Bitcoin Forum
December 17, 2017, 10:16:13 AM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Wouldn't all the bitcoin eventually become unreachable  (Read 1440 times)
voorash
Newbie
*
Offline Offline

Activity: 19


View Profile
October 29, 2013, 09:14:51 PM
 #1

I was thinking about this today and would like some others thoughts on the matter. 

Let's say I buy myself 1 BTC and am oh so happy with myself.  I send this BTC to a newly created wallet and promptly lose the key in some sort of horrible and irretrievable fashion.  Over time wouldn't events such as this lead to the majority of bitcoins being effectively taken out of circulation.  What made me think of this was the news story about the guy that bought 27 dollars worth of bitcoin and forgot about it.  He was able to remember his password but had he failed that would have been five thousand coins forever removed from circulation.

Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1513505773
Hero Member
*
Offline Offline

Posts: 1513505773

View Profile Personal Message (Offline)

Ignore
1513505773
Reply with quote  #2

1513505773
Report to moderator
1513505773
Hero Member
*
Offline Offline

Posts: 1513505773

View Profile Personal Message (Offline)

Ignore
1513505773
Reply with quote  #2

1513505773
Report to moderator
1513505773
Hero Member
*
Offline Offline

Posts: 1513505773

View Profile Personal Message (Offline)

Ignore
1513505773
Reply with quote  #2

1513505773
Report to moderator
asc366
Jr. Member
*
Offline Offline

Activity: 36


View Profile
October 29, 2013, 09:21:03 PM
 #2

This is a very "real" fear and there are many cases already with this like the one posted 15 mins ago at https://bitcointalk.org/index.php?topic=321054

https://en.bitcoin.it/wiki/FAQ#Won.27t_loss_of_wallets_and_the_finite_amount_of_Bitcoins_create_excessive_deflation.2C_destroying_Bitcoin.3F describes this as well:

Quote
Also, Bitcoin users are faced with a danger that doesn't threaten users of any other currency: if a Bitcoin user loses his wallet, his money is gone forever, unless he finds it again. And not just to him; it's gone completely out of circulation, rendered utterly inaccessible to anyone. As people will lose their wallets, the total number of Bitcoins will slowly decrease.
edd
Donator
Legendary
*
Offline Offline

Activity: 1386



View Profile WWW
October 29, 2013, 09:29:36 PM
 #3

This has been brought up countless times.

This is a very "real" fear and there are many cases already with this like the one posted 15 mins ago at https://bitcointalk.org/index.php?topic=321054

https://en.bitcoin.it/wiki/FAQ#Won.27t_loss_of_wallets_and_the_finite_amount_of_Bitcoins_create_excessive_deflation.2C_destroying_Bitcoin.3F describes this as well:

Quote
Also, Bitcoin users are faced with a danger that doesn't threaten users of any other currency: if a Bitcoin user loses his wallet, his money is gone forever, unless he finds it again. And not just to him; it's gone completely out of circulation, rendered utterly inaccessible to anyone. As people will lose their wallets, the total number of Bitcoins will slowly decrease.

I wonder why you didn't quote this part:
 
Quote
In fact, infinite divisibility should allow Bitcoins to function in cases of extreme wallet loss. Even if, in the far future, so many people have lost their wallets that only a single Bitcoin, or a fraction of one, remains, Bitcoin should continue to function just fine. No one can claim to be sure what is going to happen, but deflation may prove to present a smaller threat than many expect.

Still around.
asc366
Jr. Member
*
Offline Offline

Activity: 36


View Profile
October 29, 2013, 09:31:40 PM
 #4


I wonder why you didn't quote this part:

Because the part from the FAQ I just pasted confirms the actual question the OP posted, I guess. But your addition is interesting as well of course.
voorash
Newbie
*
Offline Offline

Activity: 19


View Profile
October 30, 2013, 03:43:12 AM
 #5

Thanks, the FAQ helped as I hadn't noticed before that a btc could be broken down to a smaller increment than a satoshi.
notme
Legendary
*
Offline Offline

Activity: 1848


View Profile
October 30, 2013, 03:46:38 AM
 #6


I wonder why you didn't quote this part:

Because the part from the FAQ I just pasted confirms the actual question the OP posted, I guess. But your addition is interesting as well of course.

