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Author Topic: What about the Bitcoin lost?  (Read 2283 times)
knight22
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June 23, 2012, 04:01:11 AM
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If we think about a very long term for Bitcoin. Over time, if we accumulate all the bitcoin lost by people who lost their wallet. There will be no more bitcoin in circulation. I think it would be a good idea to force people to spend their bitcoin in, let's say 25-30 years. If not spent, the bitcoins will be spread in the community. This would also prevent super maniac savers who would die with their super saving of bitcoin.

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drakahn
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June 23, 2012, 04:16:49 AM
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... EVERY FUCKING WEEK!

lol, the first of these threads I saw was full of complaints about it popping up every week, I thought it was an exaggeration... I was wrong.

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payb.tc
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June 23, 2012, 04:23:40 AM
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... EVERY FUCKING WEEK!

lol, the first of these threads I saw was full of complaints about it popping up every week, I thought it was an exaggeration... I was wrong.

i wonder if perhaps a year ago some smartass programmed a "What about the Bitcoin Lost" bot, and has it on a weekly timer.
knight22
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June 23, 2012, 04:31:16 AM
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Sorry I didn't know that was a topic that was overused. I'm new here. It's only prove that this mater is concerning a lot a people I guess...

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June 23, 2012, 04:33:55 AM
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Sorry I didn't know that was a topic that was overused. I'm new here. It's only prove that this mater is concerning a lot a people I guess...

Or that you didn't search the forum before posting?
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June 23, 2012, 04:55:42 AM
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If we think about a very long term for Bitcoin. Over time, if we accumulate all the bitcoin lost by people who lost their wallet. There will be no more bitcoin in circulation. I think it would be a good idea to force people to spend their bitcoin in, let's say 25-30 years. If not spent, the bitcoins will be spread in the community. This would also prevent super maniac savers who would die with their super saving of bitcoin.

this is something alot of people have thought about, and it might just happen
but i dont think we would force anyone to spend the coins, but simply move them to a new address.
all coins left behind on old addresses would be made available for mining again.
but this is something we can worry about in 20 years...

drakahn
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June 23, 2012, 05:00:24 AM
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If we think about a very long term for Bitcoin. Over time, if we accumulate all the bitcoin lost by people who lost their wallet. There will be no more bitcoin in circulation. I think it would be a good idea to force people to spend their bitcoin in, let's say 25-30 years. If not spent, the bitcoins will be spread in the community. This would also prevent super maniac savers who would die with their super saving of bitcoin.

this is something alot of people have thought about, and it might just happen
but i dont think we would force anyone to spend the coins, but simply move them to a new address.
all coins left behind on old addresses would be made available for mining again.
but this is something we can worry about in 20 years...

still no...

coins are divisible, no need to ever worry about lost coins, better yet they will mean your current coins are a bigger slice of the pie

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adamstgBit
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June 23, 2012, 05:04:08 AM
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If we think about a very long term for Bitcoin. Over time, if we accumulate all the bitcoin lost by people who lost their wallet. There will be no more bitcoin in circulation. I think it would be a good idea to force people to spend their bitcoin in, let's say 25-30 years. If not spent, the bitcoins will be spread in the community. This would also prevent super maniac savers who would die with their super saving of bitcoin.

this is something alot of people have thought about, and it might just happen
but i dont think we would force anyone to spend the coins, but simply move them to a new address.
all coins left behind on old addresses would be made available for mining again.
but this is something we can worry about in 20 years...

still no...

coins are divisible, no need to ever worry about lost coins, better yet they will mean your current coins are a bigger slice of the pie

well mining lost coins 20 years from now could be beneficial, it would add more intensive for miners to keep the hash rate high

I have a feeling this will become a hot issue and something for the community to vote on in 20-30 years

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June 23, 2012, 05:05:05 AM
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Sorry I didn't know that was a topic that was overused. I'm new here. It's only prove that this mater is concerning a lot a people I guess...

you're right... it's true that it does concern a lot of people.

but don't forget that a lot of people were once very concerned about falling off the edge of the earth if they sailed too far out to sea.
drakahn
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June 23, 2012, 05:08:33 AM
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If we think about a very long term for Bitcoin. Over time, if we accumulate all the bitcoin lost by people who lost their wallet. There will be no more bitcoin in circulation. I think it would be a good idea to force people to spend their bitcoin in, let's say 25-30 years. If not spent, the bitcoins will be spread in the community. This would also prevent super maniac savers who would die with their super saving of bitcoin.

this is something alot of people have thought about, and it might just happen
but i dont think we would force anyone to spend the coins, but simply move them to a new address.
all coins left behind on old addresses would be made available for mining again.
but this is something we can worry about in 20 years...

