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Author Topic: Bitcoin concept issue questions  (Read 1014 times)
Dayofswords
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April 26, 2011, 09:46:30 PM
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So bitcoins will never go passed 21mil coins...

but what happens when data is loss? the money in someones wallet is lost?(yeah, yeah, back ups)

if you take into account that wallets can be lost, that means the total bitcoins count will lower and never recover...

Does this mean bitcoins can slowly go out of existence? maybe to a point that it needs to be restarted with new algorithm?

it's like pebble money really, you can pick up alot at the beginning but it slows down in finding them. throw some pebbles into the ocean, the total pebble count lowers, over time pebbles can be lost by people. then they may have to move to shells.

am i understanding this right? or am i missing something

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stillfire
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April 26, 2011, 09:54:06 PM
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Excellent question. Check out the FAQ for answers to this question and other common early questions: https://en.bitcoin.it/wiki/FAQ#But_if_no_more_coins_are_generated,_what_happens_when_Bitcoins_are_lost?_Won_t_that_be_a_problem?

In short, the amount of money in the economy doesn't matter because BitCoins can be divided when their value goes up due to lost coin.

Lost your wallet password? Try Stillfire's Password Recovery Service.
Dayofswords
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April 26, 2011, 09:57:06 PM
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ahh, that's right, the bitcoins can go like 8 decimal places, it takes a very long time for what i said to be any actually issue.

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mewantsbitcoins
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April 27, 2011, 12:50:35 AM
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ahh, that's right, the bitcoins can go like 8 decimal places, it takes a very long time for what i said to be any actually issue.

And by then we hopefully won't be using money at all
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