile. And we don't even know when will this bitcoin increases or decreases. But bitcoin will never disappear. Even if it goes down to the lowest, still it will recover and rise again. |
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uozer
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Merit: 100
PRiVCY
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February 28, 2018, 02:23:06 PM |
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We actually understand the message you are trying to pass across here that no how, no how, the number of Bitcoin to be mined shall truncated one day. But have you forgotten that this shall be happening in trillion years and above that no exact one person can actually predict when this shall be happening at all. Next and next next generation are still accessing Bitcoin to infinity. So why should we talk about burial while the projected/speculated corpse is alive? What should be our concern now is to be proactive with all Bitcoins task to ensure it's price stability and its acceptability for it's real existence as part of worldly of currencies
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Lancusters
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February 28, 2018, 02:24:04 PM |
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There will be a fixed number if Bitcoins, and people, because of human error, will accidentally lose Bitcoins every now and then.
This must mean that Bitcoin will eventually seize to exist? Or at least shrink to minimal amounts, when it shrinks to a certain level, it will no longer be useful.
Is this correct?
That won't happen. The number of bitcoins is enough to provide the needs of users. The discharge of the coin allows you to accumulate a large number of Fiat. Even if the Bitcoin will cost $ 10,000,000 can be used. The reduction of available coins will stimulate the growth of prices. Bitcoin will absorb all the Fiat. |
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