OGs is this true or false

[Donneski]

In theory, what you said is true but there's something many people mostly overlook when they discuss similar topics about lost coins adding value to the Bitcoin network.

Before a lost coin can influence the market price, the entire market must be aware that such coin is lost and can't be retrieved. Now, when a coin remains in a wallet without being touched for probably a decade, it doesn't add value to the market because it naturally assumes that the owner deliberately left it and will come for it someday. The only effect of a lost coins is that they're permanently removed from future sell pressure, as they'll not be transferred to any exchange order book again which when in high volume, usually crashes a rally.

Lost coins does not automatically improve anyone's portfolio, they only secure the long-term scarcity of the remaining circulating supply.

[YOSHIE]

If this is actually true then no lost Bitcoin is truly gone without leaving a positive impact for others, this is Brilliance at its finest.

If you keep just a few Bitcoins it doesn't affect the market, especially in terms of scarcity, there are thousands of Bitcoins currently sitting in users' wallets, some of them have died, lost keys and so on, but Bitcoin's value is still influenced by adoption and volume.

My advice, tell your family if you save Bitcoin, if you die at least your family can use the Bitcoin for them, the point is that the theory you are thinking about is wrong, Unless you hold half of the supply of Bitcoins, it may affect the market value, if you hold 1-5 Bitcoins it doesn't matter.

[uchegod-21]

Yes, that is true, OP. The price of bitcoin is greatly influenced by scarcity. Bitcoin is this valuable because its supply is scarce. Now, imagine a scenario where the total supply of 21 million bitcoins is reduced even further to something well below 21 million. The implication is that the remaining available bitcoins will hold more value, higher value, if I may say.

Those bitcoins are not really lost in the actual sense; we say the bitcoins are stuck somewhere because the owners have lost access to them. If anyone discovers a way to access the bitcoins in those addresses, those bitcoins will still return to circulation.

So, those stuck bitcoins make up the number of bitcoins that are not in circulation and cannot be used. Therefore, they are not part of the supply of bitcoins currently in circulation.

Lost bitcoins increase the value of the bitcoins in your possession, but they don't make you rich overnight.

[puloweh555]

If this is actually true then no lost Bitcoin is truly gone without leaving a positive impact for others, this is Brilliance at its finest.

When Bitcoin assets are permanently lost, for example, if a private key is lost, a wallet becomes inaccessible or a Bitcoin holder dies without an inheritance, etc. The supply of Bitcoin in circulation will also decrease and it's like a donation because it can no longer be used. Essentially, the more Bitcoins proven to be permanently lost, the stronger the narrative that Bitcoin is a rare asset in the world. Because lost Bitcoins can no longer be offered to the market the total number of Bitcoins in circulation decreases.

Imo, lost Bitcoins not only have a positive impact on Bitcoin holders but are also one of the reasons Bitcoin has strong long term fundamentals as its supply is limited to 21 million. The more BTC lost the scarcer the remaining assets become. This is one of the things that sets Bitcoin apart from other assets, whose supply is not only limited but also constantly shrinking.

[KiaKia]

Just don't die OP, enjoy most of your savings in Bitcoin before you go, there is no point relaxing that people will benefit from your death, that's a stupid way to die because these holders are just tripping, they don't care if you exist or not.

Just like a father figure used to tell me, what you swallow or eat is what's really your own, don't do all the hard work and leave them all behind, enjoy yourself while you still breaths.

This is why I always shake my head when I see people doing too much when it comes to making money and securing something for the future, they got so used to it that they forget to enjoy from their struggles.

[Ucy]

Ofcourse, but that will still depend on multiple factors like demand and supply. If demand is lower than the new supply reality, after the lost coins, price might not go up.
So, Satoshi was basing that on the expectation that demand will keep increasing.

By the way, we should be careful with that idea otherwise people would be less motivated to create very useful tools that can prevent lost coins from ever happening.

We could build things like next-of-kin or inheritance planning tools on top of Bitcoin for automatic coin transfer to love ones or address controlled by the owner or relative of the owner of lost coins

[Smartprofit]

Satoshi Nakamoto didn't know that a "paper Bitcoin" would appear in the future. He didn't know that the number of Bitcoins traded on cryptocurrency exchanges would exceed the total number of Bitcoins mined. He didn't know that Michael Saylor would issue shares and claim that it was a more valuable asset than Bitcoin.

The very existence of derivatives greatly influences Bitcoin's price. So much so that, in my opinion, lost Bitcoins no longer matter much.

Not to mention the future plans to "mine" lost Bitcoins using a quantum computer. So, Satoshi Nakamoto's idea that lost Bitcoins increase the fundamental value of the remaining coins is, in my opinion, outdated.🤷

[promise444c5]

So if I don't have anyone to leave my Bitcoin for or suddenly I passed [away], it will still benefits Bitcoin holders in general? 😭😭😭😭

Yes it does , that’s why some people burn some of their coin. Saylor also mentioned something like burning some portion of its holdings.. not sure he has done any.

It's like making a donation to people because what they hold will get more value or should I say I burned my Bitcoin for theirs to add more value?

Not people in the literal sense but Bitcoiners is what’s being referred to as ‘everyone’

If this is actually true then no lost Bitcoin is truly gone without leaving a positive impact for others, this is Brilliance at its finest.

What more evidence do you need than the one from Satoshi himself..
It is true but it depends on  how you lost it. If stolen then it doesn’t benefit anyone because they will eventually spend it .