Yes, you confirmed the question, but questions are usually after answers, which is what edd provided.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
12jh3odyAAaR2XedPKZNCR4X4sebuotQzN
User705
Hero Member
*****
Offline Offline

Activity: 756



View Profile
October 30, 2013, 03:55:05 AM
 #7

This could be considered one of bitcoin negatives as they are destructible in a sense.  However at a certain far of point in the future you can always attempt to brute force the private key so they aren't forever lost.
notme
Legendary
*
Offline Offline

Activity: 1848


View Profile
October 30, 2013, 03:57:32 AM
 #8

This could be considered one of bitcoin negatives as they are destructible in a sense.  However at a certain far of point in the future you can always attempt to brute force the private key so they aren't forever lost.

If a weakness is found in ecdsa, you still need the public key, which is only known if coins have been spent from that address before.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
12jh3odyAAaR2XedPKZNCR4X4sebuotQzN
SquallLeonhart
Legendary
*
Offline Offline

Activity: 882



View Profile
October 30, 2013, 04:27:45 AM
 #9

If everyone lost their wallet then yes, people always be extra careful when it comes to money so I would say only 1-2% lost in this way....
BitchicksHusband
Sr. Member
****
Offline Offline

Activity: 378


View Profile
October 30, 2013, 11:54:04 AM
 #10

In the "Distribution of wealth by owner" thread, it has been determined that there are about 11.5M coins in circulation (of 11.9M showing on Bitcoin Charts) meaning that about 4% of coins are lost.

1BitcHiCK1iRa6YVY6qDqC6M594RBYLNPo
bits4books
Sr. Member
****
Offline Offline

Activity: 336


Mbit changing how users share content online


View Profile
October 31, 2013, 08:56:01 AM
 #11

If everyone lost their wallet then yes, people always be extra careful when it comes to money so I would say only 1-2% lost in this way....

Everyone has to die someday..and they sure as hell won't know how to get in my wallet..
BitchicksHusband
Sr. Member
****
Offline Offline

Activity: 378


View Profile
October 31, 2013, 10:12:28 AM
 #12

If everyone lost their wallet then yes, people always be extra careful when it comes to money so I would say only 1-2% lost in this way....

Everyone has to die someday..and they sure as hell won't know how to get in my wallet..

And conversely, I trust my kids enough to have shown them how to get into ours in case of a horrible accident.

1BitcHiCK1iRa6YVY6qDqC6M594RBYLNPo
Unluckyduck
Sr. Member
****
Offline Offline

Activity: 359



View Profile
October 31, 2013, 10:39:31 AM
 #13

The more that people lose the higher in value everyone elses gets. Providing everyone doesn't lose their wallet that is.  Roll Eyes
nerFohanzo
Hero Member
*****
Offline Offline

Activity: 638


View Profile
October 31, 2013, 10:43:00 AM
 #14

In the "Distribution of wealth by owner" thread, it has been determined that there are about 11.5M coins in circulation (of 11.9M showing on Bitcoin Charts) meaning that about 4% of coins are lost.


But how can you say if the Bitcoins are lost or just stored in cold paper wallet  Huh
edd
Donator
Legendary
*
Offline Offline

Activity: 1386



View Profile WWW
October 31, 2013, 06:05:31 PM
 #15

In the "Distribution of wealth by owner" thread, it has been determined that there are about 11.5M coins in circulation (of 11.9M showing on Bitcoin Charts) meaning that about 4% of coins are lost.


But how can you say if the Bitcoins are lost or just stored in cold paper wallet  Huh

You can't, which makes these types of discussions moot.

Still around.
BitchicksHusband
Sr. Member
****
Offline Offline

Activity: 378


View Profile
October 31, 2013, 08:33:49 PM
 #16

In the "Distribution of wealth by owner" thread, it has been determined that there are about 11.5M coins in circulation (of 11.9M showing on Bitcoin Charts) meaning that about 4% of coins are lost.


But how can you say if the Bitcoins are lost or just stored in cold paper wallet  Huh

Someone compiled a list of people on the internet saying they lost their coins and how many coins.  So this is verified losses.  The actual number is probably at least double that, given most people don't want to look like an idiot on the internet.

1BitcHiCK1iRa6YVY6qDqC6M594RBYLNPo
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!