Quote from: JayJuanGee on June 23, 2024, 05:50:07 PM

Quote from: GbitG on June 23, 2024, 07:51:34 AM

Quote from: 2Pizza410000BTC on April 04, 2024, 02:47:17 PM

When the price of Bitcoin was very low and in other words when it was almost worthless, those who didn't care about the Bitcoin wallet lost the seed phrase of the wallet without any recovery, so assume that those of you who lost it will never recover from that wallet. Can't and if it can be recovered then it will instantly become a billionaire/ trillionaire. Moreover, if more bitcoins are added to the total bitcoin supply, it will be declared as a bitcoin scam. They will not receive any compensation for losing BTC.

It's not possible to compensate the ones who have lost their Bitcoins. First of all, it doesn't make any sense to add more Bitcoins to the supply just because some people lost their keys and hence lost their assets, secondly, how the hell would one be able to identify the people who owned those wallets? No one would be able to prove it since they don't have access to the wallets. I could say a certain wallet with a bunch of bitcoins that are lost is mine, no one can say it isn't and I can't prove it as well.

So, things are okay as they are, we don't need more Bitcoins added in the total supply and we don't need to compensate anyone. Those who lost their Bitcoins have lost them for good, and they should start from scratch now if they want to own some Bitcoin again.

Verifying who supposedly owned the coins at one time is similar to the problem of figuring out if the coins are actually lost.. Maybe in the replacement of the lost coins with new ones, then the solution would be to make sure that the coins are actually lost by making the claimed lost coins unspendable, but then if they were not actually lost coins, then that would be taking the coins from one person and giving them to another person... the supposed lost coins, could also go back into the bitcoin system as generally issued coins rather than as coins assigned to a specific person, but then we still get back to the whole issue about why do we need the coins to be replaced in the first place, especially since bitcoin still works whether there are 21 million coins or only 21 coins... just that each of the satoshis is more valuable the fewer coins that are accessible... 21 million coins is 2.1 quadrillion satoshis, but 21 coins is ONLY 2.1 billion satoshis.

There could be a lot of reasons beyond merely regular bitcoin usage and the sloppiness of people, including potentially that many folks are not going to be very good at handing down their coins to their heirs that result in the loss of more and more BTC.. so I am guessing that maybe just by regular losses (and no catastrophic events that could increase the quantity of lost coins), there are good chances that we are ONLY going to end up with around half of the coins of the planned 21 million coins in the next 10 -20 years (so 10-11 million coins)..... I may well have already mentioned (and others know this as well) that we likely already have a lot of folks who do not have access to their coins, but they just don't know that they don't have access... Go to access your coins, and you are either not able to and/or you are not able to figure out either where your coins are or how to get to them with whatever complicated security system that you set up or whatever secret places that you hid your keys that was so good of a place to hide that you don't even remember how to get your coins (or your keys).

As long as currency is concerned, it is a norm that some circumstances will play around us that might make one loss access to his funds where it is kept. Carelessness and ignorant can be the curse or the sudden death of the owner of the wallet without him giving out the private keys or bitcoin to a trusted person. This is why one needs to be very careful and make sure that you always check if you can still access your coins and tell a trusted person little on how to access your coins incase you suddenly be in a state that you can no longer access them.

I believe that as time keeps passing on more bitcoin will be lost because of these problems of some investors misplacing their private keys and not having access to their wallet due to some scenarios playing around them.