I like the idea of only having 21 million bitcoins.
Bitcoins get lost all the time, lost private keys.
In time we will have fewer and fewer bitcoins, currently it is thought 3-4 million bitcoins are already lost. This makes me sad.
I propose a redistribution method:
>If an address did not have any activity in let's say the last 100 years the address is considered lost and the bitcoins are free to be mined in the next block.
To prevent losing your bitcoins you make sure to transfer them to a new address every 100 years (I am not aware of any other method of "proving" you still have access to an address).
P.S. This would be a change in the consensus mechanism, I know
P.S.S. I am aware of Satoshi's view on this "lost coins are a donation to everyone". Yes, but 4 million is a lot, do we want Bitcoin to still be used 1000 years from now? If this trend continues most if not all bitcoins would have been lost by then.
It would really be just removing the integrity and total decentralization of Bitcoin if this one has been applied or been happen. Despite on having that lost 3-4M coins in the overall circulation doesnt Bitcoins get lost all the time, lost private keys.
In time we will have fewer and fewer bitcoins, currently it is thought 3-4 million bitcoins are already lost. This makes me sad.
I propose a redistribution method:
>If an address did not have any activity in let's say the last 100 years the address is considered lost and the bitcoins are free to be mined in the next block.
To prevent losing your bitcoins you make sure to transfer them to a new address every 100 years (I am not aware of any other method of "proving" you still have access to an address).
P.S. This would be a change in the consensus mechanism, I know
P.S.S. I am aware of Satoshi's view on this "lost coins are a donation to everyone". Yes, but 4 million is a lot, do we want Bitcoin to still be used 1000 years from now? If this trend continues most if not all bitcoins would have been lost by then.
mean that it would really be making a huge toll. We could just simply make out some adjustments and thinking that there's only 17-18M overall supply as of this moment or on the time that all bitcoins would be mind and what the heck on talking about 100 years? Do people would be minding out their possessions to be transferred on a particular year when our lifespan couldnt be able to reach out those years?
Also, come to mind that supply wont really be that scarce, despite of having that huge demand then we do know that each coin would really be able to be fractioned out, which means
it could be distributed with satoshis and this is why i dont really see this to be a problem or not really that necessary. Redistribution? it would really be just stirring up the overall
trust and confidence specially on those solid Bitcoin enthusiast and supporters.