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peter0425
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December 15, 2021, 11:27:15 AM |
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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. This is why i really wait everytime for Your reply , worth a read and made me think of how this related to the title of OP and perfectly Fit about the Donation term used. Benefits of lost Bitcoin to every holder is that the supply is reduced even lost Bitcoins cannot be accessed anymore . Hope it can somewhere be noticeable once a lot more people have been involved in crypto.
and that says a lot in my quoted post from loyce in which perfectly delivered by Satoshi 11 years before this thread was created . |
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JoyMarsha
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December 15, 2021, 09:39:10 PM |
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Those that lost their bitcoin asset is a result of their carelessness. If they are been told before opening a bitcoin wallet to write down their private keys and store them up before opening a wallet, they end up neglecting the instruction, would they blame anyone for their misfortune tomorrow? I don't feel pity for those that lost their assets because if they do value bitcoin with their whole heart, they would have learned how to store up and keep their private keys safe.
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Natalim
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December 15, 2021, 10:39:44 PM |
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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. This is why i really wait everytime for Your reply , worth a read and made me think of how this related to the title of OP and perfectly Fit about the Donation term used. Benefits of lost Bitcoin to every holder is that the supply is reduced even lost Bitcoins cannot be accessed anymore . Hope it can somewhere be noticeable once a lot more people have been involved in crypto.
and that says a lot in my quoted post from loyce in which perfectly delivered by Satoshi 11 years before this thread was created . Then, this helps the price of Bitcoin to keep high as the total supply has been cut while the demand is continuously moving high. As we can't assure that nobody lost their Bitcoin, their wallet keys, the possibility of getting into scarcity is very close to it. I think we don't need to have a moment to arrive and so we need to be careful of our keys. Or else, more Bitcoins become a donation and which we can't enjoy. |
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TinaK
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December 15, 2021, 10:46:17 PM |
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The lost bitcoin will simply reduce the supply of the total coins that will ever be mined of 21 million and 90% has been mined till now.There are many other like him who have lost their keys holding million dollars worth of bitcoin in them but this simply increase the price with high demand and low supply the simple rule of economics.You can think of it as donation or anything but that surely shrink the supply overall.We will see how many can safely store it till last.
Perfectly right not only for the supply and the demand it also has a benefit to miners which they have more coins to mine, isn't it? We have heard different cases on lost bitcoin and how it will be lost, lost private key that becomes bitcoin stuck on a wallet that can't access anymore. That's why we should keep our bitcoin safe and copy the right private key to avoid being lost. It's hard to accept if one of your supposedly big asset has been lost and cannot access. |
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Olayinka2225
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December 16, 2021, 03:29:08 AM |
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Forgotten bitcoin in a wallet is not lost but rather it will cause a decrease in it's supply there by increases it's supply there by giving it more value. But this doesn't say we should all forgot or lost our private keys for this to happen. It is also required that bitcoin must also be moving around just like fiat does and not just stay stagnant in a wallet doing nothing.
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adzino
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December 16, 2021, 04:57:08 AM |
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If someone loses his private keys, he no longer has access to those coins. Those coins are lost coins. Again, if coins are sent to addresses that no one has access to the private keys, then those are also considered as lost bitcoins. And yep, it is kind of a donation to everyone because the supply is limited, lost coins reduces the circulating supply even further more, causing bitcoin to become even more scarce which eventually will cause the price to increase. So everyone holding bitcoin will benefit from the price rise.
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rodskee
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December 16, 2021, 09:06:25 AM |
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Forgotten bitcoin in a wallet is not lost but rather it will cause a decrease in it's supply there by increases it's supply there by giving it more value. But this doesn't say we should all forgot or lost our private keys for this to happen. It is also required that bitcoin must also be moving around just like fiat does and not just stay stagnant in a wallet doing nothing.
still it is Lost , because none can actually access the funds though you are correct and this will add value to the remaining coins and decrease the remaining volume . actually like what Satoshi says(According to Loyce quoted post of satoshi) this will be a donation to the other Holders because surely the price will increase and this will favor the investors and bitcoin owners. Benefits of lost Bitcoin to every holder is that the supply is reduced even lost Bitcoins cannot be accessed anymore . Hope it can somewhere be noticeable once a lot more people have been involved in crypto.
It is noticeable , because now that we are almost done mining every bitcoin(actually long years more but small amount remains) sure the price is not in increasing scenario. |
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syedakhlaque
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December 16, 2021, 10:14:35 AM |
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It is human nature to make mistakes But only God is free of all kinds of faults. So it happens that sometimes we lose or forget the keys, password, or seed of our wallet. If there is bitcoin in huge quantity. Then it will affect the supply and value of bitcoin. And in routine, if you are not opening your wallet for 10 or more years. There will happen something. These bitcoins may be included in the supply chain in the form of donating someone or distributing or in some other shape.
