Bitcoin Forum
November 19, 2018, 05:03:11 PM *
News: Latest Bitcoin Core release: 0.17.0 [Torrent].
 
   Home   Help Search Login Register More  
Pages: [1] 2 3 4 5 6 7 »  All
  Print  
Author Topic: one question tickling my mind  (Read 3343 times)
Netpyder
Full Member
***
Offline Offline

Activity: 196
Merit: 100

Scam / Scammer Hunter


View Profile WWW
March 05, 2015, 11:21:54 AM
 #1

i have one question..

in 2011 bitcoins per 50,000 to 500,000 we spent for nothing, just pranking and stuff...

if one person kept 50,000 bitcoins in his account from 2011 up till now,

would the bitcoins still be valid for transactions?

Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
OnkelPaul
Legendary
*
Offline Offline

Activity: 1043
Merit: 1000



View Profile
March 05, 2015, 11:29:48 AM
 #2

Yes. Bitcoins don't lose validity as long as you keep the private keys safe.
But it is quite possible that some of the huge bitcoin stashes from early mining are inaccessible due to lost wallets - people did not be particularly careful with their wallets when bitcoins were worth basically nothing.

Onkel Paul

dothebeats
Legendary
*
Offline Offline

Activity: 1638
Merit: 1073

Ninja Member


View Profile
March 05, 2015, 11:33:22 AM
 #3

i have one question..

in 2011 bitcoins per 50,000 to 500,000 we spent for nothing, just pranking and stuff...

if one person kept 50,000 bitcoins in his account from 2011 up till now,

would the bitcoins still be valid for transactions?

Yup. All bitcoins that are recorded in the block chain ledger are valid and may be spent. There are many cases of lost wallets and some btc are still lying around in there sitting and may not be recovered unless someone develops a way to recover them (brute-forcing, improbable at the time-being).

Netpyder
Full Member
***
Offline Offline

Activity: 196
Merit: 100

Scam / Scammer Hunter


View Profile WWW
March 05, 2015, 11:36:51 AM
 #4

i have one question..

in 2011 bitcoins per 50,000 to 500,000 we spent for nothing, just pranking and stuff...

if one person kept 50,000 bitcoins in his account from 2011 up till now,

would the bitcoins still be valid for transactions?

Yup. All bitcoins that are recorded in the block chain ledger are valid and may be spent. There are many cases of lost wallets and some btc are still lying around in there sitting and may not be recovered unless someone develops a way to recover them (brute-forcing, improbable at the time-being).


well thank you for your answer.

but the owners need to be contacted by any means possible. not to ask them but to inject them again in the bitcoin economy..
one day when no bitcoins will be mined anymore we will need every single bitcoins to get everything back to a cycle economy..

ive seen some blockchains with over 100,000 bitcoins.

and some with 50,000 bitcoins and then the balance is 0 because they used it when bitcoins were worth nothing yet.

dothebeats
Legendary
*
Offline Offline

Activity: 1638
Merit: 1073

Ninja Member


View Profile
March 05, 2015, 11:39:11 AM
 #5

i have one question..

in 2011 bitcoins per 50,000 to 500,000 we spent for nothing, just pranking and stuff...

if one person kept 50,000 bitcoins in his account from 2011 up till now,

would the bitcoins still be valid for transactions?

Yup. All bitcoins that are recorded in the block chain ledger are valid and may be spent. There are many cases of lost wallets and some btc are still lying around in there sitting and may not be recovered unless someone develops a way to recover them (brute-forcing, improbable at the time-being).


well thank you for your answer.

but the owners need to be contacted by any means possible. not to ask them but to inject them again in the bitcoin economy..
one day when no bitcoins will be mined anymore we will need every single bitcoins to get everything back to a cycle economy..

ive seen some blockchains with over 100,000 bitcoins.

and some with 50,000 bitcoins and then the balance is 0 because they used it when bitcoins were worth nothing yet.

There are no ways to contact the users because a wallet address is not bound to any personal documents etc. Even if you traced them in reality, there is a high possibility that they'd lost their private keys because as you said it, back then bitcoins were valueless.

Amph
Legendary
*
Offline Offline

Activity: 2044
Merit: 1003



View Profile
March 05, 2015, 11:51:34 AM
 #6

they don't lose their intrinsic value, just the value given by people in the world

so 50k bitcoin from 2011 are still 50k bitcoin today, if you were so good at holding them all  Grin
dothebeats
Legendary
*
Offline Offline

Activity: 1638
Merit: 1073

Ninja Member


View Profile
March 05, 2015, 11:52:44 AM
 #7

they don't lose their intrinsic value, just the value given by people in the world

so 50k bitcoin from 2011 are still 50k bitcoin today, if you were so good at holding them all  Grin

If I was the one who have that amount of bitcoin, I would definitely host a party for all the early adopters lol. Grin

