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Author Topic: how Bitcoin will deal with lost tokens?  (Read 563 times)
Ausgewielt
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April 30, 2021, 02:46:48 PM
 #61

It will lost forever. But I think the value wil not lost. The value or price of bitcoin is depend on supply and demand so when there is less supply then the valueor price will be increase. It's very different with fiat, although you still hold the money you will still lost a percentage of the value because of inflation.

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ILuckyGuyI
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April 30, 2021, 04:09:42 PM
 #62

What happens to all the coins in lost wallets in the Bitcoin system? If there are only a finite number of coins, won't they become increasingly scarce as people lose them over time?

Let me tell what happens. They are all gone forever.  Grin  Because there is no way to recover the necessary information to get access if one forgets where he/she keeps it. However, they will still maintain their existence as they won't be destroyed automatically. Because they aren't burned or so in the end.

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SquallLeonhart
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April 30, 2021, 04:48:56 PM
 #63

What happens to all the coins in lost wallets in the Bitcoin system? If there are only a finite number of coins, won't they become increasingly scarce as people lose them over time?
Sometimes I have thought of this and what can be a possible solution to it, but I can’t imagine any means that this can be solved. Except that we are just going to continue with what we have and not bother about whether there are coins getting missed. I think the only thing that’s going to do is that it is going to reduce the rate of supply, and by reducing the rate of supply available, we are going to see the price of bitcoin go higher since there wouldn’t be enough to fit the level of demand.

But in the past, we have seen issues where there are kind of errors (or maybe hacks) that caused the number of Bitcoins available to increase more than the twenty one million there is. So that shows that there is the possibility of increasing it in future if the developers wants to, but I am not certain that they will do that kind of thing.
hazenyc
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May 02, 2021, 10:39:35 AM
 #64

~snip
If there was a technology that is able to recover lost coins then that technology can also "recover" coins that are in reality not lost, aka theft!
If ever there is a technology that can recover private keys for BTC, it is game over for all of us. Let's pray that lost coins will be lost forever!
No matter how much you wish it, there will be someone that is going to create that technology and the only way to combat is to innovate the security, why are you scared of breaching when I have said that when that happens, there is going to be an improvement in security.

You can't know whether there is an improvement in security. Do you know what the most problematic issue in security information and technology is? That in almost any case you find out about fatal weaknesses when that fatal weakness has been or is being exploited. How do you know how much your supervision camera on your front door is worth? How do you know that? Is it worth $100? Or the $500 you paid? Nobody ever breaks in because you have that camera, or someone easily shuts it down and still breaks in. Security is difficult because the attacker has the advantage of 360 attack angles. The defender doesn't know where the attack will come from and what it will be like.

Think about the following scenario: Satoshis wallet possesses a million Bitcoins, roughly, we agree on that. Satoshi is dead, we assume that. An attacker develops a technology to reverse engineer the private key. What would the attacker do? He would pretend to be Satoshi. Maybe he would move small amounts from those wallets. We all would get excited, oh my god Satoshi moves his coins! But it's an attacker who succeeded. We wouldn't even realize what's going on.
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June 18, 2021, 12:48:25 PM
 #65

They are lost forever in thin air. I think there happened a time where a lot of people lost their coins and wallets? I don't know, maybe bad luck just turned on others and have them unlucky to lose their currencies.

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Kong Hey Pakboy
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June 18, 2021, 12:52:25 PM
 #66

That's what's going to make bitcoin prices go up much higher and never go low at a certain point because the limited supply is reduced because of lost coins. I don't think that there's no way to recover those coins but it's not a thing to worry because it will make you coins much more valuable.

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