Could bitcoin be permanently eliminated ?

[spazzdla]

Hey Thank you all for your kind answers. I just wanted to understand the concept.

Also, how does bitcoin "exist" in computers?
for example, someone with 1 BTC and 20 BTC their wallet must be different other than just number 1 and 20 right?
do they exist in a line of codes or...?
I'm familiar with computers and programmings so you can be much technical as you want explaining this.

Thanks in advance

Simpleton's understanding: 

The "coins" are assigned to a public address on the block chain.  The blockchain is downloaded onto uses who use a QT wallet (I use a qt wallet to ensure more blockchain copies.. i'm silly like that).

In order to send the coins you must have the private key.

When you send the coins to me the transaction is completed on the blockchain and recorded.  The coins have been moved to my address. 

Basically they are stored on the blockchain.

(I'm sure there are errors in my understanding and obv it goes WAY deeper than this)

[odolvlobo]

Basically they are stored on the blockchain.

The truth is that there are no bitcoins. The block chain is a ledger that keeps track of transfers of things that don't actually exist.

[fatguyyyyy]

Bitcoin is based on a network of keys, being found that are unused etc.

Bitcoin isnt a physical product.. so it does you no good if you did throw it in the ocean.

The hard drive on the wallet.dat file or back up file cant be restored so in that sense you`ll just have a big balance on your wallet that you can never touch. lol.

[beetcoin]

i know the chances are extremely extremely extremely unlikely, but there's still a chance that someone could create a wallet and stumble upon the stashed BTC.. so it's near impossible, but not fully impossible.

also, bitcoin wouldn't be eliminated.. if someone lost half of the supply, the price would probably go way up.

[odolvlobo]

i know the chances are extremely extremely extremely unlikely, but there's still a chance that someone could create a wallet and stumble upon the stashed BTC.. so it's near impossible, but not fully impossible.

I think this video is an appropriate reply: http://www.youtube.com/watch?v=KX5jNnDMfxA

[DannyHamilton]

i know the chances are extremely extremely extremely unlikely, but there's still a chance that someone could create a wallet and stumble upon the stashed BTC.. so it's near impossible, but not fully impossible.

Riiiight...

Just like I know the chances are extremely extremely extremely unlikely, but there's still a chance (through quantum tunneling) that I could walk through a solid brick wall without damaging myself or the wall.  Try running a survey and seeing how many sane people would agree that it is "near impossible, but not fully impossible" for a human to quantum tunnel through a wall.

Or, just like I know the chances are extremely extremely extremely unlikely, but there's still a chance that all the air molecules could spontaneously collect in one corner of the room, leaving a vacuum in the rest of the room and causing everybody to suffocate and die.  It's "near impossible, but not fully impossible".  That's why everybody carries Scuba tanks around with them every day, right?

[horstman]

i know the chances are extremely extremely extremely unlikely, but there's still a chance that someone could create a wallet and stumble upon the stashed BTC.. so it's near impossible, but not fully impossible.

Riiiight...

Just like I know the chances are extremely extremely extremely unlikely, but there's still a chance (through quantum tunneling) that I could walk through a solid brick wall without damaging myself or the wall.  Try running a survey and seeing how many sane people would agree that it is "near impossible, but not fully impossible" for a human to quantum tunnel through a wall.

Or, just like I know the chances are extremely extremely extremely unlikely, but there's still a chance that all the air molecules could spontaneously collect in one corner of the room, leaving a vacuum in the rest of the room and causing everybody to suffocate and die.  It's "near impossible, but not fully impossible".  That's why everybody carries Scuba tanks around with them every day, right?

As you mentioned, a very very small chance

[beetcoin]

i know the chances are extremely extremely extremely unlikely, but there's still a chance that someone could create a wallet and stumble upon the stashed BTC.. so it's near impossible, but not fully impossible.

Riiiight...

Just like I know the chances are extremely extremely extremely unlikely, but there's still a chance (through quantum tunneling) that I could walk through a solid brick wall without damaging myself or the wall.  Try running a survey and seeing how many sane people would agree that it is "near impossible, but not fully impossible" for a human to quantum tunnel through a wall.