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kucritt
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December 16, 2021, 01:52:10 PM |
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hi? bitcoin that will lost by accident (lost private key, send to wrong address) can't be refunded, and the bitcoin will stay in that address forever, its mean that the wallet will be locked, until people input the right private key to access it, so if you say that lost bitcoin are the donation for the bitcoin holders, i think it is the wrong statement
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ChiBitCTy
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December 16, 2021, 02:39:02 PM |
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Yeah in the end in certainly does make bitcoin more scarce of course, which makes all of our bitcoin more valuable. I have once done the same myself. I sent maybe like .1 or .2 to the wrong address and now it's gone to the "abyss". This is of course extremely frustrating still to this day to me. Especially since I just lost some Matic trying to send it to my binance account and apparently had the wrong network selected. Be careful out there people, it's easy to mess these things up  |
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RILWAN
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December 16, 2021, 04:52:02 PM |
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hi? bitcoin that will lost by accident (lost private key, send to wrong address) can't be refunded, and the bitcoin will stay in that address forever, its mean that the wallet will be locked, until people input the right private key to access it, so if you say that lost bitcoin are the donation for the bitcoin holders, i think it is the wrong statement
One of the things I always think about is what happens to the lost Bitcoin will there ever get opened and will the wallet keys ever going to get a review and use to get access to the wallets. |
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syedzakir
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December 16, 2021, 06:20:37 PM |
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Lost bitcoin cannot be recovered because there is no way of refund.
So in case of wrong address it can be considered as a gift or donation for someone who has gained it .
By losing the seed phrase of a wallet it becomes unaccessible for other person but may be accessible for the company who is managing that wallet so it can be considered as a great loss for us.
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skarais
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December 16, 2021, 07:17:02 PM |
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By losing the seed phrase of a wallet it becomes unaccessible for other person but may be accessible for the company who is managing that wallet so it can be considered as a great loss for us. That's not true if the wallet you are using is a non-custodial wallet, but that can be done with a custodial wallet. This means that when you lose access to a custodial wallet, you can still ask a third party support (wallet controller) to recover your fund, but since a non-custodial wallet gives you complete control, you can't do anything but just give up. A non-custodial wallet is recommended because you are in control of your fund, but you are not recommended to use a custodial wallet if you are concerned about the security of your fund. |
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Fortify
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December 16, 2021, 07:26:31 PM |
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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?
If you want Bitcoin to succeed as a useful and functional currency over the long term, every lost Bitcoin is detrimental to the overall currency. Not only does it mean wasted energy used to generate it, but it means that the usability of Bitcoin diminishes over time as we end up with smaller and smaller denominations if the price is expected to rise. People talk about currency inflation in fiat as being a bad thing, you could argue that this sort of currency deflation is equally bad for Bitcoin - no speculative investor is likely to agree with this point though because they want the price to go up so they can offload for a profit. It all depends on whether you see Bitcoin as virtual gold which should never be touched or want it to be used in every day transactions. |
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DarkDays
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December 16, 2021, 07:46:04 PM |
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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?
In a way donated Bitcoins in this manner acts as a positive force on demand, as the lost amount can be considered a burn - a token mechanic used by many projects these days to increase the scarcity of their token and boost token value. There isn't much of an option if you lost your Bitcoin but to accept the fate and consider it gone or donated to the ecosystem. It is frustrating for the user but there's nothing else one can do to recover the funds, so might as well accept it. |
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Wiwo (OP)
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December 20, 2021, 10:25:56 PM |
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Lost Bitcoin then can be said to be an unofficial burn as the coins can no longer be used and locked out of the market and this will lead to a reduction in the total supply of the coin because the wallet will forever remain inaccessible. |
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Smartvirus
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December 20, 2021, 10:53:52 PM |
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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.
This is just on point with my resolution about the usefulness of lost bitcoin to the forum and every crypto hodler. Becuase, it makes the supply to be in limited supply. Else, it would have been such a waste to have lost btc to some private key or seed phrase storage. Lost Bitcoin then can be said to be an unofficial burn as the coins can no longer be used and locked out of the market and this will lead to a reduction in the total supply of the coin because the wallet will forever remain inaccessible.
Yeah that's quite a tr becuase, it wasn't entirely decade out of the system nor can you say it is lost from the system but, its in accessibility and usage is due to the lost of seed phrase or private key. |
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kawetsriyanto
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December 20, 2021, 11:12:44 PM |
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Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone. will be a donation for everyone. IMO, Satoshi didn't predict it. If you checked again why he made that statement, he was trying to respond virtualcoin's post at that time. And I am sure, since the beginning Satoshi was aware of the possibility of losing Bitcoins on the wallets because of hacking, forgetting wallet passwords/security keys/private keys, or other problems. |
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dunfida
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December 20, 2021, 11:30:11 PM |
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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?
What you do mean about donation to Bitcoin holders? Those bitcoin holders you do mean is to those people who had acquired and owned bitcoin itself and to those lost bitcoin then it has nothing to do with them thats why whenever a coin is lost neither been lost private keys or hadnt able to access out t heir wallets or simply the owner had died then consider those coins to be totally lost in void which simply means that overall supply had decrease and when demand is getting higher then the more valuable it is. |
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BuNga_cute
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December 20, 2021, 11:53:42 PM |
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Lost Bitcoin then can be said to be an unofficial burn as the coins can no longer be used and locked out of the market and this will lead to a reduction in the total supply of the coin because the wallet will forever remain inaccessible. That's why some Bitcoin holders are very happy to know if a Bitcoin is missing. Because it can be said to be like burning coins, meaning that it can make the price of Bitcoin go up. Therefore we must be careful to keep the Bitcoins we have, and if we have large amounts of Bitcoin, it's best if someone close to us knows about it. Because if we die the Bitcoin we have will not be lost, but it can be useful for our family. Then store passwords and private keys in a safe place, most cases people lose Bitcoin, that's because they forgot their password or private keys. |
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