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chowdan (OP)
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December 08, 2013, 08:23:11 AM
Last edit: December 09, 2013, 03:49:24 PM by chowdan |
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Hey all.
So had a quick question how the currency differentiates lost coins vrs coins stored on a wallet offline.
Say someone had 20 mill coins in a wallet and another person has 1 mill coins in their wallet. The fellow with 1 million coins deletes his wallet; does that mean the currency now will only have 20 mill coins left? Or does it start to generate another 1 mill coins to put back into circulation?
If it generates the 1 mill coins, how does it handle offline wallets? Say i stored 1 mill in my wallet for 10 years on a usb drive...how does it differentiate between the two?
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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deepceleron
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Activity: 1512
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December 08, 2013, 08:47:32 AM |
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There is no concept of "lost coins" per se, there are only coins not spent recently. You can't tell ultimately if someone is saving for their retirement or cannot spend the money. In a macroeconomic scale, if money is removed from the economy, then that means the remaining currency must hold the value needed. For now, with Bitcoin, about $2M worth of Bitcoin is being printed every day, and I doubt it's being lost at that rate. https://en.bitcoin.it/wiki/Myths#Lost_coins_can.27t_be_replaced_and_this_is_bad |
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bitpop
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December 09, 2013, 09:15:57 AM |
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There is no detection. They are not regenerated.
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ajax3592
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Crypto News & Tutorials - Coinramble.com
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December 09, 2013, 09:40:32 AM |
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If they lost their wallet with 1Mil coin, those coins are gone forever and cannot be brought back.
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chowdan (OP)
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December 09, 2013, 03:49:04 PM |
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There is no concept of "lost coins" per se, there are only coins not spent recently. You can't tell ultimately if someone is saving for their retirement or cannot spend the money. In a macroeconomic scale, if money is removed from the economy, then that means the remaining currency must hold the value needed. For now, with Bitcoin, about $2M worth of Bitcoin is being printed every day, and I doubt it's being lost at that rate. https://en.bitcoin.it/wiki/Myths#Lost_coins_can.27t_be_replaced_and_this_is_badPerfectly explains it.....So people loosing coins increase value of all other coins.....that...is genius and amazing at the same time but yet scary for ones who store their wallets in USB's offline as its able to be lost quite easily. |
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knarzo
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December 09, 2013, 04:58:22 PM |
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There is no concept of "lost coins" per se, there are only coins not spent recently. You can't tell ultimately if someone is saving for their retirement or cannot spend the money. In a macroeconomic scale, if money is removed from the economy, then that means the remaining currency must hold the value needed. For now, with Bitcoin, about $2M worth of Bitcoin is being printed every day, and I doubt it's being lost at that rate. https://en.bitcoin.it/wiki/Myths#Lost_coins_can.27t_be_replaced_and_this_is_badPerfectly explains it.....So people loosing coins increase value of all other coins.....that...is genius and amazing at the same time but yet scary for ones who store their wallets in USB's offline as its able to be lost quite easily. Encrypt your privatekey with PGP, print it, store it in different places and be happy  |
Sic parvis magna
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