Or, just like I know the chances are extremely extremely extremely unlikely, but there's still a chance that all the air molecules could spontaneously collect in one corner of the room, leaving a vacuum in the rest of the room and causing everybody to suffocate and die.  It's "near impossible, but not fully impossible".  That's why everybody carries Scuba tanks around with them every day, right?

i'm not saying it's going to happen, but my statement still holds true. extremely unlikely by orders of magnitude. there's still a chance that not all the coins are lost, at least based on technicality.

[DannyHamilton]

i know the chances are extremely extremely extremely unlikely, but there's still a chance that someone could create a wallet and stumble upon the stashed BTC.. so it's near impossible, but not fully impossible.

Riiiight...

Just like I know the chances are extremely extremely extremely unlikely, but there's still a chance (through quantum tunneling) that I could walk through a solid brick wall without damaging myself or the wall.  Try running a survey and seeing how many sane people would agree that it is "near impossible, but not fully impossible" for a human to quantum tunnel through a wall.

Or, just like I know the chances are extremely extremely extremely unlikely, but there's still a chance that all the air molecules could spontaneously collect in one corner of the room, leaving a vacuum in the rest of the room and causing everybody to suffocate and die.  It's "near impossible, but not fully impossible".  That's why everybody carries Scuba tanks around with them every day, right?

i'm not saying it's going to happen, but my statement still holds true. extremely unlikely by orders of magnitude. there's still a chance that not all the coins are lost, at least based on technicality.

Yes, your statement still "holds true" in the same way that my two statements hold true.

There's a chance that you might be able to quantum tunnel your way through a solid barrier, and there's a chance you might suffocate due to all the air in the room collecting in one small space in the corner, at least "based on technicality".

I'll leave it up to the individual to decide for themselves if that "technicality" is realistic, or if it makes more sense to say that all three of these statements are "impossible" as we humans understand the concept of "possibility".

[WheresWaldo]

Let's say if someone bought up all the gold in the world and shot it into the sun.  Would that gold be gone forever?

lol!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[ranlo]

Lets say If someone purchase ALL the bitcoin in the bitcoin industry or even half, and saves it in his/her hard drive and burn that hard drive to death or throw it in the sea, does that mean those bitcoins are permanently gone forever?

You don't save coins to your HDD; you just save the keys so you can access them. But yes, if the coins can not be accessed by anyone but you, and you don't want to sell, obviously they are gone from the market. You don't even have to destroy them; just don't share the private keys and it has the same effect.

[Shallow]

Yes that is theoretically possibly but impractical because it's unlikely they would be able to convince everyone to sell, not to mention buying that much would drive the price into the millions.

[1986]

You cannot kill the bitcoin.

[Relnarien]

Lets say If someone purchase ALL the bitcoin in the bitcoin industry or even half, and saves it in his/her hard drive and burn that hard drive to death or throw it in the sea, does that mean those bitcoins are permanently gone forever?

As per your scenario, the Bitcoin community can simply form a consensus on which block is the last trusted block on the chain and fork Bitcoin starting from that block. If the malicious entity objects because it would negate the transfer of wealth as protected by the law, then the community can just modify the Bitcoin protocol to start generating more coins (assuming that the described scenario entails all 21 million Bitcoins to be generated). The Bitcoin protocol was always understood to be subject to change by manner of consensus by the majority, so the malicious entity's solitary dissenting voice won't really matter -- he/she can always brute force every private key to regain his/her coins if he/she wanted to.

[galbros]

The bitcoins are on the blockchain.  All your wallet holds is the keys to your bitcoins, even if it is a paper "wallet" it's still just your keys.  So when you deleted your "coins" on your hard drive all you would be deleting is your private keys.  If someone could somehow derive those keys, virtually impossible today, then the coins would come back.  So technically no, practically yes.

I hope this helps and good luck!

[Satan666]

You cannot kill the bitcoin.

 

Just wait and see.

[bitsmichel]

You cannot kill the bitcoin.

 

Just wait and see.

Good job, bitcoin market price is rising 

[apxu]

Impossibility. My Bitcoins are not for sale.

What for they are so?
One time you will trade your bitcoins for something else.
Or lose your private keys.

tertium non datur