Using bitcoinrichlist to see when the big players prepare for selling

[qwerty555]

e.g more than 10 yrs inactivity 50% can be mined again  50% put in escrow for future claims.

Perhaps I have not made myself clear. What you propose is simple theft. If I want to save my XBT, and bequeath them to my great-great-grandchildren, it's none of your damn business.

I did understand and you have the unquestionable right to bequeath many years in the future. That right should be protected and the mechanism suggested is that your right would be protected from the 50% in escrow which would be used to pay any similar circumstance. At the same time it addresses the problem of those accounts that are really lost for ever.

I am not saying this is the solution but is a point of discussion to solve the problem of coins in lost wallets affecting supply substantially over many years.

[jbreher]

I apologize. It is I that did not understand upon first reading. If you can envision a workable scheme, I am willing to listen to it.

Though I might be surprised if I did not find it to be violative of some other principle which I hold to be sacrosanct.

We might start with 'who are the deciders'?

[qwerty555]

I apologize. It is I that did not understand upon first reading. If you can envision a workable scheme, I am willing to listen to it.

Though I might be surprised if I did not find it to be violative of some other principle which I hold to be sacrosanct.

We might start with 'who are the deciders'?

An extremely pertinent point. WHO are the deciders? Is there anyone with the power invested in them to change things? Is there a process which they have to follow or can they make unilateral decisions. The ultimate test to any change is market demand particularly if another crypto emerges with the known "flaws" solved.

Time will tell but for sure Bitcoin is the market leader and will be for the near future.

If we can identify who can change things we can ask them what they think about such issues.

[bryant.coleman]

In the UK there is a legal mechanism and rules for inactive Bank accounts after 15 yrs.Also,  Banks already got wise to the problem and now charge fees for inactivity (as early as 1yr) This effectively lets them take ALL the money over time.

This is a good idea. For wallets with more than 5 years of inactivity, we can charge a 4% per year fee.

[LiteCoinGuy]

Here is one of bitcoins major flaws.. NO method of identifying and replacing lost coins which is unstable and potentially inflationary.

Yes... one of the biggest flaws. We assume that the number of Bitcoins in circulation will slowly increase from 2009 to 2140 and that they will stabilize by 2140. If such large numbers of BTCs are "lost", then the currency will be extremely vulnerable to deflation.

Something should be done to maintain the total number of BTCs available.

thats not a problem. you can also have just 10 mio of BTC and everything would be the same, except the price of one BTC.

bitcoin should not lead the fiat currencys rules. this amazing technology was invented to prevent inflation.

[GriTBitS]

To counter this problem, I propose a very simple solution. Once it is confirmed that over 10.00% of the BTCs are "lost", then the earliest 2% should be purged and put available to mine.

What you propose is simple theft. If I want to save my XBT, and bequeath them to my great-great-grandchilluns, it's none of your damnable bidnez.

The idea to purge the earliest 2% (or however many) needs refinement. As jbreher points out it could be in store for grandchildren (however unlikely after 10yrs inactivity)

A mechanism could be discussed to deal with that issue.

e.g more than 10 yrs inactivity 50% can be mined again  50% put in escrow for future claims.

In the UK there is a legal mechanism and rules for inactive Bank accounts after 15 yrs.Also,  Banks already got wise to the problem and now charge fees for inactivity (as early as 1yr) This effectively lets them take ALL the money over time.

http://www.moneysupermarket.com/savings/dormant-account-guide/

The comparison is not exactly the same as the total useable supply of fiat is not affected as it just goes somewhere else eventually. Unlike bitcoin where the total supply is affected if it can never be used (recovered/replaced) again

All i can say is     WTF!!!!!!!!!! Quit trying to play banker! Let people keep whats theres. If they lost them then they lost them.... You probably want me to give you my coins if you lose yours too!

[zimmah]

even if there's just 1 bitcoin left, it doesn't matter, we don't need to re-mine lost coins.

if only 1 bitcoin is left, it will be a very expensive bitcoin, but we'll just pay our everyday transactions by using nano-bitcoins or femto-bitcoins

[Sheldor333]

Take a look at this address. It used to host most bitcoins, they were moved some time ago.
https://blockchain.info/address/12sENwECeRSmTeDwyLNqwh47JistZqFmW8

Edit: Also how could they miss this address https://blockchain.info/address/1F4TKLa8ioAiZSE4T47ihXY1RK3jp9dNkz it has over 90000 btc and it's not on their list.

[PenAndPaper]

What are you even talking about?  The amount of lost bitcoins is an estimation. You can't just purge coins based on estimations. 

[bryant.coleman]

Edit: Also how could they miss this address https://blockchain.info/address/1F4TKLa8ioAiZSE4T47ihXY1RK3jp9dNkz it has over 90000 btc and it's not on their list.

That is a new wallet, created only a few hours ago. I think the Bitcoinrichlist is updated in the beginning of every month.

[User_513]

e.g more than 10 yrs inactivity 50% can be mined again  50% put in escrow for future claims.

Perhaps I have not made myself clear. What you propose is simple theft. If I want to save my XBT, and bequeath them to my great-great-grandchildren, it's none of your damn business.

Agreed 100%. 

[Syke]

For wallets with more than 5 years of inactivity, we can charge a 4% per year fee.

Go start your own altcoin. There is none of that nonsense in bitcoin.