A Possible Way to Re-Use Lost Bitcoins

[btcntlkkvn]

I have heard a thousand times that many bitcoins are lost due to the owners either forget their private keys, lost the hard drive, or simply die before they tell their family about the wealth. Although 21 million sounds like a lot, but with accidents like those keep happening, it's sooner or later bitcoin will gradually...be depleted. I know now the reward for miners are new issued bitcoins plus transaction fees, could it be possible that some day the reward includes a new feature, that all wallets will give a small portion of its balance to the miners, either a small percentage of the balance, or just a few Satoshis per wallet. So that "dead" bitcoins will slowly become global wealth for all humans again over a great span of time? What do you think? Is it a very stupid idea?

[NeuroticFish]

I have heard a thousand times that many bitcoins are lost due to the owners either forget their private keys, lost the hard drive, or simply die before they tell their family about the wealth. Although 21 million sounds like a lot, but with accidents like those keep happening, it's sooner or later bitcoin will gradually...be depleted. I know now the reward for miners are new issued bitcoins plus transaction fees, could it be possible that some day the reward includes a new feature, that all wallets will give a small portion of its balance to the miners, either a small percentage of the balance, or just a few Satoshis per wallet. So that "dead" bitcoins will slowly become global wealth for all humans again over a great span of time? What do you think? Is it a very stupid idea?

First of all, this would mean that the new "protocol" would replenish the coin base from .. private properties. People will certainly not like this.

Second, in order to do this, there will have to be generated proper transactions that spend that money from the existing wallets, sending it to.. the holy wallet that puts money back into circulation.
As you probably know, a transaction has to be signed in order to happen. For this you need the private key, only the owners have. Will the owners do this themselves? No. Now maybe the wallet can do this, since the private key is saved there, right? Well, it has to be running. And as soon as one wallet will do this, people will use another wallet. End of story.

[Thanasis]

I have heard a thousand times that many bitcoins are lost due to the owners either forget their private keys, lost the hard drive, or simply die before they tell their family about the wealth. Although 21 million sounds like a lot, but with accidents like those keep happening, it's sooner or later bitcoin will gradually...be depleted. I know now the reward for miners are new issued bitcoins plus transaction fees, could it be possible that some day the reward includes a new feature, that all wallets will give a small portion of its balance to the miners, either a small percentage of the balance, or just a few Satoshis per wallet. So that "dead" bitcoins will slowly become global wealth for all humans again over a great span of time? What do you think? Is it a very stupid idea?

I don't think this is a good idea and the people also don't want this.But lost bitcoins can be helpful for the greater demand so the value of the total bitcoins will be same even if we found out the lost bitcoins.So it is better to go as it is and here after people have to be very careful with their private keys to safe our bitcoins.

[Herbert2020]

you are trying to find a solution for a problem that does not exist so you create the problem in your head and then try to fix it. that won't work ever.
it is true that if a large number of bitcoins were lost (actually lost not just speculated to be lost) and if we see that as a problem then we can start thinking about possible solutions but until that day discussing about it is pointless.

[Kakmakr]

How will the miners be able to identify the stolen or lost coins? Bitcoin is based on Gold mining. Once the gold has been mined, it is out there. Whatever happens after that, is not the miners concern. They cannot re-mine Gold that was lost or stolen.

This concept is the same for Bitcoin mining. Once the bitcoin has been mined and sold to other people, it is out there and not available for re-mining.

The rarity of bitcoins <Gold> will just increase, if a percentage of those bitcoins <Gold> are lost. This will in turn increase the value of the remaining bitcoins <Gold>

[Carlsen]

I think that I have read a statement of Satoshi himself where he says he finds it a good thing that bitcoins can get lost.
If he would have wanted it differently, I suppose he would have implemented a way to avoid that.

By the way, if all wallets give away a small percenage of their balance, you would create a massive amount of new transactions the network won't be able to handle.

[franky1]

this topic keeps coming up time and time again.
the answers

1. its theft from people who want to keep their funds for the future(save for retirement/childs college)
2. no way to determine differnce between a hoarder and a lost address
3. if it becomes possible to spend funds without the need of the owners private key, it will break bitcoins security
4. demurrage just doesnt work

how about advocate governments to seize peoples assets unless they show a change of ownership slip every 2 years, and see how fast you realise the real life affect

how about when its time to retire in 20 years you find out there has been a 100% tax (5% a year)

how about realise that in the real world redistributing an individuals funds without their control does not end up in the 'global wealth for all humans' but instead held by the pools.
for instance mining pools wont care about lost coins because they have their own income stream, and via demurrage they would get a fat bonus, they are the only ones that will get anything from such. but no one else will.

