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zorbus (OP)
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March 02, 2012, 09:52:03 AM
 #1
Found this from the BC myths. I don't think this part makes any sense at all.

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Lost coins can't be replaced and this is bad

Bitcoins are divisible to 0.00000001, so this is not a problem.

How is divisibility even related to this replacement issue?
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According to NIST and ECRYPT II, the cryptographic algorithms used in Bitcoin are expected to be strong until at least 2030. (After that, it will not be too difficult to transition to different algorithms.)
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deepceleron
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March 02, 2012, 10:21:55 AM
Last edit: March 16, 2012, 01:54:37 AM by deepceleron
 #2
Bitcoins aren't really "lost", they just aren't sent to anybody else again, because the owner lost the wallet keys necessary for sending them or lost interest in Bitcoin before they knew what they had.

The assertion that this would be a problem would be from people that think this would create a constantly shrinking money supply, and therefore there wouldn't be enough for anybody who wants Bitcoins to have them. This is not true, because Bitcoin can be divided into units so small that if the final Bitcoin money supply was divided among everyone in the world that may have a computer (1 billion), they could each have 2,100,000 base units, more than enough to do commerce.
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March 02, 2012, 10:28:24 AM
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Now I get what they mean. Thanks.
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