Netpyder
Full Member
***
Offline Offline

Activity: 196
Merit: 100

Scam / Scammer Hunter


View Profile WWW
March 05, 2015, 11:52:55 AM
 #8

they don't lose their intrinsic value, just the value given by people in the world

so 50k bitcoin from 2011 are still 50k bitcoin today, if you were so good at holding them all  Grin


yeah lol. if anybody knew this kind of cash was coming. i think they would have collected every possible bitcoin they would find lol

dothebeats
Legendary
*
Offline Offline

Activity: 1638
Merit: 1073

Ninja Member


View Profile
March 05, 2015, 12:15:08 PM
 #9

they don't lose their intrinsic value, just the value given by people in the world

so 50k bitcoin from 2011 are still 50k bitcoin today, if you were so good at holding them all  Grin


yeah lol. if anybody knew this kind of cash was coming. i think they would have collected every possible bitcoin they would find lol

But the thing is most of the people back then didn't care about bitcoins until it gained value. :3 Sad to say but things with no value in the past tend to get pricey in the future--and one great example is bitcoin.

Netpyder
Full Member
***
Offline Offline

Activity: 196
Merit: 100

Scam / Scammer Hunter


View Profile WWW
March 05, 2015, 12:24:14 PM
 #10

they don't lose their intrinsic value, just the value given by people in the world

so 50k bitcoin from 2011 are still 50k bitcoin today, if you were so good at holding them all  Grin


yeah lol. if anybody knew this kind of cash was coming. i think they would have collected every possible bitcoin they would find lol

But the thing is most of the people back then didn't care about bitcoins until it gained value. :3 Sad to say but things with no value in the past tend to get pricey in the future--and one great example is bitcoin.

TRUE !

Tsquared
Hero Member
*****
Offline Offline

Activity: 501
Merit: 501


http://digitalcoin.org/


View Profile WWW
March 05, 2015, 12:24:58 PM
Merited by Whitly (1)
 #11

"Hind sight is 20/20"

It's easy to look back and know what you would have done.

But what about today? In 5 years Bitcoin may be worth $10,000 each. Most of us will be saying "I should have bought hundreds of bitcoins when they were only $300 each. Some people will be saying "I did buy hundreds of bitcoins when they were $300 each, and now I'm rich!"

TT
Netpyder
Full Member
***
Offline Offline

Activity: 196
Merit: 100

Scam / Scammer Hunter


View Profile WWW
March 05, 2015, 12:42:03 PM
 #12

"Hind sight is 20/20"

It's easy to look back and know what you would have done.

But what about today? In 5 years Bitcoin may be worth $10,000 each. Most of us will be saying "I should have bought hundreds of bitcoins when they were only $300 each. Some people will be saying "I did buy hundreds of bitcoins when they were $300 each, and now I'm rich!"

TT

or due to its limited quantity the price might just drop dead to 1-2$ each and people would say, damn should have sold

dothebeats
Legendary
*
Offline Offline

Activity: 1638
Merit: 1073

Ninja Member


View Profile
March 05, 2015, 01:12:04 PM
 #13

"Hind sight is 20/20"

It's easy to look back and know what you would have done.

But what about today? In 5 years Bitcoin may be worth $10,000 each. Most of us will be saying "I should have bought hundreds of bitcoins when they were only $300 each. Some people will be saying "I did buy hundreds of bitcoins when they were $300 each, and now I'm rich!"

TT

or due to its limited quantity the price might just drop dead to 1-2$ each and people would say, damn should have sold

Yah. After all it's a two-faced reality that we're facing right now: to go up or tank down. No one could safely say that it will go up, and no one on the other hand could also say that it will tank down. It's purely a speculative asset in my opinion. You should know when to let go or when to hold on. Wink

dothebeats
Legendary
*
Offline Offline

Activity: 1638
Merit: 1073

Ninja Member


View Profile
March 05, 2015, 01:14:12 PM
 #14

"Hind sight is 20/20"

It's easy to look back and know what you would have done.

But what about today? In 5 years Bitcoin may be worth $10,000 each. Most of us will be saying "I should have bought hundreds of bitcoins when they were only $300 each. Some people will be saying "I did buy hundreds of bitcoins when they were $300 each, and now I'm rich!"

TT

There are always regrets in the end lol. You should know when to quit or when to carry on. The quitters aren't always the losers in bitcoin. It is those who made the most out of it when it was profitable.

ajareselde
Legendary
*
Offline Offline

Activity: 1708
Merit: 1000

Satoshi is rolling in his grave. #bitcoin


View Profile
March 05, 2015, 03:07:51 PM
 #15

"Hind sight is 20/20"

It's easy to look back and know what you would have done.

But what about today? In 5 years Bitcoin may be worth $10,000 each. Most of us will be saying "I should have bought hundreds of bitcoins when they were only $300 each. Some people will be saying "I did buy hundreds of bitcoins when they were $300 each, and now I'm rich!"

