Lost Bitcoin a donation to everyone

[Wiwo]

I read on lost Bitcoin today on the coin telegram on the topic of lost Bitcoin and I stopped to wonder what benefits the lost Bitcoin are to every holder, there is no gainsaying how much Bitcoin we have all lost due to one reason or the other some to a wrong address I hard of a guy that lost the private key to a wallet holding about 13,000 Bitcoin and wants to ask should we take such accidents as a donation to Bitcoin holders?

[jackg]

Burning coins is actually a thing in some altcoins - often to get higher rewards of another token or some other potential gain.

But yes there are a lot of predictions on how much could actually have been lost from people this way. It's obviously hard to tell who's still holding and who isn't, and then the other question of whether any of satoshis funds (or any of the original blocks will be spent at some point or if they're just lost).

[Upgrade00]

should we take such accidents as a donation to Bitcoin holders?

Lost bitcoins lead to a reduced supply and a thinner supply flow against demand usually results in a increase in the price.

Does it really benefit other holders? I would say it is a zero sum game; Firstly,it's a regrettable situation for one to lose access to their bitcoins due to carelessness or ignorance and it presents a risk that could demotivate some from getting into bitcoin; An average Joe would not want to be entirely responsible for their assets, where one wrong move could result in it getting lost.

Secondly, determining what bitcoin are lost is purely down to speculation, except the holders come out publicly. So adding some more couple thousand bitcoins into the lost pool which cannot be determined does not do much for it to be a benefit to other holders.

[LoyceV]

I believe this guy knows what he's talking about:

Lost coins only make everyone else's coins worth slightly more.  Think of it as a donation to everyone.

[franky1]

bitcoins crucial feature is that as long as you keep your private key private no one can take your funds

adding in features to take funds off people, by some silly reason like that person has not touched the coin in 10 years. is ripe for abuse, and should be treated as theft.

if people lose their key. thats their fault. no one should be able to have anyway to take coins off them for silly reasons.

if you want to offer any code that allows fund stealing. start with your own coins. let people take your coins off you because if have not moved them recently

no one should get free coins for doing nothing but hoping that other people want to hoard them long term

[mv1986]

I believe this guy knows what he's talking about:

Lost coins only make everyone else's coins worth slightly more.  Think of it as a donation to everyone.

Lol, respect LoyceV for remembering literally any post from any date ever created on this forum! I have seen you doing that a couple of times and I enjoy that a lot. That's worth the merit! Jesus, you jus remember a post from 2010... Any suggestions as to how I could improve my memory?

[Fundamentals Of]

The benefit of lost Bitcoin to every holder is that the supply is reduced. If the supply is reduced, whatever that is left will become more in demand, therefore more valuable. Compare that with fiat, for example. The fiat supply is always increasing. The result is the reduction of its value.

Lost Bitcoins cannot be accessed anymore. So we cannot make anything out of them. They cannot be donated to Bitcoin holders either. They're just there stuck in the blockchain forever.

[crwth]

There's no direct impact towards what it can do for other people but there's definitely an overall impact towards what it can give towards the economy. Hopefully, it can somewhat be noticeable once a lot more people have been involved in crypto. It's such a crazy thing, to begin with losing that much without that kind of intention but that's just how it works.

[macson]

I believe this guy knows what he's talking about:

Lost coins only make everyone else's coins worth slightly more.  Think of it as a donation to everyone.

satoshi is a person from the future, he/she has even predicted in great detail that the missing coins will be a donation for everyone.  in the worst case scenario, the missing coin becomes the pillar of the bitcoin price even though everyone sells their own bitcoin.

[Newlifebtc]

I was reading one lost Bitcoin today on the coin telegram on the topic of lost Bitcoin and I stopped to wonder what benefits the lost Bitcoin are to every holder, there is no gainsaying how much Bitcoin we have all lost due to one reason or the other some to a wrong address I hard of a guy that lost the private key to a wallet holding about 13,000 Bitcoin and wants to ask should we take such accidents as a donation to Bitcoin holders?

That does not have anything to do with bitcoin holder, he lost the private key address through accident and it has nothing with investment because both the profit the coin have gathered since the missing of the wallet keys, it shown that the person in question don't have access to the coin

[Nrcewker]

I don't think so if one lost the Bitcoin, anyone will get it easily!? The person who had Bitcoins must aware his family or closed one that he has Bitcoins and have some access to use that. Most probably family or nearer one will help him/her to access the Bitcoin.

And in my thought it is impossible to access the bitcoins if it will be lost and it also can't be donated. It will be stucked in the Blockchain for lifetime.

[RILWAN]

I was reading one lost Bitcoin today on the coin telegram on the topic of lost Bitcoin and I stopped to wonder what benefits the lost Bitcoin are to every holder, there is no gainsaying how much Bitcoin we have all lost due to one reason or the other some to a wrong address I hard of a guy that lost the private key to a wallet holding about 13,000 Bitcoin and wants to ask should we take such accidents as a donation to Bitcoin holders?

That does not have anything to do with the bitcoin holder, he lost the private key address through accident and it has nothing with investment because both the profit the coin have gathered since the missing of the wallet keys, shows that the person in question doesn't have access to the coin

I think it has a great deal with investment as any Bitcoin lost is equivalent to a reduction of total supply and that will also increase Bitcoin value so I will say the op is correct in this statement. Even Santoshi mentioned that in a post that is quoted in the thread by another user.

