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Author Topic: What happens to bitcoins when you loose your wallet?  (Read 1091 times)
Janjko
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October 27, 2011, 03:33:13 PM
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If I loose my wallet and the bitcoins in it, does that mean Bitcoin has forever lost those bitcoins? If people keep loosing wallets, it's not going to be 21 million Bitcoins in 2050. or what is the inflation end date.
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btc_artist
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October 27, 2011, 03:45:53 PM
 #2

As far as I know, if you lose your wallet, those coins are lost forever.

BTC: 1CDCLDBHbAzHyYUkk1wYHPYmrtDZNhk8zf
LTC: LMS7SqZJnqzxo76iDSEua33WCyYZdjaQoE
Janjko
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October 27, 2011, 03:54:19 PM
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As far as I know, if you lose your wallet, those coins are lost forever.
You could see them in blockexplorer.com but noone could ever get them again. That is so sad..
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October 27, 2011, 04:50:43 PM
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The coins drop into limbo..you don't want to go after them down there.
memvola
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October 27, 2011, 04:59:29 PM
 #5

If I loose my wallet and the bitcoins in it, does that mean Bitcoin has forever lost those bitcoins? If people keep loosing wallets, it's not going to be 21 million Bitcoins in 2050. or what is the inflation end date.

You almost always have a backup from a few months ago and older backups have a pool of 100 "future" keys, so you recover everything. Wink

Or, in 2050, breaking 40-year-old algorithms is a piece of cake, Bitcoin has already moved to better algorithms a few times, now people break older addresses and recover lost coins. It's a hobby for some.
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October 27, 2011, 05:34:39 PM
 #6

If I loose my wallet and the bitcoins in it, does that mean Bitcoin has forever lost those bitcoins? If people keep loosing wallets, it's not going to be 21 million Bitcoins in 2050. or what is the inflation end date.

You almost always have a backup from a few months ago and older backups have a pool of 100 "future" keys, so you recover everything. Wink

Or, in 2050, breaking 40-year-old algorithms is a piece of cake, Bitcoin has already moved to better algorithms an few times, now people break older addresses and recover lost coins. It's a hobby for some.


2050 - The Lost Bitcoins
Directed by Satoshi?

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Janjko
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October 28, 2011, 11:18:40 AM
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2050 - The Lost Bitcoins
Directed by Satoshi?
A movie about scavengers that go through lost wallets and live on the very bottom. One of them keeps saying - "I am Satoshi, I made all of this"...
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October 28, 2011, 11:52:40 AM
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If I loose my wallet and the bitcoins in it, does that mean Bitcoin has forever lost those bitcoins? If people keep loosing wallets, it's not going to be 21 million Bitcoins in 2050. or what is the inflation end date.
Yes, and?

It's like gold, if somehow you lose gold (send it in the sun with a rocket) well it's lost.
memvola
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October 28, 2011, 12:30:01 PM
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Yes, and?

Sorry, you're too late. This thread is now about a movie project.
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October 28, 2011, 01:28:14 PM
 #10

An example of coins which are lost:

http://blockexplorer.com/address/1BitcoinEaterAddressDontSendf59kuE
http://blockexplorer.com/address/1111111111111111111114oLvT2

People made up these addresses, and sent coins to them. No one owns the private keys for them, so no one can use these addresses in their wallet. It could be that a private key doesn't even exist, but if it does, then it will be astronomically hard to find. As in, bruteforcing with a supercomputer for centuries.

memvola
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October 28, 2011, 02:16:42 PM
 #11

It could be that a private key doesn't even exist

Wow, I hadn't thought of that. Yeah I guess it might be the case that either RIPEMD-160 or SHA-256 isn't surjective. What about ECDSA?
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October 28, 2011, 02:21:39 PM
 #12

i was once able to "recover" my lost coins, But that was because i made a backup of my Wallet.dat

So when i reinstalled Bitcoin, and the blockchain was downloading, My transaction began to popup, By then end of the block chain, I had my coins.
But ofcourse if you loose the wallet.dat your fucked

http://bitcoin-otc.com/viewratingdetail.php?nick=DingoRabiit&sign=ANY&type=RECV <-My Ratings
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