its not healthy for the economy, it breaks security and it breaks peoples trust of ownership

[fireblond]

I have heard a thousand times that many bitcoins are lost due to the owners either forget their private keys, lost the hard drive, or simply die before they tell their family about the wealth. Although 21 million sounds like a lot, but with accidents like those keep happening, it's sooner or later bitcoin will gradually...be depleted. I know now the reward for miners are new issued bitcoins plus transaction fees, could it be possible that some day the reward includes a new feature, that all wallets will give a small portion of its balance to the miners, either a small percentage of the balance, or just a few Satoshis per wallet. So that "dead" bitcoins will slowly become global wealth for all humans again over a great span of time? What do you think? Is it a very stupid idea?

I'm guessing what you're suggesting is that wallets that aren't being used for a certain amount of months/years get categorized as 'lost'. And then their btc gets sent off? /No-Support. Maybe the person is a long-term holder/ Maybe the person does have access to their wallet but completely forgot about it. Also for this to even be considered it would require a hard-fork and we all know how those end up. Hi Roger

[Just John]

If you lost your bitcoins then there is no way for you to make use of those bitcoins anymore because they are gone and you cannot get it back. Bitcoin was designed that way to keep it safe for the owners so you cannot get back or re-use lost bitcoins. They are simply lost forever.

[An0nyMoose]

Its good that the lost bitcoins cant be used as it will make the bitcoins more scarce and thus reduce the selling pressure on the market. And no, bitcoins getting lost isn't going to take us to a point where it will be completely depleted. With the adoption rate increasing everyday the bitcoin is getting distributed and this will help prevent the possibility you are talking about.

[coinmaster241]

New features? It could be as you explain by giving a small portion of our coins to keep the balance of Bitcoin, given that currently Bitcoin's Have been mined reaches 80% of Total supply and only 20% left for mining.
My question for Bitcoiner, ,

Can Bitcoin run out for several more years with the remaining 20% ​​of Bitcoin's Total Supply?

Probably, the remaining 2-4 years of Bitcoin supplies run out to be mined

Will the Bitcoin Developer "Satoshi Nakamoto" be adding Bitcoin supplies?

Obviously not, because it violates the rules that he made himself. And certainly the price will be reduced

[btcprospecter]

I can see what you are saying with truly lost coins but for others that are just holding in wallets for the long-term this would be an issue, personally I would not like the idea that if my coins hadn't been moved then they would classed as lost.

[ahmadakbari]

In my opinion, it's not a good idea. Why should some one pay to the miners, while no transction is made?
I have an better idea.
Every one must make atleast one transaction every five years (or any other time interval). Otherwise all the coins are distributed among the miners.

[franky1]

In my opinion, it's not a good idea. Why should some one pay to the miners, while no transction is made?
I have an better idea.
Every one must make atleast one transaction every five years (or any other time interval). Otherwise all the coins are distributed among the miners.

the pools get and will continue to get enough funds. they dont need more. and we should not ruin bitcoin security by by-passing the requirement of signatures to move funds so that pools can just grab funds from people based purely on a coins age.

also. this lame mindset of grabbing hoarders funds is not going to magically make the community better off.. instead its just going to make the main earners richer.

if you disagree, then if you have owned a car for 5 years. give your car away for free right now
if you disagree, then if you have owned a anything for 5 years. give it away for free right now

yep. if you own a house. just put a sign outside your door that says "first person to knock on door gets this house"
no rebuttles, no excuses why you wont do it.. if you really want to redistribute someones hoard.. start by getting rid of your own hoard..

screw it, you said "or any other time interval" so lets not make it 5 years. lets go with 1 year.. and then anyone can turn p and take your stuff

[cryptojohnn7]

Howells inadvertently tossed a hard drive containing 7,500 bitcoins, which he had mined back when they were worth very little. Now that a bitcoin is worth somewhere around $1000, that drive has an estimated worth of $7.5 million. But unfortunately for Howells, an IT worker, city workers say it’s too late for him to recover the drive from the dump. Maybe it's not possible.

[Cloud_miner]

I think this is not a good idea. Many people will disagree with this. This would mean that you need to completely change the bitcoin protocol.

[RodeoX]

No way.

How about the money you have in the bank.  You haven't used it in years. Can I have it?

 

[mOgliE]

Hi,

You are offering to create a taxation on wallet, right?

Well, I understand your point but:
- I don't think there are so many lost bitcoin for the moment. Some stories may be impressive but still I think the amount concerned is very limited
- The concept of taxation here is.. completely against the mindset of most bitcoiners.