TT

or due to its limited quantity the price might just drop dead to 1-2$ each and people would say, damn should have sold

Why in the world would the price fall to 1-2 $ because its limited supply ? The point of limited supply is increase of value, not its loss, it works other way around.
I am not saying that the price will be 10k$ or 30$, and i dont care much, as long as bitcoin gets to be an option i can choose when im buying for my daily needs.
You have a strange way of looking at things, first with that idea of bitcoins not being worth just because they are aged, and now with claim it can drop dead because of limited supply?!

cheers
OnkelPaul
Legendary
*
Offline Offline

Activity: 1043
Merit: 1000



View Profile
March 05, 2015, 03:31:03 PM
 #16

Why in the world would the price fall to 1-2 $ because its limited supply ? The point of limited supply is increase of value, not its loss, it works other way around.

Limited supply only corresponds to high price if there is sufficient demand.
Future demand for bitcoin can't be reliably estimated - for example, a theoretical new crypto currency might prove vastly superior to bitcoin, and bitcoin holders would try to exchange their bitcoin assets into that new currency. In such a situation, demand would become pretty low while supply would be temporarily much higher than what is generated through mining. In such a situation, there may be additional factors: Miners might be shut off when bitcoin price becomes too low to make their operation economically feasible, and block times might temporarily become much longer (before difficulty adjustment correcty for the loss in mining power) making bitcoin even less attractive.
This is a completely theoretical scenario, but it's not impossible.

Onkel Paul

findftp
Legendary
*
Offline Offline

Activity: 1008
Merit: 1000


Delusional crypto obsessionist


View Profile
March 05, 2015, 04:00:36 PM
 #17

i have one question..

in 2011 bitcoins per 50,000 to 500,000 we spent for nothing, just pranking and stuff...

if one person kept 50,000 bitcoins in his account from 2011 up till now,

would the bitcoins still be valid for transactions?

If they weren't bitcoin would not have existed anymore.
Bitcoin is also a store of value, although a horrible one. Price keeps surging...
You can keep them for 1 trillion years if you want.

1FdwDuV2qgsw2w1Lza8nsea7L6mQxsc7g3
kitarohotono
Newbie
*
Offline Offline

Activity: 56
Merit: 0


View Profile
March 05, 2015, 04:10:45 PM
 #18

Yes. Bitcoins don't lose validity as long as you keep the private keys safe.
But it is quite possible that some of the huge bitcoin stashes from early mining are inaccessible due to lost wallets - people did not be particularly careful with their wallets when bitcoins were worth basically nothing.

Onkel Paul

I think they bought pizza with that  Shocked
Netpyder
Full Member
***
Offline Offline

Activity: 196
Merit: 100

Scam / Scammer Hunter


View Profile WWW
March 05, 2015, 04:24:38 PM
 #19

Why in the world would the price fall to 1-2 $ because its limited supply ? The point of limited supply is increase of value, not its loss, it works other way around.

Limited supply only corresponds to high price if there is sufficient demand.
Future demand for bitcoin can't be reliably estimated - for example, a theoretical new crypto currency might prove vastly superior to bitcoin, and bitcoin holders would try to exchange their bitcoin assets into that new currency. In such a situation, demand would become pretty low while supply would be temporarily much higher than what is generated through mining. In such a situation, there may be additional factors: Miners might be shut off when bitcoin price becomes too low to make their operation economically feasible, and block times might temporarily become much longer (before difficulty adjustment correcty for the loss in mining power) making bitcoin even less attractive.
This is a completely theoretical scenario, but it's not impossible.

Onkel Paul


exactly my point. its not a stamp collection that will always get appreciated on the market.
agreed that many people started using bitcoins for daily deals now. but if like you say something else pops up, it will be drastically devalued.

also cypto has no 100% holding value. it might drop dead anytime or boom high.

well lets just sit back and watch. for the time being its dropping a bit

arallmuus
Hero Member
*****
Offline Offline

Activity: 980
Merit: 1005


View Profile
March 06, 2015, 12:02:25 PM
 #20

Why in the world would the price fall to 1-2 $ because its limited supply ? The point of limited supply is increase of value, not its loss, it works other way around.

Limited supply only corresponds to high price if there is sufficient demand.
Future demand for bitcoin can't be reliably estimated - for example, a theoretical new crypto currency might prove vastly superior to bitcoin, and bitcoin holders would try to exchange their bitcoin assets into that new currency. In such a situation, demand would become pretty low while supply would be temporarily much higher than what is generated through mining. In such a situation, there may be additional factors: Miners might be shut off when bitcoin price becomes too low to make their operation economically feasible, and block times might temporarily become much longer (before difficulty adjustment correcty for the loss in mining power) making bitcoin even less attractive.
This is a completely theoretical scenario, but it's not impossible.

Onkel Paul


exactly my point. its not a stamp collection that will always get appreciated on the market.
agreed that many people started using bitcoins for daily deals now. but if like you say something else pops up, it will be drastically devalued.

also cypto has no 100% holding value. it might drop dead anytime or boom high.

well lets just sit back and watch. for the time being its dropping a bit

why do you think the price wont fall below $50 even if there is such limited supply? as usual once we hit the resistance line, alot of people will try to jump the ship, thus dumping their coins and this drive the price even much lower and bleed to deadm there isnt any guarantee that your coins could be well useless by tomorrow anyway
Pages: [1] 2 3 4 5 6 7 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!