still no...

coins are divisible, no need to ever worry about lost coins, better yet they will mean your current coins are a bigger slice of the pie

well mining lost coins 20 years from now could be beneficial, it would add more intensive for miners to keep the hash rate high

I have a feeling this will become a hot issue and something for the community to vote on in 20-30 years
I don't think they would change the rules now let alone when bitcoin is 20-30 years older
inaccessible for n years doesn't mean lost but would look like it and i would be pissed if i got out of jail/woke up from a coma/got returned to earth and my savings were gone because of some vote i never heard of
like these threads always end up on, go and make an altcoin that takes people coins off them  and see if its gets used.

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June 23, 2012, 06:33:56 AM
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Right, so the answer to this has already been stated:  Bitcoins are almost infinitely-divisible.  Lost coins simply increase the value of existing coins.

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damnek
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June 23, 2012, 08:21:18 AM
 #12

I also think that once bitcoins become more valuable, people will be more cautious to lose them.

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SimonL
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June 23, 2012, 09:48:25 AM
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In previous threads on the same subject it was concluded by many that the fear of deflation was what people were really worried about. Others also made the case that any kind of system that revoked possession of coins under ANY circumstances would utterly destroy confidence in the value of the currency.

Bitcoin's problem of lost coins is a non-problem, lost coins only affects those that lose them. For everyone else it benefits them, it makes the rest of the held coins more scarce, and since the divisibility of bitcoins can be made utterly tiny we will never "run out" of coins. For perspective in wikipedia the value of the world economy is something like 60 trillion. If 1 satoshi were to deflate to the value of 1 US penny, Bitcoin could solely accommodate 20 trillion of the 60 trillion dollar world economy. Not even the US can boast that kind of share. Additionally others have said the protocol could be modified slightly to add more decimals if needed. Seriously, there's nothing to worry about.

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June 23, 2012, 01:03:37 PM
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I also think that once bitcoins become more valuable, people will be more cautious to lose them.

Right..  Even today if I drop a few pennies in the gutter I might not pick them up; however if it were a gold or silver coin you canbet your ass I would protect it more so I would have never dropped it in the firsT place.

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June 23, 2012, 01:04:48 PM
 #15

If we think about a very long term for Bitcoin. Over time, if we accumulate all the bitcoin lost by people who lost their wallet. There will be no more bitcoin in circulation. I think it would be a good idea to force people to spend their bitcoin in, let's say 25-30 years. If not spent, the bitcoins will be spread in the community. This would also prevent super maniac savers who would die with their super saving of bitcoin.
NO

Go elsewhere to try to steal our money.

In case it is not clear: NO

And NO, it is NOT a good idea, it is a retarded idea.
finkleshnorts
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June 23, 2012, 01:39:54 PM
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Everyone who signed on to the Bitcoin protocol did so under full knowledge of the fact that the coins belong to the owner of the private key, forever.

Even if it were remotely probable for this to be implemented (which it is not), any changes in this would completely break the trust of the bitcoin user base.

If you really want money that has an expiration date on it, the code is out there. You can start a new self-destructing currency at any time.

Personally, I hope some idiot loses 10 million or so coins. Every other bitcoin holder, including you, would benefit.

The catch is this: you will never know if coins actually get lost.
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June 23, 2012, 02:44:21 PM
 #17

We don't know the rate of lost coins but losing them will decrease the supply of coins, leading to price increases. Increasing price will lead to the average person having less coins than before. As time goes on the absolute number of coins lost just gets smaller and smaller. It can never get ahead of the curve because the value of bitcoins will simply increase and the currency is basically infinitely divisible.

It's important to understand that it's actually possible to run the entire world economy with just 1 single bitcoin, although we would need to add a few more decimals.

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June 23, 2012, 02:47:41 PM
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If you really want money that has an expiration date on it, the code is out there. You can start a new self-destructing currency at any time.

+1

If you want to change the rules, make your own currency and try to get it to catch on. It might surprise you how quickly you'll learn why exactly Bitcoin is already so relatively popular valued at $6.5 a pop atm as it is.

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June 23, 2012, 03:31:36 PM
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The amount of coins and the total amount is arbitrary, and should not be held against the value.

Even if the Feds deleted the keys of 20,999,999 Bitcoins, that 1 BTC left can be split between one hundred million people (8 decimal points) and the core dev can increase that.

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June 23, 2012, 11:51:22 PM
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Bitcoin: the only currency you can store directly into your brain.

What this planet needs is a good 0.0005 BTC US nickel.
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