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Q7
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March 19, 2015, 12:09:39 PM |
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First of all, the lost coins are not dead. it's just that they are not accessible because you don't have the private key. And second, why fret over some coins which are not recoverable? It just makes me and everyone else happy because there's now less available supply in circulation. And that is hardly a problem at all.
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Bitcoin addresses contain a checksum, so it is very unlikely that mistyping an address will cause you to lose money.
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Raeg
Member
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Activity: 66
Merit: 10
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March 19, 2015, 12:22:53 PM |
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Sorry, that probably sounded like another doom and gloom "Bitcoin is dead" thread  In fact it's a different question. Bitcoins are mined. Bitcoins are stored. And, inevitably, some bitcoins are lost. What happens to dead bitcoins? As far as I can figure (see rank of "newbie" in post), these dead bitcoins are gone....forever. So why has a "heartbeat" not been implemented? Or part of the design? If you can't pulse your Bitcoins every...year?....then they should be returned to the pool? Stupid idea? Ist  Yes, utterly stupid idea. I believe it was the Australian government (I think) that has some bullshit rule that if you don't touch your bank account after x number of years the money legally becomes the states and that's moronic just like this is. Nothing happens to bitcoins. You either own them or you don't. Ones people lose access to our lost forever but it doesn't matter anyway because it just makes the existing coins more valuable. |
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ChuckBuck
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March 19, 2015, 01:24:32 PM |
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Bitcoins lost is lost forever, irreplaceable, and unrecoverable. Lost Bitcoin not having a "heartbeat", or I think the correct analogy is not having a "crash cart" to bring it back to life, or circulation, never to be available to be mined, is a good intended feature. It just makes the Bitcoin's you're holding now much more valuable!!! Scarcity is great feature!  Remember this factoid. Bitcoins total mined is around 21 million, but even though there's a cap on total number of Bitcoins to be mined, doesn't mean there's a finite amount of Bitcoin. Bitcoin is divisible by 8 places, so in reality, there's a near infinite amount of Bitcoin that can be used by the masses... |
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Bitcoinexp
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March 19, 2015, 01:40:29 PM |
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1. Rarity most commonly equals value. Less bitcoin that is send-able = Higher value that they hold. 2. If we lose too many, we can always go for more decimal places. Either way, it's inevitable that this will happen if bitcoin is mass adopted. Whichever comes first. 3. As a perfectionist, it is a slight bit dampening to know that only a fraction of 21 million bitcoins is actually use-able. But then, who cares?  |
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Ron~Popeil
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March 19, 2015, 02:04:36 PM |
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In the distant future I can see some sort of limited proof of stake being added if necessary. Right now it just isn't an issue. On of the best features of bitcoin is the ability to change it necessary but only with a wide consensus of the community.
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neoneros
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March 19, 2015, 03:11:42 PM |
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But what if all bitcoins are lost? Never going to happen. Bitcoins lost make it so the bitcoin value against other assets will rise. The more is lost, the less bitcoin there are to use.
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R2D221
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March 19, 2015, 03:39:13 PM |
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In the distant future I can see some sort of limited proof of stake being added if necessary.
How is the proof algorithm related to lost coins? |
An economy based on endless growth is unsustainable.
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jcoin200
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March 19, 2015, 03:51:14 PM |
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it is still too much of a hassle to use. and no consumer protection. Those are 2 huge reasons
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remotemass
Legendary
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Activity: 1117
Merit: 1016
ASMR El Salvador
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March 19, 2015, 04:13:50 PM |
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On this post https://bitcointalk.org/index.php?topic=359679.5I wrote: "Maybe Satoshi could set a huge scheme of rewarding everyone that changes all their coins to a different address between New Years Eve and Bitcoin anniversary (31-Dec and 03-Jan). All coins that were moved to different addresses on that days (01 and 02 of January) would get the reward. The formula would be (coins_moved/total_coins_moved_by_everyone [%]) *times* BUDGET. He could just tell the world. I will spend ten thousand coins every year on this date, for us all to have a better idea about the aliveness of coins out there. OR... We could crowdfund these 10,000 coins... Who doesn't want to know or have a better idea of how many coins are "alive"? " |
{ Imagine a sequence of bits generated from the first decimal place of the square roots of whole integers that are irrational numbers. If the decimal falls between 0 and 5, it's considered bit 0, and if it falls between 5 and 10, it's considered bit 1. This sequence from a simple integer count of contiguous irrationals and their logical decimal expansion of the first decimal place is called the 'main irrational stream.' Our goal is to design a physical and optical computing system system that can detect when this stream starts matching a specific pattern of a given size of bits. bitcointalk.org/index.php?topic=166760.0 } Satoshi did use a friend class in C++ and put a comment on the code saying: "This is why people hate C++".
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R2D221
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March 19, 2015, 04:53:49 PM |
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between New Years Eve and Bitcoin anniversary (31-Dec and 03-Jan)
This would be the worst time ever. People are celebrating New Year during these days (yes, even in Jan 2 and 3 people aren't quite back to their routine). They would just not remember or not care about it. |
An economy based on endless growth is unsustainable.
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Istaria (OP)
Newbie
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March 20, 2015, 09:55:37 AM |
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Well thank you all for the answers. The way Bitcoin works is still something I am trying to get my head around, so you will most definitely see MORE stupid questions from me. Always good to learn |
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gberns
Newbie
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Merit: 0
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March 20, 2015, 12:54:04 PM |
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That's why this forum is so fantastic, i'm just learning so much right now. you are not alone with stupid questions.  |
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Natalia_AnatolioPAMM
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March 20, 2015, 01:05:03 PM |
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for me as for another newbie , idea seems pretty nice but unbelievable to come true anyway |
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freeyourmind
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March 20, 2015, 05:01:33 PM |
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I will echo the same regarding the quality of information on this forum. Great place to learn and share knowledge.
Regarding losing a wallet and associated bitcoin...if I were to lose my mobile wallet, I'd still be able to access it online via website. Is this a newer feature that wasn't available with wallets previously?
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