Yo,
So apparently there's like 4-6 million bitcoin that are lost and gone? Just curious if there was any ideas or plans to update the protocol to replace the lost bitcoins if there was a consensus, if that is even possible.
All the lost Bitcoin only mean a lower maximum supply. That causes the vaue of Bitcoin to go up. Less supply and more demand is just what we need. In fact, this will continue happening and Bitcoin value will continue rising. There is absolutely nothing wrong with this. Think of it this way: If a Bitcoiner loses his coins because they died or lost access to their wallet, all hodlers receive a kind of inheritence, automatically.
Is that not a great thing?
We should not change anything about this.
I guess? but considering all the big dick companies and gov'ts are accumulating and hoarding most of the btc, maybe having more btc available could allow more average folks to jump into the market? Plus after all, bitcoin was meant to be 21 million, not 21 million, but X amount is missing! sadge.
Again, you don't need to worry about those lost supplies which is not really around 4-6 million. There were a lot of assumptions about how many total bitcoin have lost in the circulation, but i think 4-6 million is too much of an estimate. We've seen several bitcoins that hasn't moved for several years and then it suddenly moved at one point, so those assumptions includes bitcoin that hasn't move for almost 7-10 years considered as lost bitcoin.
Now, 21 million supplies minus those have lost in the circulation may sound just not going to be enough for all people to own a fraction. But, as bitcoin gained value constantly, 1 bitcoin maybe owned and shared for more than 1,000 people eventually.