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Author Topic: Are "lost" Bitcoins ever recovered?  (Read 739 times)
Reacon
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July 09, 2011, 07:46:51 AM
 #1

I think most of us here can agree that the concept behind a currency such as Bitcoin is brilliant, but it is not without its flaws.

One that has me particularly concerned is the deflationary spiral, and I have a question related to it. Are lost Bitcoins, either destroyed or just never used, ever recoverable by the market?

This is obviously countered by the inflation period in which Bitcoins are being generated en masse, but it raises some concerns in me about the long term viability of Bitcoin as a currency. When the 21 million maximum is hit, the Bitcoins "removed" from circulation can only help the deflation spiral. Shouldn't there be some sort of system that adds currency not used in, say, 2-3 years, back to the market, though mining?
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Bth8
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July 09, 2011, 07:57:33 AM
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Nope. If the private key is lost, the coins are absolutely gone and no one can be forced to spend his/her bitcoins.

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July 09, 2011, 07:59:13 AM
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Remember they are divisible so if the price for one coin gets to high they can move the decimal place over by one. Remember one coin is divisible up to 8 decimals I believe

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July 09, 2011, 08:05:07 AM
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No. It goes to the bitcoin void  Grin

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July 09, 2011, 08:05:53 AM
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Remember they are divisible so if the price for one coin gets to high they can move the decimal place over by one. Remember one coin is divisible up to 8 decimals I believe

That still doesn't really address the concern about deflation. Moving the decimal is temporary at best, and really doesn't change anything but perspective.
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July 09, 2011, 03:17:51 PM
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The bitcoin are in the system and can be seen in the block chain but without the wallet to unlock them they can only be seen. im sure many people have lost their wallet, or many people have .0000001 or a small fraction of bitcoin stuck somewhere that will never see the light of day. also if some people lose interest and or their computer gets fried with no back up to the wallet those will be stuck in the block chain and never have access to them either
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July 09, 2011, 03:19:58 PM
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not really
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