[LGD2Business]

It's true that lost Bitcoin increase the value of everyone's holdings, even if only slightly. However we must also acknowledge that market manipulation has increased significantly since futures were introduced. Huge institutional firms are acting as intermediaries to buy and sell Bitcoin that they never actually owned. They're creating a virtual market and by removing Bitcoin's limited supply from circulation, they are once again doing as they please. I don't know how this problem can be solved. Everyone should keep their Bitcoin in their own personal wallets. Also make sure that the person you want to leave your inheritance to has access to your private keys in the event of your death.

[Btcdeybodi]

2.3 million to 4 million BTC has been considered lost, which may be true or not true which is not what I will like to discuss, but not small amount of bitcoin has been lost. Sellers reduced, the higher the price.

But am still to understand how Blockchain analysts get to know that there are lost bitcoins, it could be true but if a wallet becomes dormant for a long period of time, is that enough reason to say that the bitcoins in those wallets are lost forever? As far as know, Blockchain analytic firms are the ones that track wallets that have been dormant but how can they declare bitcoins in those wallets to be lost when the theory behind the success of bitcoin suggests that we should HODL for a long term which means that there are still people who have custody of their private keys. From my research, dormant wallets starts from 5 years and above, is that even enough time to say that bitcoins in a particular wallet is lost forever?

[HustleZ]

So if I don't have anyone to leave my Bitcoin for or suddenly I passed it will still benefits Bitcoin holders in general? 😭😭😭😭
It's like making a donation to people because what they hold will get more value or should I say I burned my Bitcoin for theirs to add more value?

This theory of mine is based on this screenshot I saw online.



Confirm or reject? Drop opinion

If this is actually true then no lost Bitcoin is truly gone without leaving a positive impact for others, this is Brilliance at its finest.

Your bitcoin wont directly benefit anyone and won’t go in other people’s wallets but what will happen is that the number of bitcoins accesible will decrease a little so the total supply will decrease and as you know if supply decreases the demand increases relatively so thats what satoshi was trying to explain, not meaning that the lost bitcoins go into other people’s wallets.

Apart from that you seem really concerned about passing away and your family not being able to access your bitcoin savings, so imo you should work on this and give someone access that you trust with your own life because in these kind of things you cant trust everyone.

[Rgram]

If this is actually true then no lost Bitcoin is truly gone without leaving a positive impact for others, this is Brilliance at its finest.

When people hear or see the term “Burned Bitcoin”, the average Joe would come under the impression of the Bitcoin to have being destroyed but, that’s hardly the case. It’s just a term that describes a situation where you have lost complete or any access to your Bitcoin and there are several of those cases. Loosing your private key or seed phrase obviously amounts to your Bitcoin to have being burned. It’s right there on the network but, you’ve got no access.

What does that mean?
It simply means, the available Bitcoin wouldn’t be enough for the demanding population and that’s scarcity. What happens when a commodity becomes scares is that, the price goes up and that’s good for every holder.

[EluguHcman]

Confirm or reject? Drop opinion

If this is actually true then no lost Bitcoin is truly gone without leaving a positive impact for others, this is Brilliance at its finest.

Yeah that was a distinctive proverb of Satoshi and that which he said on that online is just the technical contrast of when one can not access their Bitcoins anymore.

You can take a justification by considering the conditions of the market price when traders are not selling anytime soon, of course it encourages the uptrends volatilities and so on investors portfolios also increases to their profits according to their position size.

So literally if you lost your Bitcoin and can no longer access it, it is ideal that you have donated it to the Bitcoin market and as it is positioned to support volatilities, so on everyone holding Bitcoin will become beneficiaries regarded that the Bitcoin market is a Blockchain.

[Cryptoprincess101]

This is the reason why the price of bitcoin cannot fall to zero even when there is a heavy liquidation in the market. There are many people that have paid the sacrifice of donating to the bitcoin network by intentionally losing their wallet security keys. I think Michael Saylor once said that he will also donate his personal bitcoin holdings to the bitcoin network after his death just to emulate Satoshi Nakamoto. Of course, if you have a lot of money, you can do the same. Satoshi has already made the sacrifice just for the financial freedom of humanity and i don't think there is any help that surpasses that which is done to humanity. Of course, no bitcoin is actually lost since it is still seen in the blockchain, the only bitcoin that can be considered to be lost is the one that is sold.

[d5000]

So if I don't have anyone to leave my Bitcoin for or suddenly I passed it will still benefits Bitcoin holders in general? 😭😭😭😭

Unpopular opinion: Not automatically.

It would benefit Bitcoin holders if the alternative was that your heirs sold the Bitcoins, creating more supply (and thus selling pressure) on the market.

If your heirs hodl too, then nothing would be different than if your coins would just sitting there idle (and "lost"). Even if they spend the Bitcoins inside a closed Bitcoin loop eventually, there would be no implication on Bitcoin's price. For that to happen, however, the merchant they pay to, could not sell the coins but instead has to hodl them too, or spend them to a merchant with the same "no-sell" policy.

This means basically: If Bitcoin really becomes a succesful currency and closed loops like this become the norm, then lost coins would have very low significance.

But as long as there is a BTC/fiat market and most Bitcoins end up there eventually, lost coins are a donation to other Bitcoin holders

[Micklef]

Theoretically, any lost currency would make everyone else rich, so thank you.

Generally, there are several ways to spend the coins in the event of death. Some are centralized, such as relying on third-party services, while others are decentralized, such as creating a multi-signature wallet—one with a lawyer, another with a bank, and a third at home.

. Is TRUE, Bitcoin OGs is true. Sometimes we hardly hear of them because they are the quiet type that has lived through the hard times when Bitcoin was once ban in China, was hacked but they fix their mentality or philosophy over the profit and they made it through. Therefore Bitcoin OGs is true