[Poker Player]

Lol, respect LoyceV for remembering literally any post from any date ever created on this forum! I have seen you doing that a couple of times and I enjoy that a lot. That's worth the merit! Jesus, you jus remember a post from 2010... Any suggestions as to how I could improve my memory?

I actually think that he somehow saves important quotes somewhere. I don't think he just remembers everything and then every time he has to quote, he has to search for the thread and then for the exact post to quote it.

Let's hope he comes here again and clears up the doubt.

Regarding what the OP says, not much more to add to Satoshi's quote, simply that it is a mathematical question of supply and demand. Today we still have large price swings but at a constant demand, if the supply is smaller the price is higher, there's no secret.

[Wiwo]

I believe this guy knows what he's talking about:

Lost coins only make everyone else's coins worth slightly more.  Think of it as a donation to everyone.

Thanks, you are one of bitcointalk's most knowledgeable users with in-depth knowledge and also an archive. I appreciate your comments and looking forward to seeing more replies from you on this thread.

[yazher]

There's no direct impact towards what it can do for other people but there's definitely an overall impact towards what it can give towards the economy. Hopefully, it can somewhat be noticeable once a lot more people have been involved in crypto. It's such a crazy thing, to begin with losing that much without that kind of intention but that's just how it works.

Destined to be burned I guess, without those lost bitcoins, the price won't trigger as it is right now because the amount that has been lost is also huge and could contribute to the price of bitcoins in the crypto market. Well, I feel bad for those people who weren't paying attention when sending their bitcoins to the wrong address but on the other hand, they just need to move on and forget about it cause it's part of the game where some will win and some will lose.

[crwth]

There's no direct impact towards what it can do for other people but there's definitely an overall impact towards what it can give towards the economy. Hopefully, it can somewhat be noticeable once a lot more people have been involved in crypto. It's such a crazy thing, to begin with losing that much without that kind of intention but that's just how it works.

Destined to be burned I guess, without those lost bitcoins, the price won't trigger as it is right now because the amount that has been lost is also huge and could contribute to the price of bitcoins in the crypto market. Well, I feel bad for those people who weren't paying attention when sending their bitcoins to the wrong address but on the other hand, they just need to move on and forget about it cause it's part of the game where some will win and some will lose.

It still dependent on it right? Unless it's going to be on the market all the time which could dilute everything with its value. With that super large amount, it could really affect the market unless the owner wouldn't sell it but who will not though? I think with the current needs that we have in life, it's quite demanding that we have. I think it's unnecessary to experience this wrong address. It's carelessness for sure.

[Lucius]

Lol, respect LoyceV for remembering literally any post from any date ever created on this forum! I have seen you doing that a couple of times and I enjoy that a lot. That's worth the merit! Jesus, you jus remember a post from 2010... Any suggestions as to how I could improve my memory?

Don't be ridiculous, no one can remember every post on the forum, and those who know how to use the forum search option can easily find what they want. You don't need to improve your memory usage, you just need to learn how to use the forum.

I read on lost Bitcoin today on the ***** on the topic of lost Bitcoin and I stopped to wonder what benefits the lost Bitcoin are to every holder, there is no gainsaying how much Bitcoin we have all lost due to one reason or the other some to a wrong address I hard of a guy that lost the private key to a wallet holding about 13,000 Bitcoin and wants to ask should we take such accidents as a donation to Bitcoin holders?

Pause for a moment before opening a new thread with a question that has been answered at least dozens of times. If something has a limited quantity, and if a part is lost over time, how it can affect the value of something that is in demand in the market? I don't know how old you are, but this is a question that some elementary school student would ask, not someone who has been a member of the forum for months.

Friendly advice, stop filling your head with nonsense from third-rate crypto portals like the one you cited as an example.

[Zanab247]

Many investors will never learn from those bitcoin investors that always exposed their private keys to public. The moment you share your personal bitcoin details to people in the community, it will be very easy for scammers to have access to your wallet address whenever you expose your personal details. Now that bitcoin price is about to increase higher in the market, it will be better for everyone to keep their wallet address safe from scammers.
Such losses is not a donation in the community because the person exposed his private key to his friends that cause such damages to his account. Try to keep your wallet address from your family members so that anyone  cannot have access to your money.

[witcher_sense]

First, we assume that demand for bitcoin will either stay the same or increase. Second, we assume that the total supply of bitcoin will stay unchanged. Third, we assume that lost coins will never be recovered. Fourth, we assume that the law of supply and demand is the only economic force to govern prices on the market. Fifth, we assume that the law of supply and demand actually works. If all our assumptions are correct, then we can safely assume that any reduction in the supply of bitcoin, including lost coins, may lead to an increase in the price of bitcoin. And if you are familiar with the law of supply and demand, you can explain why the increase in the number of lost coins may serve as a donation to others holding their coins. If you are not familiar, then you will have a hard time understanding why bitcoin's price is moving at all.

[NelfiNovita]

This will be a very valuable lesson for those who lost Bitcoin. If you don't understand bitcoin you shouldn't do anything silly and shouldn't do something you don't know about, it's better to learn about it than to lose something you love. It was a recklessness that he should have been more careful in keeping the private keys of his Bitcoin wallet. They lost 13,000 Bitcoins, this event should not have happened because that much bitcoin could be used to buy luxury homes and luxury cars and most importantly, our lives would not be difficult.